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

Exhibit (17)(f)

Open Funds

Semi-Annual Report

April 30, 2015

www.transamerica.com

Customer Service 1-888-233-4339

4600 S. Syracuse St., Suite 1100, Denver, CO 80237

Distributor: Transamerica Capital, Inc.

Table of Contents

Shareholder Letter	1
Understanding Your Funds’ Expenses	2
Schedules of Investments Composition	6
Schedules of Investments
Transamerica Capital Growth	10
Transamerica Concentrated Growth	12
Transamerica Dividend Focused	14
Transamerica Emerging Markets Debt	16
Transamerica Emerging Markets Equity	23
Transamerica Enhanced Muni	27
Transamerica Flexible Income	42
Transamerica Floating Rate	50
Transamerica Global Bond	56
Transamerica Global Equity	61
Transamerica Growth Opportunities	63
Transamerica High Yield Bond	67
Transamerica High Yield Muni	74
Transamerica Income & Growth	80
Transamerica Inflation Opportunities	82
Transamerica International Equity	87
Transamerica International Small Cap Value	91
Transamerica Large Cap Value	94
Transamerica Mid Cap Growth	96
Transamerica Mid Cap Value Opportunities	98
Transamerica MLP & Energy Income	100
Transamerica Money Market	103
Transamerica Multi-Managed Balanced	105
Transamerica Opportunistic Allocation	118
Transamerica Short-Term Bond	120
Transamerica Small Cap Core	129
Transamerica Small Cap Growth	134
Transamerica Small Cap Value	136
Transamerica Small/Mid Cap Value	139
Transamerica Strategic High Income	143
Transamerica Tactical Allocation	147
Transamerica Tactical Income	148
Transamerica Tactical Rotation	149
Transamerica Unconstrained Bond	150
Transamerica US Growth	156
Statements of Assets and Liabilities	158
Statements of Operations	165
Statements of Changes in Net Assets	172
Financial Highlights	196
Notes to Financial Statements	266
Approval of Investment Advisory and Sub-Advisory Agreements	299
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	305
Notice of Privacy Policy	306

Transamerica Funds Semi-Annual Report 2015

Dear Fellow Shareholder,

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

This semi-annual report is provided to you with the intent of presenting a comprehensive review of 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 of your investments, this report 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 period to provide a context for reading this report. At the beginning of this period, markets were increasingly becoming concerned that the end of the Federal Reserve’s (the “Fed”) quantitative easing (“QE”) program had the potential to increase market volatility. As expected, QE ended in the fall of 2014, yet equity markets remained fairly resilient, continuing to climb to new all-time highs in the months that followed. Major economic statistics on employment, manufacturing and housing also continued to improve, despite the end of monetary stimulus.

Commodity markets, especially those related to energy, were the main source of volatility in the second half of 2014 as crude oil prices fell more than 50%, yet by the end of the period, prices had rebounded off their lows. Even so, the globe remains well supplied with oil and natural gas, as OPEC has continued to resist meaningful production cuts. Volatility was also evident in currency markets, as the dollar has risen sharply versus most other major currencies since summer 2014.

Following economic slowdowns throughout Europe and China, overseas equity markets have benefited so far in 2015 from a strong U.S. dollar, accommodative monetary policy and lower energy prices. The strong dollar has helped overseas economies, particularly European exporters, as foreign goods became more affordable for U.S. consumers, and U.S.-made goods became more costly overseas. Lower energy costs and the enactment of QE by the European Central Bank as well as lower interest rates implemented by the People’s Bank of China also contributed to the recent strength we have witnessed overseas. While equity markets in Europe, China and Japan outpaced the U.S. through the end of the first quarter, most foreign markets still meaningfully trail the U.S. since the global economy began its recovery in 2009.

For the period ended April 30, 2015, the S&P 500^® returned 12.98% while the MSCI EAFE Index, representing international developed market equities, gained 2.10%. During the same period, the Barclays U.S. Aggregate Bond Index returned 4.46%. Please keep in mind that 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 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,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

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.

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2014, and held for the entire period until April 30, 2015.

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 during the period can 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 Funds’ actual expense ratios and assumed rates 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 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, 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 covered by the advisory and administrative fees, expenses and fees of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio
Transamerica Capital Growth
Class A	$	1,000.00	$	1,068.10	$	6.26(B	)	$	1,018.70	$	6.11		1.22	%
Class B		1,000.00		1,063.40		11.26(B	)		1,013.90		10.99		2.20
Class C		1,000.00		1,064.50		9.83(B	)		1,015.30		9.59		1.92
Class I		1,000.00		1,069.90		4.72(B	)		1,020.20		4.61		0.92
Class I2		1,000.00		1,070.60		4.06(B	)		1,020.90		3.96		0.79
Transamerica Concentrated Growth
Class A		1,000.00		1,063.40		5.27(B	)		1,019.70		5.16		1.03
Class C		1,000.00		1,058.70		8.98(B	)		1,016.10		8.80		1.76
Class I		1,000.00		1,063.20		4.81(B	)		1,020.10		4.71		0.94
Class I2		1,000.00		1,064.60		3.79(B	)		1,021.10		3.71		0.74
Transamerica Dividend Focused
Class A		1,000.00		1,028.00		4.83(B	)		1,020.00		4.81		0.96
Class C		1,000.00		1,023.10		8.98(B	)		1,015.90		8.95		1.79
Class I		1,000.00		1,028.80		4.02(B	)		1,020.80		4.01		0.80
Class I2		1,000.00		1,029.40		3.52(B	)		1,021.30		3.51		0.70

Transamerica Funds Semi-Annual Report 2015

Page    2

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value			Expenses Paid During Period (B)		Annualized Expense Ratio
Transamerica Emerging Markets Debt
Class A	$	1,000.00	$	980.80	$	5.40(B	)	$	1,019.30		$	5.51		1.10	%
Class C		1,000.00		976.80		8.97(B	)		1,015.70			9.15		1.83
Class I		1,000.00		981.90		3.93(B	)		1,020.80			4.01		0.80
Class I2		1,000.00		982.30		3.44(B	)		1,021.30			3.51		0.70
Transamerica Emerging Markets Equity
Class A		1,000.00		1,046.40		7.92(B	)		1,017.10			7.80		1.56
Class C		1,000.00		1,043.60		11.50(B	)		1,013.50			11.33		2.27
Class I		1,000.00		1,047.70		6.35(B	)		1,018.60			6.26		1.25
Class I2		1,000.00		1,049.30		5.79(B	)		1,019.10			5.71		1.14
Transamerica Enhanced Muni
Class A		1,000.00		1,022.00		4.31(B	)		1,020.50			4.31		0.86	(C)
Class C		1,000.00		1,019.20		7.31(B	)		1,017.60			7.30		1.46	(C)
Class I		1,000.00		1,023.60		3.56(B	)		1,021.30			3.56		0.71	(C)
Transamerica Flexible Income
Class A		1,000.00		1,013.60		4.39(B	)		1,020.40			4.41		0.88
Class B		1,000.00		1,008.30		8.61(B	)		1,016.20			8.65		1.73
Class C		1,000.00		1,010.20		7.92(B	)		1,016.90			7.95		1.59
Class I		1,000.00		1,015.00		3.05(B	)		1,021.80			3.06		0.61
Class I2		1,000.00		1,015.50		2.55(B	)		1,022.30			2.56		0.51
Transamerica Floating Rate
Class A		1,000.00		1,025.70		5.27(B	)		1,019.60			5.26		1.05	(C)
Class C		1,000.00		1,023.00		9.03(B	)		1,015.90			9.00		1.80	(C)
Class I		1,000.00		1,027.00		4.02(B	)		1,020.80			4.01		0.80	(C)
Class I2		1,000.00		1,027.00		4.02(B	)		1,020.80			4.01		0.80	(C)
Transamerica Global Bond										��
Class A		1,000.00		960.90		4.86(B	)		1,019.80			5.01		1.00
Class C		1,000.00		957.30		8.49(B	)		1,016.10			8.75		1.75
Class I		1,000.00		962.80		3.65(B	)		1,021.10			3.76		0.75
Class I2		1,000.00		962.80		3.65(B	)		1,021.10			3.76		0.75
Transamerica Global Equity
Class A		1,000.00		1,031.60		6.80(B	)		1,018.10			6.76		1.35	(C)
Class B		1,000.00		1,028.20		10.56(B	)		1,014.40			10.49		2.10	(C)
Class C		1,000.00		1,028.20		10.56(B	)		1,014.40			10.49		2.10	(C)
Class I		1,000.00		1,033.50		5.29(B	)		1,019.60			5.26		1.05	(C)
Class I2		1,000.00		1,034.40		4.69(B	)		1,020.20			4.66		0.93	(C)
Transamerica Growth Opportunities
Class A		1,000.00		1,011.80		6.68(B	)		1,018.10			6.71		1.34
Class B		1,000.00		1,006.90		11.40(B	)		1,013.40			11.43		2.29
Class C		1,000.00		1,008.00		10.65(B	)		1,014.20			10.69		2.14
Class I		1,000.00		1,013.70		4.89(B	)		1,019.90			4.91		0.98
Class I2		1,000.00		1,014.70		4.10(B	)		1,020.70			4.11		0.82
Transamerica High Yield Bond
Class A		1,000.00		1,017.40		4.95(B	)		1,019.90			4.96		0.99
Class B		1,000.00		1,012.20		8.98(B	)		1,015.90			9.00		1.80
Class C		1,000.00		1,012.70		8.63(B	)		1,016.20			8.65		1.73
Class I		1,000.00		1,018.40		3.65(B	)		1,021.20			3.66		0.73
Class I2		1,000.00		1,018.00		3.15(B	)		1,021.70			3.16		0.63
Transamerica High Yield Muni
Class A		1,000.00		1,035.60		4.59(B	)		1,020.30			4.56		0.91	(C)
Class C		1,000.00		1,032.70		7.61(B	)		1,017.30			7.55		1.51	(C)
Class I		1,000.00		1,036.20		3.84(B	)		1,021.00			3.81		0.76	(C)
Transamerica Income & Growth
Class A		1,000.00		1,011.10		5.49(B	)		1,019.30			5.51		1.10
Class C		1,000.00		1,007.70		9.11(B	)		1,015.70			9.15		1.83
Class I		1,000.00		1,012.40		4.24(B	)		1,020.60			4.26		0.85
Class I2		1,000.00		1,012.80		3.69(B	)		1,021.10			3.71		0.74
Transamerica Inflation Opportunities
Class A		1,000.00		996.50		4.95(B	)		1,019.80			5.01		1.00
Class C		1,000.00		993.10		8.65(B	)		1,016.10			8.75		1.75
Class I		1,000.00		998.10		3.72(B	)		1,021.10			3.76		0.75
Class I2		1,000.00		997.40		3.37(B	)		1,021.40			3.41		0.68

Transamerica Funds Semi-Annual Report 2015

Page    3

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio
Transamerica International Equity
Class A	$	1,000.00	$	1,078.60	$	6.49(B	)	$	1,018.50	$	6.31		1.26	%
Class C		1,000.00		1,074.20		10.08(B	)		1,015.10		9.79		1.96
Class I		1,000.00		1,079.90		4.85(B	)		1,020.10		4.71		0.94
Class I2		1,000.00		1,080.40		4.33(B	)		1,020.60		4.21		0.84
Transamerica International Small Cap Value
Class I		1,000.00		1,104.70		5.95(B	)		1,019.10		5.71		1.14
Class I2		1,000.00		1,105.10		5.43(B	)		1,019.60		5.21		1.04
Transamerica Large Cap Value
Class A		1,000.00		1,060.50		5.36(B	)		1,019.60		5.26		1.05
Class C		1,000.00		1,056.90		9.18(B	)		1,015.90		9.00		1.80
Class I		1,000.00		1,062.50		3.99(B	)		1,020.90		3.91		0.78
Class I2		1,000.00		1,063.10		3.48(B	)		1,021.40		3.41		0.68
Transamerica Mid Cap Growth
Class A		1,000.00		1,114.80		6.61(B	)		1,018.50		6.31		1.26
Class C		1,000.00		1,110.40		9.94(B	)		1,015.40		9.49		1.90
Class I		1,000.00		1,116.40		5.35(B	)		1,019.70		5.11		1.02
Class I2		1,000.00		1,116.40		4.30(B	)		1,020.70		4.11		0.82
Transamerica Mid Cap Value Opportunities
Class A		1,000.00		1,067.50		5.38(B	)		1,019.60		5.26		1.05
Class C		1,000.00		1,062.50		9.15(B	)		1,015.90		8.95		1.79
Class I		1,000.00		1,068.30		4.36(B	)		1,020.60		4.26		0.85
Class I2		1,000.00		1,068.50		3.85(B	)		1,021.10		3.76		0.75
Transamerica MLP & Energy Income
Class A		1,000.00		965.80		7.26(B	)		1,017.40		7.45		1.49
Class C		1,000.00		963.10		10.85(B	)		1,013.70		11.13		2.23
Class I		1,000.00		967.30		5.95(B	)		1,018.70		6.11		1.22
Class I2		1,000.00		968.70		5.52(B	)		1,019.20		5.66		1.13
Transamerica Money Market
Class A		1,000.00		1,000.10		1.24(B	)		1,023.60		1.25		0.25
Class B		1,000.00		1,000.10		1.24(B	)		1,023.60		1.25		0.25
Class C		1,000.00		1,000.10		1.24(B	)		1,023.60		1.25		0.25
Class I		1,000.00		1,000.10		1.24(B	)		1,023.60		1.25		0.25
Class I2		1,000.00		1,000.10		1.19(B	)		1,023.60		1.20		0.24
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,028.30		5.73(B	)		1,019.10		5.71		1.14
Class B		1,000.00		1,023.30		10.48(B	)		1,014.40		10.44		2.09
Class C		1,000.00		1,024.80		9.14(B	)		1,015.80		9.10		1.82
Class I		1,000.00		1,029.60		4.33(B	)		1,020.50		4.31		0.86
Transamerica Opportunistic Allocation
Class A		1,000.00		1,043.80		6.08(B	)		1,018.80		6.01		1.20	(C)
Class C		1,000.00		1,040.00		9.86(B	)		1,015.10		9.74		1.95	(C)
Class I		1,000.00		1,044.10		4.81(B	)		1,020.10		4.76		0.95	(C)
Transamerica Short-Term Bond
Class A		1,000.00		1,006.70		4.18(B	)		1,020.60		4.21		0.84
Class C		1,000.00		1,002.90		7.90(B	)		1,016.90		7.95		1.59
Class I		1,000.00		1,007.70		3.09(B	)		1,021.70		3.11		0.62
Class I2		1,000.00		1,009.20		2.64(B	)		1,022.20		2.66		0.53
Transamerica Small Cap Core
Class A		1,000.00		1,006.40		5.97(B	)		1,018.80		6.01		1.20
Class C		1,000.00		1,001.60		9.83(B	)		1,015.00		9.89		1.98
Class I		1,000.00		1,006.80		5.22(B	)		1,019.60		5.26		1.05
Class I2		1,000.00		1,007.60		4.53(B	)		1,020.30		4.56		0.91
Transamerica Small Cap Growth
Class A		1,000.00		1,065.80		6.40(B	)		1,018.60		6.26		1.25
Class C		1,000.00		1,061.70		10.17(B	)		1,014.90		9.94		1.99
Class I		1,000.00		1,067.00		5.18(B	)		1,019.80		5.06		1.01
Class I2		1,000.00		1,067.70		4.56(B	)		1,020.40		4.46		0.89

Transamerica Funds Semi-Annual Report 2015

Page    4

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio
Transamerica Small Cap Value
Class A	$	1,000.00	$	1,010.00	$	6.53(B	)	$	1,018.30	$	6.56		1.31	%
Class C		1,000.00		1,006.20		9.95(B	)		1,014.90		9.99		2.00
Class I		1,000.00		1,011.50		5.24(B	)		1,019.60		5.26		1.05
Class I2		1,000.00		1,012.10		4.59(B	)		1,020.20		4.61		0.92
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,032.70		6.60(B	)		1,018.30		6.56		1.31
Class B		1,000.00		1,028.80		10.16(B	)		1,014.80		10.09		2.02
Class C		1,000.00		1,029.10		9.96(B	)		1,015.00		9.89		1.98
Class I		1,000.00		1,034.30		4.79(B	)		1,020.10		4.76		0.95
Class I2		1,000.00		1,034.80		4.29(B	)		1,020.60		4.26		0.85
Transamerica Strategic High Income
Class A		1,000.00		1,031.00		6.04(B	)		1,018.80		6.01		1.20	(C)
Class C		1,000.00		1,027.20		9.80(B	)		1,015.10		9.74		1.95	(C)
Class I		1,000.00		1,031.20		4.78(B	)		1,020.10		4.76		0.95	(C)
Class I2		1,000.00		1,023.80		4.77(B	)		1,020.10		4.76		0.95	(C)
Transamerica Tactical Allocation
Class A		1,000.00		1,036.30		5.55(B	)		1,019.30		5.51		1.10	(C)
Class C		1,000.00		1,033.50		9.33(B	)		1,015.60		9.25		1.85	(C)
Class I		1,000.00		1,037.80		4.29(B	)		1,020.60		4.26		0.85	(C)
Transamerica Tactical Income
Class A		1,000.00		1,017.70		4.50(B	)		1,020.30		4.51		0.90	(C)
Class C		1,000.00		1,014.00		8.24(B	)		1,016.60		8.25		1.65	(C)
Class I		1,000.00		1,018.90		3.30(B	)		1,021.50		3.31		0.66	(C)
Transamerica Tactical Rotation
Class A		1,000.00		1,045.50		5.58(B	)		1,019.30		5.51		1.10	(C)
Class C		1,000.00		1,042.70		9.37(B	)		1,015.60		9.25		1.85	(C)
Class I		1,000.00		1,047.10		4.31(B	)		1,020.60		4.26		0.85	(C)
Transamerica Unconstrained Bond
Class I		1,000.00		1,025.90		3.77(D	)		1,020.10		4.76		0.95
Class I2		1,000.00		1,025.90		3.77(D	)		1,020.10		4.76		0.95
Transamerica US Growth
Class A		1,000.00		1,079.40		6.19(B	)		1,018.80		6.01		1.20
Class B		1,000.00		1,073.80		11.06(B	)		1,014.10		10.74		2.15
Class C		1,000.00		1,075.10		10.24(B	)		1,014.90		9.94		1.99
Class I		1,000.00		1,081.10		4.44(B	)		1,020.50		4.31		0.86
Class I2		1,000.00		1,081.20		3.77(B	)		1,021.20		3.66		0.73
Class T		1,000.00		1,081.10		4.23(B	)		1,020.70		4.11		0.82

^(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 (181 days), and divided by the number of days in the year (365 days).

^(C)  These expense ratios do not include the expenses of the investment companies and/or ETFs in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

^(D)  Fund commenced operations on December 8, 2014. Actual expenses are calculated using each 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 (143 days), and divided by the number of days in the year (365 days). For comparability purposes, hypothetical expenses assume that the Funds’ were in operation for the entire six-month period ended April 30, 2015. Thus, the hypothetical 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 (181 days), and divided by the number of days in the year (365 days).

Transamerica Funds Semi-Annual Report 2015

Page    5

Schedules of Investments Composition

At April 30, 2015

(unaudited)

Transamerica Capital Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		95.0	%
Repurchase Agreement		8.9
Securities Lending Collateral		8.6
Over-the-Counter Foreign Exchange Options Purchased		0.0	*
Net Other Assets (Liabilities)		(12.5	)
Total		100.0	%
Transamerica Concentrated Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		97.9	%
Securities Lending Collateral		2.9
Repurchase Agreement		2.1
Net Other Assets (Liabilities)		(2.9	)
Total		100.0	%
Transamerica Dividend Focused
Asset Allocation	Percentage of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		2.2
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(2.1	)
Total		100.0	%
Transamerica Emerging Markets Debt
Asset Allocation	Percentage of Net Assets
Foreign Government Obligations		50.4	%
Corporate Debt Securities		44.8
Securities Lending Collateral		17.1
Repurchase Agreement		2.6
Asset-Backed Security		0.4
Net Other Assets (Liabilities)^		(15.3	)
Total		100.0	%
Transamerica Emerging Markets Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		95.9	%
Repurchase Agreement		4.2
Securities Lending Collateral		3.9
Preferred Stocks		1.4
Net Other Assets (Liabilities)		(5.4	)
Total		100.0	%
Transamerica Enhanced Muni
Credit Quality‡	Percentage of Net Assets
AAA		1.0	%
AA		53.6
A		10.0
BBB		5.3
BB and Below		1.4
NR (Not Rated)		39.5
Net Other Assets (Liabilities)		(10.8	)
Total		100.0	%

Transamerica Flexible Income
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		61.5	%
Mortgage-Backed Securities		14.7
U.S. Government Obligations		8.2
Asset-Backed Securities		7.5
Securities Lending Collateral		5.7
U.S. Government Agency Obligations		3.3
Short-Term U.S. Government Obligation		3.3
Foreign Government Obligations		1.0
Preferred Stocks		0.8
Repurchase Agreement		0.7
Municipal Government Obligations		0.6
Loan Assignments		0.5
Warrant		0.4
Convertible Bond		0.3
Common Stock		0.2
Convertible Preferred Stock		0.1
Net Other Assets (Liabilities)		(8.8	)
Total		100.0	%
Transamerica Floating Rate
Asset Allocation	Percentage of Net Assets
Loan Assignments		91.7	%
Repurchase Agreement		15.2
Corporate Debt Securities		5.2
Securities Lending Collateral		1.0
Exchange-Traded Fund		0.7
Net Other Assets (Liabilities)		(13.8	)
Total		100.0	%
Transamerica Global Bond
Asset Allocation	Percentage of Net Assets
Foreign Government Obligations		65.8	%
Corporate Debt Securities		17.1
U.S. Government Obligations		13.4
Repurchase Agreement		2.3
Securities Lending Collateral		0.2
Net Other Assets (Liabilities)^		1.2
Total		100.0	%
Transamerica Global Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		95.1	%
Securities Lending Collateral		7.5
Exchange-Traded Funds		3.0
Preferred Stock		1.6
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(8.3	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2015

Page    6

Schedules of Investments Composition (continued)

At April 30, 2015

(unaudited)

Transamerica Growth Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		94.9	%
Securities Lending Collateral		21.2
Repurchase Agreement		5.4
Preferred Stocks		0.4
Convertible Preferred Stock		0.1
Over-the-Counter Foreign Exchange Options Purchased		0.0	*
Net Other Assets (Liabilities)		(22.0	)
Total		100.0	%
Transamerica High Yield Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		87.6	%
Securities Lending Collateral		8.7
Loan Assignments		4.5
Preferred Stocks		1.6
Repurchase Agreement		1.0
Common Stock		0.1
Net Other Assets (Liabilities)		(3.5	)
Total		100.0	%
Transamerica High Yield Muni
Credit Quality‡	Percentage of Net Assets
AA		46.2	%
A		10.9
BBB		7.3
BB and Below		15.2
NR (Not Rated)		36.0
Net Other Assets (Liabilities)		(15.6	)
Total		100.0	%
Transamerica Income & Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		73.0	%
Master Limited Partnerships		19.6
Securities Lending Collateral		10.8
Repurchase Agreement		1.8
Net Other Assets (Liabilities)		(5.2	)
Total		100.0	%
Transamerica Inflation Opportunities
Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		50.0	%
Foreign Government Obligations		24.9
Corporate Debt Securities		15.8
Repurchase Agreement		4.4
U.S. Government Agency Obligations		2.2
Securities Lending Collateral		1.9
Mortgage-Backed Securities		1.8
Preferred Stocks		0.6
Asset-Backed Securities		0.5
Short-Term U.S. Government Obligations		0.1
Net Other Assets (Liabilities)^		(2.2	)
Total		100.0	%

Transamerica International Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		94.0	%
Securities Lending Collateral		5.3
Repurchase Agreement		2.9
Preferred Stocks		2.3
Net Other Assets (Liabilities)		(4.5	)
Total		100.0	%
Transamerica International Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.4	%
Securities Lending Collateral		4.9
Repurchase Agreement		2.0
Preferred Stock		1.1
Net Other Assets (Liabilities)		(4.4	)
Total		100.0	%
Transamerica Large Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.2	%
Repurchase Agreement		4.0
Securities Lending Collateral		2.1
Net Other Assets (Liabilities)		(2.3	)
Total		100.0	%
Transamerica Mid Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.3	%
Securities Lending Collateral		28.5
Repurchase Agreement		1.8
Net Other Assets (Liabilities)		(29.6	)
Total		100.0	%
Transamerica Mid Cap Value Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		95.7	%
Securities Lending Collateral		12.4
Repurchase Agreement		4.6
Net Other Assets (Liabilities)		(12.7	)
Total		100.0	%
Transamerica MLP & Energy Income
Asset Allocation	Percentage of Net Assets
Common Stocks		54.6	%
Master Limited Partnerships		36.9
Securities Lending Collateral		9.6
Corporate Debt Securities		5.2
Repurchase Agreement		2.0
Preferred Stocks		0.5
Net Other Assets (Liabilities)^		(8.8	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2015

Page    7

Schedules of Investments Composition (continued)

At April 30, 2015

(unaudited)

Transamerica Money Market
Asset Allocation	Percentage of Net Assets
Commercial Paper		66.9	%
Repurchase Agreements		15.8
Certificates of Deposit		15.4
Corporate Debt Securities		4.1
Net Other Assets (Liabilities)		(2.2	)
Total		100.0	%
Transamerica Multi-Managed Balanced
Asset Allocation	Percentage of Net Assets
Common Stocks		60.0	%
Corporate Debt Securities		13.4
U.S. Government Obligations		9.6
U.S. Government Agency Obligations		6.2
Short-Term U.S. Government Obligations		5.3
Mortgage-Backed Securities		5.0
Securities Lending Collateral		3.3
Asset-Backed Securities		2.4
Repurchase Agreement		2.1
Foreign Government Obligations		0.5
Municipal Government Obligations		0.2
Preferred Stocks		0.1
Net Other Assets (Liabilities)^		(8.1	)
Total		100.0	%
Transamerica Opportunistic Allocation
Asset Allocation	Percentage of Net Assets
Investment Companies		87.8	%
Securities Lending Collateral		8.3
Exchange-Traded Funds		5.8
Repurchase Agreement		4.8
Common Stock		1.2
Net Other Assets (Liabilities)		(7.9	)
Total		100.0	%
Transamerica Short-Term Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		62.9	%
Mortgage-Backed Securities		22.0
Asset-Backed Securities		11.6
Loan Assignments		1.7
Securities Lending Collateral		0.7
Repurchase Agreement		0.6
Foreign Government Obligation		0.4
Municipal Government Obligation		0.2
U.S. Government Agency Obligation		0.0	*
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Small Cap Core
Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		22.0
Repurchase Agreement		1.2
Net Other Assets (Liabilities)		(22.0	)
Total		100.0	%

Transamerica Small Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Securities Lending Collateral		20.0
Repurchase Agreement		3.5
Net Other Assets (Liabilities)		(21.2	)
Total		100.0	%
Transamerica Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.1	%
Securities Lending Collateral		19.0
Repurchase Agreement		4.2
Net Other Assets (Liabilities)		(19.3	)
Total		100.0	%
Transamerica Small/Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		98.7	%
Securities Lending Collateral		12.4
Repurchase Agreement		0.9
Master Limited Partnership		0.5
Net Other Assets (Liabilities)		(12.5	)
Total		100.0	%
Transamerica Strategic High Income
Asset Allocation	Percentage of Net Assets
Common Stocks		47.8	%
Corporate Debt Securities		31.1
Securities Lending Collateral		27.5
Preferred Stocks		16.0
Repurchase Agreement		3.0
Investment Company		1.1
Net Other Assets (Liabilities)		(26.5	)
Total		100.0	%
Transamerica Tactical Allocation
Asset Allocation	Percentage of Net Assets
Exchange-Traded Funds		99.2	%
Securities Lending Collateral		5.2
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(5.3	)
Total		100.0	%
Transamerica Tactical Income
Asset Allocation	Percentage of Net Assets
Exchange-Traded Funds		99.6	%
Securities Lending Collateral		24.3
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(24.6	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2015

Page    8

Schedules of Investments Composition (continued)

At April 30, 2015

(unaudited)

Transamerica Tactical Rotation
Asset Allocation	Percentage of Net Assets
Exchange-Traded Funds		98.4	%
Securities Lending Collateral		12.8
Repurchase Agreement		1.5
Net Other Assets (Liabilities)		(12.7	)
Total		100.0	%
Transamerica Unconstrained Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		47.2	%
Loan Assignments		32.0
Repurchase Agreement		12.1
Asset-Backed Securities		8.7
Securities Lending Collateral		6.4
U.S. Government Obligations		1.1
Foreign Government Obligation		0.4
Short-Term U.S. Government Obligations		0.1
Net Other Assets (Liabilities)^		(8.0	)
Total		100.0	%

Transamerica US Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.2	%
Securities Lending Collateral		4.0
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(3.4	)
Total		100.0	%

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

^ The Net Other Assets (Liabilities) 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.

‡ Source: S&P. Ratings BBB or higher are considered investment grade. “Not Rated” includes securities that are not ranked by S&P, but may have been ranked by other Nationally Recognized Statistical Rating Organizations. Credit ratings are subject to change.

Transamerica Funds Semi-Annual Report 2015

Page    9

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 95.0%
Automobiles - 3.6%
Tesla Motors, Inc. (A) (B)		212,070		$  47,938,423
Biotechnology - 2.0%
Alexion Pharmaceuticals, Inc. (B)		36,314		6,145,418
Alnylam Pharmaceuticals, Inc. (B)		60,085		6,120,859
Gilead Sciences, Inc. (B)		66,835		6,717,586
Regeneron Pharmaceuticals, Inc., Class A (B)		18,293		8,368,316
				27,352,179
Chemicals - 1.6%
Monsanto Co.		191,397		21,811,602
Diversified Financial Services - 4.1%
McGraw-Hill Financial, Inc.		382,671		39,912,585
MSCI, Inc., Class A		246,526		15,084,926
				54,997,511
Electrical Equipment - 0.5%
SolarCity Corp. (A) (B)		117,138		7,034,137
Food & Staples Retailing - 1.4%
Walgreens Boots Alliance, Inc.		233,633		19,375,185
Food Products - 5.0%
Keurig Green Mountain, Inc.		295,117		34,342,765
Mead Johnson Nutrition Co., Class A		337,011		32,326,095
				66,668,860
Health Care Equipment & Supplies - 3.9%
Intuitive Surgical, Inc. (B)		105,289		52,221,238
Health Care Technology - 0.8%
athenahealth, Inc. (A) (B)		87,144		10,689,083
Hotels, Restaurants & Leisure - 2.3%
Starbucks Corp.		620,272		30,753,086
Internet & Catalog Retail - 14.6%
Amazon.com, Inc. (B)		265,844		112,127,682
JD.com, Inc., ADR (B)		505,181		16,953,875
Netflix, Inc. (B)		36,685		20,415,203
Priceline Group, Inc. (B)		37,414		46,311,423
				195,808,183
Internet Software & Services - 22.4%
Alibaba Group Holding, Ltd., ADR (B)		206,405		16,778,662
eBay, Inc. (B)		226,176		13,177,014
Facebook, Inc., Class A (B)		1,264,229		99,583,318
Google, Inc., Class A (B)		55,546		30,481,978
Google, Inc., Class C (B)		84,820		45,576,911
LinkedIn Corp., Class A (B)		175,736		44,308,318
Twitter, Inc. (B)		1,320,386		51,442,239
				301,348,440
IT Services - 4.5%
Mastercard, Inc., Class A		381,915		34,452,552
Visa, Inc., Class A		384,924		25,424,230
				59,876,782
Life Sciences Tools & Services - 4.7%
Illumina, Inc. (B)		345,861		63,724,889
Media - 1.8%
Naspers, Ltd., Class N		157,705		24,741,671
Pharmaceuticals - 7.1%
Actavis PLC (B)		69,143		19,557,789
Valeant Pharmaceuticals International, Inc. (B)		263,127		57,080,140

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Zoetis, Inc., Class A		427,394		$  18,984,842
				95,622,771
Semiconductors & Semiconductor Equipment - 1.0%
ARM Holdings PLC, ADR (A)		255,562		13,031,106
Software - 8.4%
FireEye, Inc. (A) (B)		250,293		10,337,101
salesforce.com, Inc. (B)		647,704		47,165,805
Splunk, Inc. (B)		215,191		14,276,847
Workday, Inc., Class A (A) (B)		452,231		41,247,990
				113,027,743
Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc.		370,325		46,346,174
Textiles, Apparel & Luxury Goods - 1.8%
Michael Kors Holdings, Ltd. (B)		387,709		23,983,679
Total Common Stocks (Cost $876,506,545)				1,276,352,742
	Contracts		Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.0% (C) (D)
USD vs. CNY, Call (E) Exercise Price CNY 6.62 Expires 06/19/2015, RBS		185,364,979		6,302
USD vs. CNY, Call (E) Exercise Price CNY 6.65 Expires 11/23/2015, RBS		183,860,243		171,726
Total Over-the-Counter Foreign Exchange Options Purchased (Cost $1,118,827)				178,028
	Shares		Value
SECURITIES LENDING COLLATERAL - 8.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (F)		116,005,380		116,005,380
Total Securities Lending Collateral (Cost $116,005,380)				116,005,380
	Principal		Value
REPURCHASE AGREEMENT - 8.9%
State Street Bank & Trust Co. 0.01% (F), dated 04/30/2015, to be repurchased at $119,329,475 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 2.17% - 2.26%, due 10/17/2022 - 11/07/2022, and with a total value of $121,720,990.		$  119,329,442		119,329,442
Total Repurchase Agreement (Cost $119,329,442)				119,329,442
Total Investments (Cost $1,112,960,194) (G)				1,511,865,592
Net Other Assets (Liabilities) - (12.5)%				(167,732,572	)
Net Assets - 100.0%				$  1,344,133,020

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    10

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	1,251,611,071	$	24,741,671	$	—	$	1,276,352,742
Over-the-Counter Foreign Exchange Options Purchased		—		178,028		—		178,028
Securities Lending Collateral		116,005,380		—		—		116,005,380
Repurchase Agreement		—		119,329,442		—		119,329,442
Total Investments	$	1,367,616,451	$	144,249,141	$	—	$	1,511,865,592

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $113,512,829. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Cash in the amount of $340,000 has been segregated by the broker as collateral for open options contracts.

^(D)  Percentage rounds to less than 0.1% or (0.1)%.

^(E)  Illiquid security. Total aggregate value of illiquid securities is $178,028, representing less than 0.1% of the Fund’s net assets.

^(F)  Rate disclosed reflects the yield at April 30, 2015.

^(G)  Aggregate cost for federal income tax purposes is $1,112,960,194. Aggregate gross unrealized appreciation and depreciation for all securities is $417,216,733 and $18,311,335, respectively. Net unrealized appreciation for tax purposes is $398,905,398.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

CNY	Chinese Yuan Renminbi
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

RBS Royal Bank of Scotland Group PLC

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    11

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Aerospace & Defense - 6.8%
Precision Castparts Corp. (A)		66,453		$  13,735,170
United Technologies Corp.		150,585		17,129,044
				30,864,214
Biotechnology - 6.2%
BioMarin Pharmaceutical, Inc. (B)		131,860		14,774,913
Gilead Sciences, Inc. (B)		130,095		13,075,848
				27,850,761
Capital Markets - 2.5%
BlackRock, Inc., Class A		31,650		11,518,701
Chemicals - 6.5%
FMC Corp., Class A (A)		236,540		14,029,188
Praxair, Inc.		125,867		15,346,963
				29,376,151
Distributors - 2.9%
LKQ Corp. (B)		477,445		12,924,436
Electronic Equipment, Instruments & Components - 2.9%
Amphenol Corp., Class A		234,099		12,962,062
Health Care Equipment & Supplies - 5.9%
Baxter International, Inc.		194,083		13,341,266
Cooper Cos., Inc.		75,245		13,398,877
				26,740,143
Health Care Providers & Services - 3.6%
Express Scripts Holding Co. (B)		189,865		16,404,336
Household Products - 3.4%
Colgate-Palmolive Co.		231,838		15,598,061
Industrial Conglomerates - 3.9%
Danaher Corp.		217,751		17,829,452
Internet Software & Services - 6.4%
Akamai Technologies, Inc. (B)		188,710		13,923,024
Google, Inc., Class A (B)		27,110		14,877,154
				28,800,178
IT Services - 11.6%
Accenture PLC, Class A		172,401		15,972,953
Fiserv, Inc. (B)		235,677		18,288,535
Visa, Inc., Class A		278,180		18,373,789
				52,635,277
Machinery - 2.8%
Cummins, Inc.		92,331		12,765,684
Oil, Gas & Consumable Fuels - 9.2%
Cabot Oil & Gas Corp. (A)		481,590		16,287,374
Enbridge, Inc. (A)		268,610		14,056,361
EOG Resources, Inc.		116,292		11,507,093
				41,850,828
Pharmaceuticals - 4.0%
Roche Holding AG, ADR		510,475		18,315,843
Professional Services - 3.0%
Verisk Analytics, Inc., Class A (B)		181,376		13,610,455
Real Estate Investment Trusts - 3.0%
American Tower Corp., Class A		143,862		13,599,275
Software - 2.2%
Adobe Systems, Inc. (B)		128,344		9,761,845
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.		160,970		20,145,395

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 6.6%
NIKE, Inc., Class B		141,995		$  14,034,786
VF Corp.		219,640		15,908,525
				29,943,311
Total Common Stocks (Cost $401,710,648)				443,496,408
SECURITIES LENDING COLLATERAL - 2.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		13,022,723		13,022,723
Total Securities Lending Collateral (Cost $13,022,723)				13,022,723
	Principal		Value
REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $9,692,389 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $9,887,420.		$  9,692,387		9,692,387
Total Repurchase Agreement (Cost $9,692,387)				9,692,387
Total Investments (Cost $424,425,758) (D)				466,211,518
Net Other Assets (Liabilities) - (2.9)%				(13,023,008	)
Net Assets - 100.0%				$  453,188,510

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    12

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	443,496,408	$	—	$	—	$	443,496,408
Securities Lending Collateral		13,022,723		—		—		13,022,723
Repurchase Agreement		—		9,692,387		—		9,692,387
Total Investments	$	456,519,131	$	9,692,387	$	—	$	466,211,518

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $12,763,784. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $424,425,758. Aggregate gross unrealized appreciation and depreciation for all securities is $50,138,760 and $8,353,000, respectively. Net unrealized appreciation for tax purposes is $41,785,760.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    13

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Aerospace & Defense - 9.4%
General Dynamics Corp.		147,345		$  20,233,415
Honeywell International, Inc.		380,252		38,375,032
Raytheon Co.		294,013		30,577,352
				89,185,799
Airlines - 2.3%
Southwest Airlines Co.		535,496		21,719,718
Banks - 6.2%
PNC Financial Services Group, Inc.		138,028		12,661,308
Wells Fargo & Co.		845,129		46,566,608
				59,227,916
Capital Markets - 5.1%
Ameriprise Financial, Inc.		84,929		10,639,905
State Street Corp.		490,881		37,856,743
				48,496,648
Construction Materials - 2.4%
CRH PLC, ADR		798,796		22,326,348
Consumer Finance - 3.2%
American Express Co.		386,664		29,947,127
Diversified Financial Services - 8.2%
Bank of America Corp.		2,418,971		38,534,208
JPMorgan Chase & Co.		624,872		39,529,403
				78,063,611
Diversified Telecommunication Services - 6.2%
AT&T, Inc.		784,837		27,186,754
Verizon Communications, Inc.		623,532		31,450,954
				58,637,708
Electric Utilities - 1.7%
Entergy Corp., Class B		208,670		16,105,151
Food & Staples Retailing - 3.1%
Wal-Mart Stores, Inc.		382,389		29,845,461
Health Care Equipment & Supplies - 4.3%
Medtronic PLC		553,048		41,174,423
Health Care Providers & Services - 2.5%
Cardinal Health, Inc.		286,155		24,134,313
Household Durables - 1.6%
Lennar Corp., Class A (A)		341,279		15,630,578
Industrial Conglomerates - 1.1%
General Electric Co.		371,084		10,048,955
Insurance - 1.8%
Loews Corp.		415,822		17,314,828
Machinery - 4.8%
Illinois Tool Works, Inc., Class A		297,942		27,881,412
Stanley Black & Decker, Inc.		178,358		17,603,935
				45,485,347
Metals & Mining - 0.8%
Rio Tinto PLC, ADR (A)		165,654		7,419,643
Multiline Retail - 3.7%
Target Corp.		447,120		35,246,470
Oil, Gas & Consumable Fuels - 10.9%
BP PLC, ADR (A)		695,034		29,997,667
ConocoPhillips		446,401		30,319,556
Occidental Petroleum Corp.		286,430		22,943,043
Phillips 66		260,484		20,658,986
				103,919,252

	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products - 1.0%
International Paper Co.		180,328		$  9,687,220
Pharmaceuticals - 11.0%
Johnson & Johnson		349,429		34,663,357
Merck & Co., Inc.		564,114		33,598,630
Pfizer, Inc.		1,061,066		36,001,969
				104,263,956
Road & Rail - 0.9%
Norfolk Southern Corp.		87,855		8,860,177
Specialty Retail - 1.5%
Gap, Inc., Class A		352,196		13,961,049
Tobacco - 4.6%
Altria Group, Inc.		390,937		19,566,397
Philip Morris International, Inc.		288,553		24,085,519
				43,651,916
Total Common Stocks (Cost $783,472,732)				934,353,614
SECURITIES LENDING COLLATERAL - 2.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (B)		20,456,959		20,456,959
Total Securities Lending Collateral (Cost $20,456,959)				20,456,959
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co. 0.01% (B), dated 04/30/2015, to be repurchased at $15,542,634 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 08/15/2029 and with a value of $15,853,920.		$  15,542,630		15,542,630
Total Repurchase Agreement (Cost $15,542,630)				15,542,630
Total Investments (Cost $819,472,321) (C)				970,353,203
Net Other Assets (Liabilities) - (2.1)%				(19,812,195	)
Net Assets - 100.0%				$  950,541,008

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    14

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	934,353,614	$	—	$	—	$	934,353,614
Securities Lending Collateral		20,456,959		—		—		20,456,959
Repurchase Agreement		—		15,542,630		—		15,542,630
Total Investments	$	954,810,573	$	15,542,630	$	—	$	970,353,203

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $20,022,304. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Rate disclosed reflects the yield at April 30, 2015.

^(C)  Aggregate cost for federal income tax purposes is $819,472,321. Aggregate gross unrealized appreciation and depreciation for all securities is $155,449,207 and $4,568,325, respectively. Net unrealized appreciation for tax purposes is $150,880,882.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    15

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 50.4%
Argentina - 2.8%
Argentine Republic Government International Bond
2.26%, 12/31/2038 (A)		EUR  3,680,000		$  2,169,346
7.82%, 12/31/2033 (A)		4,376,010		4,643,354
Provincia de Buenos Aires
9.38%, 09/14/2018 (B) (C)		$  4,995,000		4,995,000
11.75%, 10/05/2015 (B)		7,520,000		7,520,000
				19,327,700
Belarus - 1.2%
Republic of Belarus
8.75%, 08/03/2015 (B)		8,980,000		8,637,323
Brazil - 3.3%
Brazil Notas do Tesouro Nacional Series F
10.00%, 01/01/2017 - 01/01/2025		BRL  39,351,000		11,697,043
Brazilian Government International Bond
4.25%, 01/07/2025 (C)		$  11,480,000		11,320,485
				23,017,528
Canada - 0.3%
Export Development Canada Series MTN
6.30%, 09/29/2015 (B) (D) (E)		INR  120,000,000		1,894,872
Cayman Islands - 0.3%
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/2028 (F)		$  2,500,000		2,450,000
Colombia - 1.1%
Colombia Government International Bond
4.38%, 03/21/2023 (C)		COP  11,598,000,000		4,528,187
Empresa de Telecomunicaciones de Bogota
7.00%, 01/17/2023 (F)		7,104,000,000		2,839,214
				7,367,401
Costa Rica - 1.8%
Costa Rica Government International Bond
7.16%, 03/12/2045 (F)		$  7,685,000		7,973,187
10.00%, 08/01/2020 (F)		3,485,000		4,421,594
				12,394,781
Cote d’Ivoire - 1.4%
Ivory Coast Government International Bond
5.75%, 12/31/2032 Cash Rate 5.75% (B) (G) (H)		4,246,000		4,059,176
6.38%, 03/03/2028 (F)		5,530,000		5,543,825
				9,603,001
Croatia - 2.8%
Croatia Government International Bond
3.88%, 05/30/2022 (B)		EUR  3,559,000		4,174,295
6.00%, 01/26/2024 (F)		$  5,880,000		6,433,896
6.75%, 11/05/2019 (F)		7,830,000		8,724,812
				19,333,003

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Ecuador - 1.0%
Ecuador Government International Bond
7.95%, 06/20/2024 (F)		$  2,010,000		$  1,959,750
9.38%, 12/15/2015 (B)		2,210,000		2,248,675
10.50%, 03/24/2020 (F)		2,600,000		2,780,102
				6,988,527
Ghana - 0.5%
Republic of Ghana
8.13%, 01/18/2026 (C) (F)		3,370,000		3,260,745
Guatemala - 0.7%
Guatemala Government Bond
4.88%, 02/13/2028 (F)		4,630,000		4,774,688
Hungary - 1.4%
Hungary Government Bond
3.50%, 06/24/2020		HUF  1,376,000,000		5,236,929
Hungary Government International Bond
4.00%, 03/25/2019		$  4,630,000		4,832,562
				10,069,491
Indonesia - 5.4%
Indonesia Government International Bond
3.38%, 04/15/2023 (F)		5,525,000		5,407,594
4.13%, 01/15/2025 (F)		5,170,000		5,266,937
5.13%, 01/15/2045 (F)		260,000		267,150
6.63%, 02/17/2037 (C) (F)		4,050,000		4,915,687
Series MTN
3.38%, 04/15/2023 (B)		500,000		489,375
4.63%, 04/15/2043 (B)		1,350,000		1,309,500
Indonesia Treasury Bond
5.63%, 05/15/2023		IDR  93,190,000,000		6,308,523
7.00%, 05/15/2022		73,587,000,000		5,464,030
8.38%, 09/15/2026		31,851,000,000		2,543,166
Perusahaan Penerbit SBSN Indonesia III
4.35%, 09/10/2024 (F)		$  5,550,000		5,699,961
				37,671,923
Lithuania - 0.9%
Lithuania Government International Bond
6.13%, 03/09/2021 (F)		5,033,000		5,951,523
Malaysia - 0.6%
Malaysia Government Bond
4.18%, 07/15/2024		MYR  13,520,000		3,884,300
Mexico - 4.2%
Mexican Bonos
Series M
7.75%, 05/29/2031		MXN  210,484,600		15,665,586
8.00%, 06/11/2020		129,660,000		9,447,212
Mexico Government International Bond
3.60%, 01/30/2025		$  2,935,000		2,976,090
Series 2012-1, Class A2
5.75%, 10/12/2110		910,000		969,150
				29,058,038

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    16

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Nigeria - 0.9%
Africa Finance Corp.
4.38%, 04/29/2020 (F)		$  6,350,000		$  6,427,598
Panama - 1.7%
Panama Government International Bond
3.75%, 03/16/2025 (C)		3,600,000		3,645,000
4.30%, 04/29/2053 (C)		8,425,000		7,961,625
				11,606,625
Paraguay - 0.7%
Republic of Paraguay
6.10%, 08/11/2044 (F)		4,250,000		4,590,000
Romania - 0.6%
Romania Government Bond
5.95%, 06/11/2021		RON  12,910,000		3,846,118
Russian Federation - 1.5%
Russian Foreign Bond - Eurobond
3.50%, 01/16/2019 (B)		$  2,200,000		2,154,900
4.88%, 09/16/2023 (F)		2,635,000		2,582,300
5.00%, 04/29/2020 (B)		5,900,000		6,003,250
				10,740,450
Slovenia - 1.8%
Slovenia Government International Bond
5.25%, 02/18/2024 (F)		4,880,000		5,599,312
5.50%, 10/26/2022 (F)		5,780,000		6,669,773
				12,269,085
South Africa - 2.3%
South Africa Government Bond
8.75%, 01/31/2044		ZAR  76,000,000		6,462,733
10.50%, 12/21/2026 (C)		97,420,000		9,747,527
				16,210,260
Sri Lanka - 0.6%
Sri Lanka Government International Bond
5.88%, 07/25/2022 (F)		$  4,075,000		4,144,275
Supranational - 3.4%
Eastern and Southern African Trade and Development Bank
Series MTN
6.38%, 12/06/2018 (B)		3,899,000		3,956,705
Inter-American Development Bank
Series MTN
7.25%, 07/17/2017		IDR  94,620,000,000		7,125,935
International Finance Corp.
Series MTN
6.45%, 10/30/2018		INR  500,000,000		7,847,634
7.75%, 12/03/2016		235,100,000		3,735,845
7.80%, 06/03/2019		70,350,000		1,151,275
				23,817,394
Tunisia - 0.6%
Banque Centrale de Tunisie SA
5.75%, 01/30/2025 (F)		$  3,820,000		3,944,150

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Turkey - 3.3%
Hazine Mustesarligi Varlik Kiralama AS
4.56%, 10/10/2018 (F)		$  2,975,000		$  3,110,363
Turkey Government Bond
10.50%, 01/15/2020		TRY  14,221,000		5,597,730
Turkey Government International Bond
4.25%, 04/14/2026 (C)		$  12,560,000		12,208,822
5.75%, 03/22/2024 (C)		1,885,000		2,077,345
				22,994,260
Ukraine - 0.6%
Financing of Infrastrucural Projects State Enterprise
8.38%, 11/03/2017 (B)		3,920,000		1,764,000
Ukraine Government International Bond
7.50%, 04/17/2023 (F)		3,250,000		1,538,550
7.80%, 11/28/2022 (F)		2,250,000		1,024,920
				4,327,470
Uruguay - 1.4%
Uruguay Government International Bond
4.25%, 04/05/2027		UYU  266,117,463		10,000,659
Venezuela - 0.9%
Venezuela Government International Bond
7.75%, 10/13/2019 (B)		$  5,820,000		2,691,750
11.75%, 10/21/2026 (B) (C)		6,360,000		3,227,700
11.95%, 08/05/2031 (B)		1,115,000		563,075
				6,482,525
Zambia - 0.4%
Zambia Government International Bond
8.50%, 04/14/2024 (B)		2,895,000		3,135,632
Total Foreign Government Obligations (Cost $358,843,493)				350,221,345
ASSET-BACKED SECURITY - 0.4%
United States - 0.4%
Brazil Loan Trust 1
5.48%, 07/24/2023 (F)		3,016,566		3,001,483
Total Asset-Backed Security (Cost $3,057,336)				3,001,483
CORPORATE DEBT SECURITIES - 44.8%
Argentina - 0.7%
YPF SA
8.50%, 07/28/2025 (F)		4,540,000		4,608,100
Austria - 0.3%
JBS Investments GmbH
7.25%, 04/03/2024 (F)		2,061,000		2,149,623
Barbados - 0.7%
Columbus International, Inc.
7.38%, 03/30/2021 (F)		4,760,000		5,182,450

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    17

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Bermuda - 1.6%
Digicel Group, Ltd.
7.13%, 04/01/2022 (F)		$  7,625,000		$  7,219,922
7.13%, 04/01/2022 (B) (C)		1,000,000		946,875
Pacnet, Ltd.
9.00%, 12/12/2018 (B)		2,425,000		2,757,225
				10,924,022
Brazil - 2.6%
Banco do Brasil SA
6.25%, 04/15/2024 (B) (I) (J)		3,100,000		2,294,620
9.00%, 06/18/2024 (C) (F) (I) (J)		4,635,000		4,287,375
Oi SA
5.75%, 02/10/2022 (C) (F)		5,950,000		4,983,125
Telemar Norte Leste SA
9.50%, 04/23/2019 (F)		3,690,000		3,725,055
Vale SA
5.63%, 09/11/2042 (C)		3,025,000		2,697,604
				17,987,779
Cayman Islands - 5.4%
Braskem Finance, Ltd.
6.45%, 02/03/2024 (C)		4,090,000		4,115,562
7.00%, 05/07/2020 (F)		1,750,000		1,815,625
Dubai Holding Commercial Operations, Ltd.
Series MTN
6.00%, 02/01/2017 (C)		GBP  3,300,000		5,204,293
Fibria Overseas Finance, Ltd. 5.25%, 05/12/2024		$  2,235,000		2,307,637
Lamar Funding, Ltd., Co.
3.96%, 05/07/2025		4,925,000		4,925,000
Marfrig Overseas, Ltd.
9.50%, 05/04/2020 (B) (C)		800,000		782,000
9.50%, 05/04/2020 (F)		2,540,000		2,482,850
Odebrecht Finance, Ltd.
8.25%, 04/25/2018 (F)		BRL  9,620,000		2,458,521
Odebrecht Offshore Drilling Finance, Ltd.
6.63%, 10/01/2023 (B) (C)		$  1,328,600		1,135,953
6.75%, 10/01/2023 (B) (C)		2,232,240		1,925,977
Saudi Electricity Global Sukuk Co. 2
5.06%, 04/08/2043 (F)		3,380,000		3,483,090
Vale Overseas, Ltd.
6.88%, 11/21/2036 (C)		2,020,000		2,039,190
8.25%, 01/17/2034 (C)		4,430,000		5,073,582
				37,749,280
Chile - 0.9%
Cencosud SA
5.15%, 02/12/2025 (C) (F)		4,270,000		4,350,045
GNL Quintero SA
4.63%, 07/31/2029 (F)		1,720,000		1,795,634
				6,145,679
China - 0.4%
Alibaba Group Holding, Ltd.
4.50%, 11/28/2034		2,810,000		2,802,421
Colombia - 2.9%
Banco Davivienda SA
5.88%, 07/09/2022 (C) (F)		4,888,000		5,046,860

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Colombia (continued)
BBVA Colombia SA
4.88%, 04/21/2025 (C) (F)		$  3,100,000			$  3,127,125
Colombia Telecomunicaciones SA ESP
8.50%, 03/30/2020 (C) (F) (I) (J)		7,150,000			7,364,500
Financiera de Desarrollo Territorial SA Findeter
7.88%, 08/12/2024 (F)		COP  10,548,000,000			4,490,207
					20,028,692
India - 1.0%
Reliance Industries, Ltd.
4.88%, 02/10/2045 (F)		$  6,530,000			6,203,161
4.88%, 02/10/2045 (B)		650,000			617,466
					6,820,627
Indonesia - 1.3%
Pelabuhan Indonesia II PT
4.25%, 05/05/2025 (F) (K)		9,050,000			8,789,813
Israel - 0.3%
Israel Electric Corp, Ltd.
5.00%, 11/12/2024 (B)		2,260,000			2,394,018
Luxembourg - 3.6%
Atento Luxco 1 SA
7.38%, 01/29/2020 (F)		800,000			818,400
7.38%, 01/29/2020 (B)		4,550,000			4,654,650
Evraz Group SA
6.75%, 04/27/2018 (B) (C)		5,420,000			5,121,900
Gazprom OAO Via GAZ Capital SA
6.51%, 03/07/2022 (B) (C)		4,830,000			4,844,335
NII International Telecom SCA
7.88%, 08/15/2019 (A) (F)		2,710,000			2,506,750
7.88%, 08/15/2019 (B)		350,000			323,750
Tupy Overseas SA
6.63%, 07/17/2024 (B) (C)		800,000			805,000
6.63%, 07/17/2024 (F)		3,540,000			3,562,125
Wind Acquisition Finance SA
7.38%, 04/23/2021 (F)		2,100,000			2,149,875
					24,786,785
Mauritius - 0.5%
MTN Mauritius Investments, Ltd.
4.76%, 11/11/2024 (F)		3,450,000	��		3,545,427
Mexico - 6.0%
America Movil SAB de CV 6.00%, 06/09/2019		MXN  67,790,000			4,405,776
Banco Inbursa SA Institucion de Banca Multiple
4.13%, 06/06/2024 (C) (F)		$  3,740,000			3,721,300
4.13%, 06/06/2024 (B) (C)		2,400,000			2,388,000
Fermaca Enterprises S de RL de CV
6.38%, 03/30/2038 (F)		3,524,209			3,718,041
Grupo Bimbo SAB de CV
4.88%, 06/27/2044 (F)		5,315,000			5,192,330
Petroleos Mexicanos
5.63%, 01/23/2046 (F)		9,415,000			9,434,771
5.63%, 01/23/2046 (B) (C)		680,000			681,428

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    18

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Mexico (continued)
7.47%, 11/12/2026		MXN  134,100,000		$  8,386,713
8.63%, 02/01/2022		$  1,450,000		1,758,125
Sixsigma Networks Mexico SA de CV
8.25%, 11/07/2021 (F)		2,180,000		2,299,900
				41,986,384
Netherlands - 2.9%
Lukoil International Finance BV
3.42%, 04/24/2018 (B)		6,400,000		6,025,600
Marfrig Holding Europe BV
6.88%, 06/24/2019 (F)		5,050,000		4,494,500
Petrobras Global Finance BV
5.38%, 01/27/2021		4,300,000		4,127,140
VimpelCom Holdings BV
5.20%, 02/13/2019 (B)		1,400,000		1,306,900
5.95%, 02/13/2023 (C) (F)		4,920,000		4,477,200
				20,431,340
Norway - 0.1%
Norske Skog Holdings AS 8.00%, 02/24/2021 (F)		EUR  694,000		533,324
Panama - 1.6%
ENA Norte Trust
4.95%, 04/25/2028 (F)		$  3,022,057		3,135,384
Global Bank Corp.
4.75%, 10/05/2017 (F)		1,400,000		1,442,000
5.13%, 10/30/2019 (F)		6,520,000		6,731,900
				11,309,284
Paraguay - 0.4%
Telefonica Celular del Paraguay SA
6.75%, 12/13/2022 (F)		2,900,000		3,026,875
Peru - 1.3%
Corp. Financiera de Desarrollo SA
5.25%, 07/15/2029 (F) (I)		2,300,000		2,409,250
Maestro Peru SA Co.
6.75%, 09/26/2019 (B) (C)		2,150,000		2,295,125
Telefonica del Peru SAA
8.00%, 04/11/2016 (B)		PEN  13,539,097		4,404,206
				9,108,581
South Africa - 1.5%
Eskom Holdings SOC, Ltd.
7.13%, 02/11/2025 (C) (F)		$  7,700,000		8,028,790
7.13%, 02/11/2025 (B)		2,490,000		2,596,323
				10,625,113
Sri Lanka - 0.4%
National Savings Bank
5.15%, 09/10/2019 (F)		2,950,000		2,839,375
Turkey - 0.9%
Finansbank AS
6.25%, 04/30/2019 (C) (F)		3,050,000		3,103,558
TC Ziraat Bankasi AS
4.25%, 07/03/2019 (F)		3,520,000		3,489,376
				6,592,934
United Kingdom - 0.4%
Vedanta Resources PLC
8.25%, 06/07/2021 (C) (F)		2,455,000		2,442,725

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States - 3.5%
Braskem America Finance Co. 7.13%, 07/22/2041 (C) (F)		$  3,145,000		$  3,027,062
Cemex Finance LLC
9.38%, 10/12/2022 (B)		200,000		227,700
9.38%, 10/12/2022 (F)		5,860,000		6,671,610
NII Capital Corp.
7.63%, 04/01/2021 (A)		2,267,000		682,934
10.00%, 08/15/2016 (A)		1,920,000		840,000
Rolta Americas LLC
8.88%, 07/24/2019 (C) (F)		1,570,000		1,361,975
Southern Copper Corp.
5.88%, 04/23/2045		11,650,000		11,455,445
				24,266,726
Venezuela - 2.3%
Petroleos de Venezuela SA
5.25%, 04/12/2017 (B)		3,170,000		1,854,133
5.38%, 04/12/2027 (B)		8,130,000		3,312,162
6.00%, 05/16/2024 (B) (C)		12,270,000		5,184,075
9.00%, 11/17/2021 (B) (C)		11,755,000		5,729,387
				16,079,757
Virgin Islands, British - 1.3%
China Cinda Finance I, Ltd.
4.25%, 04/23/2025 (F)		3,150,000		3,092,094
Gold Fields Orogen Holdings BVI, Ltd.
4.88%, 10/07/2020 (B)		2,300,000		2,075,750
4.88%, 10/07/2020 (F)		1,900,000		1,714,750
Yingde Gases Investment, Ltd.
7.25%, 02/28/2020 (F)		2,150,000		1,849,000
				8,731,594
Total Corporate Debt Securities (Cost $317,745,933)				311,888,728
	Shares		Value
SECURITIES LENDING COLLATERAL - 17.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (L)		118,638,559		118,638,559
Total Securities Lending Collateral (Cost $118,638,559)				118,638,559
	Principal		Value
REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co. 0.01% (L), dated 04/30/2015, to be repurchased at $18,125,528 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 10/01/2032, and with a value of $18,492,035.		$  18,125,523		18,125,523
Total Repurchase Agreement (Cost $18,125,523)				18,125,523
Total Investments (Cost $816,410,844) (M)				801,875,638
Net Other Assets (Liabilities) - (15.3)%				(106,285,504	)
Net Assets - 100.0%				$  695,590,134

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    19

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
BCLY	05/05/2015	BRL	25,231,084	USD	8,331,751	$	76,281	$	(48,485	)
BCLY	05/05/2015	USD	8,091,266	BRL	25,231,084		20,310		(288,592	)
BCLY	05/29/2015	TRY	15,756,607	USD	5,905,000		—		(60,987	)
BCLY	06/02/2015	USD	5,500,000	BRL	16,090,250		221,179		—
BOA	05/05/2015	BRL	13,505,580	USD	4,511,485		—		(36,824	)
BOA	05/05/2015	USD	4,180,000	BRL	13,505,580		—		(294,660	)
BOA	05/15/2015	USD	5,900,000	TRY	15,837,370		808		—
BOA	05/26/2015	USD	3,485,336	PEN	10,964,867		—		(2,622	)
BOA	05/29/2015	HUF	881,492,648	USD	3,205,632		49,834		—
BOA	05/29/2015	PLN	67,605,662	USD	18,507,057		254,006		—
BOA	05/29/2015	USD	2,831,580	TRY	7,596,385		14,135		—
BOA	06/02/2015	BRL	16,227,750	USD	5,500,000		—		(176,069	)
HSBC	05/29/2015	USD	11,834,151	EUR	10,778,995		—		(273,729	)
HSBC	05/29/2015	USD	5,161,197	GBP	3,368,070		—		(7,681	)
HSBC	05/29/2015	USD	2,355,000	ZAR	27,798,420		29,718		—
HSBC	05/29/2015	ZAR	34,746,963	USD	2,917,657		—		(11,144	)
JPM	05/05/2015	BRL	20,177,720	USD	6,485,540		227,404		(27,674	)
JPM	05/05/2015	USD	3,349,746	BRL	10,027,800		27,342		—
JPM	05/20/2015	RUB	27,272,364	USD	518,486		7,129		—
JPM	05/26/2015	RUB	595,670,725	USD	11,264,457		214,432		(23,102	)
JPM	06/02/2015	USD	3,750,000	BRL	11,088,750		112,050		—
RBS	05/29/2015	MXN	161,082,146	USD	10,555,150		—		(78,005	)
SCB	05/04/2015	COP	15,441,405,000	USD	6,223,669		256,227		—
SCB	05/04/2015	USD	6,212,419	COP	15,441,405,000		—		(267,476	)
SCB	05/07/2015	KRW	5,970,250,000	USD	5,500,000		68,328		—
SCB	05/07/2015	USD	5,500,000	KRW	6,026,900,000		—		(121,164	)
SCB	05/29/2015	EUR	128,387	USD	140,918		3,298		—
SCB	05/29/2015	USD	3,522,863	EUR	3,160,000		—		(26,717	)
SCB	05/29/2015	USD	3,090,000	TRY	8,319,207		4,466		—
SCB	05/29/2015	USD	6,500,000	ZAR	77,348,064		29,991		—
Total						$	1,616,938	$	(1,744,931	)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		43.7	%	$	350,221,345
Oil, Gas & Consumable Fuels		7.8			62,766,596
Banks		4.8			38,471,489
Metals & Mining		4.5			36,183,071
Wireless Telecommunication Services		3.6			28,555,434
Diversified Telecommunication Services		3.2			25,653,636
Electric Utilities		2.7			21,427,221
Food Products		1.9			15,101,303
Chemicals		1.3			10,807,249
Commercial Services & Supplies		1.3			10,677,343
Diversified Financial Services		1.2			9,991,551
Marine		1.1			8,789,813
Construction Materials		0.9			6,899,310
Internet Software & Services		0.7			5,559,646
Construction & Engineering		0.7			5,520,451
Gas Utilities		0.7			5,513,675
Media		0.6			5,182,450
Food & Staples Retailing		0.5			4,350,045
Transportation Infrastructure		0.4			3,135,384

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    20

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Asset-Backed Security		0.4	%	$	3,001,483
Paper & Forest Products		0.3			2,840,961
Building Products		0.3			2,295,125
Software		0.2			1,361,975
Auto Components		0.1			805,000
Investments, at Value		82.9			665,111,556
Short-Term Investments		17.1			136,764,082
Total Investments		100.0	%	$	801,875,638

SECURITY VALUATION:

Valuation Inputs ^(N)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs (P)		Value at April 30, 2015
ASSETS
Investments
Foreign Government Obligations	$	—	$	348,326,473		$	1,894,872	$	350,221,345
Asset-Backed Security		—		3,001,483			—		3,001,483
Corporate Debt Securities		—		311,888,728			—		311,888,728
Securities Lending Collateral		118,638,559		—			—		118,638,559
Repurchase Agreement		—		18,125,523			—		18,125,523
Total Investments	$	118,638,559	$	681,342,207		$	1,894,872	$	801,875,638
Derivative Financial Instruments
Forward Foreign Currency Contracts (O)	$	—	$	1,616,938		$	—	$	1,616,938
Total Derivative Financial Instruments	$	—	$	1,616,938		$	—	$	1,616,938
LIABILITIES
Derivative Financial Instruments
Forward Foreign Currency Contracts (O)	$	—	$	(1,744,931	)	$	—	$	(1,744,931	)
Total Derivative Financial Instruments	$	—	$	(1,744,931	)	$	—	$	(1,744,931	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security in default.

^(B)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(C)  All or a portion of the security is on loan. The value of all securities on loan is $115,287,252. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D)  Security is Level 3 of the fair value hierarchy.

^(E) Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $1,894,872, representing 0.3% of the Fund’s net assets.

^(F)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $305,686,137, representing 43.9% of the Fund’s net assets.

^(G)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2015; the maturity date disclosed is the ultimate maturity date.

^(H)  Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If a security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.

^(I)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    21

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(J)  The security has a perpetual maturity; the date displayed is the next call date.

^(K)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(L)  Rate disclosed reflects the yield at April 30, 2015.

^(M)  Aggregate cost for federal income tax purposes is $816,410,844. Aggregate gross unrealized appreciation and depreciation for all securities is $13,076,465 and $27,611,671, respectively. Net unrealized depreciation for tax purposes is $14,535,206.

^(N)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(O)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

^(P)  Level 3 securities were not considered significant to the Fund.

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
TRY	Turkish New Lira
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank
RBS	Royal Bank of Scotland Group PLC
SCB	Standard Chartered Bank

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    22

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
PREFERRED STOCKS - 1.4%
Brazil - 1.4%
Itausa - Investimentos Itau SA 4.20% (A)		584,951		$  2,059,885
Suzano Papel e Celulose SA Class A, 0.94% (A)		638,500		3,199,970
Total Preferred Stocks (Cost $5,134,464)				5,259,855
COMMON STOCKS - 95.9%
Brazil - 6.6%
Banco Bradesco SA, ADR		465,140		4,972,347
BB Seguridade Participacoes SA		307,500		3,597,595
BRF SA, ADR		71,734		1,540,129
Even Construtora e Incorporadora SA		425,500		700,470
Fibria Celulose SA (B)		90,800		1,273,270
Itau Unibanco Holding SA, ADR		313,513		4,019,237
JBS SA		1,577,100		8,134,265
				24,237,313
Chile - 0.9%
Banco de Chile		6,667,299		772,846
Enersis S.A., ADR		139,400		2,477,138
				3,249,984
China - 19.0%
Baidu, Inc., ADR (B)		3,300		660,924
Bank of China, Ltd., Class H		11,800,000		8,085,395
Beijing Capital International Airport Co., Ltd., Class H		926,000		983,033
China CITIC Bank Corp., Ltd., Class H		2,293,000		2,076,460
China Communications Construction Co., Ltd., Class H		3,757,000		6,833,434
China Construction Bank Corp., Class H		8,345,000		8,100,779
China Eastern Airlines Corp, Ltd., Class H (B)		2,086,000		1,610,767
China Everbright Bank Co., Ltd., Class H		2,547,000		1,719,155
China Life Insurance Co., Ltd., Class H		372,000		1,807,813
China Merchants Bank Co., Ltd., Class H		240,000		725,002
China Petroleum & Chemical Corp., ADR		23,323		2,203,324
Datang International Power Generation Co., Ltd., Class H		4,498,000		2,642,711
Dongfeng Motor Group Co., Ltd., Class H		4,014,000		6,668,684
Great Wall Motor Co., Ltd., Class H		487,500		3,698,943
Huadian Power International Corp., Ltd., Class H		2,356,000		2,614,553
Industrial & Commercial Bank of China, Ltd., Class H		7,235,000		6,294,702
KWG Property Holding, Ltd.		2,719,000		2,757,738
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		635,000		1,972,454
Sihuan Pharmaceutical Holdings Group, Ltd. (C) (D) (E)		1,131,000		646,448
Sinopharm Group Co., Ltd., Class H		974,800		4,655,198
Sinotrans, Ltd., Class H		1,422,000		1,088,277
Tencent Holdings, Ltd.		103,600		2,138,187
				69,983,981
Hong Kong - 4.7%
China Mobile, Ltd.		391,000		5,574,675
China Overseas Land & Investment, Ltd.		690,000		2,869,684
China Resources Cement Holdings, Ltd.		2,142,000		1,358,587

	Shares		Value
COMMON STOCKS (continued)
Hong Kong (continued)
China Unicom Hong Kong, Ltd., ADR		122,700		$   2,305,533
Kingboard Chemical Holdings, Ltd.		811,800		1,477,480
Shimao Property Holdings, Ltd.		756,500		1,777,151
Skyworth Digital Holdings, Ltd.		2,012,000		1,787,197
				17,150,307
India - 5.5%
Dr. Reddy’s Laboratories, Ltd., ADR		30,969		1,609,769
HDFC Bank, Ltd., ADR		45,161		2,566,951
ICICI Bank, Ltd., ADR		169,900		1,857,007
Infosys, Ltd., ADR (C)		123,170		3,815,806
State Bank of India, GDR (F)		37,832		1,591,692
Tata Motors, Ltd., Series V, ADR (C)		183,635		7,563,926
Wipro, Ltd., ADR (C)		92,051		1,055,825
				20,060,976
Indonesia - 1.0%
Adaro Energy Tbk PT		9,343,500		629,098
Bank Negara Indonesia Persero Tbk PT		4,570,000		2,255,372
Gudang Garam Tbk PT		223,200		857,842
				3,742,312
Korea, Republic of - 18.1%
Amorepacific Corp. (D)		304		1,101,433
CJ CheilJedang Corp.		4,514		1,755,481
GS Engineering & Construction Corp. (B)		74,791		2,234,113
Hyundai Mobis Co., Ltd.		6,481		1,425,029
Hyundai Motor Co.		39,671		6,226,010
Industrial Bank of Korea		125,615		1,725,939
KIA Motors Corp.		87,720		4,042,293
Korea Electric Power Corp.		117,135		5,093,489
Korea Gas Corp.		24,007		1,035,432
LG Display Co., Ltd.		138,698		3,840,976
LG Electronics, Inc.		55,898		3,143,304
LG Uplus Corp.		354,070		3,542,162
Samsung Electronics Co., Ltd.		12,771		16,753,684
SK Holdings Co., Ltd.		12,719		2,190,064
SK Hynixm, Inc.		193,979		8,299,402
SK Telecom Co., Ltd.		16,197		4,340,356
				66,749,167
Malaysia - 3.2%
AirAsia Bhd		4,468,800		2,848,288
Genting Malaysia Bhd, Class B		589,400		710,426
IHH Healthcare Bhd, Class A		798,700		1,327,616
SapuraKencana Petroleum Bhd		2,313,600		1,722,789
Tenaga Nasional Bhd		1,275,400		5,133,152
				11,742,271
Mexico - 3.2%
America Movil SAB de CV, Series L, ADR		181,600		3,793,624
Gruma SAB de CV, Class B		295,600		3,560,995
Grupo Lala SAB de CV		672,853		1,355,179
Grupo Mexico SAB de CV, Series B		501,400		1,549,431
Grupo Simec SAB de CV, Series B (B)		187,400		504,595
OHL Mexico SAB de CV (B)		498,600		1,007,470
				11,771,294
Peru - 0.6%
Credicorp, Ltd.		13,505		2,060,188

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    23

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Poland - 1.4%
KGHM Polska Miedz SA		149,601		$   5,245,385
Russian Federation - 0.9%
Mobile Telesystems OJSC, ADR		269,800		3,259,184
South Africa - 11.2%
AngloGold Ashanti, Ltd., ADR (B)		137,800		1,561,274
Aspen Pharmacare Holdings, Ltd. (B)		40,567		1,233,624
AVI, Ltd.		116,981		801,630
FirstRand, Ltd.		564,728		2,697,758
Impala Platinum Holdings, Ltd. (B)		215,866		1,201,401
Mediclinic International, Ltd.		562,733		5,958,992
MMI Holdings, Ltd.		483,630		1,376,137
Murray & Roberts Holdings, Ltd.		373,291		412,632
Naspers, Ltd., Class N		12,000		1,882,629
Netcare, Ltd.		1,392,176		4,870,134
Sanlam, Ltd.		868,001		5,613,896
Sappi, Ltd. (B)		455,275		1,867,599
Sasol, Ltd.		169,427		6,821,719
Standard Bank Group, Ltd. (C)		340,815		4,995,643
				41,295,068
Taiwan - 14.9%
Catcher Technology Co., Ltd.		487,000		5,698,799
Cathay Financial Holding Co., Ltd.		594,224		1,038,124
Cathay Real Estate Development Co., Ltd.		1,071,000		671,844
Compal Electronics, Inc.		4,854,000		4,419,195
Foxconn Technology Co., Ltd.		917,000		2,613,485
HannStar Display Corp.		3,417,900		690,197
Highwealth Construction Corp.		1,137,100		2,966,227
Inotera Memories, Inc. (B)		1,134,000		1,302,275
Largan Precision Co., Ltd.		98,000		9,820,188
Nan Ya Plastics Corp.		1,702,800		4,185,138
Novatek Microelectronics Corp.		354,000		1,850,228
Pegatron Corp.		2,677,000		7,930,480
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		415,300		10,149,932
United Microelectronics Corp.		3,515,000		1,684,101
				55,020,213

	Shares		Value
COMMON STOCKS (continued)
Thailand - 1.3%
Bangkok Expressway PCL		1,325,729		$   1,568,434
Krung Thai Bank PCL		2,541,800		1,542,120
TMB Bank PCL		20,395,400		1,596,243
				4,706,797
Turkey - 3.4%
Pegasus Hava Tasimaciligi AS (B)		220,917		2,179,528
Turk Hava Yollari AO (B)		1,812,573		6,012,711
Turk Telekomunikasyon AS		319,112		882,019
Turkiye Is Bankasi, Class C		1,226,401		2,757,655
Ulker Biskuvi Sanayi AS		105,118		803,233
				12,635,146
Total Common Stocks (Cost $322,471,375)				352,909,586
SECURITIES LENDING COLLATERAL - 3.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (A)		14,480,792		14,480,792
Total Securities Lending Collateral (Cost $14,480,792)				14,480,792
	Principal		Value
REPURCHASE AGREEMENT - 4.2%
State Street Bank & Trust Co. 0.01% (A), dated 04/30/2015, to be repurchased at $15,337,272 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 08/15/2029, and with a value of $15,645,969.		$  15,337,267		15,337,267
Total Repurchase Agreement (Cost $15,337,267)				15,337,267
Total Investments (Cost $357,423,898) (G)				387,987,500
Net Other Assets (Liabilities) - (5.4)%				(19,768,357	)
Net Assets - 100.0%				$  368,219,143

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Banks		15.9	%	$	61,774,618
Technology Hardware, Storage & Peripherals		9.6			37,415,643
Automobiles		7.3			28,199,856
Semiconductors & Semiconductor Equipment		6.0			23,285,938
Health Care Providers & Services		4.8			18,784,394
Food Products		4.6			17,950,912
Wireless Telecommunication Services		4.4			16,967,839
Electronic Equipment, Instruments & Components		4.1			15,828,841
Insurance		3.5			13,433,565
Electric Utilities		3.3			12,703,779
Airlines		3.3			12,651,294
Real Estate Management & Development		2.8			11,042,644
Metals & Mining		2.6			10,062,086
Oil, Gas & Consumable Fuels		2.5			9,654,141

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    24

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Construction & Engineering		2.4	%	$	9,480,179
Diversified Telecommunication Services		1.7			6,729,714
Paper & Forest Products		1.6			6,340,839
Household Durables		1.4			5,630,971
Independent Power and Renewable Electricity Producers		1.4			5,257,264
IT Services		1.3			4,871,631
Chemicals		1.1			4,185,138
Transportation Infrastructure		0.9			3,558,937
Pharmaceuticals		0.9			3,489,841
Internet Software & Services		0.7			2,799,111
Diversified Financial Services		0.7			2,697,758
Industrial Conglomerates		0.6			2,190,064
Media		0.5			1,882,629
Energy Equipment & Services		0.4			1,722,789
Auto Components		0.4			1,425,029
Construction Materials		0.3			1,358,587
Personal Products		0.3			1,101,433
Air Freight & Logistics		0.3			1,088,277
Gas Utilities		0.3			1,035,432
Tobacco		0.2			857,842
Hotels, Restaurants & Leisure		0.2			710,426
Investments, at Value		92.3			358,169,441
Short-Term Investments		7.7			29,818,059
Total Investments		100.0	%	$	387,987,500

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (I)		Value at April 30, 2015
ASSETS
Investments
Preferred Stocks	$	5,259,855	$	—	$	—	$	5,259,855
Common Stocks		79,928,234		272,334,904		646,448		352,909,586
Securities Lending Collateral		14,480,792		—		—		14,480,792
Repurchase Agreement		—		15,337,267		—		15,337,267
Total Investments	$	99,668,881	$	287,672,171	$	646,448	$	387,987,500

Transfers

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1 (J)		Transfers from Level 2 to Level 3 (K)		Transfers from Level 3 to Level 2
Common Stocks	$	—	$	3,597,595	$	646,448	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate disclosed reflects the yield at April 30, 2015.

^(B)  Non-income producing security.

^(C)  All or a portion of the security is on loan. The value of all securities on loan is $14,031,658. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    25

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $1,747,881, representing 0.5% of the Fund’s net assets.

^(E)  Security is Level 3 of the fair value hierarchy.

^(F)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(G)  Aggregate cost for federal income tax purposes is $357,423,898. Aggregate gross unrealized appreciation and depreciation for all securities is $42,366,443 and $11,802,841, respectively. Net unrealized appreciation for tax purposes is $30,563,602.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(I)  Level 3 securities were not considered significant to the Fund.

^(J)  Transferred from Level 2 to 1 due to utilizing quoted market prices in active markets, which were not available on October 31, 2014.

^(K)  Transferred from Level 2 to 3 due to utilizing significant unobservable inputs, as of prior reporting period the security utilized significant observable inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    26

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 97.9%
Alabama - 0.2%
County of Jefferson, Revenue Bonds
Series A, AGM, CR
5.25%, 01/01/2023		$  300,000		$  301,260
5.50%, 01/01/2022		85,000		85,214
				386,474
Alaska - 0.2%
City of Valdez, Revenue Bonds
Series C
5.00%, 01/01/2021		50,000		57,423
Valdez, General Obligation Unlimited
3.00%, 06/30/2021		265,000		281,737
				339,160
Arizona - 1.4%
County of Pima Sewer System Revenue, Revenue Bonds
Series A
5.00%, 07/01/2019		25,000		28,742
Maricopa County Elementary School District No. 25-Liberty, General Obligation Unlimited
Series A, BAM
4.00%, 07/01/2024 - 07/01/2025		395,000		442,073
Maricopa County Industrial Development Authority, Revenue Bonds
Series A
5.00%, 01/01/2034		725,000		777,635
Maricopa County Unified School District No. 89-Dysart, General Obligation Limited
5.00%, 07/01/2023		40,000		47,903
Sedona-Oak Creek Joint Unified School District No. 9, General Obligation Limited
5.00%, 07/01/2025		225,000		272,421
Yavapai County Elementary School District No. 6 Cottonwood-Oak Creek, General Obligation Unlimited
Series A, BAM
4.00%, 07/01/2026		760,000		824,782
				2,393,556
California - 6.5%
Banning Unified School District, General Obligation Unlimited AGM
3.25%, 08/01/2027		40,000		40,962
Calexico Financing Authority, Revenue Bonds AGM
4.00%, 04/01/2024		715,000		789,424
California City Redevelopment Agency Successor Agency, Tax Allocation AGM
3.25%, 09/01/2026		280,000		287,078
California Health Facilities Financing Authority, Revenue Bonds
Series D
5.00%, 08/15/2022		25,000		29,624

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California School Finance Authority, Revenue Bonds
Series A
3.00%, 07/01/2017 - 07/01/2018 (A)		$   1,450,000		$   1,494,425
California Statewide Communities Development Authority, Revenue Bonds AGM
5.00%, 10/01/2026		520,000		614,604
City of San Buenaventura Wastewater Revenue, Revenue Bonds
Series B
4.00%, 01/01/2023		40,000		44,234
City of Visalia, Certificate of Participation AGM
5.00%, 12/01/2024		360,000		435,146
Coachella Redevelopment Agency Successor Agency, Tax Allocation AGM
5.00%, 09/01/2026		70,000		82,237
County of Los Angeles, Certificate of Participation AMBAC, TCRS
Zero Coupon, 09/01/2019		25,000		23,006
Davis Joint Unified School District, Certificate of Participation BAM
4.00%, 08/01/2024		95,000		107,017
Fontana Unified School District, General Obligation Unlimited
4.00%, 08/01/2024		150,000		168,244
Golden State Tobacco Securitization Corp., Revenue Bonds
4.50%, 06/01/2017		50,000		53,728
Hacienda La Puente Unified School District, Certificate of Participation AGM
5.00%, 06/01/2023 - 06/01/2024 (B)		450,000		536,246
Los Angeles County Redevelopment Authority, Tax Allocation
Series E, AGM
5.00%, 12/01/2022		490,000		582,291
Los Angeles Unified School District, General Obligation Unlimited
Series A-1, NATL-RE
4.50%, 07/01/2025		50,000		53,576
Oakdale Public Financing Authority, Special Tax
2.38%, 09/01/2021		340,000		335,784
2.63%, 09/01/2022		340,000		335,757
3.00%, 09/01/2023 - 09/01/2024		415,000		409,113
Oakley Public Finance Authority, Special Assessment BAM
2.50%, 09/02/2019		160,000		165,664
Oxnard Union High School District, General Obligation Unlimited
4.00%, 08/01/2020		25,000		28,171

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    27

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Panama-Buena Vista Union School District, Certificate of Participation BAM
4.00%, 09/01/2018		$   615,000		$   668,671
Riverside Redevelopment Agency Successor Agency, Tax Allocation
Series A
5.00%, 09/01/2020		115,000		135,067
San Carlos Elementary School District, General Obligation Unlimited
Zero Coupon, 10/01/2029 - 10/01/2030		255,000		140,898
San Diego Unified School District, General Obligation Unlimited
Series C-2, AGM
5.50%, 07/01/2025		85,000		109,271
San Gorgonio Memorial Health Care District, General Obligation Unlimited
5.00%, 08/01/2024		135,000		160,429
San Leandro Unified School District, General Obligation Unlimited
Series B
4.00%, 08/01/2025		85,000		94,235
Snowline Joint Unified School District, Special Tax
Series A
2.00%, 09/01/2020		330,000		326,690
3.00%, 09/01/2021 - 09/01/2022		535,000		549,667
Stockton Public Financing Authority, Revenue Bonds BAM
5.00%, 09/01/2019		230,000		264,045
Stockton Unified School District, General Obligation Unlimited AGM
5.00%, 07/01/2021		75,000		88,955
Series A, BAM
5.00%, 08/01/2024		100,000		121,895
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation AGM
5.00%, 09/01/2022		50,000		59,224
Summerville Union High School District, General Obligation Unlimited
Series B, BAM
Zero Coupon, 08/01/2024		120,000		88,652
Twin Rivers Unified School District, Certificate of Participation AGM
3.20%, 06/01/2027 (C)		145,000		145,139
Vacaville Unified School District, Certificate of Participation
3.00%, 12/01/2022 (B)		205,000		214,799
4.00%, 12/01/2023 - 12/01/2025 (B)		865,000		958,633
Vallejo City Unified School District, Special Tax AGM
5.00%, 09/01/2019		100,000		100,337
				10,842,938

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado - 1.8%
Adams & Arapahoe Joint School District 28J Aurora, Certificate of Participation
3.50%, 12/01/2026		$   700,000		$   723,891
City of Longmont, Certificate of Participation
Series A
5.00%, 12/01/2024		100,000		119,357
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
Series A
3.00%, 12/01/2020		395,000		412,664
Series C
2.00%, 12/15/2017 (A)		500,000		499,870
El Paso County School District No. 49 Falcon, Certificate of Participation
5.00%, 12/15/2019		1,130,000		1,299,986
				3,055,768
Connecticut - 1.1%
City of New Britain, General Obligation Unlimited AGM
5.00%, 04/15/2020		100,000		116,120
City of West Haven, General Obligation Unlimited
Series B, BAM
4.00%, 09/01/2034		120,000		121,396
Connecticut Housing Finance Authority, Revenue Bonds
Series A-2
3.50%, 05/15/2025		265,000		282,204
Connecticut State Health & Educational Facility Authority, Revenue Bonds
Series B, RADIAN
5.50%, 07/01/2032		250,000		250,367
Connecticut State Higher Education Supplement Loan Authority, Revenue Bonds
Series A
4.50%, 11/15/2020		900,000		984,987
Town of East Haven, General Obligation Unlimited AGC, ICC
4.25%, 08/01/2019		50,000		53,997
University of Connecticut, Revenue Bonds
Series A
5.00%, 11/15/2023		25,000		28,831
				1,837,902
Delaware - 0.5%
Delaware State Economic Development Authority, Revenue Bonds
4.63%, 09/01/2034		545,000		563,132
AGM
5.00%, 10/01/2026		250,000		293,898
				857,030
District of Columbia - 0.1%
District of Columbia, Revenue Bonds
Series C
4.00%, 12/01/2021		25,000		28,507

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    28

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
District of Columbia (continued)
District of Columbia Water & Sewer Authority, Revenue Bonds
Series A
5.00%, 10/01/2023		$   25,000		$   30,272
Metropolitan Washington Airports Authority, Revenue Bonds
Series A
5.00%, 10/01/2020		25,000		29,250
Series C
5.00%, 10/01/2019		55,000		63,302
				151,331
Florida - 5.3%
Citizens Property Insurance Corp., Revenue Bonds
Series A-1, AGM
5.00%, 06/01/2016		25,000		26,247
City of Daytona Beach Utility System Revenue, Revenue Bonds AGM
4.00%, 11/01/2025		65,000		71,484
City of Fernandina Beach, Revenue Bonds
Series A
5.00%, 09/01/2019		30,000		34,187
City of Pompano Beach, Revenue Bonds
4.00%, 09/01/2019 - 09/01/2020		605,000		656,310
City of Riviera Beach, Revenue Bonds BAM
3.00%, 10/01/2022		125,000		133,600
City of Tampa, Revenue Bonds
5.00%, 09/01/2019		40,000		45,631
Series A
5.00%, 11/15/2025		25,000		29,085
County of Miami-Dade, Revenue Bonds
Series A
5.00%, 10/01/2023		100,000		117,461
Escambia County Housing Finance Authority, Revenue Bonds AGM
3.50%, 06/01/2017		50,000		52,736
Florida Department of Environmental Protection, Revenue Bonds
Series A
5.00%, 07/01/2022		55,000		66,031
Florida Department of Management Services, Certificate of Participation
Series A
5.00%, 08/01/2019		35,000		39,663
Florida HomeLoan Corp., Revenue Bonds
Series A, GNMA, FNMA, FHLMC
2.00%, 07/01/2021		535,000		529,324
2.25%, 07/01/2022		415,000		410,115
Florida Municipal Power Agency, Revenue Bonds
Series A
5.00%, 10/01/2018		25,000		28,088
Florida’s Turnpike Enterprise, Revenue Bonds
Series A
5.00%, 07/01/2024		25,000		27,475

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Greater Orlando Aviation Authority, Revenue Bonds
Series A
3.60%, 10/01/2018		$   40,000		$   42,934
Miami Beach Health Facilities Authority, Revenue Bonds
4.25%, 11/15/2034		225,000		227,405
Miami-Dade County Industrial Development Authority, Revenue Bonds
1.50%, 10/01/2018		1,000,000		995,520
5.00%, 09/15/2034 (D)		130,000		135,933
Miami-Dade County School Board Foundation, Inc., Certificate of Participation
Series B, ASSURED GTY
4.00%, 05/01/2018		25,000		26,890
North Port Transportation, Special Assessment
5.00%, 07/01/2020		400,000		463,232
Northern Palm Beach County, Special Assessment
5.00%, 08/01/2021 - 08/01/2024 (B)		1,595,000		1,828,110
Orange County Housing Finance Authority, Revenue Bonds
Series A, GNMA, FNMA, FHLMC
1.55%, 03/01/2019		100,000		99,934
1.65%, 09/01/2019		100,000		99,985
3.00%, 09/01/2024		50,000		51,437
Sumter County Industrial Development Authority, Revenue Bonds
Series A
5.13%, 07/01/2034		150,000		163,975
Tampa Bay Water, Revenue Bonds NATL
5.50%, 10/01/2024		25,000		32,106
Tradition Community Development District No. 1, Special Assessment AGM
4.00%, 05/01/2023		675,000		737,458
Walton County District School Board, Certificate of Participation AGM
5.00%, 07/01/2020 - 07/01/2026		1,395,000		1,626,697
				8,799,053
Georgia - 1.3%
Burke County Development Authority, Revenue Bonds
1.30%, 01/01/2052 (B) (C)		2,000,000		2,000,040
City of Atlanta Department of Aviation, Revenue Bonds
Series C
5.00%, 01/01/2020		40,000		46,310
Municipal Electric Authority of Georgia, Revenue Bonds
Series B
5.00%, 01/01/2020		75,000		86,574
				2,132,924

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    29

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Guam - 0.1%
Guam Government Waterworks Authority, Revenue Bonds
4.50%, 07/01/2018		$   85,000		$   92,010
Idaho - 0.3%
Idaho Housing & Finance Association, Revenue Bonds
Series A
5.00%, 06/01/2035 (D)		525,000		524,317
Illinois - 16.5%
Campton Township, General Obligation Unlimited
2.00%, 12/15/2018		50,000		50,731
Central Lake County Joint Action Water Agency, Revenue Bonds XLCA
4.13%, 05/01/2029		340,000		343,145
Chicago Board of Education, General Obligation Unlimited
Series A, AGM, CR, AMBAC
5.50%, 12/01/2021		430,000		486,837
Series D, AGM
5.00%, 12/01/2017		70,000		75,618
Chicago O’Hare International Airport, Revenue Bonds
Series B
5.00%, 01/01/2021		150,000		175,317
Chicago Park District
5.00%, 01/01/2021 - 01/01/2022		270,000		305,246
Chicago Park District, General Obligation Limited
4.00%, 01/01/2019		25,000		26,614
Chicago Waste Water Transmission, Revenue Bonds
3.00%, 01/01/2021		1,000,000		1,031,610
City of Burbank, General Obligation Unlimited BAM
3.70%, 12/01/2018		500,000		532,925
City of Chicago, General Obligation Unlimited AMBAC
5.00%, 01/01/2018		65,000		66,511
Class I , AMBAC
5.00%, 12/01/2018		300,000		309,267
Series A, AGM
4.75%, 01/01/2030		100,000		101,154
5.00%, 01/01/2026		110,000		118,520
City of Chicago, Revenue Bonds AGM
5.00%, 01/01/2019		350,000		352,793
City of Chicago Motor Fuel Tax Revenue, Revenue Bonds
5.00%, 01/01/2018		200,000		216,058
City of Chicago Waterworks Revenue, Revenue Bonds
5.00%, 11/01/2028		485,000		549,311
City of Evanston, General Obligation Unlimited
Series C
4.00%, 12/01/2018		50,000		54,220

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Flora, General Obligation Unlimited BAM
3.50%, 11/01/2022 - 11/01/2024		$   730,000		$   758,206
City of Monmouth, General Obligation Unlimited
Series B, BAM
3.00%, 12/01/2023 - 12/01/2024 (B)		725,000		729,112
City of North Chicago, General Obligation Unlimited
Series A, AGM
4.00%, 11/01/2020		160,000		176,112
Series B, AGM
4.00%, 11/01/2023		40,000		44,210
City of Rochelle Electric System Revenue, Revenue Bonds AGM
3.00%, 05/01/2019		410,000		428,548
4.00%, 05/01/2020 - 05/01/2021		575,000		634,974
City of Sterling, General Obligation Unlimited
3.00%, 11/01/2018		25,000		26,141
Coles Cumberland Moultrie Etc Counties Community Unit School District No. 2, Revenue Bonds
3.35%, 12/01/2017		130,000		134,739
Cook County, General Obligation Unlimited
4.00%, 11/15/2018		100,000		107,685
5.00%, 11/15/2020		100,000		111,632
Cook County Forest Preserve District, General Obligation Unlimited
Series A 5.00%, 11/15/2021		95,000		110,723
Cook County Sales Tax Revenue, Revenue Bonds
4.00%, 11/15/2019		50,000		55,393
Cook County School District No. 157 Hoover Schrum Memorial, General Obligation Unlimited
Series A, AGM
Zero Coupon, 11/01/2021 - 11/01/2025		1,450,000		1,141,350
Cook County School District No. 163 Park Forest, General Obligation Limited
Series A, AGM
5.00%, 12/15/2028		70,000		77,435
Cook County School District No. 89 Maywood, General Obligation Unlimited
Series A, AGM
5.00%, 12/15/2028		150,000		161,535
County of Cook, General Obligation Unlimited
Series C
4.25%, 11/15/2019		250,000		273,792
5.00%, 11/15/2021		150,000		167,478
Series D
5.00%, 11/15/2019		25,000		28,189
Governors State University, Certificate of Participation ASSURED GTY
4.50%, 01/01/2019		235,000		252,571

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    30

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds AGM
Zero Coupon, 01/01/2021		$   100,000		$   88,087
Series A
5.00%, 08/15/2023 - 03/15/2025		115,000		126,390
Series A-1
5.00%, 11/01/2030 (C)		110,000		126,476
Series A-2
5.00%, 11/01/2030 (C)		150,000		172,696
Series B
5.50%, 11/01/2020		80,000		93,830
Series B, AGM
4.50%, 05/15/2020		45,000		47,300
Series C
5.00%, 05/15/2020 - 08/15/2021		130,000		148,944
Series D
6.25%, 11/01/2028		105,000		123,594
Series L
4.00%, 12/01/2018		50,000		54,354
Illinois Municipal Electric Agency, Revenue Bonds
Series A, NATL
5.25%, 02/01/2026		75,000		80,986
Illinois State Finance Authority Student Housing
4.25%, 07/01/2020		290,000		288,324
5.00%, 07/01/2020 - 07/01/2035		2,725,000		2,944,726
Illinois State Health Facility Authority, Revenue Bonds
5.00%, 05/15/2019		60,000		65,978
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited
Series A
5.00%, 12/15/2022		100,000		117,947
Kendall Kane & Will Counties Community Unit School District No. 308, General Obligation Unlimited
5.50%, 02/01/2023		300,000		364,254
Lake County Community Unit School District No. 116 Round Lake, General Obligation Limited
Series B
3.00%, 01/15/2023		355,000		367,258
4.00%, 01/15/2022		390,000		431,882
Lake Mchenry County, General Obligation Unlimited
5.00%, 01/01/2021		155,000		180,615
Madison-Macoupin Counties Community College District No. 536, General Obligation Limited
AGM
4.25%, 11/01/2017		50,000		54,101
McHenry County Community Unit School District No. 12 Johnsburg, General Obligation Unlimited
Series A, AGM
4.25%, 01/01/2029		205,000		208,335

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Metropolitan Pier & Exposition Authority, Revenue Bonds
Series A, AGM, CR, FGIC
5.50%, 12/15/2023		$   55,000		$   64,623
Northeastern University, Revenue Bonds
Series 1, BAM
3.00%, 07/01/2020		625,000		654,450
4.00%, 07/01/2021 - 07/01/2022		1,315,000		1,445,730
Northern Illinois University, Certificate of Participation
AGM
5.00%, 09/01/2024		255,000		293,258
Northlake Public Library District, General Obligation Unlimited
AGM
3.00%, 12/01/2020 - 12/01/2021		955,000		994,097
Peoria Metropolitan Airport Authority, Revenue Bonds
5.60%, 12/01/2022		35,000		40,110
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.00%, 06/01/2018 - 06/01/2019		230,000		259,251
5.38%, 06/01/2021		85,000		100,334
6.00%, 06/01/2028		75,000		88,339
6.25%, 06/01/2024		25,000		26,591
Regional Transportation Authority, Revenue Bonds
Series A, NATL-RE
5.00%, 07/01/2019		75,000		79,090
Southern Illinois University, Revenue Bonds
Series A, AGM
5.50%, 04/01/2023		370,000		447,382
State of Illinois, General Obligation Unlimited
4.50%, 04/01/2018		100,000		104,819
5.00%, 02/01/2022		50,000		56,099
AGM
5.00%, 01/01/2023		75,000		81,556
Town of Cicero, General Obligation Unlimited
Series A, AGM
5.00%, 01/01/2020		1,000,000		1,117,450
University of Illinois, Revenue Bonds
Series A, AMBAC
5.50%, 04/01/2022		200,000		243,834
Village of Bedford Park Water System Revenue, Revenue Bonds
Series A, AGM
4.00%, 12/01/2026		95,000		99,838
Village of Bellwood, General Obligation Unlimited
AGM
5.00%, 12/01/2027		470,000		526,809
Village of Broadview, General Obligation Unlimited
Series A, BAM
3.00%, 12/01/2018 - 12/01/2022		1,160,000		1,192,788

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    31

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Dolton, General Obligation Unlimited
Series A, ASSURED GTY
4.50%, 12/01/2024		$   800,000		$   825,520
Village of Mount Prospect, General Obligation Unlimited
3.00%, 12/01/2021		100,000		106,220
Village of Pingree Grove Special Service Area No. 2, Special Tax
AGM
2.00%, 03/01/2020		585,000		573,201
3.00%, 03/01/2018 - 03/01/2019		835,000		860,970
Wauconda Special Service Area No.1, Special Tax
Series A, BAM
2.63%, 03/01/2022		290,000		284,377
3.00%, 03/01/2019		365,000		376,957
5.00%, 03/01/2033		305,000		339,023
				27,584,495
Indiana - 2.3%
Aurora School Building Corp., Revenue Bonds
5.00%, 07/15/2020		115,000		134,521
City of Indianapolis Thermal Energy System Revenue, Revenue Bonds
Series A
5.00%, 10/01/2028		180,000		206,678
Greater Clark County School Building Corp., Revenue Bonds
Series A
4.00%, 07/15/2024		335,000		375,558
Indiana Finance Authority, Revenue Bonds
3.50%, 10/01/2025		1,110,000		1,107,813
4.25%, 10/01/2034		500,000		485,175
Series A
5.00%, 09/15/2021 - 02/01/2025		1,290,000		1,491,717
Indiana Health Facility Financing Authority, Revenue Bonds
5.00%, 11/01/2027 (C)		35,000		36,951
				3,838,413
Iowa - 0.6%
Iowa State Board of Regents, Revenue Bonds
4.00%, 09/01/2022		50,000		56,706
Southeast Polk Community School District, General Obligation Unlimited
Series B, BAM
5.00%, 05/01/2020		875,000		1,005,532
				1,062,238
Kansas - 0.3%
City of Dodge City, Revenue Bonds
3.00%, 07/15/2021 - 07/15/2022		360,000		377,173
Kansas Development Finance Authority, Revenue Bonds
Series A 5.00%, 01/01/2020		90,000		103,451
				480,624

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky - 5.9%
Bullitt County School District Finance Corp., Revenue Bonds
3.10%, 09/01/2026		$   275,000		$   280,923
3.25%, 09/01/2028		545,000		552,036
City of Covington, General Obligation Unlimited
AGM
3.00%, 04/01/2021 - 04/01/2023		805,000		835,391
Kentucky Asset Liability Commission, Revenue Bonds
NATL-RE
5.25%, 09/01/2019		150,000		173,955
Kentucky Municipal Power Agency, Revenue Bonds
Series A, NATL
5.00%, 09/01/2023 - 09/01/2026		1,500,000		1,746,820
Kentucky Turnpike Authority, Revenue Bonds
Series A
5.00%, 07/01/2021		25,000		29,781
Morehead State University, Revenue Bonds
Series A
3.00%, 04/01/2027		930,000		925,155
4.00%, 04/01/2030 - 04/01/2032		4,530,000		4,728,373
Paducah Electric Plant Board, Revenue Bonds
Series A, ASSURED GTY
3.20%, 10/01/2017		485,000		510,016
				9,782,450
Louisiana - 0.2%
Fremaux Economic Development District, Revenue Bonds
5.00%, 11/01/2034		300,000		315,063
Maine - 0.1%
Maine Municipal Bond Bank, Revenue Bonds
Series B
5.00%, 11/01/2022 - 11/01/2025		75,000		90,186
Maine State Housing Authority, Revenue Bonds
Series B 1.85%, 11/15/2021		95,000		94,877
				185,063
Maryland - 0.0% (E)
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds
5.00%, 07/01/2021		35,000		41,591
Michigan - 3.9%
Armada Area Schools, General Obligation Unlimited
Q-SBLF
5.00%, 05/01/2021		765,000		895,180
City of Detroit Sewage Disposal System Revenue, Revenue Bonds
NATL-RE
5.50%, 07/01/2016		25,000		26,335
Series A, AGC, ICC, NATL-RE
4.50%, 07/01/2035		60,000		60,101

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    32

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
City of Detroit Sewage Disposal System Revenue, Revenue Bonds (continued)
Series A, AGM
5.25%, 07/01/2023 - 07/01/2024		$   80,000		$   94,387
5.50%, 07/01/2015		100,000		100,871
Series A, NATL-RE
5.25%, 07/01/2019		60,000		64,065
Series B, NATL
4.50%, 07/01/2022		50,000		50,657
Series B, NATL-RE
5.00%, 07/01/2015		50,000		50,380
City of Detroit Water Supply System Revenue, Revenue Bonds
Series A, NATL-RE
5.00%, 07/01/2034		10,000		10,033
Series C, AGM
5.00%, 07/01/2026 - 07/01/2033		165,000		169,303
Series C, BHAC, FGIC
4.25%, 07/01/2018		100,000		108,609
Series D, AGM
5.00%, 07/01/2025		100,000		102,767
Decatur Public School District, General Obligation Unlimited
Q-SBLF
3.00%, 05/01/2022		660,000		695,422
Detroit City School District, General Obligation Unlimited
Series A, AGM, Q-SBLF
5.25%, 05/01/2027		195,000		227,105
Forest Hills Public Schools, General Obligation Unlimited
Series I
3.00%, 05/01/2023 - 05/01/2024		1,025,000		1,083,972
Fraser Public School District, General Obligation Unlimited
Q-SBLF
5.00%, 05/01/2021		675,000		789,865
Grand Valley State University, Revenue Bonds
Series B
5.00%, 12/01/2026		55,000		64,793
Michigan Municipal Bond Authority, Revenue Bonds
5.00%, 10/01/2019		25,000		28,971
Michigan State Financing Authority, Revenue Bonds
Series D2, AGM 5.00%, 07/01/2026		250,000		285,935
Michigan State Hospital Finance Authority, Revenue Bonds
5.00%, 11/15/2020		25,000		28,881
Series A
6.00%, 12/01/2017		120,000		135,481
Mount Clemens Community School District, General Obligation Unlimited
Q-SBLF
5.00%, 05/01/2020		1,000,000		1,142,490

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Sturgis Public School District, General Obligation Unlimited
Q-SBLF
5.00%, 05/01/2026		$   45,000		$   53,600
Wayne County Airport Authority, Revenue Bonds
Series B
3.25%, 12/01/2024		45,000		46,309
4.00%, 12/01/2021		40,000		44,294
5.00%, 12/01/2022		30,000		35,444
Wayne County Michigan Airport Authority Revenue, Revenue Bonds
5.00%, 12/01/2019		150,000		171,508
				6,566,758
Minnesota - 1.4%
City of Cologne, Revenue Bonds
Series A
4.00%, 07/01/2023		310,000		324,511
City of Duluth, General Obligation Unlimited
Series D
3.13%, 02/01/2026		110,000		114,228
City of Rochester, Revenue Bonds
Series C
4.50%, 11/15/2038 (C)		50,000		58,121
Dakota County Community Development Agency, Revenue Bonds
Series A
5.00%, 09/01/2029 (D)		705,000		738,156
Minnesota Housing Finance Agency, Revenue Bonds
Series A
2.60%, 07/01/2021		95,000		98,154
Series B
3.20%, 07/01/2025		690,000		711,107
3.35%, 07/01/2026		245,000		251,689
				2,295,966
Mississippi - 0.2%
Mississippi Development Bank, Revenue Bonds
AGM
5.25%, 04/01/2017		150,000		162,313
Series A, CNTY GTD
5.25%, 01/01/2025		85,000		102,052
Mississippi Home Corp., Revenue Bonds
Series B-1, GNMA, FNMA, FHLMC
4.25%, 12/01/2018		10,000		10,748
				275,113
Missouri - 0.7%
Industrial Development Authority of the City of St. Louis, Tax Allocation
3.75%, 11/01/2027		650,000		645,060
St Louis County Industrial Development Authority, Special Assessment
2.00%, 03/01/2019 (A)		300,000		298,512
2.38%, 03/01/2020 (A)		300,000		299,112
				1,242,684

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    33

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Montana - 0.1%
Montana Board of Housing, Revenue Bonds
Series A-3, FHA
3.38%, 12/01/2025		$   140,000		$   147,930
Nevada - 0.2%
Clark County School District, General Obligation Limited
Series A, NATL
5.00%, 06/15/2025		100,000		110,886
County of Clark, Revenue Bonds
5.00%, 07/01/2024		25,000		28,362
Nevada System of Higher Education, Revenue Bonds
Series A
5.00%, 07/01/2021 - 07/01/2024		145,000		171,962
				311,210
New Hampshire - 0.1%
Windham School District, General Obligation Unlimited
Series A
3.00%, 07/15/2021		175,000		185,316
New Jersey - 6.1%
Camden County Improvement Authority, Revenue Bonds
CNTY GTD
5.00%, 01/15/2026		650,000		763,561
Series A
4.00%, 12/01/2018		40,000		43,568
Series A, CNTY GTD
4.00%, 12/15/2025		1,625,000		1,821,121
Casino Reinvestment Development Authority, Revenue Bonds
AGM
5.00%, 11/01/2026		575,000		652,085
City of Atlantic City, General Obligation Unlimited
AGM
4.00%, 08/01/2016		250,000		255,423
City of Bayonne, General Obligation Unlimited
Series A, BAM
5.00%, 11/15/2018		260,000		291,179
City of Jersey City, General Obligation Unlimited BAM
5.00%, 12/01/2018		1,610,000		1,815,710
City of Newark, General Obligation Unlimited
Series A
5.00%, 10/01/2020		475,000		537,980
City of Trenton, General Obligation Unlimited ASSURED GTY
5.00%, 07/15/2020		705,000		809,425
County of Middlesex, Certificate of Participation
5.00%, 10/15/2026		40,000		47,506

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Cumberland County Improvement Authority, Revenue Bonds
AGM, CNTY GTD
5.00%, 09/01/2025		$   25,000		$   29,701
Gloucester County Improvement Authority, Revenue Bonds
Series A, CNTY GTD
4.00%, 12/01/2018		1,350,000		1,471,081
Lacey Municipal Utilities Authority, Revenue Bonds
4.00%, 12/01/2022		100,000		112,647
New Jersey Economic Development Authority, Revenue Bonds
Series EE
5.25%, 09/01/2022		25,000		27,614
Series K, AMBAC
5.50%, 12/15/2019		500,000		566,275
New Jersey Educational Facilities Authority, Revenue Bonds
Series D, NATL
5.00%, 07/01/2017		60,000		65,164
New Jersey State Economic Development Athority, Revenue Bonds
5.00%, 06/15/2026		175,000		199,509
New Jersey Transportation Trust Fund Authority, Revenue Bonds
AGC, ICC, MBIA
5.50%, 12/15/2021		65,000		74,894
AGM, CR
5.50%, 12/15/2021		435,000		503,760
Tobacco Settlement Financing Corp., Revenue Bonds
Series 1A
4.50%, 06/01/2023		30,000		30,035
Township of Voorhees, General Obligation Unlimited
3.00%, 06/01/2020		60,000		63,943
				10,182,181
New Mexico - 3.0%
City of Farmington, Revenue Bonds
Class B
1.88%, 04/01/2029 (C)		750,000		747,457
Class E
1.88%, 04/01/2029 (C)		1,000,000		997,540
Series A
1.88%, 04/01/2029 (C)		2,000,000		1,993,220
County of Los Alamos, Revenue Bonds
5.00%, 06/01/2024		135,000		160,448
Las Cruces School District No. 2, General Obligation Unlimited
Series A
4.00%, 08/01/2027		1,000,000		1,115,390
New Mexico Educational Assistance Foundation, Revenue Bonds
Series A-1
4.00%, 12/01/2020		25,000		28,074
				5,042,129

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    34

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 4.2%
Albany Capital Resource Corp., Revenue Bonds
Series A
5.00%, 12/01/2027 - 12/01/2033		$   425,000		$   480,986
City of Long Beach, General Obligation Limited
Series B, BAM
3.00%, 12/15/2018		385,000		404,735
County of Chautauqua, General Obligation Limited
AGM
4.00%, 06/01/2019		25,000		27,262
Metropolitan Transportation Authority, Revenue Bonds
Series A
5.00%, 11/15/2025		50,000		60,176
Nassau Health Care Corp., Revenue Notes
2.25%, 01/15/2016 (D)		200,000		201,484
New York Mortgage Agency, Revenue Bonds
3.45%, 10/01/2030		1,415,000		1,418,212
New York State Dormitory Authority, Revenue Bonds
Series A
5.00%, 07/01/2018 - 03/15/2028		825,000		975,637
Series A, NATL
5.50%, 05/15/2024		55,000		70,101
Niagara Falls City School District, Certificate of Participation
AGM
5.00%, 06/15/2024 - 06/15/2025 (B)		940,000		1,096,281
Niagara Tobacco Asset Securitization Corp., Revenue Bonds
4.00%, 05/15/2029		250,000		250,050
Suffolk County, General Obligation Limited
Series B
5.00%, 10/01/2020		720,000		843,214
Town of Oyster Bay, General Obligation Limited
AGM
3.25%, 08/01/2022		1,015,000		1,075,169
Series B, AGM
3.00%, 11/01/2017		35,000		36,498
				6,939,805
North Carolina - 0.5%
Appalachian State University, Revenue Bonds
3.00%, 10/01/2026		310,000		314,647
City of Charlotte, Certificate of Participation
Series A
5.00%, 12/01/2021		25,000		30,056
County of Mecklenburg, Certificate of Participation
Series B
5.00%, 02/01/2018		30,000		33,289
County of Union, Revenue Bonds
4.00%, 12/01/2022		40,000		45,273

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Carolina (continued)
North Carolina State Medical Care Commission, Revenue Bonds
3.50%, 02/15/2019		$   130,000		$   139,821
Winston-Salem State University, Revenue Bonds
5.00%, 06/01/2023		200,000		227,824
				790,910
North Dakota - 1.0%
City of Bismarck Water Revenue, Revenue Bonds
2.50%, 04/01/2025 - 04/01/2026		235,000		233,162
Grand Forks Park District, Revenue Bonds
3.00%, 12/01/2020		820,000		873,669
North Dakota Housing Finance Agency, Revenue Bonds
2.25%, 01/01/2021		100,000		101,010
2.55%, 01/01/2022		235,000		238,901
2.80%, 07/01/2023		155,000		157,555
State Board of Higher Education of the State of North Dakota, Revenue Bonds
AGM
3.00%, 05/01/2022		140,000		148,576
				1,752,873
Ohio - 4.3%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2
5.13%, 06/01/2024		1,530,000		1,300,775
Butler County Port Authority, Revenue Bonds
Series A
5.00%, 12/01/2024		545,000		639,323
City of Lorain, General Obligation Limited
BAM
3.00%, 12/01/2024		145,000		151,545
City of Marysville Wastewater Treatment System, Revenue Bonds
BAM
5.00%, 12/01/2023		685,000		810,759
City of Toledo, General Obligation Limited
AGM
5.25%, 12/01/2030		180,000		211,063
Cloverleaf Local School District, Certificate of Participation
BAM
4.00%, 03/01/2024		95,000		103,135
County of Allen, Revenue Bonds
Series B
4.13%, 09/01/2020		60,000		66,442
County of Lucas, Revenue Bonds
Series D
5.00%, 11/15/2018		25,000		28,243
County of Warren, Revenue Bonds
4.00%, 07/01/2018		125,000		134,314
5.00%, 07/01/2022 - 07/01/2023		425,000		491,488
Series B
4.00%, 04/01/2017		25,000		26,398

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    35

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio Higher Educational Facility Commission, Revenue Bonds
5.00%, 01/01/2019		$   35,000		$   39,665
Series C 5.00%, 05/01/2020 - 05/01/2022		1,445,000		1,670,716
Ohio Housing Finance Agency, Revenue Bonds
Series B-1, GNMA, FNMA
3.80%, 05/01/2021		25,000		27,348
Ohio State Water Development Authority, Revenue Bonds
Series C
4.00%, 06/01/2033 (C)		1,250,000		1,323,475
Toledo-Lucas County Port Authority, Revenue Bonds
Series A
5.00%, 07/01/2020		165,000		183,526
				7,208,215
Oklahoma - 0.4%
Grand River Dam Authority, Revenue Bonds
Series A
4.00%, 06/01/2024		535,000		605,588
Oklahoma Development Finance Authority, Revenue Bonds
5.00%, 06/01/2020		25,000		29,177
				634,765
Oregon - 0.1%
State of Oregon Housing & Community Services Department, Revenue Bonds
Series A
5.00%, 07/01/2019		75,000		85,718
Series B
5.00%, 07/01/2019		45,000		50,875
				136,593
Pennsylvania - 7.3%
Allegheny Valley Joint School District, General Obligation Limited
BAM
5.00%, 11/01/2023		140,000		167,566
Beaver County Industrial Development Authority, Revenue Bonds
Series B
3.50%, 12/01/2035 (C)		840,000		866,956
Berks County Municipal Authority, Revenue Bonds
4.75%, 11/01/2018		100,000		111,471
Central Bradford Progress Authority, Revenue Bonds
5.25%, 12/01/2019		95,000		109,673
City of Philadelphia Water & Wastewater Revenue, Revenue Bonds
Series C, AGM
5.00%, 08/01/2020		335,000		392,064

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Commonwealth Financing Authority, Revenue Bonds
AGM
5.00%, 06/01/2025		$   3,000,000		$   3,563,850
County of Bedford, General Obligation Unlimited
Series A, BAM
2.13%, 09/01/2021		115,000		112,555
3.00%, 09/01/2019 - 09/01/2020		215,000		223,890
County of Westmoreland, General Obligation Unlimited
Series A
5.00%, 12/01/2021		25,000		29,936
Erie Water Authority, Revenue Bonds
AGM
4.00%, 12/01/2026		100,000		107,885
Hempfield Area School District, General Obligation Unlimited
Series B, XCLA
4.00%, 03/15/2021		25,000		26,348
Indiana County Hospital Authority, Revenue Bonds
Series A
5.50%, 06/01/2029		250,000		276,227
Lebanon County, General Obligation Unlimited
2.00%, 10/15/2019		550,000		554,218
Monroeville Municipal Authority, Revenue Bonds
Series A, AGM
2.00%, 12/01/2018 - 12/01/2020		255,000		254,922
Montgomery County Industrial Development Authority, Revenue Bonds
3.00%, 01/01/2016		505,000		508,671
Penn Hills School District, General Obligation Limited
BAM 3.00%, 10/01/2017		895,000		919,657
Pennsylvania Turnpike Commission, Revenue Bonds Series A, AGM 5.25%, 07/15/2022		75,000		89,674
Reading Area Water Authority 4.00%, 12/01/2025		750,000		813,195
School District of Philadelphia, General Obligation Limited Series A, AMBAC 5.00%, 08/01/2016		50,000		50,604
School District of Philadelphia, General Obligation Unlimited Series C 5.00%, 09/01/2017		150,000		163,704
State Public School Building Authority, Revenue Bonds
5.00%, 09/15/2021 - 09/15/2022		450,000		527,765
AGM
4.00%, 10/01/2017 - 10/01/2018		1,475,000		1,596,955
5.00%, 10/01/2020		235,000		271,688

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    36

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
State Public School Building Authority, Revenue Bonds (continued)
BAM
5.00%, 10/01/2019		$   410,000		$   462,168
				12,201,642
Puerto Rico - 2.7%
Commonwealth of Puerto Rico, General Obligation Unlimited
AGM
5.50%, 07/01/2015 - 07/01/2019		315,000		333,162
AGM, CR
4.50%, 07/01/2023		15,000		14,928
5.25%, 07/01/2016 - 07/01/2017		135,000		140,605
NATL-RE
6.00%, 07/01/2016		55,000		56,355
Series A, AMBAC
4.60%, 07/01/2019		20,000		20,150
Series A, ASSURED GTY
4.00%, 07/01/2015 - 07/01/2016		80,000		81,287
5.00%, 07/01/2016		60,000		61,688
Series A, NATL-RE
5.50%, 07/01/2019 - 07/01/2020		50,000		52,614
Series A, NATL-RE, IBC
5.50%, 07/01/2016 - 07/01/2018		250,000		258,358
Government Development Bank for Puerto Rico, Revenue Bonds NATL-RE, COMWLTH GTD 4.75%, 12/01/2015		610,000		611,049
Puerto Rico Electric Power Authority, Revenue Bonds
AGC
5.00%, 07/01/2026		500,000		499,455
ASSURED GTY
5.00%, 07/01/2018		10,000		10,395
Series DDD, AGM
5.00%, 07/01/2023		25,000		25,339
Series KK, AGM
5.50%, 07/01/2015		80,000		80,519
Series LL, NATL-RE
5.50%, 07/01/2016 - 07/01/2017		185,000		193,531
Series MM, NATL-RE
5.00%, 07/01/2020		10,000		10,270
Series SS, AGM
5.00%, 07/01/2019		45,000		45,090
Series SS, NATL-RE
3.75%, 07/01/2015		20,000		20,051
Series TT, AGM, CR
5.00%, 07/01/2017		80,000		83,556
Series UU, AGM
4.00%, 07/01/2015		50,000		50,189
5.00%, 07/01/2016 - 07/01/2024		525,000		530,716
Puerto Rico Highways & Transportation Authority, Revenue Bonds
NATL-RE
5.00%, 07/01/2018		20,000		20,004
Series A, AMBAC
Zero Coupon, 07/01/2015		300,000		297,996

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highways & Transportation Authority, Revenue Bonds (continued)
Series E, AGM
5.50%, 07/01/2015 - 07/01/2017		$   205,000		$   209,149
Series L, AGC
5.25%, 07/01/2017 - 07/01/2019		270,000		283,144
Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series C, AMBAC 5.50%, 07/01/2016 - 07/01/2017		165,000		170,057
Puerto Rico Municipal Finance Agency, General Obligation Unlimited Series A, AGM 5.25%, 08/01/2015		50,000		50,100
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, AGM 5.00%, 08/01/2019		25,000		25,041
Series C, AGM
5.00%, 08/01/2015 - 08/01/2016		250,000		250,904
5.25%, 08/01/2017		25,000		25,802
Puerto Rico Public Buildings Authority, Revenue Bonds CIFG, TCRS, FSA, CR, COMWLTH GTD 5.50%, 07/01/2015		25,000		25,144
University of Puerto Rico, Revenue Bonds Series P, NATL-RE, IBC 5.00%, 06/01/2017		55,000		55,800
				4,592,448
Rhode Island - 1.6%
Providence Redevelopment Agency, Revenue Bonds Series A 5.00%, 04/01/2021		400,000		452,416
Rhode Island State Health and Educational Building 4.00%, 05/15/2024 (B)		1,000,000		1,080,840
Tobacco Settlement Financing Corp., Revenue Bonds Series A 5.00%, 06/01/2027		1,000,000		1,136,630
				2,669,886
South Carolina - 1.4%
County of Richland, Revenue Bonds
Series A
3.88%, 04/01/2023		290,000		311,361
Piedmont Municipal Power Agency, Revenue Bonds
Series A-4
5.00%, 01/01/2020		35,000		40,248
Scago Educational Facilities Corp. for Cherokee School District No. 1, Revenue Bonds
5.00%, 12/01/2020 (B)		1,000,000		1,160,270
South Carolina State Housing Finance & Development Authority, Revenue Bonds GNMA, FNMA
2.00%, 07/01/2020		320,000		323,779

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    37

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Carolina (continued)
South Carolina State Public Service Authority, Revenue Bonds
Series C 5.00%, 12/01/2025		$   390,000		$   466,304
				2,301,962
South Dakota - 1.0%
South Dakota Health & Educational Facilities Authority, Revenue Bonds
Series B
3.00%, 08/01/2019 - 08/01/2021		1,565,000		1,656,998
Tennessee - 0.0% (E)
Tennessee State School Bond Authority, Revenue Bonds
Series C
5.00%, 05/01/2019		30,000		34,413
Texas - 10.3%
Brazoria County Municipal Utility District No. 21, General Obligation Unlimited
BAM
3.50%, 09/01/2024		310,000		329,195
Brazoria-Fort Bend County Municipal Utility District No. 1, General Obligation Unlimited AGM
3.00%, 09/01/2024		50,000		50,740
MAC
3.00%, 09/01/2022 (B)		1,375,000		1,414,270
Cinco Southwest Municipal Utility District No. 1, Revenue Bonds
BAM
2.00%, 12/01/2018		570,000		581,343
City of Brownsville, General Obligation Limited
5.00%, 02/15/2026		275,000		326,595
City of Corpus Christi Utility System Revenue, Revenue Bonds
5.00%, 07/15/2019		60,000		68,695
City of Laredo International Toll Bridge System Revenue, Revenue Bonds
AGM
5.00%, 10/01/2022 - 10/01/2023		660,000		776,084
City of Pearland, General Obligation Limited
5.00%, 03/01/2023		25,000		30,268
City of Westworth Village, General Obligation Limited
BAM
3.00%, 08/15/2019		35,000		37,084
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited
AGM
3.00%, 09/01/2026		160,000		157,722
Downtown Redevelopment Authority, Tax Allocation
BAM
4.00%, 09/01/2022 - 09/01/2023 (B)		1,085,000		1,189,118

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
El Paso County Hospital District, General Obligation Limited
5.00%, 08/15/2022		$   185,000		$   218,067
Fort Bend County Levee Improvement District No. 7, General Obligation Unlimited
3.00%, 03/01/2023		250,000		265,687
Fort Bend County Municipal Utility District No. 133, General Obligation Unlimited
AGM
2.00%, 09/01/2019		150,000		151,429
Fort Bend County Municipal Utility District No. 139, General Obligation Unlimited
BAM
3.75%, 09/01/2026		50,000		52,748
Fort Bend County Municipal Utility District No. 142, General Obligation Unlimited
MAC
3.00%, 09/01/2026		1,075,000		1,048,243
Fort Bend County Municipal Utility District No. 151, General Obligation Unlimited
MAC
3.00%, 09/01/2026		820,000		804,937
Fort Bend County Municipal Utility District No. 50, General Obligation Unlimited
MAC
4.00%, 09/01/2023 - 09/01/2024		1,005,000		1,076,007
Fort Bend County Municipal Utility District No. 57, General Obligation Unlimited
AGM
3.00%, 04/01/2023 - 04/01/2025		780,000		786,467
Fort Bend County Municipal Utility District No. 58, General Obligation Unlimited
AGM
2.00%, 04/01/2020		180,000		179,811
3.00%, 04/01/2021 - 04/01/2022		300,000		310,484
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds
Series A
4.38%, 11/15/2021		20,000		22,201
Series B
5.50%, 12/01/2018		200,000		228,678
Harris County Municipal Utility District No. 105, General Obligation Unlimited
Series A, BAM
3.00%, 03/01/2021 - 03/01/2022 (B)		315,000		324,169
Harris County Municipal Utility District No. 389, General Obligation Unlimited
BAM
4.00%, 09/01/2025		120,000		129,431
Harris County Municipal Utility District No. 391, General Obligation Unlimited
AGM
3.00%, 09/01/2026		300,000		292,146
Harris County Municipal Utility District No. 412, General Obligation Unlimited
MAC
2.00%, 09/01/2019		225,000		225,184
3.00%, 09/01/2021 - 09/01/2023		360,000		368,376
4.00%, 09/01/2024		220,000		235,981

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    38

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County Municipal Utility District No. 419, General Obligation Unlimited
Series A, BAM
3.00%, 09/01/2026		$   140,000		$   140,076
Harris County Municipal Utility District No. 49, General Obligation Unlimited
BAM
6.00%, 04/01/2020		50,000		59,325
Harris-Fort Bend Counties Municipal Utility District No. 3, General Obligation Unlimited BAM
3.00%, 04/01/2021 - 04/01/2022		420,000		432,227
Lower Colorado River Authority, Revenue Bonds
5.00%, 05/15/2020		35,000		40,649
Matagorda County Hospital District, Revenue Bonds
FHA
3.63%, 08/15/2016		100,000		103,623
Metropolitan Transit Authority of Harris County, Revenue Bonds
Series A
5.00%, 11/01/2020		40,000		46,493
Montgomery County Municipal Utility District No. 112, General Obligation Unlimited
BAM
2.50%, 10/01/2022		85,000		83,987
3.00%, 10/01/2023		95,000		95,708
Montgomery County Municipal Utility District No. 94, General Obligation Unlimited
Series A, BAM
3.25%, 10/01/2026		110,000		111,375
Northwest Harris County Municipal Utility District No. 10, General Obligation Unlimited
BAM
2.00%, 04/01/2021		150,000		148,129
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited
BAM
3.00%, 10/01/2028		520,000		499,710
3.13%, 10/01/2029 - 10/01/2030		1,635,000		1,573,135
3.25%, 10/01/2031		1,430,000		1,384,226
Pflugerville, General Obligation Limited
4.00%, 08/01/2022 - 08/01/2024 (B)		350,000		391,017
Rolling Creek Utility District, General Obligation Unlimited
MAC
3.00%, 09/01/2026		320,000		318,870
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds
ASSURED GTY
4.50%, 09/01/2019		65,000		72,248
University of Houston, Revenue Bonds
Series A
5.00%, 02/15/2024		40,000		46,782

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
University of North Texas, Revenue Bonds
Series A, AGM
5.50%, 04/15/2017		$   50,000		$   50,221
				17,278,961
Utah - 0.5%
City of Riverton, Revenue Bonds
5.00%, 08/15/2018		75,000		83,809
South Davis Recreational District, General Obligation Unlimited
4.00%, 01/01/2025		50,000		55,573
Utah State Board of Regents, Revenue Bonds
Series EE-2
5.00%, 11/01/2019		40,000		46,306
Utah State Charter School Finance Authority, Revenue Bonds
4.00%, 04/15/2020		380,000		420,428
4.25%, 04/15/2034		170,000		175,073
Washington County Water Conservancy District, Revenue Bonds
5.00%, 10/01/2022		50,000		59,745
				840,934
Vermont - 0.3%
Vermont Housing Finance Agency, Revenue Bonds
Series D
3.65%, 11/01/2032		500,000		486,730
Virginia - 0.8%
Virginia College Building Authority, Revenue Bonds
Series B
5.00%, 09/01/2028		50,000		57,234
Virginia Housing Development Authority, Revenue Bonds
Series A
2.40%, 03/01/2024		115,000		115,137
2.60%, 03/01/2025		330,000		332,518
2.75%, 03/01/2026		780,000		784,072
				1,288,961
Washington - 0.2%
Central Puget Sound Regional Transit Authority, Revenue Bonds
NATL
4.75%, 02/01/2028		50,000		50,530
Clark County Public Utility District No. 1, Revenue Bonds
5.00%, 01/01/2024		100,000		119,460
Energy Northwest, Revenue Bonds
Series A
5.25%, 07/01/2018		35,000		39,629
Port of Seattle, Revenue Bonds
Series A
5.00%, 08/01/2018		25,000		28,022
Snohomish County Public Utility District No. 1, Revenue Bonds
5.00%, 12/01/2021		25,000		29,971

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    39

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
Washington Health Care Facilities Authority, Revenue Bonds
Series A
5.00%, 10/01/2019		$   25,000		$   28,705
				296,317
West Virginia - 0.0% (E)
Berkeley County Public Service District, Revenue Bonds
Series A, AGM
3.50%, 12/01/2026		25,000		26,613
West Virginia University, Revenue Bonds
Series A
5.00%, 10/01/2024		25,000		29,881
				56,494
Wisconsin - 0.9%
Lomira School District, General Obligation Unlimited
3.00%, 03/01/2025		80,000		82,035
Milwaukee Housing Authority, Revenue Bonds
Series A
3.38%, 07/01/2029		1,050,000		1,040,035
Public Finance Authority, Revenue Bonds
Series A
4.50%, 09/01/2026		170,000		180,324
State of Wisconsin, Revenue Bonds
Series A
5.00%, 05/01/2019		25,000		28,657
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/15/2022 - 08/15/2023		140,000		159,231

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (continued)
Series B
5.00%, 08/15/2018		$   25,000		$   27,928
				1,518,210
Total Municipal Government Obligations (Cost $162,731,994)				163,638,804
CORPORATE DEBT SECURITY - 0.3%
Diversified Consumer Services - 0.3%
Public Charter School Receivables Co. LLC
3.75%, 09/30/2015 (A)		445,125		444,705
Total Corporate Debt Security (Cost $445,125)				444,705
REPURCHASE AGREEMENT - 12.6%
State Street Bank & Trust Co. 0.01% (F), dated 04/30/2015, to be repurchased at $21,090,394 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.17%, due 11/07/2022, and with a value of $21,514,110.		21,090,388		21,090,388
Total Repurchase Agreement (Cost $21,090,388)				21,090,388
Total Investments (Cost $184,267,507) (G)				185,173,897
Net Other Assets (Liabilities) - (10.8)%				(18,083,853	)
Net Assets - 100.0%				$  167,090,044

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Municipal Government Obligations	$	—	$	163,638,804	$	—	$	163,638,804
Corporate Debt Security		—		444,705		—		444,705
Repurchase Agreement		—		21,090,388		—		21,090,388
Total Investments	$	—	$	185,173,897	$	—	$	185,173,897

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $3,036,624, representing 1.8% of the Fund’s net assets.

^(B)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(C)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    40

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(D)  At April 30, 2015, the Fund owned the respective securities which were restricted to public resale:

Investments	Description	Acquisition Date		Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Miami-Dade County Industrial Development Authority		07/24/2014	$	129,672	$	135,933		0.1	%
Municipal Government Obligations	Idaho Housing & Finance Association, Series A		04/06/2015		530,164		524,317		0.3
Municipal Government Obligations	Dakota County Community Development Agency, Series A		09/04/2014		718,457		738,156		0.5
Municipal Government Obligations	Nassau Health Care Corp.		01/23/2015		201,469		201,484		0.1
				$	1,579,762	$	1,599,890		1.0	%

^(E)  Percentage rounds to less than 0.1% or (0.1)%.

^(F)  Rate disclosed reflects the yield at April 30, 2015.

^(G)  Aggregate cost for federal income tax purposes is $184,267,507. Aggregate gross unrealized appreciation and depreciation for all securities is $1,481,301 and $574,911, respectively. Net unrealized appreciation for tax purposes is $906,390.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
ASSURED GTY	Assured Guaranty, Ltd.
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
CIFG	CIFG Assurance North America, Inc.
CNTY	County
COMWLTH	Commonwealth
CR	Custodial Receipts
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FSA	Assured Guaranty Municipal Corp. (formerly Financial Security Assurance, Inc.)
GNMA	Government National Mortgage Association
GTD	Guaranteed
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
MAC	Municipal Assurance Corp.
MBIA	National Public Finance Guarantee Corp. (formerly Municipal Bond Insurance Association)
NATL	National Public Finance Guarantee Corp.
Q-SBLF	Qualified School Bond Loan Fund Program
RADIAN	Radian Asset Assurance Inc.
RE	Reinsured
TCRS	Temporary Custodian Receipts
XLCA	Syncora (formerly XL Capital Assurance, Inc.)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    41

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS  - 8.2%
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		$  4,294,899		$  5,489,418
U.S. Treasury Note
0.38%, 08/31/2015		1,910,800		1,912,741
0.50%, 09/30/2016		7,286,000		7,294,539
1.38%, 07/31/2018		19,125,000		19,341,648
1.75%, 05/15/2022		22,629,100		22,551,301
2.00%, 02/15/2025		2,215,000		2,206,003
2.50%, 08/15/2023		3,763,000		3,928,512
Total U.S. Government Obligations (Cost $60,977,130)				62,724,162
U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.3%
Federal Home Loan Mortgage Corp., IO
5.00%, 08/01/2035		1,712,849		325,426
Federal National Mortgage Association
3.50%, TBA (A)		20,328,000		21,579,442
4.00%, TBA (A)		3,468,000		3,705,816
Total U.S. Government Agency Obligations (Cost $26,284,417)				25,610,684
FOREIGN GOVERNMENT OBLIGATIONS - 1.0%
Canada Housing Trust No. 1
3.15%, 06/15/2015		CAD  2,500,000		2,077,870
Mexican Bonos
7.25%, 12/15/2016		MXN  28,500,000		1,955,752
8.50%, 12/13/2018		15,428,600		1,122,564
Philippine Government International Bond
4.95%, 01/15/2021		PHP  90,000,000		2,165,113
Total Foreign Government Obligations (Cost $7,987,876)				7,321,299
MORTGAGE-BACKED SECURITIES - 14.7%
7 WTC Depositor LLC Trust
Series 2012-7WTC, Class A
4.08%, 03/13/2031 (B)		$  409,785		422,931
Alternative Loan Trust
Series 2004-3T1, Class A3
5.00%, 05/25/2034		355,803		364,084
Series 2005-14, Class 4A1
0.40%, 05/25/2035 (C)		1,993,845		1,691,014
Series 2006-OC1, Class 2A3A
0.50%, 03/25/2036 (C)		2,515,998		2,223,544
American Home Mortgage Assets Trust
Series 2007-2, Class A1
0.31%, 03/25/2047 (C)		1,032,702		819,347
BB-UBS Trust
Series 2012-TFT, Class C
3.58%, 06/05/2030 (B) (C)		3,925,000		3,825,854
BBCMS Trust
Series 2014-BXO, Class C
2.18%, 08/15/2027 (B) (C)		3,735,000		3,743,561
BCAP LLC Trust
Series 2009-RR10, Class 2A1
2.71%, 08/26/2035 (B) (C)		264,230		261,070
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 (B) (C)		496,842		525,882

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2009-RR6, Class 2A1
2.53%, 08/26/2035 (B) (C)		$  554,297		$  551,252
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 (B) (C)		577,531		590,823
BHMS Mortgage Trust
Series 2014-ATLS, Class CFX
4.85%, 07/05/2033 (B) (C)		4,500,000		4,590,207
Boca Hotel Portfolio Trust
Series 2013-BOCA, Class C
2.33%, 08/15/2026 (B) (C)		4,500,000		4,493,763
CD Commercial Mortgage Trust
Series 2007-CD4, Class A1A
5.29%, 12/11/2049 (C)		980,892		1,022,971
CGBAM Commercial Mortgage Trust
Series 2015-SMRT, Class B
3.21%, 04/10/2028		2,200,000		2,265,968
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1
0.45%, 04/25/2035 (C)		607,930		526,566
Citigroup Commercial Mortgage Trust
Series 2014-388G, Class D
1.93%, 06/15/2033 (B) (C)		1,280,000		1,276,192
Citigroup Mortgage Loan Trust
Series 2014-A, Class A
4.00%, 01/25/2035 (B) (C)		1,849,842		1,922,943
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1
3.50%, 06/25/2058 (C)		3,781,286		3,825,092
COMM Mortgage Trust
Series 2014-PAT, Class D
2.33%, 08/13/2027 (B) (C)		1,825,000		1,840,974
Credit Suisse Commercial Mortgage Trust
Series 2007-C1, Class A1A
5.36%, 02/15/2040		3,375,524		3,545,343
CSMC Trust
Series 2010-18R, Class 1A11
3.75%, 08/26/2035 (B) (C)		190,076		188,999
Series 2010-RR2, Class 1B
5.51%, 04/15/2047 (B) (C)		3,500,000		3,700,546
Series 2014-11R, Class 17A1
0.01%, 12/27/2036 (B) (C)		1,875,901		1,773,409
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.56%, 04/10/2031 (B) (C)		5,000,000		5,083,205
HarborView Mortgage Loan Trust
Series 2006-9, Class 2A1A
0.39%, 11/19/2036 (C)		6,397,433		4,769,113
Series 2007-2, Class 2A1A
0.34%, 05/25/2038 (C)		5,544,008		4,122,064
Hilton USA Trust
Series 2013-HLF, Class CFL
2.07%, 11/05/2030 (B) (C)		1,537,325		1,536,832
Independent National Mortgage Corp. Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.27%, 08/25/2037 (C)		1,354,204		1,129,091
Jefferies Re-REMIC Trust
Series 2009-R2, Class 2A
2.57%, 12/26/2037 (B) (C)		218,907		218,266

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    42

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Jefferies Re-REMIC Trust (continued)
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 (B)		$  128,492		$  133,758
Series 2009-R7, Class 12A1
2.61%, 08/26/2036 (B) (C)		94,864		93,925
Series 2009-R7, Class 1A1
2.47%, 02/26/2036 (B) (C)		454,073		445,770
Series 2009-R7, Class 4A1
2.39%, 09/26/2034 (B) (C)		215,471		211,975
Series 2009-R9, Class 1A1
2.24%, 08/26/2046 (B) (C)		304,706		308,252
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-LD11, Class AM
5.96%, 06/15/2049 (C)		3,800,000		3,991,444
Series 2007-LD11, Class ASB
5.96%, 06/15/2049 (C)		436,614		453,960
Series 2014-DSTY, Class B
3.77%, 06/10/2027 (B)		3,835,000		3,972,239
Series 2014-DSTY, Class C
3.93%, 06/10/2027 (B) (C)		4,475,000		4,522,260
Series 2014-FBLU, Class D
2.78%, 12/15/2028 (B) (C)		3,750,000		3,759,390
Series 2015-CSMO, Class C
2.43%, 01/15/2032 (B) (C)		2,295,000		2,298,807
JPMorgan Commercial Mortgage-Backed Securities Trust
Series 2009-RR2, Class MLB
5.81%, 06/15/2050 (B) (C)		3,110,000		3,295,300
JPMorgan Re-REMIC Trust
Series 2009-7, Class 8A1
2.95%, 01/27/2047 (B) (C)		96,971		97,418
LB Commercial Mortgage Trust
Series 2007-C3, Class A1A
6.07%, 07/15/2044 (C)		1,289,098		1,396,650
Merrill Lynch Mortgage Investors Trust
Series 2006-A1, Class 1A1
2.80%, 03/25/2036 (C)		2,822,218		2,089,271
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4A
5.99%, 08/15/2045 (B) (C)		2,191,884		2,336,012
Series 2010-R4, Class 3A
5.50%, 08/26/2047 (B)		707,715		731,858
Series 2014-R4, Class 4A
2.67%, 11/21/2035 (B) (C)		4,036,533		4,107,576
ORES LLC
Series 2014-LV3, Class A
3.00%, 03/27/2024 (B)		729,268		729,268
RALI Trust
Series 2006-QO1, Class 3A1
0.45%, 02/25/2046 (C)		6,382,769		4,007,498
Residential Asset Securitization Trust
Series 2004-A4, Class A11
5.50%, 08/25/2034		1,561,880		1,636,149
Structured Asset Mortgage Investments II Trust
Series 2006-AR7, Class A1BG
0.30%, 08/25/2036 (C)		6,502,202		5,051,372
Series 2007-AR3, Class 1A3
0.39%, 09/25/2047 (C)		5,503,525		3,801,433

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-G, Class A1
2.49%, 06/25/2033 (C)		$   128,100		$   129,189
Series 2003-L, Class 1A2
2.49%, 11/25/2033 (C)		90,096		89,925
Total Mortgage-Backed Securities (Cost $111,007,763)				112,541,605
ASSET-BACKED SECURITIES - 7.5%
BXG Receivables Note Trust
Series 2013-A, Class A
3.01%, 12/04/2028 (B)		1,494,879		1,506,924
Series 2015-A, Class A
2.88%, 05/02/2030 (B)		3,671,708		3,668,406
Countrywide Asset-Backed Certificates
Series 2005-AB3, Class 2A3
0.54%, 02/25/2036 (C)		2,844,833		2,660,323
Series 2006-22, Class 2A3
0.34%, 01/25/2034 (C)		3,071,868		2,749,088
Series 2006-6, Class 2A3
0.46%, 09/25/2036 (C)		3,600,000		3,085,841
CWABS Asset-Backed Certificates Trust
Series 2006-17, Class 2A2
0.33%, 03/25/2047 (C)		4,132,988		3,492,490
Diamond Resorts Owner Trust
Series 2013-1, Class A
1.95%, 01/20/2025 (B)		1,235,216		1,225,629
Series 2013-2, Class A
2.27%, 05/20/2026 (B)		963,736		968,594
Series 2014-1, Class A
2.54%, 05/20/2027 (B)		2,853,668		2,865,440
GSAA Trust
Series 2006-1, Class A3
0.51%, 01/25/2036 (C)		1,812,208		1,254,902
GSAMP Trust
Series 2006-HE1, Class A2D
0.49%, 01/25/2036 (C)		2,270,000		2,086,518
HSBC Home Equity Loan Trust
Series 2006-3, Class A4
0.42%, 03/20/2036 (C)		1,077,284		1,069,171
JGWPT XXIII LLC
Series 2011-1A, Class A
4.70%, 10/15/2056 (B)		2,593,590		2,858,357
Lehman XS Trust
Series 2005-8, Class 1A3
0.53%, 12/25/2035 (C)		1,887,112		1,238,175
OCP CLO, Ltd.
Series 2015-8A, Class A1
1.80%, 04/17/2027 (B) (C)		3,805,000		3,799,292
Orange Lake Timeshare Trust
Series 2014-AA, Class A
2.29%, 07/09/2029 (B)		1,362,728		1,366,387
Popular ABS Mortgage Pass-Through Trust
Series 2006-A, Class A4
0.50%, 02/25/2036 (C)		922,571		906,313
SBA Tower Trust
Series 2014-1A, Class C
2.90%, 10/15/2044 (B) (C)		3,245,000		3,275,110

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    43

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC
Series 2011-2A, Class A
3.26%, 05/20/2028 (B)		$   592,964		$   602,741
Series 2014-1A, Class A
2.07%, 03/20/2030 (B)		1,267,976		1,274,976
Soundview Home Loan Trust
Series 2006-3, Class A3
0.34%, 11/25/2036 (C)		3,642,080		3,080,766
Spirit Master Funding LLC
Series 2014-3A, Class A
5.74%, 03/20/2042 (B)		6,567,166		7,223,883
Westgate Resorts LLC
Series 2013-1A, Class A
2.25%, 08/20/2025 (B)		457,531		458,846
Series 2015-1A, Class A
2.75%, 05/20/2027 (B)		4,348,582		4,353,813
Total Asset-Backed Securities (Cost $52,655,246)				57,071,985
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
California - 0.5%
State of California, General Obligation Unlimited
7.95%, 03/01/2036		3,150,000		3,852,261
Rhode Island - 0.1%
Rhode Island Economic Development Corp., Revenue Bonds
AGM
6.00%, 11/01/2015 (D)		545,000		556,936
Total Municipal Government Obligations (Cost $3,913,327)				4,409,197
CORPORATE DEBT SECURITIES - 61.5%
Aerospace & Defense - 0.5%
Bombardier, Inc.
4.75%, 04/15/2019 (B) (E)		2,010,000		1,999,950
7.50%, 03/15/2025 (B) (E)		1,725,000		1,709,906
				3,709,856
Airlines - 1.6%
America West Airlines Pass-Through Trust
8.06%, 01/02/2022		665,659		768,837
American Airlines Pass-Through Trust 4.00%, 01/15/2027		2,692,766		2,813,941
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		1,679,935		1,807,946
U.S. Airways Pass-Through Trust 3.95%, 05/15/2027		1,218,455		1,273,285
UAL Pass-Through Trust 10.40%, 05/01/2018		1,660,223		1,809,643
United Airlines Pass-Through Trust 3.75%, 03/03/2028		2,065,000		2,157,925
Virgin Australia Trust 5.00%, 04/23/2025 (B)		1,328,491		1,401,558
				12,033,135
Automobiles - 0.4%
FCA US LLC / CG Co-Issuer, Inc. 8.25%, 06/15/2021		3,100,000		3,421,625

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 9.0%
Barclays Bank PLC 10.18%, 06/12/2021 (B)		$   4,945,000		$   6,674,746
BBVA Bancomer SA 6.50%, 03/10/2021 (B) (E)		3,000,000		3,345,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 11.00%, 06/30/2019 (B) (C) (F)		5,975,000		7,677,875
Deutsche Bank AG 4.50%, 04/01/2025		4,590,000		4,494,354
HBOS PLC Series MTN 6.75%, 05/21/2018 (B)		4,465,000		4,990,910
HSBC Holdings PLC 6.38%, 09/17/2024 (C) (E) (F)		3,260,000		3,370,840
ING Bank NV 5.80%, 09/25/2023 (B)		4,545,000		5,114,029
Intesa Sanpaolo SpA
2.38%, 01/13/2017		1,500,000		1,515,066
3.13%, 01/15/2016		2,750,000		2,782,827
5.02%, 06/26/2024 (B)		1,930,000		1,944,118
Regions Bank 7.50%, 05/15/2018		4,955,000		5,727,420
Royal Bank of Scotland Group PLC 5.13%, 05/28/2024 (E)		6,340,000		6,548,225
Santander Bank NA 2.00%, 01/12/2018		4,190,000		4,198,564
Societe Generale SA 5.75%, 04/20/2016 (B)		2,569,000		2,668,723
Turkiye Halk Bankasi AS 4.75%, 06/04/2019 (B)		1,070,000		1,070,000
Wells Fargo & Co. 7.98%, 03/15/2018 (C) (F)		6,135,000		6,748,500
				68,871,197
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc. 9.75%, 11/17/2015		BRL  2,200,000		715,578
Building Products - 1.2%
Associated Materials LLC / AMH New Finance, Inc. 9.13%, 11/01/2017		$  3,325,000		2,826,250
Owens Corning 4.20%, 12/15/2022		5,923,000		6,141,008
				8,967,258
Capital Markets - 1.7%
Bank of New York Mellon Corp. Series MTN 3.65%, 02/04/2024 (E)		1,000,000		1,062,942
Goldman Sachs Group, Inc. 5.70%, 05/10/2019 (C) (F)		1,770,000		1,778,850
Morgan Stanley
5.45%, 07/15/2019 (C) (F)		1,870,000		1,884,025
5.75%, 01/25/2021		1,850,000		2,145,352
Prospect Capital Corp. 5.88%, 03/15/2023 (E)		2,625,000		2,714,704
UBS AG 7.63%, 08/17/2022		2,805,000		3,370,822
				12,956,695

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    44

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.7%
Hertz Corp. 6.75%, 04/15/2019		$   1,765,000		$   1,826,404
Steelcase, Inc. 6.38%, 02/15/2021 (E)		3,180,000		3,641,412
				5,467,816
Communications Equipment - 0.7%
Motorola Solutions, Inc. 3.50%, 09/01/2021		5,230,000		5,291,264
Construction Materials - 0.7%
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		5,050,000		5,233,547
Consumer Finance - 1.5%
Ally Financial, Inc. 4.63%, 06/26/2015		890,000		892,225
Discover Financial Services 3.75%, 03/04/2025		3,830,000		3,829,586
Springleaf Finance Corp. Series MTN 6.90%, 12/15/2017		6,350,000		6,746,875
				11,468,686
Containers & Packaging - 0.8%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 3.27%, 12/15/2019 (B) (C)		2,400,000		2,367,000
Coveris Holding Corp. 10.00%, 06/01/2018 (B)		1,280,000		1,350,400
Coveris Holdings SA 7.88%, 11/01/2019 (B)		2,600,000		2,639,000
				6,356,400
Distributors - 0.4%
Owens & Minor, Inc. 3.88%, 09/15/2021		3,060,000		3,179,248
Diversified Financial Services - 4.9%
Bank of America Corp.
6.50%, 07/15/2018 (E)		2,420,000		2,749,836
Series MTN
6.88%, 04/25/2018		4,050,000		4,618,993
Citigroup, Inc. 5.95%, 01/30/2023 (C) (E) (F)		5,675,000		5,653,719
General Electric Capital Corp. 7.13%, 06/15/2022 (C) (F)		3,700,000		4,301,250
ILFC E-Capital Trust I 4.09%, 12/21/2065 (B) (C)		2,545,000		2,392,300
Jefferies Group LLC 5.13%, 01/20/2023		1,935,000		2,006,417
JPMorgan Chase & Co. 5.15%, 05/01/2023 (C) (F)		4,810,000		4,662,694
Oaktree Capital Management, LP 6.75%, 12/02/2019 (B)		2,855,000		3,361,842
Vesey Street Investment Trust I 4.40%, 09/01/2016 (G)		3,745,000		3,897,440
Voya Financial, Inc. 5.50%, 07/15/2022		3,030,000		3,483,809
				37,128,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 4.1%
AT&T, Inc.
3.40%, 05/15/2025 (A)		$   1,495,000		$   1,479,208
3.90%, 03/11/2024 (E)		5,449,000		5,677,171
CenturyLink, Inc. 5.80%, 03/15/2022		2,975,000		3,086,562
Frontier Communications Corp. 7.63%, 04/15/2024		3,375,000		3,438,281
GTP Acquisition Partners I LLC 7.63%, 06/15/2041 (B)		500,000		527,500
Hughes Satellite Systems Corp. 6.50%, 06/15/2019		925,000		1,015,188
Intelsat Jackson Holdings SA 7.50%, 04/01/2021		3,484,000		3,619,005
Level 3 Communications, Inc. 8.88%, 06/01/2019		180,000		188,550
Level 3 Financing, Inc. 8.13%, 07/01/2019		4,200,000		4,414,200
Unison Ground Lease Funding LLC 6.39%, 04/15/2040 (B)		4,615,000		5,308,021
Verizon Communications, Inc. 1.80%, 09/15/2016 (C)		2,387,000		2,423,383
				31,177,069
Electric Utilities - 0.1%
EDP Finance BV 5.25%, 01/14/2021 (B)		945,000		1,017,567
Electronic Equipment, Instruments & Components - 0.5%
Arrow Electronics, Inc. 3.50%, 04/01/2022		3,565,000		3,562,480
Energy Equipment & Services - 1.8%
Hiland Partners, LP / Hiland Partners Finance Corp. 7.25%, 10/01/2020 (B)		2,315,000		2,511,775
NuStar Logistics, LP 8.15%, 04/15/2018		2,196,000		2,481,480
Regency Energy Partners, LP / Regency Energy Finance Corp. 5.88%, 03/01/2022		1,050,000		1,173,375
Seadrill, Ltd. 6.13%, 09/15/2017 (B) (E)		1,700,000		1,513,000
Transocean, Inc. 6.38%, 12/15/2021 (E)		2,221,000		1,957,256
Weatherford International, Ltd. 9.63%, 03/01/2019		3,657,000		4,253,212
				13,890,098
Food & Staples Retailing - 0.7%
CVS Health Corp. 2.25%, 08/12/2019 (E)		1,570,000		1,591,198
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		3,695,000		3,775,547
				5,366,745
Food Products - 0.4%
Post Holdings, Inc. 7.38%, 02/15/2022 (E)		2,833,000		2,939,238
Health Care Equipment & Supplies - 0.8%
Becton Dickinson and Co. 2.68%, 12/15/2019		2,500,000		2,549,270

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    45

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Mallinckrodt International Finance SA 3.50%, 04/15/2018		$   3,155,000		$   3,147,113
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.88%, 04/15/2020 (B)		200,000		203,250
				5,899,633
Health Care Providers & Services - 0.9%
CHS / Community Health Systems, Inc. 7.13%, 07/15/2020		3,400,000		3,646,500
Express Scripts Holding Co. 4.75%, 11/15/2021		2,920,000		3,246,909
				6,893,409
Hotels, Restaurants & Leisure - 0.8%
International Game Technology PLC 6.25%, 02/15/2022 (B) (E)		1,927,000		1,902,913
Scientific Games International, Inc. 7.00%, 01/01/2022 (B) (E)		912,000		950,760
Wyndham Worldwide Corp. 2.50%, 03/01/2018		3,510,000		3,528,624
				6,382,297
Household Durables - 0.2%
Meritage Homes Corp. 4.50%, 03/01/2018		1,500,000		1,528,125
Household Products - 0.6%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		4,190,000		4,378,550
Independent Power and Renewable Electricity Producers - 0.8%
NRG Energy, Inc. 7.88%, 05/15/2021		5,535,000		5,913,594
Insurance - 5.6%
American Financial Group, Inc. 9.88%, 06/15/2019		3,275,000		4,156,558
American International Group, Inc. Series MTN 5.85%, 01/16/2018		3,055,000		3,403,740
Chubb Corp. 6.38%, 03/29/2067 (C)		3,713,000		3,935,780
Fidelity National Financial, Inc. 6.60%, 05/15/2017 (E)		2,170,000		2,362,609
Hanover Insurance Group, Inc. 6.38%, 06/15/2021		3,365,000		3,932,430
Hartford Financial Services Group, Inc. 5.50%, 10/15/2016		3,124,000		3,316,791
Oil Insurance, Ltd. 3.26%, 06/01/2015 (B) (C) (F)		1,245,000		1,070,700
Reinsurance Group of America, Inc. 6.75%, 12/15/2065 (C)		3,065,000		2,942,400
Sompo Japan Insurance, Inc. 5.33%, 03/28/2073 (B) (C)		5,635,000		6,142,714
Stone Street Trust 5.90%, 12/15/2015 (B)		3,675,000		3,772,211
ZFS Finance USA Trust II 6.45%, 12/15/2065 (B) (C)		7,875,000		8,197,875
				43,233,808

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 1.0%
Cardtronics, Inc. 5.13%, 08/01/2022 (B)		$   4,320,000		$   4,287,600
SunGard Data Systems, Inc. 6.63%, 11/01/2019		3,150,000		3,283,875
				7,571,475
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc. 3.30%, 02/15/2022		3,650,000		3,710,794
Media - 1.7%
Cablevision Systems Corp. 7.75%, 04/15/2018		3,675,000		4,125,188
CCO Holdings LLC / CCO Holdings Capital Corp. 6.50%, 04/30/2021		65,000		67,543
Clear Channel Worldwide Holdings, Inc. 7.63%, 03/15/2020		5,805,000		6,108,487
Numericable-SFR SAS 4.88%, 05/15/2019 (B)		2,350,000		2,370,563
				12,671,781
Metals & Mining - 1.2%
Anglo American Capital PLC 9.38%, 04/08/2019 (B) (E)		1,956,000		2,437,614
Glencore Finance Canada, Ltd. 5.80%, 11/15/2016 (B)		1,950,000		2,067,061
Glencore Funding LLC 2.50%, 01/15/2019 (B) (E)		955,000		955,228
Rio Tinto Finance USA, Ltd. 9.00%, 05/01/2019 (E)		2,734,000		3,438,142
				8,898,045
Multi-Utilities - 0.4%
Black Hills Corp.
4.25%, 11/30/2023		1,730,000		1,842,794
5.88%, 07/15/2020		1,200,000		1,376,862
				3,219,656
Oil, Gas & Consumable Fuels - 3.8%
California Resources Corp. 5.00%, 01/15/2020		1,606,000		1,517,670
Chesapeake Energy Corp.
3.53%, 04/15/2019 (C)		1,465,500		1,406,880
6.50%, 08/15/2017 (E)		2,175,000		2,310,938
CITGO Holding, Inc. 10.75%, 02/15/2020 (B)		2,311,000		2,441,571
CITGO Petroleum Corp. 6.25%, 08/15/2022 (B)		1,706,000		1,667,615
Gazprom OAO Via GAZ Capital SA 5.09%, 11/29/2015 (B)		725,000		729,833
Linn Energy LLC / Linn Energy Finance Corp. 6.25%, 11/01/2019		3,255,000		2,750,475
Lukoil International Finance BV 3.42%, 04/24/2018 (B)		1,550,000		1,459,325
ONEOK Partners, LP 4.90%, 03/15/2025		2,255,000		2,292,900
Petrobras Global Finance BV 3.00%, 01/15/2019 (E)		3,980,000		3,717,320
Petroleum Co., of Trinidad & Tobago, Ltd. 9.75%, 08/14/2019 (B)		1,351,000		1,618,498

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    46

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.75%, 09/30/2019 (B) (E)		$   2,270,000		$   2,703,797
Rosneft Oil Co. via Rosneft International Finance, Ltd. 3.15%, 03/06/2017 (B)		765,000		726,750
YPF SA 8.50%, 07/28/2025 (B)		3,777,000		3,833,655
				29,177,227
Paper & Forest Products - 0.2%
Boise Cascade Co. 6.38%, 11/01/2020		1,455,000		1,531,388
Pharmaceuticals - 1.8%
Actavis Funding SCS
1.30%, 06/15/2017		2,235,000		2,220,986
3.80%, 03/15/2025		3,260,000		3,295,130
Actavis, Inc. 3.25%, 10/01/2022		2,015,000		1,999,116
Perrigo Co. PLC 2.30%, 11/08/2018		4,718,000		4,750,748
Valeant Pharmaceuticals International, Inc.
5.88%, 05/15/2023 (B)		769,000		789,186
6.13%, 04/15/2025 (B)		654,000		674,846
				13,730,012
Professional Services - 0.3%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 (B)		2,400,000		2,529,000
Real Estate Investment Trusts - 2.9%
ARC Properties Operating Partnership, LP 2.00%, 02/06/2017		3,975,000		3,865,687
CBL & Associates, LP 5.25%, 12/01/2023		1,463,000		1,551,950
EPR Properties
5.75%, 08/15/2022		875,000		957,015
7.75%, 07/15/2020		4,778,000		5,743,285
Government Properties Income Trust 3.75%, 08/15/2019		4,180,000		4,323,876
Hospitality Properties Trust 5.00%, 08/15/2022		1,653,000		1,761,214
Kilroy Realty, LP 6.63%, 06/01/2020		3,407,000		3,994,036
				22,197,063
Road & Rail - 1.2%
Aviation Capital Group Corp.
4.63%, 01/31/2018 (B)		1,410,000		1,476,362
7.13%, 10/15/2020 (B)		6,535,000		7,672,201
				9,148,563
Semiconductors & Semiconductor Equipment - 0.3%
KLA-Tencor Corp. 4.13%, 11/01/2021		2,085,000		2,168,877
Software - 0.4%
First Data Corp.
6.75%, 11/01/2020 (B)		442,000		470,730
7.38%, 06/15/2019 (B)		2,860,000		2,970,825
				3,441,555

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.3%
Claire’s Stores, Inc. 9.00%, 03/15/2019 (B)		$   2,425,000		$   2,164,555
Tobacco - 0.4%
Lorillard Tobacco Co. 8.13%, 06/23/2019		2,700,000		3,297,202
Trading Companies & Distributors - 0.6%
International Lease Finance Corp. 6.75%, 09/01/2016 (B)		4,530,000		4,790,475
Wireless Telecommunication Services - 3.0%
Crown Castle Towers LLC
3.22%, 05/15/2042		680,000		680,394
4.88%, 08/15/2040 (B)		2,150,000		2,353,790
6.11%, 01/15/2040 (B)		5,000,000		5,696,035
SBA Tower Trust 5.10%, 04/15/2042 (B)		3,680,000		3,827,252
Sprint Communications, Inc. 9.00%, 11/15/2018 (B)		5,430,000		6,178,308
WCP Wireless Site Funding / WCP Wireless Site RE Funding
4.14%, 11/15/2040 (B)		1,331,803		1,338,122
6.83%, 11/15/2040 (B)		2,570,000		2,614,482
				22,688,383
Total Corporate Debt Securities (Cost $460,180,212)				469,919,269
CONVERTIBLE BOND - 0.3%
Diversified Telecommunication Services - 0.3%
Level 3 Financing, Inc. 8.63%, 07/15/2020		2,090,000		2,267,650
Total Convertible Bond (Cost $2,286,121)				2,267,650
LOAN ASSIGNMENTS - 0.5%
Food & Staples Retailing - 0.1%
Albertson’s LLC, Term Loan B2 5.38%, 03/21/2019 (C)		495,012		498,647
Metals & Mining - 0.1%
Atkore International, Inc., 2nd Lien Term Loan 7.75%, 10/09/2021 (C)		550,000		518,375
Technology Hardware, Storage & Peripherals - 0.3%
Dell, Inc., Term Loan B 4.50%, 04/29/2020 (C)		2,603,298		2,611,254
Total Loan Assignments (Cost $3,625,960)				3,628,276
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 3.3%
U.S. Treasury Bill 0.02%, 06/11/2015 (H)		25,531,300		25,530,864
Total Short-Term U.S. Government Obligation (Cost $25,530,864)				25,530,864

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    47

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.1%
Pharmaceuticals - 0.1%
Actavis PLC Series A, 5.50%		$   1,152		$   1,152,760
Total Convertible Preferred Stock (Cost $1,152,006)				1,152,760
PREFERRED STOCKS - 0.8%
Banks - 0.1%
CoBank ACB Series F, 6.25% (C)		9,770		1,004,784
Consumer Finance - 0.3%
Ally Financial, Inc. Series A, 8.50% (C)		69,200		1,833,800
Diversified Telecommunication Services - 0.4%
Centaur Funding Corp. Series B, 9.08% (B)		2,661		3,319,597
Total Preferred Stocks (Cost $6,173,197)				6,158,181
COMMON STOCK - 0.2%
Diversified Telecommunication Services - 0.2%
Verizon Communications, Inc.		26,000		1,311,440
Total Common Stock (Cost $814,250)				1,311,440

	Shares		Value
WARRANT - 0.4%
Banks - 0.4%
Wells Fargo & Co. (I) Exercise Price $34.01 Expires 10/28/2018		148,210		$   3,121,303
Total Warrant (Cost $1,141,217)				3,121,303
SECURITIES LENDING COLLATERAL - 5.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (H)		43,898,957		43,898,957
Total Securities Lending Collateral (Cost $43,898,957)				43,898,957
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.01% (H), dated 04/30/2015, to be repurchased at $5,354,397 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $5,461,596.		$  5,354,396		5,354,396
Total Repurchase Agreement (Cost $5,354,396)				5,354,396
Total Investments (Cost $812,982,939) (J)				832,022,028
Net Other Assets (Liabilities) - (8.8)%				(67,459,750	)
Net Assets - 100.0%				$  764,562,278

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
U.S. Government Obligations	$	—	$	62,724,162	$	—	$	62,724,162
U.S. Government Agency Obligations		—		25,610,684		—		25,610,684
Foreign Government Obligations		—		7,321,299		—		7,321,299
Mortgage-Backed Securities		—		112,541,605		—		112,541,605
Asset-Backed Securities		—		57,071,985		—		57,071,985
Municipal Government Obligations		—		4,409,197		—		4,409,197
Corporate Debt Securities		—		469,919,269		—		469,919,269
Convertible Bond		—		2,267,650		—		2,267,650
Loan Assignments		—		3,628,276		—		3,628,276
Short-Term U.S. Government Obligation		—		25,530,864		—		25,530,864
Convertible Preferred Stock		1,152,760		—		—		1,152,760
Preferred Stocks		6,158,181		—		—		6,158,181
Common Stock		1,311,440		—		—		1,311,440
Warrant		3,121,303		—		—		3,121,303
Securities Lending Collateral		43,898,957		—		—		43,898,957
Repurchase Agreement		—		5,354,396		—		5,354,396
Total Investments	$	55,642,641	$	776,379,387	$	—	$	832,022,028

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    48

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(B)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $259,029,434, representing 33.9% of the Fund’s net assets.

^(C)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(D)  Illiquid security. Total aggregate value of illiquid securities is $556,936, representing 0.1% of the Fund’s net assets.

^(E)  All or a portion of the security is on loan. The value of all securities on loan is $42,986,271. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(F)  The security has a perpetual maturity; the date displayed is the next call date.

^(G)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2015; the maturity date disclosed is the ultimate maturity date.

^(H)  Rate disclosed reflects the yield at April 30, 2015.

^(I)  Non-income producing security.

^(J)  Aggregate cost for federal income tax purposes is $812,982,939. Aggregate gross unrealized appreciation and depreciation for all securities is $25,532,957 and $6,493,868, respectively. Net unrealized appreciation for tax purposes is $19,039,089.

^(K)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
CAD	Canadian Dollar
MXN	Mexican Peso
PHP	Philippine Peso

PORTFOLIO ABBREVIATIONS:

AGM	Assured Guaranty Municipal Corp.
IO	Interest only portion of STRIPS (Separate Trading of Registered Interest and Principal of Securities)
MTN	Medium Term Note
TBA	To Be Announced

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    49

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 5.2%
Banks - 0.5%
CIT Group, Inc. 5.25%, 03/15/2018		$  1,500,000		$  1,554,750
Building Products - 0.2%
Norbord, Inc. 6.25%, 04/15/2023 (A)		500,000		505,625
Chemicals - 0.2%
Hexion, Inc. 6.63%, 04/15/2020		750,000		701,250
Consumer Finance - 0.4%
Springleaf Finance Corp. 5.25%, 12/15/2019 (B)		1,000,000		1,007,500
Food Products - 0.2%
Post Holdings, Inc. 6.75%, 12/01/2021 (A) (B)		500,000		505,750
Health Care Providers & Services - 1.3%
CHS / Community Health Systems, Inc. 5.13%, 08/01/2021		1,000,000		1,035,000
LifePoint Hospitals, Inc. 5.50%, 12/01/2021		500,000		525,550
Tenet Healthcare Corp. 4.50%, 04/01/2021		2,000,000		1,992,500
				3,553,050
Household Durables - 0.4%
Meritage Homes Corp. 4.50%, 03/01/2018 (B)		1,000,000		1,018,750
Household Products - 0.4%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		1,000,000		1,045,000
Media - 1.1%
CCO Holdings LLC / CCO Holdings Capital Corp. 6.50%, 04/30/2021		2,000,000		2,078,250
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		1,000,000		1,052,500
				3,130,750
Oil, Gas & Consumable Fuels - 0.5%
CITGO Petroleum Corp. 6.25%, 08/15/2022 (A)		1,396,000		1,364,590
Total Corporate Debt Securities (Cost $14,407,241)				14,387,015
LOAN ASSIGNMENTS - 91.7%
Aerospace & Defense - 1.0%
BE Aerospace, Inc., Term Loan B 4.00%, 12/16/2021 (C)		997,500		1,007,974
Silver II US Holdings LLC, Term Loan 4.00%, 12/13/2019 (C)		922,290		897,696
TransDigm, Inc., Term Loan C 3.75%, 02/28/2020 (C)		984,887		986,801
				2,892,471
Auto Components - 1.6%
Crowne Group LLC, 1st Lien Term Loan 6.00%, 09/30/2020 (C)		1,493,747		1,486,278

	Principal		Value
LOAN ASSIGNMENTS (continued)
Auto Components (continued)
Goodyear Tire & Rubber Co., 2nd Lien Term Loan 4.75%, 04/30/2019 (C)		$  2,500,000		$  2,526,043
UCI International, Inc., Term Loan B 5.50%, 07/26/2017 (C)		492,288		482,852
				4,495,173
Automobiles - 0.4%
Chrysler Group LLC, Term Loan B 3.50%, 05/24/2017 (C)		994,832		996,076
Biotechnology - 0.8%
Sage Products Holdings III LLC, Refinance Term Loan B 5.00%, 12/13/2019 (C)		2,126,186		2,152,763
Building Products - 0.9%
KP Germany Erste GmbH, 1st Lien Term Loan TBD, 04/22/2020 (D) (E)		598,802		597,305
Ply Gem Industries, Inc., Term Loan 4.00%, 02/01/2021 (C)		1,980,000		1,974,060
				2,571,365
Capital Markets - 2.6%
ARG IH Corp., Term Loan B 4.78%, 11/15/2020 (C)		1,481,250		1,487,545
Duff & Phelps Investment Management Co., Incremental Delayed Draw Term Loan 4.50%, 04/23/2020 (C)		249,375		250,310
Duff & Phelps Investment Management Co., Incremental Term Loan 4.50%, 04/23/2020 (C)		249,375		250,310
Duff & Phelps Investment Management Co., Term Loan B 4.50%, 04/23/2020 (C)		984,973		984,562
Guggenheim Partners LLC, Term Loan 4.25%, 07/22/2020 (C)		2,483,640		2,494,506
Onex Wizard US Acquisition, Inc., Term Loan 5.25%, 03/13/2022 (C)		1,600,000		1,615,751
				7,082,984
Chemicals - 2.2%
Armored Autogroup, Inc., Term Loan B 6.00%, 11/05/2016 (C)		1,805,457		1,806,961
Klockner-Pentaplast of America, Inc., Term Loan TBD, 04/10/2020 (D) (E)		1,401,198		1,408,642
Minerals Technologies, Inc., Term Loan B 4.00%, 05/07/2021 (C)		915,513		918,564
Road Infrastructure Investment LLC, 2nd Lien Term Loan 7.75%, 09/21/2021 (C)		1,000,000		920,000
Trinseo Materials Operating SCA, Term Loan B TBD, 10/13/2021 (D) (E)		500,000		501,875
Tronox Pigments BV, Term Loan 4.25%, 03/19/2020 (C)		494,131		495,305
				6,051,347

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    50

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies - 3.1%
ADS Waste Holdings, Inc., Term Loan 3.75%, 10/09/2019 (C)		$   445,138		$   443,608
Asurion LLC, Term Loan B1 5.00%, 05/24/2019 (C)		1,686,513		1,696,116
EnergySolutions LLC, Term Loan 6.75%, 05/29/2020 (C)		937,857		939,811
Multi Packaging Solutions, Inc., Incremental Term Loan 4.25%, 09/30/2020 (C)		497,500		496,256
Multi Packaging Solutions, Inc., Term Loan A 4.25%, 09/30/2020 (C)		496,250		495,009
Multi Packaging Solutions, Inc., Term Loan B 4.25%, 09/30/2020 (C)		990,000		985,463
RGIS Services LLC, Term Loan C 5.50%, 10/18/2017 (C)		492,386		457,919
Varsity Brands, Inc., 1st Lien Term Loan 6.00%, 12/11/2021 (C)		1,496,250		1,511,212
W/S Packaging Group, Inc., Term Loan B 5.00%, 08/09/2019 (C)		471,314		454,228
WTG Holdings III Corp., 1st Lien Term Loan 4.75%, 01/15/2021 (C)		1,152,083		1,157,844
				8,637,466
Communications Equipment - 1.1%
AVSC Holding Corp., 1st Lien Term Loan 4.50%, 01/24/2021 (C) (E)		1,985,000		1,989,962
Riverbed Technology, Inc., Term Loan B TBD, 04/24/2022 (D) (E)		1,000,000		1,010,781
				3,000,743
Construction & Engineering - 1.1%
Granite Acquisition Inc., Term Loan B 5.00%, 12/19/2021 (C)		1,931,940		1,958,471
Granite Acquisition Inc., Term Loan C 5.00%, 12/19/2021 (C)		63,218		64,087
Pike Corp., 1st Lien Term Loan 5.50%, 12/22/2021 (C)		997,500		1,003,485
				3,026,043
Containers & Packaging - 7.6%
Anchor Glass Container Corp., 1st Lien Term Loan 4.25%, 06/30/2021 (C)		4,259,104		4,276,098
Berry Plastics Holding Corp., Term Loan E 3.75%, 01/06/2021 (C)		1,812,222		1,817,005
BWAY Holding Co., Inc., Term Loan B 5.50%, 08/14/2020 (C)		992,500		1,001,681
Crown Americas LLC, Term Loan B 5.50%, 10/22/2021 (C)		1,496,250		1,503,453
Exopack Holdings SA, Term Loan B 5.25%, 05/08/2019 (C)		1,983,718		1,992,810
Hilex Poly Co. LLC, Term Loan B 6.00%, 12/05/2021 (C)		798,000		805,980
Packaging Coordinators, Inc., 1st Lien Term Loan 5.25%, 08/01/2021 (C)		497,500		496,878
Printpack Holdings, Inc., Term Loan 6.00%, 05/28/2020 (C) (E)		2,991,231		2,970,666

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Tekni-Plex, Inc., Term Loan B TBD, 04/01/2022 (D) (E)		$   3,000,000		$   3,005,250
4.75%, 08/10/2019 (C)		2,968,650		2,964,939
				20,834,760
Distributors - 0.6%
Autoparts Holdings, Ltd., 1st Lien Term Loan 7.00%, 07/29/2017 (C)		1,016,884		1,007,987
PFS Holding Corp., 1st Lien Term Loan 4.50%, 01/31/2021 (C)		738,769		659,351
				1,667,338
Diversified Consumer Services - 2.6%
Affinion Group, Inc., Term Loan B 6.75%, 04/30/2018 (C)		986,156		944,245
Pre-Paid Legal Services, Inc., 1st Lien Term Loan 6.25%, 07/01/2019 (C)		1,335,328		1,339,223
ServiceMaster Co., Term Loan B 4.25%, 07/01/2021 (C) (E)		3,988,747		3,997,055
William Morris Endeavor Entertainment LLC, 1st Lien Term Loan 5.25%, 05/06/2021 (C)		992,500		989,771
				7,270,294
Diversified Telecommunication Services - 1.1%
Cincinnati Bell, Inc., Term Loan B 4.00%, 09/10/2020 (C)		886,500		887,424
Global Tel*Link Corp., 1st Lien Term Loan 5.00%, 05/22/2020 (C)		729,825		720,702
Hawaiian Telcom Communications, Inc., Term Loan B 5.00%, 06/06/2019 (C)		997,467		999,961
Level 3 Financing, Inc., Incremental Term Loan B5 4.50%, 01/31/2022 (C)		500,000		501,771
				3,109,858
Electric Utilities - 1.1%
Lonestar Generation LLC, Term Loan B 5.25%, 02/20/2021 (C)		1,487,490		1,476,334
Star West Generation LLC, Term Loan B 4.25%, 03/13/2020 (C)		1,681,331		1,687,635
				3,163,969
Electrical Equipment - 0.2%
Trojan Battery Co. LLC, Term Loan 5.75%, 06/11/2021 (C)		496,250		493,769
Electronic Equipment, Instruments & Components - 1.1%
Sensus USA, Inc., 1st Lien Term Loan 4.50%, 05/09/2017 (C)		2,173,857		2,168,422
Zebra Technologies Corp., Term Loan B 4.75%, 10/27/2021 (C)		977,273		988,675
				3,157,097
Energy Equipment & Services - 0.1%
Floatel International, Ltd., Term Loan B 6.00%, 06/27/2020 (C)		495,000		368,775

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    51

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food & Staples Retailing - 2.5%
Albertson’s LLC, Term Loan B2 5.38%, 03/21/2019 (C)		$   1,296,005		$   1,305,523
Rite Aid Corp., 2nd Lien Term Loan
TBD, 06/21/2021 (D) (E)		1,500,000		1,501,875
5.75%, 08/21/2020 (C)		2,280,000		2,297,100
Roundy’s Supermarkets, Inc., Term Loan B 5.75%, 03/03/2021 (C)		1,009,451		973,489
SUPERVALU, Inc., Refinance Term Loan B 4.50%, 03/21/2019 (C)		740,270		742,738
				6,820,725
Food Products - 5.2%
Aramark Services, Inc., Extended Synthetic Line of Credit 2 0.03%, 07/26/2016 (C) (E)		2,289,402		2,277,955
Aramark Services, Inc., Extended Synthetic Line of Credit 3 0.03%, 07/26/2016 (C) (E)		779,159		775,263
Bellisio Foods, Inc., Term Loan 5.25%, 08/01/2019 (C)		766,841		705,494
CSM Bakery Solutions LLC, 1st Lien Term Loan 5.00%, 07/03/2020 (C)		1,978,907		1,980,391
Del Monte Foods, Inc., 1st Lien Term Loan 4.25%, 02/18/2021 (C)		1,481,250		1,417,063
Del Monte Foods, Inc., 2nd Lien Term Loan 8.25%, 08/18/2021 (C)		250,000		225,000
Dole Food Co., Inc., Term Loan B 4.50%, 11/01/2018 (C)		2,400,172		2,415,173
HB Acquisition LLC, Term Loan 6.75%, 04/09/2020 (C)		994,975		1,014,874
Hearthside Group Holdings LLC, Term Loan 4.50%, 06/02/2021 (C)		992,500		993,716
Post Holdings, Inc., Series A, Incremental Term Loan 3.75%, 06/02/2021 (C) (E)		1,492,500		1,497,031
Shearer’s Foods, Inc., 1st Lien Term Loan 4.50%, 06/30/2021 (C)		995,000		997,488
				14,299,448
Health Care Equipment & Supplies - 6.2%
Alere, Inc., Term Loan B 4.25%, 06/30/2017 (C) (E)		2,947,650		2,962,388
Biomet Inc., Term Loan B2 3.68%, 07/25/2017 (C)		2,434,309		2,433,550
CPI Buyer LLC, 1st Lien Term Loan 5.50%, 08/18/2021 (C)		995,001		995,001
DJO Finance LLC, Term Loan 4.25%, 09/15/2017 (C)		2,486,203		2,492,418
Halyard Health, Inc., Term Loan B 4.00%, 11/01/2021 (C)		869,295		877,625
Kinetic Concepts, Inc., Term Loan E1 4.50%, 05/04/2018 (C)		1,979,962		1,991,925
Kinetic Concepts, Inc., Term Loan E2 TBD, 11/04/2016 (D) (E)		2,000,000		1,999,000

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Equipment & Supplies (continued)
Millennium Laboratories, Inc., Term Loan B 5.25%, 04/16/2021 (C)		$   496,250		$   401,963
Onex Carestream Finance, LP, 1st Lien Term Loan 5.00%, 06/07/2019 (C)		2,909,454		2,934,306
				17,088,176
Health Care Providers & Services - 6.7%
Ardent Medical Services, Inc., Term Loan 6.75%, 07/02/2018 (C) (E)		2,738,675		2,742,099
Community Health Systems, Inc., Term Loan D 4.25%, 01/27/2021 (C)		3,086,507		3,104,254
IASIS Healthcare LLC, Term Loan B2 4.50%, 05/03/2018 (C)		2,479,746		2,487,806
Medpace Holdings, Inc., 1st Lien Term Loan 4.75%, 04/01/2021 (C)		470,297		472,061
Ortho-Clinical Diagnostics, Inc., Term Loan B 4.75%, 06/30/2021 (C) (E)		2,485,000		2,476,568
Planet Fitness Holdings LLC, Term Loan 4.75%, 03/31/2021 (C)		990,000		994,950
Radnet Management, Inc., Term Loan B 4.28%, 10/10/2018 (C) (E)		1,965,260		1,967,716
Regionalcare Hospital Partners, Inc., 1st Lien Term Loan 6.00%, 04/19/2019 (C)		1,989,981		1,989,981
Surgery Center Holdings, Inc., 1st Lien Term Loan 5.25%, 11/03/2020 (C)		498,750		501,244
United Surgical Partners International, Inc., Extended Term Loan   4.25%, 04/19/2017 (C)		493,639		493,639
United Surgical Partners International, Inc., Incremental Term Loan 4.75%, 04/03/2019 (C)		496,203		496,823
Valitas Health Services, Inc., Term Loan B 6.00%, 06/02/2017 (C)		700,000		689,500
				18,416,641
Hotels, Restaurants & Leisure - 6.4%
1011778 B.C. Unlimited Liability Co., Term Loan B 4.50%, 12/12/2021 (C)		2,477,926		2,505,359
Affinity Gaming LLC, Term Loan B 5.25%, 11/09/2017 (C)		515,963		517,253
Aristocrat Leisure, Ltd., Term Loan B 4.75%, 10/20/2021 (C)		488,462		491,786
Caesars Entertainment Resort Properties LLC, Term Loan B 7.00%, 10/11/2020 (C)		493,750		471,443
Great Wolf Resorts, Inc., Term Loan B 5.75%, 08/06/2020 (C)		1,977,387		1,978,211
Hilton Worldwide Finance LLC, Term Loan B2 3.50%, 10/26/2020 (C)		950,000		953,061
MGM Resorts International, Term Loan B 3.50%, 12/20/2019 (C)		1,484,829		1,484,829
Mohegan Tribal Gaming Authority, Term Loan A TBD, 06/15/2018 (D) (E)		1,500,000		1,440,000

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    52

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
Mohegan Tribal Gaming Authority, Term Loan B 5.50%, 11/19/2019 (C)		$   997,475		$   993,984
NEP / NCP Holdco, Inc., Incremental Term Loan 4.25%, 01/22/2020 (C)		1,480,078		1,463,890
NPC International, Inc., Term Loan B 4.00%, 12/28/2018 (C)		497,436		494,327
Peninsula Gaming LLC, Term Loan 4.25%, 11/20/2017 (C) (E)		1,456,144		1,461,605
Pinnacle Entertainment, Inc., Term Loan B2 3.75%, 08/13/2020 (C)		926,174		926,367
Scientific Games International, Inc., Term Loan B1 6.00%, 10/18/2020 (C)		1,979,987		1,998,962
Scientific Games International, Inc., Term Loan B2 6.00%, 10/01/2021 (C)		498,750		503,530
				17,684,607
Household Durables - 1.4%
API Heat Transfer ThermaSys Corp., Term Loan 5.25%, 05/03/2019 (C)		980,769		980,769
Hoffmaster Group, Inc., 1st Lien Term Loan 5.25%, 05/09/2020 (C)		992,500		997,462
Libbey Glass, Inc., Term Loan B 3.75%, 04/09/2021 (C)		1,494,981		1,496,850
Otter Products LLC, Term Loan 5.75%, 06/03/2020 (C)		496,250		495,940
				3,971,021
Household Products - 1.6%
KIK Custom Products, Inc., 1st Lien Term Loan 5.50%, 04/29/2019 (C) (E)		2,474,933		2,475,707
Reynolds Group Holdings, Inc., Term Loan 4.50%, 12/01/2018 (C) (E)		1,944,445		1,961,459
				4,437,166
Independent Power and Renewable Electricity Producers - 1.1%
Dynegy Holdings, Inc., Term Loan B2 4.00%, 04/23/2020 (C)		2,474,906		2,484,187
Terra-Gen Finance Co. LLC, Term Loan B 5.25%, 12/09/2021 (C)		492,381		493,612
				2,977,799
Industrial Conglomerates - 0.4%
Osmose Holdings, Inc., 1st Lien Term Loan 4.75%, 08/15/2021 (C)		992,500		986,917
IT Services - 1.1%
SunGard Data Systems, Inc., Term Loan C 3.93%, 02/28/2017 (C)		1,000,000		1,001,875
SunGard Data Systems, Inc., Term Loan E 4.00%, 03/08/2020 (C)		2,019,928		2,031,922
				3,033,797
Life Sciences Tools & Services - 0.4%
INC Research LLC, Term Loan B 4.50%, 11/13/2021 (C)		997,500		999,994

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery - 4.4%
Apex Tool Group LLC, Term Loan B 4.50%, 01/31/2020 (C)		$   980,000		$   978,775
Doosan Infracore International, Inc., Term Loan B 4.50%, 05/28/2021 (C)		1,373,365		1,387,099
Filtration Group Corp., 1st Lien Term Loan 4.25%, 11/21/2020 (C)		1,481,250		1,489,890
Gardner Denver, Inc., Term Loan 4.25%, 07/30/2020 (C)		1,981,209		1,930,936
Rexnord LLC, 1st Lien Term Loan B 4.00%, 08/21/2020 (C)		1,979,950		1,985,947
Wastequip LLC, Term Loan 5.50%, 08/09/2019 (C) (E)		1,981,231		1,972,151
Xerium Technologies, Inc., 1st Lien Term Loan B 5.75%, 05/17/2019 (C)		2,473,638		2,504,559
				12,249,357
Marine - 0.5%
Commercial Barge Line Co., 1st Lien Term Loan 7.50%, 09/23/2019 (C) (E)		1,490,000		1,488,137
Media - 4.1%
Block Communications, Inc., Term Loan B 4.25%, 11/07/2021 (C)		995,000		1,001,218
Cumulus Media Holdings, Inc., Term Loan 4.25%, 12/23/2020 (C)		1,410,278		1,386,303
Learfield Communications, Inc., 1st Lien Term Loan 4.50%, 10/09/2020 (C)		1,485,022		1,498,016
Liberty Cablevision of Puerto Rico LLC, 1st Lien Term Loan 4.50%, 01/07/2022 (C) (E)		1,797,959		1,789,532
Media General, Inc., Term Loan B 4.25%, 07/31/2020 (C)		979,424		986,035
Tribune Co., Term Loan 4.00%, 12/27/2020 (C)		2,106,536		2,114,436
Univision Communications, Inc., Term Loan C4 4.00%, 03/01/2020 (C)		1,477,248		1,477,248
WMG Acquisition Corp., Term Loan 3.75%, 07/01/2020 (C)		985,000		978,844
				11,231,632
Metals & Mining - 0.5%
American Rock Salt Holdings LLC, 1st Lien Term Loan 4.75%, 05/20/2021 (C)		994,994		998,310
WireCo WorldGroup, Inc., Term Loan 6.00%, 02/15/2017 (C)		473,634		473,634
				1,471,944
Multi-Utilities - 0.4%
Solenis International, LP, 1st Lien Term Loan 4.25%, 07/31/2021 (C)		995,000		996,244
Multiline Retail - 0.4%
Dollar Tree, Inc., Term Loan B 4.25%, 03/09/2022 (C)		1,000,000		1,012,500

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    53

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels - 1.0%
Arch Coal, Inc., Term Loan B 6.25%, 05/16/2018 (C)		$   492,422		$   366,239
CITGO Holding, Inc., Term Loan B 9.50%, 05/12/2018 (C)		997,500		1,006,228
CITGO Petroleum Corp., Term Loan B 4.50%, 07/29/2021 (C)		498,747		499,994
Southeast PowerGen LLC, Term Loan B 4.50%, 12/02/2021 (C)		997,500		1,007,475
				2,879,936
Personal Products - 2.2%
Prestige Brands, Inc., Term Loan 4.13%, 01/31/2019 (C)		773,896		775,444
Prestige Brands, Inc., Term Loan B2 4.50%, 09/03/2021 (C)		1,354,167		1,358,963
Revlon Consumer Products Corp., Acquisition Term Loan 4.00%, 10/08/2019 (C)		2,926,350		2,934,582
Vogue International, Inc., Term Loan 5.75%, 02/14/2020 (C)		990,000		1,001,138
				6,070,127
Pharmaceuticals - 3.0%
Akorn, Inc., Term Loan B 4.50%, 04/16/2021 (C)		995,000		996,244
Amneal Pharmaceuticals LLC, Incremental Term Loan 4.51%, 11/01/2019 (C)		500,000		502,500
Amneal Pharmaceuticals LLC, Term Loan 5.00%, 11/01/2019 (C)		1,429,648		1,436,200
Catalent Pharma Solutions, Inc., Term Loan B 4.25%, 05/20/2021 (C)		2,484,989		2,504,959
Valeant Pharmaceuticals International, Inc., Series E, Term Loan B 3.50%, 08/05/2020 (C)		2,302,213		2,307,105
Valeant Pharmaceuticals International, Inc., Term Loan B F1 TBD, 04/01/2022 (D) (E)		500,000		503,062
				8,250,070
Professional Services - 1.7%
Ceridian LLC, Term Loan 4.50%, 09/15/2020 (C) (E)		3,344,095		3,335,735
TransUnion LLC, Term Loan 4.00%, 04/09/2021 (C)		1,485,000		1,491,188
				4,826,923
Real Estate Investment Trusts - 0.4%
Communications Sales & Leasing, Inc., Term Loan B 5.00%, 09/30/2022 (C)		1,000,000		998,125
Real Estate Management & Development - 2.0%
CityCenter Holdings LLC, Term Loan B 4.25%, 10/16/2020 (C)		2,000,000		2,012,084
DTZ U.S. Borrower LLC, 1st Lien Term Loan 5.50%, 11/04/2021 (C)		598,500		603,986
Realogy Corp., Extended Letter of Credit 4.25%, 10/10/2016 (C) (E)		1,860,940		1,842,331

	Principal		Value
LOAN ASSIGNMENTS (continued)
Real Estate Management & Development (continued)
Realogy Corp., Term Loan B 3.75%, 03/05/2020 (C)		$   1,186,994		$   1,189,962
				5,648,363
Road & Rail - 1.0%
Fly Funding II SARL, Term Loan B 4.50%, 08/09/2019 (C)		1,658,888		1,663,035
Swift Transportation Co. LLC, Term Loan B 3.75%, 06/09/2021 (C)		994,975		998,084
				2,661,119
Semiconductors & Semiconductor Equipment - 0.9%
Freescale Semiconductor, Inc., Term Loan B4 4.25%, 02/28/2020 (C)		1,486,237		1,491,347
Lattice Semiconductor Corp., Term Loan 5.25%, 03/10/2021 (C)		1,000,000		1,005,000
				2,496,347
Software - 3.5%
BMC Foreign Holding Co., Term Loan 5.00%, 09/10/2020 (C)		493,750		478,938
BMC Software Finance, Inc., Term Loan 5.00%, 09/10/2020 (C)		476,389		467,727
First Data Corp., Term Loan B 3.68%, 03/24/2017 (C) (E)		2,500,000		2,504,017
Infor, Inc., Term Loan B3 3.75%, 06/03/2020 (C)		997,419		994,614
Infor, Inc., Term Loan B5 3.75%, 06/03/2020 (C)		1,452,522		1,448,438
Kronos, Inc., Initial Incremental Term Loan 4.50%, 10/30/2019 (C)		1,972,976		1,985,925
Magic Newco LLC, 1st Lien Term Loan 5.00%, 12/12/2018 (C) (E)		1,697,468		1,703,834
				9,583,493
Specialty Retail - 1.1%
Men’s Wearhouse, Inc., Term Loan 5.00%, 06/18/2021 (C)		500,000		502,500
PetSmart, Inc., 1st Lien Term Loan 5.00%, 03/11/2022 (C)		500,000		506,000
Pilot Travel Centers LLC, Term Loan B 4.25%, 10/01/2021 (C)		990,000		1,003,200
Staples, Inc., Term Loan B TBD, 04/07/2021 (D) (E)		1,000,000		1,004,028
				3,015,728
Technology Hardware, Storage & Peripherals - 1.1%
Dell, Inc., Term Loan B 4.50%, 04/29/2020 (C)		2,969,962		2,979,038
Textiles, Apparel & Luxury Goods - 1.1%
Polymer Group, Inc., 1st Lien Term Loan 5.25%, 12/19/2019 (C) (E)		2,977,771		2,995,140
Water Utilities - 0.2%
Utility Services Associates, Inc., Term Loan B 6.75%, 10/18/2019 (C)		493,750		497,453
Total Loan Assignments (Cost $252,852,546)				253,040,258

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    54

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUND - 0.7%
Capital Markets - 0.7%
PowerShares Senior Loan Portfolio (B)		76,200		$   1,842,516
Total Exchange-Traded Fund (Cost $1,897,870)				1,842,516
SECURITIES LENDING COLLATERAL - 1.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (F)		2,845,555		2,845,555
Total Securities Lending Collateral (Cost $2,845,555)				2,845,555

	Principal		Value
REPURCHASE AGREEMENT - 15.2%
State Street Bank & Trust Co. 0.01% (F), dated 04/30/2015, to be repurchased at $41,816,368 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $42,653,266.		$  41,816,356		$  41,816,356
Total Repurchase Agreement (Cost $41,816,356)				41,816,356
Total Investments (Cost $313,819,568) (G)				313,931,700
Net Other Assets (Liabilities) - (13.8)%				(38,145,550	)
Net Assets - 100.0%				$  275,786,150

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Corporate Debt Securities	$	—	$	14,387,015	$	—	$	14,387,015
Loan Assignments		—		253,040,258		—		253,040,258
Exchange-Traded Fund		1,842,516		—		—		1,842,516
Securities Lending Collateral		2,845,555		—		—		2,845,555
Repurchase Agreement		—		41,816,356		—		41,816,356
Total Investments	$	4,688,071	$	309,243,629	$	—	$	313,931,700

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $2,375,965, representing 0.9% of the Fund’s net assets.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $2,782,936. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(D)  All or a portion of the security represents unsettled loan commitments at April 30, 2015 where the rate will be determined at time of settlement.

^(E)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(F)  Rate disclosed reflects the yield at April 30, 2015.

^(G)  Aggregate cost for federal income tax purposes is $313,819,568. Aggregate gross unrealized appreciation and depreciation for all securities is $1,422,132 and $1,310,000, respectively. Net unrealized appreciation for tax purposes is $112,132.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

TBD To be determined

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    55

Transamerica Global Bond

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 13.4%
U.S. Treasury Note
1.38%, 03/31/2020		$  190,000		$  189,392
1.75%, 03/31/2022		200,000		199,344
2.00%, 02/15/2025		6,495,000		6,468,617
Total U.S. Government Obligations (Cost $6,930,988)				6,857,353
FOREIGN GOVERNMENT OBLIGATIONS - 65.8%
Austria - 1.2%
Austria Government Bond Series 1 1.65%, 10/21/2024 (A)		EUR  485,000		603,652
Belarus - 0.5%
Republic of Belarus 8.75%, 08/03/2015 (A)		$  250,000		240,460
Belgium - 0.9%
Belgium Government Bond 3.75%, 06/22/2045 (A)		EUR  256,522		463,189
Brazil - 1.2%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2017 - 01/01/2025		BRL  1,985,000		602,122
Canada - 8.5%
Canadian Government Bond 1.25%, 03/01/2018		CAD  900,000		757,932
Export Development Canada Series MTN 6.30%, 09/29/2015 (A) (B) (C)		INR  20,000,000		315,812
Province of Alberta, Canada 2.35%, 06/01/2025		CAD  750,000		626,102
Province of Manitoba, Canada 1.75%, 05/30/2019		$  300,000		303,371
Province of Quebec, Canada
4.50%, 12/01/2020		CAD  1,100,000		1,050,666
Series MTN
6.35%, 01/30/2026		$  715,000		922,557
7.30%, 07/22/2026		280,000		376,416
				4,352,856
Colombia - 0.6%
Colombia Government International Bond 4.38%, 03/21/2023		COP  748,000,000		292,040
Croatia - 0.7%
Croatia Government International Bond 3.88%, 05/30/2022 (A)		EUR  310,000		363,594
Hungary - 1.6%
Hungary Government Bond 3.50%, 06/24/2020		HUF  100,000,000		380,591
Magyar Nemzeti Bank 6.00%, 10/19/2015		JPY  51,000,000		433,320
				813,911
Indonesia - 3.2%
Indonesia Government International Bond 2.88%, 07/08/2021 (D)		EUR  988,000		1,164,844

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Indonesia (continued)
Indonesia Treasury Bond
5.63%, 05/15/2023		IDR  3,095,000,000		$   209,517
7.00%, 05/15/2022		1,000,000,000		74,253
8.38%, 09/15/2026		2,059,000,000		164,402
				1,613,016
Italy - 1.0%
Italy Buoni Poliennali del Tesoro 4.75%, 09/01/2044 (A)		EUR  310,000		513,855
Korea, Republic of - 3.0%
Export-Import Bank of Korea Series MTN 3.00%, 05/22/2018 (A)		NOK  1,500,000		204,470
Republic of Korea 2.13%, 06/10/2024 (A)		EUR  1,085,000		1,311,191
				1,515,661
Mexico - 3.6%
Mexican Bonos
Series M
7.75%, 05/29/2031		MXN  12,791,200		952,001
8.00%, 06/11/2020		12,010,000		875,066
				1,827,067
Netherlands - 3.8%
Netherlands Government Bond
2.00%, 07/15/2024		EUR  600,000		769,699
2.50%, 01/15/2033 (A)		790,000		1,151,928
				1,921,627
New Zealand - 3.0%
New Zealand Government Bond 3.00%, 04/15/2020 (A)		NZD  1,988,000		1,506,264
Norway - 1.0%
City of Oslo, Norway 2.40%, 02/13/2030		NOK  4,000,000		517,848
Poland - 2.6%
Poland Government Bond
3.25%, 07/25/2019		PLN  2,500,000		725,239
3.75%, 04/25/2018		2,075,000		606,905
				1,332,144
Portugal - 2.1%
Portugal Obrigacoes do Tesouro OT
4.10%, 02/15/2045 (A)		EUR  500,000		684,597
4.95%, 10/25/2023 (A)		275,000		386,180
				1,070,777
Romania - 2.3%
Romanian Government International Bond Series MTN 4.88%, 11/07/2019 (A)		888,000		1,161,162
Slovenia - 1.2%
Slovenia Government Bond 4.63%, 09/09/2024 (A)		293,000		425,759
Slovenia Government International Bond 5.50%, 10/26/2022 (D)		$  170,000		196,170
				621,929

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    56

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
South Africa - 1.0%
South Africa Government Bond
8.75%, 01/31/2044		ZAR  1,500,000		$   127,554
10.50%, 12/21/2026		3,860,000		386,219
				513,773
Spain - 2.2%
Spain Government Bond 5.15%, 10/31/2028 - 10/31/2044 (A)		EUR  698,000		1,130,390
Supranational - 10.0%
European Bank for Reconstruction & Development Series MTN 6.00%, 03/03/2016		INR  17,100,000		266,754
European Investment Bank Series MTN 2.25%, 03/07/2020 (A)		GBP  600,000		956,467
Inter-American Development Bank
Series MTN
7.20%, 01/22/2018		IDR  4,000,000,000		299,695
7.25%, 07/17/2017		13,000,000,000		979,044
International Bank for Reconstruction & Development
1.38%, 06/23/2019		SEK  2,000,000		250,320
Series MTN
3.75%, 05/19/2017		NOK  3,250,000		452,406
International Finance Corp.
Series MTN
3.63%, 05/20/2020		NZD  560,000		422,982
3.88%, 02/26/2018		500,000		384,039
6.45%, 10/30/2018		INR  30,000,000		470,858
7.75%, 12/03/2016		35,000,000		556,166
7.80%, 06/03/2019		4,500,000		73,642
				5,112,373
Sweden - 3.0%
Kommuninvest I Sverige AB 1.48%, 11/15/2016 (E)		NOK  1,500,000		199,505
Sweden Government Bond 3.50%, 06/01/2022		SEK  9,000,000		1,325,784
				1,525,289
Thailand - 0.8%
Thailand Government Bond 3.88%, 06/13/2019		THB  13,000,000		424,508
Turkey - 2.5%
Turkey Government Bond 10.50%, 01/15/2020		TRY  830,000		326,708
Turkey Government International Bond
4.35%, 11/12/2021		EUR  355,000		439,272
5.88%, 04/02/2019		400,000		513,704
				1,279,684
Ukraine - 0.2%
Ukraine Government International Bond 7.50%, 04/17/2023 (D) (F)		$  250,000		118,350
United Kingdom - 2.7%
U.K. Gilt
1.75%, 09/07/2022 (A)		GBP  733,000		1,135,111
4.75%, 12/07/2030 (A)		130,000		266,853
				1,401,964

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Uruguay - 1.4%
Uruguay Government International Bond 4.25%, 04/05/2027		UYU  19,190,579		$   721,179
Total Foreign Government Obligations (Cost $35,451,002)				33,560,684
CORPORATE DEBT SECURITIES - 17.1%
Cayman Islands - 0.5%
Dubai Holding Commercial Operations, Ltd. Series MTN 6.00%, 02/01/2017		GBP  150,000		236,559
Colombia - 0.7%
Financiera de Desarrollo Territorial SA Findeter 7.88%, 08/12/2024 (D)		COP  836,000,000		355,879
France - 0.9%
Numericable-SFR SAS 5.63%, 05/15/2024 (D)		EUR  400,000		474,382
Germany - 1.1%
KFW
Series MTN
3.75%, 08/16/2017		NZD  500,000		382,817
3.75%, 06/14/2018 (A)		200,000		153,143
				535,960
Ireland - 2.8%
GE Capital UK Funding
Series MTN
4.13%, 09/28/2017		GBP  500,000		818,160
5.13%, 05/24/2023		320,000		580,932
				1,399,092
Mexico - 2.2%
America Movil SAB de CV
4.75%, 06/28/2022		EUR  90,000		126,394
6.00%, 06/09/2019		MXN  3,000,000		194,975
6.45%, 12/05/2022		5,000,000		315,930
Petroleos Mexicanos 7.47%, 11/12/2026		8,000,000		500,326
				1,137,625
Netherlands - 1.5%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Series MTN
4.00%, 01/25/2016		NOK  4,660,000		629,230
4.25%, 05/02/2018		NZD  200,000		153,408
				782,638
Peru - 4.9%
Telefonica del Peru SAA 8.00%, 04/11/2016 (A)		PEN  7,728,130		2,513,925
United States - 2.3%
Goldman Sachs Group, Inc. 5.20%, 12/17/2019		NZD  240,000		187,638
Morgan Stanley
3.13%, 08/05/2021		CAD  700,000		596,610
Series MTN
7.60%, 08/08/2017		NZD  500,000		405,934
				1,190,182

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    57

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Virgin Islands, British - 0.2%
China Cinda Finance I, Ltd. 4.25%, 04/23/2025 (D)		$  110,000		$   107,978
Total Corporate Debt Securities (Cost $9,514,116)				8,734,220
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (G)		120,412		120,412
Total Securities Lending Collateral (Cost $120,412)				120,412

	Principal		Value
REPURCHASE AGREEMENT - 2.3%
State Street Bank & Trust Co. 0.01% (G), dated 04/30/2015, to be repurchased at $1,167,355 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $1,192,943.		$  1,167,354		$  1,167,354
Total Repurchase Agreement (Cost $1,167,354)				1,167,354
Total Investments (Cost $53,183,872) (H)				50,440,023
Net Other Assets (Liabilities) - 1.2%				596,073
Net Assets - 100.0%				$  51,036,096

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
BCLY	05/05/2015	BRL	374,235	USD	125,012	$	—	$	(1,020	)
BCLY	05/05/2015	USD	122,000	BRL	374,235		—		(1,991	)
BCLY	05/29/2015	TRY	1,160,732	USD	435,000		—		(4,493	)
BCLY	06/02/2015	USD	400,000	BRL	1,170,200		16,086		—
BOA	05/15/2015	USD	435,000	TRY	1,167,671		60		—
BOA	05/26/2015	USD	1,300,000	PEN	4,089,800		—		(978	)
BOA	05/29/2015	PLN	2,129,664	USD	582,582		8,415		—
BOA	05/29/2015	USD	251,304	TRY	674,182		1,254		—
BOA	06/02/2015	BRL	1,180,200	USD	400,000		—		(12,805	)
HSBC	05/29/2015	USD	1,900,597	EUR	1,731,136		—		(43,962	)
HSBC	05/29/2015	USD	2,100,907	GBP	1,371,000		—		(3,126	)
HSBC	05/29/2015	USD	175,000	ZAR	2,065,700		2,208		—
HSBC	05/29/2015	ZAR	2,538,039	USD	213,116		—		(814	)
JPM	05/05/2015	BRL	4,871,260	USD	1,565,082		55,473		(6,612	)
JPM	05/05/2015	USD	1,572,143	BRL	4,871,260		6,670		(48,469	)
JPM	05/20/2015	RUB	2,104,000	USD	40,000		550		—
JPM	05/26/2015	RUB	43,469,866	USD	822,000		15,733		(1,731	)
JPM	05/29/2015	AUD	1,140,000	USD	909,013		—		(8,362	)
JPM	05/29/2015	USD	1,586,199	NOK	12,167,775		—		(28,382	)
JPM	05/29/2015	USD	4,574,504	NZD	5,941,570		52,811		—
JPM	06/02/2015	USD	271,000	BRL	801,347		8,097		—
RBS	05/29/2015	JPY	847,292,583	USD	7,133,053		—		(34,879	)
RBS	05/29/2015	MXN	25,080,817	USD	1,643,458		—		(12,146	)
SCB	05/07/2015	KRW	287,657,500	USD	265,000		3,292		—
SCB	05/07/2015	USD	265,000	KRW	290,387,000		—		(5,838	)
SCB	05/29/2015	USD	2,617,200	CAD	3,152,313		5,493		—
SCB	05/29/2015	USD	80,000	TRY	215,384		116		—
SCB	05/29/2015	USD	475,000	ZAR	5,652,299		2,196		—
Total						$	178,454	$	(215,608	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    58

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		66.5	%	$	33,560,684
U.S. Government Obligations		13.6			6,857,353
Diversified Telecommunication Services		5.0			2,513,925
Diversified Financial Services		3.7			1,862,949
Banks		2.6			1,318,598
Capital Markets		2.4			1,190,182
Wireless Telecommunication Services		1.3			637,299
Oil, Gas & Consumable Fuels		1.0			500,326
Media		0.9			474,382
Commercial Services & Supplies		0.5			236,559
Investments, at Value		97.5			49,152,257
Short-Term Investments		2.5			1,287,766
Total Investments		100.0	%	$	50,440,023

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs (J)		Value at April 30, 2015
ASSETS
Investments
U.S. Government Obligations	$	—	$	6,857,353		$	—	$	6,857,353
Foreign Government Obligations		—		33,244,872			315,812		33,560,684
Corporate Debt Securities		—		8,734,220			—		8,734,220
Securities Lending Collateral		120,412		—			—		120,412
Repurchase Agreement		—		1,167,354			—		1,167,354
Total Investments	$	120,412	$	50,003,799		$	315,812	$	50,440,023
Derivative Financial Instruments
Forward Foreign Currency Contracts (K)	$	—	$	178,454		$	—	$	178,454
Total Derivative Financial Instruments	$	—	$	178,454		$	—	$	178,454
LIABILITIES
Derivative Financial Instruments
Forward Foreign Currency Contracts (K)	$	—	$	(215,608	)	$	—	$	(215,608	)
Total Derivative Financial Instruments	$	—	$	(215,608	)	$	—	$	(215,608	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(B)  Security is Level 3 of the fair value hierarchy.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $315,812, representing 0.6% of the Fund’s net assets.

^(D)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $2,417,603, representing 4.7% of the Fund’s net assets.

^(E)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    59

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(F)  All or a portion of the security is on loan. The value of all securities on loan is $117,608. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(G)  Rate disclosed reflects the yield at April 30, 2015.

^(H)  Aggregate cost for federal income tax purposes is $53,183,872. Aggregate gross unrealized appreciation and depreciation for all securities is $275,035 and $3,018,884, respectively. Net unrealized depreciation for tax purposes is $2,743,849.

^(I)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(J)  Level 3 securities were not considered significant to the Fund.

^(K)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thai Baht
TRY	Turkish New Lira
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank
RBS	Royal Bank of Scotland Group PLC
SCB	Standard Chartered Bank

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    60

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
PREFERRED STOCK - 1.6%
Automobiles - 1.6%
Hyundai Motor Co. 2.59% (A)		44,614		$  5,058,762
Total Preferred Stock (Cost $4,997,562)				5,058,762
COMMON STOCKS - 95.1%
Aerospace & Defense - 4.2%
Honeywell International, Inc.		66,939		6,755,484
Safran SA		87,323		6,380,458
				13,135,942
Airlines - 3.6%
Southwest Airlines Co.		90,326		3,663,622
United Continental Holdings, Inc. (B)		124,517		7,438,646
				11,102,268
Auto Components - 4.4%
Delphi Automotive PLC, Class A		80,045		6,643,735
NGK Spark Plug Co., Ltd.		119,895		3,357,458
Valeo SA		22,452		3,599,497
				13,600,690
Banks - 8.3%
Bank Rakyat Indonesia Persero Tbk PT		1,552,700		1,386,250
ING Groep NV, CVA (B)		495,828		7,606,765
Lloyds Banking Group PLC		5,002,527		5,924,376
Swedbank AB, Class A		123,304		2,867,148
Wells Fargo & Co.		148,816		8,199,762
				25,984,301
Biotechnology - 2.5%
Alexion Pharmaceuticals, Inc. (B)		12,290		2,079,837
Incyte Corp. (B) (C)		18,082		1,756,847
Regeneron Pharmaceuticals, Inc., Class A (B) (C)		8,695		3,977,615
				7,814,299
Chemicals - 0.9%
Johnson Matthey PLC		52,522		2,685,387
Construction & Engineering - 0.7%
Boskalis Westminster NV		44,450		2,309,648
Construction Materials - 1.6%
HeidelbergCement AG		47,783		3,667,842
Semen Indonesia Persero Tbk PT		1,321,900		1,271,172
				4,939,014
Consumer Finance - 2.3%
Capital One Financial Corp.		90,411		7,309,729
Diversified Financial Services - 3.0%
JPMorgan Chase & Co.		148,927		9,421,122
Diversified Telecommunication Services - 2.4%
Nippon Telegraph & Telephone Corp.		110,400		7,454,756
Electric Utilities - 4.6%
Kansai Electric Power Co., Inc. (B)		558,900		5,616,880
Korea Electric Power Corp.		23,595		1,026,003
Korea Electric Power Corp., ADR (C)		355,602		7,659,667
				14,302,550
Electronic Equipment, Instruments & Components - 1.0%
TE Connectivity, Ltd.		46,147		3,071,083
Food & Staples Retailing - 1.9%
Wal-Mart Stores, Inc.		75,813		5,917,205

	Shares		Value
COMMON STOCKS (continued)
Food Products - 0.7%
Darling International, Inc. (B) (C)		150,345		$  2,053,713
Health Care Equipment & Supplies - 1.3%
St. Jude Medical, Inc. (C)		57,889		4,055,124
Health Care Providers & Services - 2.0%
Express Scripts Holding Co. (B)		73,158		6,320,851
Hotels, Restaurants & Leisure - 3.4%
Royal Caribbean Cruises, Ltd., Class A		91,228		6,208,977
Yum! Brands, Inc.		52,108		4,479,204
				10,688,181
Insurance - 6.6%
Aflac, Inc. (C)		84,478		5,325,493
PICC Property & Casualty Co., Ltd., Class H		2,534,044		5,620,763
Prudential PLC		176,663		4,398,470
Reinsurance Group of America, Inc., Class A (C)		55,501		5,085,002
				20,429,728
Internet & Catalog Retail - 1.1%
Ctrip.com International, Ltd., ADR (B)		53,745		3,422,482
Internet Software & Services - 5.3%
Alibaba Group Holding, Ltd., ADR (B)		53,704		4,365,598
Baidu, Inc., ADR (B)		11,352		2,273,579
Google, Inc., Class C (B)		18,552		9,968,616
				16,607,793
IT Services - 3.2%
InterXion Holding NV (B)		62,617		1,906,687
Visa, Inc., Class A (C)		120,336		7,948,193
				9,854,880
Machinery - 6.0%
Amada Co., Ltd.		559,723		5,648,304
Nabtesco Corp.		148,466		4,083,412
Pentair PLC (C)		93,262		5,796,233
SMC Corp.		10,915		3,283,470
				18,811,419
Media - 1.8%
Comcast Corp., Class A (C)		96,722		5,586,663
Oil, Gas & Consumable Fuels - 7.2%
Anadarko Petroleum Corp., Class A (C)		47,704		4,488,946
Apache Corp. (C)		47,156		3,225,470
Cabot Oil & Gas Corp. (C)		138,818		4,694,825
Chevron Corp.		60,840		6,756,891
Royal Dutch Shell PLC, Class A, ADR		53,728		3,407,967
				22,574,099
Pharmaceuticals - 7.9%
Kalbe Farma PT		9,202,700		1,272,246
Mallinckrodt PLC (B) (C)		46,335		5,244,195
Merck & Co., Inc.		90,355		5,381,544
Novartis AG, ADR		77,066		7,845,319
Roche Holding AG		16,890		4,833,160
				24,576,464
Semiconductors & Semiconductor Equipment - 0.8%
Marvell Technology Group, Ltd. (C)		187,399		2,625,460

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    61

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Software - 4.6%
Microsoft Corp.		174,804		$  8,502,466
Oracle Corp.		133,132		5,807,218
				14,309,684
Wireless Telecommunication Services - 1.8%
China Mobile, Ltd., ADR		78,561		5,611,612
Total Common Stocks (Cost $286,667,432)				296,576,147
EXCHANGE-TRADED FUNDS - 3.0%
Capital Markets - 3.0%
iShares MSCI EAFE ETF		71,304		4,742,429
SPDR S&P 500 ETF Trust		22,641		4,721,101
Total Exchange-Traded Funds (Cost $9,418,087)				9,463,530
SECURITIES LENDING COLLATERAL - 7.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (A)		23,306,762		23,306,762
Total Securities Lending Collateral (Cost $23,306,762)				23,306,762

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.01% (A), dated 04/30/2015, to be repurchased at $3,500,598 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $3,574,585.		$  3,500,597		$  3,500,597
Total Repurchase Agreement (Cost $3,500,597)				3,500,597
Total Investments (Cost $327,890,440) (D)				337,905,798
Net Other Assets (Liabilities)  - (8.3)%				(25,888,181	)
Net Assets  - 100.0%				$  312,017,617

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS Investments
Preferred Stock	$	—	$	5,058,762	$	—	$	5,058,762
Common Stocks		212,282,682		84,293,465		—		296,576,147
Exchange-Traded Funds		9,463,530		—		—		9,463,530
Securities Lending Collateral		23,306,762		—		—		23,306,762
Repurchase Agreement		—		3,500,597		—		3,500,597
Total Investments	$	245,052,974	$	92,852,824	$	—	$	337,905,798

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Rate disclosed reflects the yield at April 30, 2015.

^(B) Non-income producing security.

^(C) All or a portion of the security is on loan. The value of all securities on loan is $22,793,122. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D) Aggregate cost for federal income tax purposes is $327,890,440. Aggregate gross unrealized appreciation and depreciation for all securities is $19,230,614 and $9,215,256, respectively. Net unrealized appreciation for tax purposes is $10,015,358.

^(E) The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CVA	Dutch Certificate Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    62

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

		Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.1%
Internet Software & Services - 0.1%
Dropbox, Inc. 0.00% (A) (B) (C) (D) (E)			34,602		$  658,130
Total Convertible Preferred Stock (Cost $313,117)					658,130
PREFERRED STOCKS - 0.4%
Internet Software & Services - 0.0% (F)
Peixe Urbano, Inc. 0.00% (A) (B) (C) (D) (E)			50,890		21,883
Software - 0.4%
Palantir Technologies, Inc. Series G, 0.00% (A) (B) (C) (D) (E)			355,382		3,159,346
Total Preferred Stocks (Cost $2,762,813)					3,181,229
COMMON STOCKS - 94.9%
Aerospace & Defense - 1.0%
TransDigm Group, Inc.			34,010		7,214,541
Air Freight & Logistics - 0.4%
XPO Logistics, Inc. (A)			60,611		2,939,634
Automobiles - 3.7%
Tesla Motors, Inc. (A) (G)			117,950		26,662,598
Beverages - 1.2%
Monster Beverage Corp. (A)			62,659		8,591,175
Biotechnology - 1.6%
Alnylam Pharmaceuticals, Inc. (A)			39,073		3,980,366
Intercept Pharmaceuticals, Inc. (A) (G)			4,807		1,215,258
Ironwood Pharmaceuticals, Inc., Class A (A)			335,828		4,587,410
Seattle Genetics, Inc. (A) (G)			49,270		1,691,932
					11,474,966
Commercial Services & Supplies - 1.0%
Stericycle, Inc. (A)			55,444		7,397,893
Communications Equipment - 1.2%
Palo Alto Networks, Inc. (A)			58,888		8,698,935
Diversified Financial Services - 6.1%
McGraw-Hill Financial, Inc.			211,254		22,033,792
MSCI, Inc., Class A			356,906		21,839,078
					43,872,870
Electrical Equipment - 0.5%
SolarCity Corp. (A) (G)			66,563		3,997,108
Food Products - 6.0%
Keurig Green Mountain, Inc.			162,927		18,959,815
Mead Johnson Nutrition Co., Class A			254,791		24,439,553
					43,399,368
Health Care Equipment & Supplies - 4.4%
Intuitive Surgical, Inc. (A)			64,269		31,876,139
	��
Health Care Technology - 2.9%
athenahealth, Inc. (A) (G)			168,360		20,651,038
Hotels, Restaurants & Leisure - 5.3%
Chipotle Mexican Grill, Inc., Class A (A)			5,072		3,151,436
Dunkin’ Brands Group, Inc. (G)			357,383		18,623,228
Panera Bread Co., Class A (A) (G)			92,564		16,891,079
					38,665,743

	Shares		Value
COMMON STOCKS (continued)
Internet & Catalog Retail - 3.8%
Groupon, Inc., Class A (A) (G)		573,342		$  3,967,527
TripAdvisor, Inc. (A)		94,762		7,627,393
Vipshop Holdings, Ltd., ADR (A) (G)		293,726		8,309,508
Zalando SE (A) (G) (H)		151,536		4,640,050
zulily, Inc., Class A (A) (G)		256,675		3,199,454
				27,743,932
Internet Software & Services - 16.6%
Autohome, Inc., ADR (A)		162,045		8,270,777
Dropbox, Inc. (A) (B) (C) (D) (E)		327,298		6,225,208
LendingClub Corp. (A) (G)		125,455		2,189,190
LinkedIn Corp., Class A (A)		137,045		34,553,156
MercadoLibre, Inc. (G)		49,896		7,101,698
Pandora Media, Inc. (A) (G)		343,479		6,127,665
Twitter, Inc. (A)		735,875		28,669,690
Yelp, Inc., Class A (A)		84,781		3,339,523
Youku Tudou, Inc., ADR (A) (G)		334,831		6,261,340
Zillow Group, Inc., Class A (A) (G)		175,539		17,139,628
				119,877,875
IT Services - 4.8%
FleetCor Technologies, Inc. (A)		112,979		18,177,192
Gartner, Inc. (A)		199,388		16,545,216
				34,722,408
Life Sciences Tools & Services - 5.3%
Illumina, Inc. (A)		206,586		38,063,470
Machinery - 1.0%
Colfax Corp. (A) (G)		149,571		7,417,226
Pharmaceuticals - 5.5%
Endo International PLC (A)		264,889		22,267,894
Zoetis, Inc., Class A		403,160		17,908,367
				40,176,261
Professional Services - 4.9%
IHS, Inc., Class A (A)		129,163		16,206,081
Verisk Analytics, Inc., Class A (A)		255,493		19,172,195
				35,378,276
Software - 13.3%
FireEye, Inc. (A) (G)		377,912		15,607,766
NetSuite, Inc. (A)		64,449		6,159,391
ServiceNow, Inc. (A)		244,629		18,312,927
Splunk, Inc. (A)		356,236		23,634,477
Tableau Software, Inc., Class A (A)		75,133		7,351,013
Workday, Inc., Class A (A) (G)		251,773		22,964,215
Zynga, Inc., Class A (A) (G)		892,551		2,186,750
				96,216,539
Technology Hardware, Storage & Peripherals - 0.5%
3D Systems Corp. (A) (G)		98,635		2,474,752
Stratasys, Ltd. (A) (G)		34,289		1,284,123
				3,758,875
Textiles, Apparel & Luxury Goods - 3.9%
lululemon athletica, Inc. (A)		151,151		9,619,250
Michael Kors Holdings, Ltd. (A)		233,901		14,469,116
Under Armour, Inc., Class A (A) (G)		52,628		4,081,301
				28,169,667
Total Common Stocks (Cost $529,516,008)				686,966,537

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    63

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Contracts		Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.0% (F) (I)
USD vs. CNY, Call (C) Exercise Price CNY 6.62 Expires 06/19/2015, RBS		135,629,653		$  4,611
USD vs. CNY, Call (C) Exercise Price CNY 6.65 Expires 11/23/2015, RBS		121,084,241		113,093
Total Over-the-Counter Foreign Exchange Options Purchased (Cost $774,590)				117,704
	Shares		Value
SECURITIES LENDING COLLATERAL - 21.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (J)		153,234,061		153,234,061
Total Securities Lending Collateral (Cost $153,234,061)				153,234,061

	Principal		Value
REPURCHASE AGREEMENT - 5.4%
State Street Bank & Trust Co. 0.01% (J), dated 04/30/2015, to be repurchased at $38,965,281 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 1.96% - 2.17%, due 11/07/2022, and with a total value of $39,745,345.		$  38,965,270		$  38,965,270
Total Repurchase Agreement (Cost $38,965,270)				38,965,270
Total Investments (Cost $725,565,859) (K)				883,122,931
Net Other Assets (Liabilities) - (22.0)%				(159,501,299	)
Net Assets - 100.0%				$  723,621,632

SECURITY VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Convertible Preferred Stock	$	—	$	—	$	658,130	$	658,130
Preferred Stocks		—		—		3,181,229		3,181,229
Common Stocks		676,101,279		4,640,050		6,225,208		686,966,537
Over-the-Counter Foreign Exchange Options Purchased		—		117,704		—		117,704
Securities Lending Collateral		153,234,061		—		—		153,234,061
Repurchase Agreement		—		38,965,270		—		38,965,270
Total Investments	$	829,335,340	$	43,723,024	$	10,064,567	$	883,122,931

Level 3 Rollforward

Investments	Beginning Balance at October 31, 2014		Purchases		Sales (M)		Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (N)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2015 (O)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2015 (N)
Convertible Preferred Stock	$	649,825	$	—	$	0	$	—	$	(1,667,226	)	$	1,675,531	$	—	$	—	$	658,130	$	8,305
Preferred Stocks		2,240,179		—		0		—		(2,640,705	)		3,581,755		—		—		3,181,229		941,050
Common Stocks		6,146,656		—		—		—		—			78,552		—		—		6,225,208		78,552
Total	$	9,036,660	$	—	$	0	$	—	$	(4,307,931	)	$	5,335,838	$	—	$	—	$	10,064,567	$	1,027,907

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    64

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

Quantitative Information About Significant Unobservable Inputs (Level 3)

Investments	Value at April 30, 2015		Valuation Techniques	Unobservable Input	Range			Weighted Average		Impact to Valuation from an Increase in Input
Convertible Preferred Stock		$  658,130	Market Transaction Method Discounted Cash Flow Market Comparable Companies	Precedent Transaction of Preferred Stock Weighted Average Cost of Capital Perpetual Growth Rate Enterprise Value / Revenue Discount for Lack of Marketability		$  19.1012 16% 2.5% 8.9x 15%	$  19.1012 18% 3.5% 18.6x 15%		$  19.1012 17% 3.0% 13.2x 15%	Increase Decrease Increase Increase Decrease
Preferred Stocks		$  3,181,229	Merger & Acquisition Transaction Market Transaction Method	Sale / Merger Scenario Issuance Price of Preferred Shares		$0.43 $8.89	$0.43 $8.89		$0.43 $8.89	Increase Increase
Common Stock		$  6,225,208	Market Transaction Method Discounted Cash Flow Market Comparable Companies	Precedent Transaction of Preferred Stock Weighted Average Cost of Capital Perpetual Growth Rate Enterprise Value / Revenue Discount for Lack of Marketability		$  19.1012 16% 2.5% 8.9x 15%	$  19.1012 18% 3.5% 18.6x 15%		$  19.1012 17% 3.0% 13.2x 15%	Increase Decrease Increase Increase Decrease

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $10,064,567, representing 1.4% of the Fund’s net assets.

^(C)  Illiquid security. Total aggregate value of illiquid securities is $10,182,271, representing 1.4% of the Fund’s net assets.

^(D)  At April 30, 2015, the Fund owned the respective securities which were restricted to public resale:

Investments	Description	Acquisition Date		Cost		Value		Value as Percentage of Net Assets
Convertible Preferred Stock	Dropbox, Inc.		05/25/2012	$	313,117	$	658,130		0.1	%
Preferred Stocks	Peixe Urbano, Inc.		12/02/2011		1,675,344		21,883		0.0	(F)
Preferred Stocks	Palantir Technologies, Inc., Series G		07/19/2012		1,087,469		3,159,346		0.4
Common Stocks	Dropbox, Inc.		05/01/2012		2,961,752		6,225,208		0.9
				$	6,037,682	$	10,064,567		1.4	%

^(E)  Security is Level 3 of the fair value hierarchy.

^(F)  Percentage rounds to less than 0.1% or (0.1)%.

^(G)  All or a portion of the security is on loan. The value of all securities on loan is $149,897,308. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(H)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $4,640,050, representing 0.6% of the Fund’s net assets.

^(I)  Cash in the amount of $260,000 has been segregated by the broker as collateral for open options contracts.

^(J)  Rate disclosed reflects the yield at April 30, 2015.

^(K)  Aggregate cost for federal income tax purposes is $725,565,859. Aggregate gross unrealized appreciation and depreciation for all securities is $201,215,208 and $43,658,136, respectively. Net unrealized appreciation for tax purposes is $157,557,072.

^(L)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(M)  Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    65

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(N)  Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2015 may be due to an investment no longer held or categorized as Level 3 at period end.

^(O)  Total aggregate fair value of Level 3 securities is 1.4% of the Fund’s net assets.

CURRENCY ABBREVIATIONS:

CNY	Chinese Yuan Renminbi
USD	United States Dollar
COUNTERPARTY ABBREVIATION:
RBS	Royal Bank of Scotland Group PLC
PORTFOLIO ABBREVIATION:
ADR	American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    66

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 87.6%
Aerospace & Defense - 1.6%
Bombardier, Inc.
6.00%, 10/15/2022 (A) (B)		$  5,385,000		$  5,061,900
6.13%, 01/15/2023 (A) (B)		630,000		602,091
7.50%, 03/15/2018 - 03/15/2025 (A)		1,433,000		1,456,799
7.75%, 03/15/2020 (A)		5,941,000		6,281,716
Spirit AeroSystems, Inc.
6.75%, 12/15/2020		1,720,000		1,821,050
Triumph Group, Inc.
5.25%, 06/01/2022		4,114,000		4,072,860
				19,296,416
Airlines - 2.5%
American Airlines Group, Inc.
4.63%, 03/01/2020 (A)		1,740,000		1,716,075
5.50%, 10/01/2019 (A) (B)		1,171,000		1,209,058
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (A)		2,205,991		2,313,423
5.63%, 01/15/2021 (A)		2,877,987		3,014,692
6.00%, 01/15/2017 (A)		1,119,000		1,135,785
6.13%, 07/15/2018 (A)		3,400,000		3,548,750
Continental Airlines Pass-Through Certificates
6.13%, 04/29/2018		2,224,000		2,357,440
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		929,735		987,843
6.90%, 10/19/2023		2,999,820		3,228,406
Delta Air Lines Pass-Through Trust
6.38%, 07/02/2017 (A)		1,180,000		1,212,332
6.75%, 05/23/2017		1,325,000		1,360,245
U.S. Airways Pass-Through Trust
6.75%, 12/03/2022		2,023,479		2,205,592
9.13%, 10/01/2015		778,843		800,417
United Airlines Pass-Through Trust
4.63%, 03/03/2024		1,070,000		1,102,100
United Continental Holdings, Inc.
6.38%, 06/01/2018 (B)		1,211,000		1,286,687
US Airways Group, Inc.
6.13%, 06/01/2018 (B)		2,000,000		2,103,750
				29,582,595
Auto Components - 0.6%
Goodyear Tire & Rubber Co.
6.50%, 03/01/2021		3,028,000		3,203,624
ZF North America Capital, Inc.
4.00%, 04/29/2020 (A)		3,640,000		3,662,750
				6,866,374
Automobiles - 0.8%
FCA US LLC / CG Co-Issuer, Inc.
8.25%, 06/15/2021		6,846,000		7,556,273
Fiat Chrysler Automobiles NV
4.50%, 04/15/2020 (A)		1,380,000		1,388,970
5.25%, 04/15/2023 (A) (B)		1,200,000		1,212,000
				10,157,243
Banks - 2.2%
Barclays PLC
6.63%, 09/15/2019 (B) (C) (D)		3,250,000		3,222,060
8.25%, 12/15/2018 (B) (C) (D)		3,149,000		3,354,308

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
CIT Group, Inc.
4.25%, 08/15/2017		$   1,500,000		$   1,526,250
5.00%, 05/15/2017		450,000		465,750
5.25%, 03/15/2018		583,000		604,280
5.50%, 02/15/2019 (A)		3,500,000		3,661,875
Deutsche Bank AG
7.50%, 04/30/2025 (B) (C) (D)		2,800,000		2,853,200
Goldman Sachs Capital II
4.00%, 06/01/2015 (C) (D)		13,458,000		10,463,595
				26,151,318
Beverages - 0.7%
Cott Beverages, Inc.
5.38%, 07/01/2022 (A)		6,149,000		5,911,034
6.75%, 01/01/2020 (A)		2,450,000		2,566,375
				8,477,409
Building Products - 2.6%
Associated Materials LLC / AMH New Finance, Inc.
9.13%, 11/01/2017		12,218,000		10,385,300
Builders FirstSource, Inc.
7.63%, 06/01/2021 (A) (B)		2,500,000		2,606,250
Griffon Corp.
5.25%, 03/01/2022		6,090,000		6,150,900
Norbord, Inc.
6.25%, 04/15/2023 (A)		3,057,000		3,091,391
Ply Gem Industries, Inc.
6.50%, 02/01/2022		3,947,000		3,769,385
6.50%, 02/01/2022 (B)		5,137,000		5,034,260
				31,037,486
Capital Markets - 0.3%
Goldman Sachs Group, Inc.
5.38%, 05/10/2020 (C) (D)		1,498,000		1,496,502
5.70%, 05/10/2019 (C) (D)		1,691,000		1,699,455
				3,195,957
Chemicals - 1.1%
Evolution Escrow Issuer LLC
7.50%, 03/15/2022 (A)		3,000,000		3,037,500
Hexion, Inc.
6.63%, 04/15/2020		10,465,000		9,784,775
10.00%, 04/15/2020 (A)		620,000		638,600
				13,460,875
Commercial Services & Supplies - 1.7%
Hertz Corp.
5.88%, 10/15/2020		3,413,000		3,472,728
Polymer Group, Inc.
6.88%, 06/01/2019 (A)		1,375,000		1,306,250
United Rentals North America, Inc.
7.63%, 04/15/2022		11,875,000		13,092,187
8.25%, 02/01/2021		2,044,000		2,204,965
				20,076,130
Construction & Engineering - 2.3%
Abengoa Finance SAU 7.75%, 02/01/2020 (A) (B)		1,606,000		1,599,576
Abengoa Greenfield SA 6.50%, 10/01/2019 (A) (B)		2,490,000		2,334,375

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    67

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering (continued)
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.88%, 02/15/2021 (A)		$   6,724,000		$   6,354,180
K Hovnanian Enterprises, Inc.
7.00%, 01/15/2019 (A)		3,515,000		3,356,825
7.25%, 10/15/2020 (A)		5,630,000		5,897,425
7.50%, 05/15/2016		85,000		87,125
8.00%, 11/01/2019 (A)		1,450,000		1,406,500
9.13%, 11/15/2020 (A) (B)		4,977,000		5,275,620
Standard Pacific Corp. 5.88%, 11/15/2024 (B)		910,000		944,125
				27,255,751
Consumer Finance - 2.8%
Ally Financial, Inc.
4.75%, 09/10/2018		2,825,000		2,934,469
7.50%, 09/15/2020		3,278,000		3,839,849
8.00%, 03/15/2020		563,000		667,155
Navient Corp.
5.00%, 10/26/2020		98,000		95,550
5.88%, 10/25/2024		3,429,000		3,240,405
Series MTN
4.88%, 06/17/2019		2,261,000		2,255,347
5.00%, 06/15/2018		1,700,000		1,700,000
OneMain Financial Holdings, Inc.
6.75%, 12/15/2019 (A)		2,688,000		2,829,120
7.25%, 12/15/2021 (A)		2,021,000		2,139,633
Springleaf Finance Corp.
6.00%, 06/01/2020		6,000,000		6,135,000
Series MTN
6.50%, 09/15/2017		150,000		158,813
6.90%, 12/15/2017		7,889,000		8,382,062
				34,377,403
Containers & Packaging - 1.8%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 3.27%, 12/15/2019 (A) (C)		5,900,000		5,818,875
Constellium NV 8.00%, 01/15/2023 (A) (B)		3,230,000		3,484,362
Coveris Holdings SA 7.88%, 11/01/2019 (A)		2,905,000		2,948,575
Tekni-Plex, Inc. 9.75%, 06/01/2019 (A)		8,486,000		9,101,235
				21,353,047
Diversified Consumer Services - 0.0% (E)
Service Corp., International 6.75%, 04/01/2016		220,000		228,800
Diversified Financial Services - 5.0%
Bank of America Corp.
5.13%, 06/17/2019 (B) (C) (D)		3,879,000		3,808,693
8.00%, 01/30/2018 (C) (D)		7,883,000		8,424,956
Citigroup, Inc. 5.80%, 11/15/2019 (C) (D)		3,666,000		3,684,330
Credit Suisse Group AG
6.25%, 12/18/2024 (A) (B) (C) (D)		3,050,000		3,019,500
7.50%, 12/11/2023 (A) (B) (C) (D)		6,770,000		7,243,900
Denali Borrower LLC / Denali Finance Corp. 5.63%, 10/15/2020 (A)		10,611,000		11,340,506

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
General Motors Financial Co., Inc. 4.75%, 08/15/2017		$   1,884,000		$   1,987,583
General Motors Financial Co., Inc., Escrow Shares 7.20%, 01/15/2049 (F) (G) (H) (I)		2,825,000		0
ILFC E-Capital Trust I 4.09%, 12/21/2065 (A) (C)		9,101,000		8,554,940
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.50%, 04/15/2021 (A)		3,843,000		3,778,630
JPMorgan Chase & Co.
5.00%, 07/01/2019 (C) (D)		3,000,000		2,947,500
7.90%, 04/30/2018 (C) (D)		4,950,000		5,271,750
				60,062,288
Diversified Telecommunication Services - 7.2%
Altice Financing SA 6.63%, 02/15/2023 (A)		370,000		381,100
CenturyLink, Inc.
7.60%, 09/15/2039		7,123,000		7,123,000
7.65%, 03/15/2042		8,009,000		8,049,045
Cincinnati Bell, Inc. 8.38%, 10/15/2020		3,119,000		3,313,938
Frontier Communications Corp.
6.88%, 01/15/2025		500,000		484,245
7.13%, 01/15/2023 (B)		2,000,000		2,010,000
7.63%, 04/15/2024		6,101,000		6,215,394
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		7,701,000		8,451,847
7.63%, 06/15/2021		1,778,000		1,982,470
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 - 10/15/2020		3,788,000		3,924,224
7.50%, 04/01/2021		2,271,000		2,359,001
Level 3 Communications, Inc. 8.88%, 06/01/2019		300,000		314,250
Level 3 Financing, Inc. 7.00%, 06/01/2020		4,845,000		5,190,206
Sprint Capital Corp.
6.90%, 05/01/2019		3,343,000		3,442,722
8.75%, 03/15/2032		5,144,000		5,272,600
Virgin Media Finance PLC 6.38%, 04/15/2023 (A) (B)		6,760,000		7,114,900
Wind Acquisition Finance SA
4.75%, 07/15/2020 (A)		3,600,000		3,600,000
7.38%, 04/23/2021 (A)		7,958,000		8,147,002
Windstream Corp.
7.75%, 10/15/2020 (B)		5,817,000		5,976,967
7.75%, 10/01/2021		3,900,000		3,831,750
				87,184,661
Electric Utilities - 1.6%
Elwood Energy LLC 8.16%, 07/05/2026		3,985,071		4,433,392
Homer City Generation, LP
8.14%, 10/01/2019 Cash Rate 8.14% (J)		2,633,847		2,663,478
8.73%, 10/01/2026 Cash Rate 8.73% (J)		6,442,553		6,539,191
Red Oak Power LLC 9.20%, 11/30/2029		4,740,000		5,273,250
				18,909,311

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    68

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electronic Equipment, Instruments & Components - 1.0%
Belden, Inc. 5.50%, 09/01/2022 (A)		$   5,250,000		$   5,394,375
Sanmina Corp. 4.38%, 06/01/2019 (A)		3,121,000		3,136,605
Zebra Technologies Corp. 7.25%, 10/15/2022 (A)		3,505,000		3,785,400
				12,316,380
Energy Equipment & Services - 3.0%
CSI Compressco, LP / Compressco Finance, Inc. 7.25%, 08/15/2022 (A)		3,939,000		3,584,490
Kinder Morgan, Inc.
7.25%, 06/01/2018		3,050,000		3,469,601
Series MTN
8.05%, 10/15/2030		486,000		581,509
NuStar Logistics, LP
6.75%, 02/01/2021		4,330,000		4,643,925
8.15%, 04/15/2018		2,310,000		2,610,300
Regency Energy Partners, LP / Regency Energy Finance Corp.
5.75%, 09/01/2020		8,469,000		9,358,245
5.88%, 03/01/2022		233,000		260,377
Sabine Pass Liquefaction LLC 5.63%, 03/01/2025 (A)		2,794,000		2,809,507
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.00%, 01/15/2018 (A)		2,142,000		2,222,325
Tesoro Logistics, LP / Tesoro Logistics Finance Corp. 6.25%, 10/15/2022 (A)		860,000		912,675
Transocean, Inc. 6.38%, 12/15/2021 (B)		7,085,000		6,243,656
				36,696,610
Food & Staples Retailing - 0.6%
Rite Aid Corp.
6.13%, 04/01/2023 (A)		2,500,000		2,590,625
6.75%, 06/15/2021		3,867,000		4,094,186
				6,684,811
Food Products - 1.3%
Aramark Services, Inc. 5.75%, 03/15/2020		1,762,000		1,836,885
JBS USA LLC / JBS USA Finance, Inc. 7.25%, 06/01/2021 (A)		3,523,000		3,716,765
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 (A)		1,747,000		1,790,675
Post Holdings, Inc. 7.38%, 02/15/2022		7,922,000		8,219,075
				15,563,400
Health Care Equipment & Supplies - 1.9%
Crimson Merger Sub, Inc. 6.63%, 05/15/2022 (A)		7,647,000		6,796,271
DJO Finco, Inc. / DJO Finance LLC 8.13%, 06/15/2021 (A) (K)		1,628,000		1,652,420
Hologic, Inc. 6.25%, 08/01/2020		4,605,000		4,771,931

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Mallinckrodt International Finance SA
3.50%, 04/15/2018		$   929,000		$   926,678
4.75%, 04/15/2023		5,055,000		4,840,162
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
4.88%, 04/15/2020 (A)		660,000		670,725
5.75%, 08/01/2022 (A)		3,611,000		3,737,385
				23,395,572
Health Care Providers & Services - 5.2%
CHS / Community Health Systems, Inc.
7.13%, 07/15/2020		7,490,000		8,033,025
8.00%, 11/15/2019		9,822,000		10,411,320
DaVita HealthCare Partners, Inc. 5.75%, 08/15/2022		5,025,000		5,339,062
HCA Holdings, Inc.
6.25%, 02/15/2021		5,324,000		5,813,808
7.75%, 05/15/2021		5,438,000		5,791,470
HCA, Inc.
6.50%, 02/15/2020		1,300,000		1,482,000
7.50%, 02/15/2022		5,561,000		6,506,370
LifePoint Hospitals, Inc.
5.50%, 12/01/2021		1,477,000		1,552,475
6.63%, 10/01/2020		5,634,000		5,901,615
Tenet Healthcare Corp.
5.00%, 03/01/2019 (A)		3,042,000		3,022,987
5.50%, 03/01/2019 (A)		1,600,000		1,610,000
6.00%, 10/01/2020		1,293,000		1,380,278
8.13%, 04/01/2022		5,583,000		6,092,449
				62,936,859
Hotels, Restaurants & Leisure - 5.6%
Felcor Lodging, LP 5.63%, 03/01/2023		3,515,000		3,655,600
International Game Technology PLC
5.63%, 02/15/2020 (A) (B)		3,000,000		2,958,375
6.25%, 02/15/2022 (A) (B)		6,030,000		5,954,625
6.50%, 02/15/2025 (A)		2,853,000		2,767,410
MGM Resorts International
6.63%, 12/15/2021		5,537,000		5,924,590
6.75%, 10/01/2020		4,384,000		4,718,280
11.38%, 03/01/2018		4,931,000		5,929,527
NCL Corp., Ltd. 5.00%, 02/15/2018		4,725,000		4,831,313
Pinnacle Entertainment, Inc.
6.38%, 08/01/2021		542,000		575,875
7.50%, 04/15/2021		5,612,000		5,934,690
Scientific Games International, Inc.
7.00%, 01/01/2022 (A) (B)		1,050,000		1,094,625
10.00%, 12/01/2022 (A)		7,029,000		6,519,397
Studio City Finance, Ltd. 8.50%, 12/01/2020 (A) (B)		4,595,000		4,640,950
Viking Cruises, Ltd. 8.50%, 10/15/2022 (A)		7,536,000		8,355,163
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 5.38%, 03/15/2022		1,181,000		1,201,668
Wynn Macau, Ltd. 5.25%, 10/15/2021 (A)		2,510,000		2,353,125
				67,415,213

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    69

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables - 3.4%
Beazer Homes USA, Inc.
5.75%, 06/15/2019 (B)		$   2,455,000		$   2,418,175
6.63%, 04/15/2018		1,917,000		1,986,491
7.25%, 02/01/2023 (B)		3,741,000		3,647,475
7.50%, 09/15/2021		350,000		349,125
9.13%, 05/15/2019 (B)		5,250,000		5,460,000
KB Home
4.75%, 05/15/2019 (B)		1,702,000		1,689,235
7.00%, 12/15/2021 (B)		2,500,000		2,606,250
7.25%, 06/15/2018 (B)		2,765,000		2,993,112
7.63%, 05/15/2023		3,140,000		3,269,525
8.00%, 03/15/2020 (B)		1,725,000		1,906,125
Meritage Homes Corp.
4.50%, 03/01/2018		2,098,000		2,137,338
7.00%, 04/01/2022		1,413,000		1,511,910
7.15%, 04/15/2020		4,953,000		5,374,005
Standard Pacific Corp.
6.25%, 12/15/2021		100,000		106,500
8.38%, 01/15/2021 (B)		2,888,000		3,378,960
Tempur Sealy International, Inc. 6.88%, 12/15/2020		2,057,000		2,190,705
				41,024,931
Household Products - 0.6%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.75%, 10/15/2020		745,000		778,525
6.88%, 02/15/2021		300,000		315,188
9.88%, 08/15/2019 (B)		2,850,000		3,037,031
Sun Products Corp. 7.75%, 03/15/2021 (A) (B)		3,090,000		2,723,062
				6,853,806
Independent Power and Renewable Electricity Producers - 2.0%
Abengoa Yield PLC 7.00%, 11/15/2019 (A)		2,302,000		2,376,815
Calpine Corp.
5.38%, 01/15/2023		500,000		504,375
5.75%, 01/15/2025		2,635,000		2,648,307
NRG Energy, Inc.
6.25%, 07/15/2022		1,500,000		1,556,250
7.88%, 05/15/2021		12,002,000		12,822,937
8.25%, 09/01/2020		3,606,000		3,804,330
				23,713,014
Insurance - 1.6%
Genworth Holdings, Inc.
4.90%, 08/15/2023		1,632,000		1,419,840
7.20%, 02/15/2021		3,515,000		3,698,588
7.63%, 09/24/2021		4,276,000		4,532,560
Lincoln National Corp. 7.00%, 05/17/2066 (B) (C)		10,288,000		9,850,760
				19,501,748
IT Services - 1.0%
SunGard Data Systems, Inc.
6.63%, 11/01/2019		8,461,000		8,820,592
7.63%, 11/15/2020		2,987,000		3,158,752
Unisys Corp. 6.25%, 08/15/2017		615,000		650,363
				12,629,707

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 7.5%
Cablevision Systems Corp.
5.88%, 09/15/2022 (B)		$   3,451,000		$   3,658,060
7.75%, 04/15/2018		10,383,000		11,654,917
CCO Holdings LLC / CCO Holdings Capital Corp.
5.13%, 02/15/2023		2,675,000		2,644,104
6.50%, 04/30/2021		9,666,000		10,044,182
Cequel Communications Holdings I LLC / Cequel Capital Corp. 6.38%, 09/15/2020 (A)		3,593,000		3,786,124
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		7,970,000		8,348,575
7.63%, 03/15/2020		11,129,000		11,690,240
DISH DBS Corp.
5.00%, 03/15/2023		3,185,000		3,017,788
5.88%, 07/15/2022 - 11/15/2024		6,057,000		5,989,320
7.88%, 09/01/2019		8,655,000		9,769,331
iHeartCommunications, Inc. 10.63%, 03/15/2023 (A)		1,882,000		1,914,935
Numericable-SFR SAS 4.88%, 05/15/2019 (A)		5,465,000		5,512,819
Regal Entertainment Group 5.75%, 06/15/2023 - 02/01/2025		4,647,000		4,659,270
Unitymedia KabelBW GmbH 6.13%, 01/15/2025 (A)		3,076,000		3,210,575
Univision Communications, Inc.
5.13%, 02/15/2025 (A)		2,248,000		2,264,860
6.75%, 09/15/2022 (A)		1,950,000		2,093,910
				90,259,010
Metals & Mining - 0.3%
ArcelorMittal 7.75%, 10/15/2039 (B)		3,880,000		4,006,100
FMG Resources Pty, Ltd. 9.75%, 03/01/2022 (A)		220,000		226,738
				4,232,838
Multiline Retail - 0.2%
Family Tree Escrow LLC
5.25%, 03/01/2020 (A)		333,000		348,818
5.75%, 03/01/2023 (A)		1,823,000		1,914,150
				2,262,968
Oil, Gas & Consumable Fuels - 6.5%
Antero Resources Corp. 5.38%, 11/01/2021		1,360,000		1,373,600
BreitBurn Energy Partners, LP / BreitBurn Finance Corp. 7.88%, 04/15/2022		5,869,000		4,812,580
California Resources Corp.
5.00%, 01/15/2020		2,650,000		2,504,250
5.50%, 09/15/2021		2,274,000		2,154,615
6.00%, 11/15/2024		3,708,000		3,485,520
Carrizo Oil & Gas, Inc. 7.50%, 09/15/2020 (B)		2,356,000		2,479,219
CITGO Holding, Inc. 10.75%, 02/15/2020 (A) (B)		3,994,000		4,219,661
CITGO Petroleum Corp. 6.25%, 08/15/2022 (A)		2,901,000		2,835,727
Concho Resources, Inc. 5.50%, 04/01/2023		3,116,000		3,158,845

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    70

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Denbury Resources, Inc. 5.50%, 05/01/2022		$   1,890,000		$   1,790,775
Energy XXI Gulf Coast, Inc.
6.88%, 03/15/2024 (A) (B)		1,392,000		553,320
7.50%, 12/15/2021 (B)		2,916,000		1,202,850
7.75%, 06/15/2019 (B)		2,375,000		1,126,641
11.00%, 03/15/2020 (A)		1,731,000		1,653,105
EP Energy LLC / Everest Acquisition Finance, Inc. 9.38%, 05/01/2020 (B)		2,617,000		2,800,190
Halcon Resources Corp. 8.63%, 02/01/2020 (A) (K)		2,132,000		2,218,612
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019		6,460,000		5,458,700
6.50%, 05/15/2019 (B)		1,350,000		1,177,875
7.75%, 02/01/2021 (B)		5,747,000		4,942,420
8.63%, 04/15/2020		717,000		652,915
Oasis Petroleum, Inc.
6.50%, 11/01/2021 (B)		706,000		709,530
7.25%, 02/01/2019 (B)		1,481,000		1,511,360
Peabody Energy Corp.
6.25%, 11/15/2021 (B)		516,000		309,600
6.50%, 09/15/2020 (B)		1,440,000		892,800
10.00%, 03/15/2022 (A) (B)		1,992,000		1,683,240
PHI, Inc. 5.25%, 03/15/2019		3,758,000		3,626,470
Rosetta Resources, Inc.
5.63%, 05/01/2021		1,167,000		1,168,459
5.88%, 06/01/2022 (B)		442,000		440,895
SM Energy Co.
6.50%, 11/15/2021 (B)		4,041,000		4,202,640
6.50%, 01/01/2023		520,000		546,000
6.63%, 02/15/2019		1,328,000		1,371,160
Sunoco, LP / Sunoco Finance Corp. 6.38%, 04/01/2023 (A)		3,825,000		3,978,000
Whiting Canadian Holding Co. ULC 8.13%, 12/01/2019		3,680,000		3,905,216
Whiting Petroleum Corp. 5.75%, 03/15/2021		3,252,000		3,298,764
				78,245,554
Paper & Forest Products - 0.4%
Boise Cascade Co. 6.38%, 11/01/2020		4,705,000		4,952,013
Personal Products - 0.2%
Revlon Consumer Products Corp. 5.75%, 02/15/2021 (B)		2,000,000		2,000,000
Pharmaceuticals - 1.5%
Salix Pharmaceuticals, Ltd. 6.50%, 01/15/2021 (A)		3,324,000		3,772,740
Valeant Pharmaceuticals International, Inc.
5.63%, 12/01/2021 (A) (B)		350,000		358,750
5.88%, 05/15/2023 (A)		2,525,000		2,591,281
6.13%, 04/15/2025 (A)		2,147,000		2,215,436
6.38%, 10/15/2020 (A)		4,611,000		4,858,841
7.50%, 07/15/2021 (A)		4,527,000		4,911,795
				18,708,843

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Professional Services - 0.4%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 (A) (B)		$   4,093,000		$   4,312,999
Real Estate Investment Trusts - 0.1%
Communications Sales & Leasing, Inc. 8.25%, 10/15/2023 (A)		1,525,000		1,565,031
Real Estate Management & Development - 0.5%
Algeco Scotsman Global Finance PLC 8.50%, 10/15/2018 (A) (B)		5,775,000		5,587,313
Road & Rail - 0.7%
Aviation Capital Group Corp.
4.63%, 01/31/2018 (A)		1,024,000		1,072,194
6.75%, 04/06/2021 (A)		111,000		128,921
7.13%, 10/15/2020 (A)		4,635,000		5,441,569
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, 04/01/2023		1,846,000		1,882,348
				8,525,032
Semiconductors & Semiconductor Equipment - 0.4%
Freescale Semiconductor, Inc.
5.00%, 05/15/2021 (A)		2,766,000		2,938,875
6.00%, 01/15/2022 (A)		1,245,000		1,345,223
				4,284,098
Software - 2.0%
First Data Corp.
6.75%, 11/01/2020 (A)		5,913,000		6,297,345
8.25%, 01/15/2021 (A)		7,265,000		7,703,152
8.75%, 01/15/2022 Cash Rate 8.75% (A) (J)		2,717,000		2,907,190
11.75%, 08/15/2021		3,117,000		3,576,758
Infor US, Inc. 6.50%, 05/15/2022 (A)		3,539,000		3,636,322
				24,120,767
Specialty Retail - 1.1%
Claire’s Stores, Inc.
6.13%, 03/15/2020 (A)		600,000		492,000
9.00%, 03/15/2019 (A) (B)		11,512,000		10,275,611
Men’s Wearhouse, Inc. 7.00%, 07/01/2022 (A) (B)		2,465,000		2,612,900
				13,380,511
Technology Hardware, Storage & Peripherals - 0.3%
Project Homestake Merger Corp. 8.88%, 03/01/2023 (A)		3,866,000		3,909,493
Textiles, Apparel & Luxury Goods - 0.7%
Levi Strauss & Co. 6.88%, 05/01/2022		8,044,000		8,798,125
Wireless Telecommunication Services - 2.8%
Sprint Corp.
7.13%, 06/15/2024		1,920,000		1,845,600
7.88%, 09/15/2023		23,175,000		23,261,906
T-Mobile USA, Inc.
6.13%, 01/15/2022 (B)		702,000		723,938
6.63%, 04/01/2023		4,815,000		4,998,933
6.73%, 04/28/2022		3,030,000		3,192,862
				34,023,239
Total Corporate Debt Securities (Cost $1,056,726,515)				1,055,572,949

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    71

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS - 4.5%
Aerospace & Defense - 0.2%
Silver II US Holdings LLC, Term Loan 4.00%, 12/13/2019 (C)		$   2,759,919		$   2,686,320
Commercial Services & Supplies - 0.3%
ADS Waste Holdings, Inc., Term Loan 3.75%, 10/09/2019 (C)		3,906,036		3,892,611
Containers & Packaging - 0.2%
Exopack Holdings SA, Term Loan B 5.25%, 05/08/2019 (C)		1,872,300		1,880,881
Diversified Telecommunication Services - 0.3%
Intelsat Jackson Holdings SA, Term Loan B2 3.75%, 06/30/2019 (C)		3,864,684		3,860,820
Food Products - 0.3%
Del Monte Foods, Inc., 1st Lien Term Loan 4.25%, 02/18/2021 (C)		3,950,000		3,778,835
Hotels, Restaurants & Leisure - 0.3%
Great Wolf Resorts, Inc., Term Loan B 5.75%, 08/06/2020 (C)		3,930,000		3,931,639
Household Products - 0.3%
Reynolds Group Holdings, Inc., Term Loan 4.50%, 12/01/2018 (C)		2,924,014		2,949,599
Independent Power and Renewable Electricity Producers - 0.4%
Dynegy Holdings, Inc., Term Loan B2 4.00%, 04/23/2020 (C)		3,930,000		3,944,737
Media - 0.3%
Interactive Data Corp., Term Loan 4.75%, 05/02/2021 (C)		3,430,080		3,450,448
Metals & Mining - 0.1%
Atkore International, Inc., 1st Lien Term Loan 4.50%, 04/09/2021 (C)		664,975		653,338
Atkore International, Inc., 2nd Lien Term Loan 7.75%, 10/09/2021 (C)		580,000		546,650
				1,199,988
Oil, Gas & Consumable Fuels - 0.1%
CITGO Holding, Inc., Term Loan B 9.50%, 05/12/2018 (C)		1,276,800		1,287,972
Personal Products - 0.3%
Revlon Consumer Products Corp., Acquisition Term Loan 4.00%, 10/08/2019 (C)		3,918,151		3,929,173
Professional Services - 0.1%
Ceridian LLC, Term Loan 4.50%, 09/15/2020 (C)		1,479,901		1,476,201
Real Estate Management & Development - 0.8%
CityCenter Holdings LLC, Term Loan B 4.25%, 10/16/2020 (C)		6,400,000		6,438,669

	Principal		Value
LOAN ASSIGNMENTS (continued)
Real Estate Management & Development (continued)
Realogy Corp., Term Loan B 3.75%, 03/05/2020 (C)		$ 2,992,424		$ 2,999,905
				9,438,574
Software - 0.3%
BMC Software Finance, Inc., Term Loan 5.00%, 09/10/2020 (C)		3,811,111		3,741,817
Specialty Retail - 0.2%
PetSmart, Inc., 1st Lien Term Loan 5.00%, 03/11/2022 (C)		2,060,000		2,084,720
Total Loan Assignments (Cost $53,656,450)				53,534,335
	Shares		Value
PREFERRED STOCKS - 1.6%
Banks - 1.1%
GMAC Capital Trust I Series 2, 8.13% (C)		520,050		13,666,914
Consumer Finance - 0.5%
Ally Financial, Inc. Series A, 8.50% (C)		211,700		5,610,050
Total Preferred Stocks (Cost $18,709,649)				19,276,964
COMMON STOCK - 0.1%
IT Services - 0.1%
Unisys Corp. (B) (L)		61,972		1,349,131
Total Common Stock (Cost $1,487,452)				1,349,131
SECURITIES LENDING COLLATERAL - 8.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (M)		105,248,207		105,248,207
Total Securities Lending Collateral (Cost $105,248,207)				105,248,207
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.01% (M), dated 04/30/2015, to be repurchased at $12,430,646 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 2.17% - 4.00%, due 12/15/2017 - 11/07/2022, and with a total value of $12,682,176.		$  12,430,643		12,430,643
Total Repurchase Agreement (Cost $12,430,643)				12,430,643
Total Investments (Cost $1,248,258,916) (N)				1,247,412,229
Net Other Assets (Liabilities) - (3.5)%				(41,792,339	)
Net Assets - 100.0%				$  1,205,619,890

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    72

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(O)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs  (P)		Value at April 30, 2015
ASSETS
Investments
Corporate Debt Securities	$	—	$	1,055,572,949	$	0	$	1,055,572,949
Loan Assignments		—		53,534,335		—		53,534,335
Preferred Stocks		19,276,964		—		—		19,276,964
Common Stock		1,349,131		—		—		1,349,131
Securities Lending Collateral		105,248,207		—		—		105,248,207
Repurchase Agreement		—		12,430,643		—		12,430,643
Total Investments	$	125,874,302	$	1,121,537,927	$	0	$	1,247,412,229

Transfers

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3 (Q)		Transfers from Level 3 to Level 2
Corporate Debt Securities	$	—	$	—	$	0	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $366,888,747, representing 30.4% of the Fund’s net assets.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $103,056,885. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(D)  The security has a perpetual maturity; the date displayed is the next call date.

^(E)  Percentage rounds to less than 0.1% or (0.1)%.

^(F)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $0, representing less than 0.1% of the Fund’s net assets.

^(G)  Security is Level 3 of the fair value hierarchy.

^(H)  Security in default.

^(I) Illiquid security. Total aggregate value of illiquid securities is $0, representing less than 0.1% of the Fund’s net assets.

^(J)  Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If a security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.

^(K)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(L)  Non-income producing security.

^(M)  Rate disclosed reflects the yield at April 30, 2015.

^(N)  Aggregate cost for federal income tax purposes is $1,248,258,916. Aggregate gross unrealized appreciation and depreciation for all securities is $21,414,404 and $22,261,091, respectively. Net unrealized depreciation for tax purposes is $846,687.

^(O)  The Fund recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(P)  Level 3 securities were not considered significant to the Fund.

^(Q)  Transferred from Level 2 to 3 due to utilizing significant unobservable inputs, as of prior reporting period the security utilized significant observable inputs.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    73

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 100.0%
Alabama - 0.7%
Alabama State University, Revenue Bonds Series A, AGM 3.00%, 03/01/2023		$  185,000		$  185,731
Arizona - 2.9%
City of Chandler, General Obligation Unlimited Series B, FGIC 5.25%, 07/01/2016		65,000		68,203
Sedona-Oak Creek Joint Unified School District No. 9, General Obligation Limited 4.00%, 07/01/2027		675,000		731,612
				799,815
California - 6.4%
Aromas-San Juan Unified School District, General Obligation Unlimited Series B, AGM Zero Coupon, 08/01/2042		300,000		141,696
Blythe Redevelopment Agency Successor Agency, Tax Allocation 5.65%, 05/01/2029		25,000		25,034
California School Finance Authority, Revenue Bonds 3.88%, 07/01/2017 (A)		110,000		109,746
Coachella Valley Unified School District, General Obligation Unlimited Series C, AGM Zero Coupon, 08/01/2037 - 08/01/2038		35,000		12,561
Cypress School District, General Obligation Unlimited Zero Coupon, 08/01/2050		100,000		51,045
Folsom Cordova Unified School District School Facilities Improvement District No. 3, General Obligation Unlimited Series B, ASSURED GTY Zero Coupon, 10/01/2034		720,000		305,719
Golden State Tobacco Securitization Corp., Revenue Bonds Series A-1 5.00%, 06/01/2033		235,000		196,930
Moreland School District, General Obligation Unlimited Zero Coupon, 08/01/2027		675,000		435,085
Paramount Unified School District, General Obligation Unlimited Zero Coupon, 08/01/2045		50,000		39,199
San Carlos Elementary School District, General Obligation Unlimited Zero Coupon, 10/01/2035 - 10/01/2037		1,045,000		379,672
Santee School District, General Obligation Unlimited Series E, AGM Zero Coupon, 05/01/2051		150,000		29,901
Southern California Water Replenishment District, Certificate of Participation Series A, NATL-RE 4.50%, 08/01/2031		15,000		15,061

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Tobacco Securitization Authority of Southern California, Revenue Bonds Series A-1 5.13%, 06/01/2046		$  30,000		$  25,075
				1,766,724
Colorado - 1.9%
Colorado Educational & Cultural Facilities Authority, Revenue Bonds 4.00%, 12/15/2025 (A)		535,000		537,284
Florida - 2.2%
Florida HomeLoan Corp., Revenue Bonds Series A, GNMA, FNMA, FHLMC 3.20%, 07/01/2030		350,000		339,927
Miami-Dade County Industrial Development Authority, Revenue Bonds 4.00%, 09/15/2019		110,000		117,315
Tallahassee Health Facility, Revenue Bonds 5.00%, 12/01/2044 (B)		150,000		159,906
				617,148
Idaho - 1.9%
Idaho Housing & Finance Association, Revenue Bonds Series A 5.00%, 06/01/2035		525,000		524,317
Illinois - 12.1%
Chicago Board of Education, General Obligation Unlimited Series A 5.00%, 12/01/2041		150,000		139,975
City of Chicago, General Obligation Unlimited
AGM, CR, NATL-RE
5.00%, 01/01/2031		35,000		36,616
Series A, AGM
5.00%, 01/01/2029		50,000		53,313
Series A, NATL-RE
5.00%, 01/01/2042		200,000		199,722
Series C, NATL-RE
4.00%, 01/01/2017		170,000		176,263
Cook County School District No. 157 Hoover Schrum Memorial, General Obligation Unlimited Series A, AGM Zero Coupon, 11/01/2033		950,000		423,842
Cook County Township High School District No. 201 J. Sterling Morton, General Obligation Limited Series C, AGM Zero Coupon, 12/01/2025		125,000		84,814
Illinois Finance Authority, Revenue Bonds Series C 5.00%, 08/15/2021		30,000		34,698

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    74

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Housing Development Authority, Revenue Bonds
Series A-1
2.40%, 07/01/2021		$   185,000		$   185,688
2.60%, 01/01/2022		375,000		377,745
Illinois State Finance Authority Student Housing 5.00%, 07/01/2047		1,000,000		1,027,390
Kendall Kane & Will Counties Community Unit School District No. 308, General Obligation Unlimited AGM Zero Coupon, 02/01/2020		60,000		53,644
Lake County School District No. 38 Big Hollow, General Obligation Unlimited AMBAC Zero Coupon, 02/01/2020		60,000		53,167
Southwestern Illinois Development Authority, Revenue Bonds AGM Zero Coupon, 12/01/2022 - 12/01/2024		80,000		59,402
Springfield Park District, General Obligation Limited 3.00%, 12/30/2023		100,000		102,693
Stephenson County School District No. 145 Freeport, General Obligation Limited AMBAC Zero Coupon, 01/01/2021		30,000		25,739
Village of Elk Grove Village, General Obligation Unlimited 4.00%, 01/01/2022		60,000		67,656
Will County Community High School District No. 210 Lincoln-Way, General Obligation Unlimited Series A 5.00%, 01/01/2027		55,000		62,808
Winnebago & Boone Counties School District No. 205 Rockford, General Obligation Unlimited Zero Coupon, 02/01/2022		65,000		52,644
Zion Park District, General Obligation Limited Series B 2.00%, 12/30/2015		150,000		149,643
				3,367,462
Indiana - 2.8%
Indiana Finance Authority, Revenue Bonds Series A 5.00%, 08/15/2021		45,000		52,912
Indiana State Finance Authority, Revenue Bonds 4.00%, 02/01/2032 (B)		730,000		714,867
				767,779
Iowa - 0.9%
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A
6.50%, 06/01/2023		95,000		95,040
Series C
5.50%, 06/01/2042		50,000		43,836
5.63%, 06/01/2046		110,000		97,612
				236,488

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas - 1.5%
Kansas Rural Water Finance Authority, Revenue Bonds 4.25%, 03/01/2038		$   25,000		$   25,781
University of Kansas Hospital Authority, Revenue Bonds 4.00%, 09/01/2040		405,000		400,525
				426,306
Kentucky - 0.1%
Kentucky Area Development Districts, Certificate of Participation Series J 5.25%, 01/01/2016		15,000		15,309
Maine - 0.1%
Byron Independent School District No. 531, General Obligation Unlimited Series A 3.13%, 02/01/2025		35,000		36,312
Massachusetts - 1.9%
Massachusetts Development Finance Agency, Revenue Bonds 5.00%, 07/01/2044		500,000		532,375
Michigan - 3.9%
Bad Axe Public Schools, General Obligation Unlimited Series B, Q-SBLF 4.00%, 05/01/2024		50,000		56,371
City of Detroit, General Obligation Unlimited
AGM
5.00%, 04/01/2016 - 04/01/2019		4,650		4,711
ASSURED GTY
4.00%, 04/01/2018		17,050		17,622
5.00%, 04/01/2018		6,200		6,581
Series A-1, NATL-RE
5.38%, 04/01/2016		2,325		2,330
City of Detroit Sewage Disposal System Revenue, Revenue Bonds
Series A, NATL
Zero Coupon, 07/01/2017		30,000		27,876
Series A, NATL-RE
3.70%, 07/01/2015		15,000		15,081
5.25%, 07/01/2018		50,000		53,930
Series B, NATL
4.25%, 07/01/2025		25,000		25,086
Series C, NATL
5.00%, 07/01/2017		50,000		52,301
Series E, BHAC, FGIC
5.75%, 07/01/2031		150,000		166,114
City of Detroit Water Supply System Revenue, Revenue Bonds Series B, NATL-RE 5.00%, 07/01/2018 - 07/01/2034		65,000		67,159
County of Wayne, General Obligation Limited Series A, AGM 4.50%, 02/01/2026		35,000		35,804
Detroit Local Development Finance Authority, Tax Allocation Series A, ACA, CBI 5.50%, 05/01/2021		135,000		129,411
Michigan Finance Authority, Revenue Bonds
Series G, AGM
5.00%, 04/01/2016 - 04/01/2019		25,350		25,684

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    75

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Michigan Finance Authority, Revenue Bonds (continued)
Series G, ASSURED GTY
4.00%, 04/01/2018		$   92,950		$   96,068
5.00%, 04/01/2018		33,800		35,391
Series G-2A, NATL-RE
5.38%, 04/01/2016		12,675		12,703
Warren, General Obligation Limited 4.20%, 10/01/2018		250,000		253,850
				1,084,073
Minnesota - 0.7%
Minneapolis Tax Revenue, Tax Allocation
4.00%, 03/01/2027 (C)		200,000		200,392
Mississippi - 0.0% (D)
Mississippi Home Corp., Revenue Bonds GNMA
5.55%, 08/20/2049		5,000		5,024
Nebraska - 2.5%
Nebraska Investment Finance Authority, Revenue Bonds 2.90%, 09/01/2026		705,000		700,037
New Jersey - 4.9%
Casino Reinvestment Development Authority, Revenue Bonds AGM 5.00%, 11/01/2026		575,000		652,084
City of Jersey City, General Obligation Unlimited BAM 5.00%, 12/01/2022		500,000		588,550
New Jersey Economic Development Authority, Revenue Bonds Series B 6.50%, 04/01/2031		10,000		12,138
Tobacco Settlement Financing Corp., Revenue Bonds Series 1A
4.50%, 06/01/2023		10,000		10,011
5.00%, 06/01/2041		140,000		109,409
Series 1B
Zero Coupon, 06/01/2041		10,000		2,438
				1,374,630
New York - 4.3%
New York Counties Tobacco Trust IV, Revenue Bonds Series A
5.00%, 06/01/2042		225,000		188,228
6.25%, 06/01/2041 (A)		250,000		254,230
Niagara Falls City School District, Certificate of Participation AGM 4.00%, 06/15/2026 (B)		640,000		683,552
Port Authority of New York & New Jersey, Revenue Bonds AGM, CR 6.50%, 12/01/2028		50,000		51,710
Westchester Tobacco Asset Securitization, Revenue Bonds 5.13%, 06/01/2045 (C)		20,000		18,456
				1,196,176

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio - 11.0%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds Series A-2
5.13%, 06/01/2024		$   1,055,000		$   896,940
5.75%, 06/01/2034		350,000		284,119
5.88%, 06/01/2030 - 06/01/2047		270,000		224,574
6.50%, 06/01/2047		15,000		13,302
City of Marysville Wastewater Treatment System, Revenue Bonds BAM 5.00%, 12/01/2024		600,000		710,700
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series A 7.05%, 11/15/2040 (C)		100,000		101,754
County of Warren, Revenue Bonds 5.00%, 07/01/2021 - 07/01/2026		550,000		630,066
Ohio Air Quality Development Authority, Revenue Bonds Series A 5.70%, 08/01/2020		70,000		80,550
Toledo-Lucas County Port Authority, Revenue Bonds Series A 5.00%, 07/01/2046		100,000		104,943
				3,046,948
Pennsylvania - 3.7%
Montgomery County Industrial Development Authority, Revenue Bonds 5.00%, 01/01/2030		250,000		252,465
Philadelphia Gas Works Co., Revenue Bonds AGM 5.00%, 07/01/2026		10,000		10,037
Pocono Mountains Industrial Park Authority, Revenue Bonds 4.00%, 08/15/2045		50,000		48,292
Pottsville Hospital Authority, Revenue Bonds 6.50%, 07/01/2028 (C)		300,000		324,492
State Public School Building Authority, Revenue Bonds BAM 5.00%, 06/15/2019		340,000		388,406
				1,023,692
Puerto Rico - 6.8%
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC, ICC
5.50%, 07/01/2022		100,000		108,034
AGM
5.50%, 07/01/2017		20,000		20,896
AGM, CR
5.25%, 07/01/2016		50,000		51,433
Series A, AGC, ICC
5.50%, 07/01/2029		175,000		185,881

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    76

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
Series A, AGM
4.00%, 07/01/2022		$   10,000		$   9,950
5.00%, 07/01/2035		10,000		9,975
Series A, ASSURED GTY
4.00%, 07/01/2015		10,000		10,035
5.00%, 07/01/2016		75,000		77,110
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds Series A, ASSURED GTY 5.00%, 07/01/2028		65,000		65,659
Puerto Rico Electric Power Authority 4.20%, 07/01/2019		30,000		30,388
Puerto Rico Electric Power Authority, Revenue Bonds
AGM
3.63%, 07/01/2023		25,000		23,355
Series KK, NATL-RE
5.50%, 07/01/2016		20,000		20,706
Series LL, NATL-RE
5.50%, 07/01/2017		115,000		121,566
Series MM, NATL-RE
5.00%, 07/01/2019		10,000		10,542
Series RR, NATL
5.00%, 07/01/2022		25,000		24,999
Series TT, AGM, CR
5.00%, 07/01/2017		15,000		15,605
Series UU, AGM
5.00%, 07/01/2015 - 07/01/2024		145,000		146,950
Series V, AGM
5.25%, 07/01/2027		50,000		50,852
Series V, NATL-RE
5.25%, 07/01/2025		60,000		61,517
Puerto Rico Highways & Transportation Authority, Revenue Bonds
Series A, AMBAC
Zero Coupon, 07/01/2015		70,000		69,532
Series CC, AGM
5.25%, 07/01/2033 - 07/01/2036		65,000		67,446
Series E, AGM
5.50%, 07/01/2017		30,000		31,219
Series J, NATL-RE
5.00%, 07/01/2029		15,000		14,969
Series K, CIFG, FSA, CR
5.00%, 07/01/2018		10,000		10,021
Series Y, AGM
6.25%, 07/01/2021		110,000		120,994
Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series C, AMBAC 5.50%, 07/01/2016 - 07/01/2018		70,000		72,142
Puerto Rico Municipal Finance Agency, General Obligation Unlimited
Series A, AGM, Government GTD
4.75%, 08/01/2022		10,000		10,002
5.00%, 08/01/2027		100,000		98,820

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, AGM 5.00%, 08/01/2022		$   25,000		$   25,008
Puerto Rico Public Buildings Authority, Revenue Bonds
Series H, AMBAC, COMWLTH GTD
5.50%, 07/01/2017		130,000		134,581
Series H, RADIAN, FGIC, COMWLTH GTD
5.25%, 07/01/2015		100,000		100,002
Series L, AGM, CR, COMWLTH GTD
5.50%, 07/01/2021		65,000		69,949
Puerto Rico Sales Tax Financing Corp., Revenue Bonds Series A, BHAC-CR, FGIC Zero Coupon, 08/01/2041		45,000		14,135
				1,884,273
Rhode Island - 3.6%
Providence Redevelopment Agency, Revenue Bonds Series A 5.00%, 04/01/2020		400,000		449,512
Tobacco Settlement Financing Corp., Revenue Bonds Series A 5.00%, 06/01/2035		500,000		537,280
				986,792
South Carolina - 0.6%
Richland County Recreational District, General Obligation Unlimited 3.00%, 03/01/2026		140,000		145,537
South Carolina Jobs-Economic Development Authority, Revenue Bonds CIFG 5.00%, 11/01/2015		25,000		25,002
				170,539
Texas - 17.8%
City of Houston Airport System Revenue, Revenue Bonds
5.00%, 07/01/2029 (C)		250,000		265,115
Series C
5.00%, 07/15/2020 (C)		500,000		531,875
City of Lockhart, General Obligation Limited BAM 5.00%, 08/01/2025		895,000		1,058,758
Dallas-Fort Worth International Airport Facilities Improvement Corp., Revenue Bonds Series A-1 6.15%, 01/01/2016 (C)		500,000		502,370
Fort Bend County Municipal Utility, General Obligation Unlimited MAC 3.13%, 09/01/2027		725,000		704,918
New Caney Municipal Utility District, General Obligation Unlimited AGM 3.00%, 04/01/2022 (B)		445,000		459,921

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    77

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited
BAM
3.00%, 10/01/2019 - 10/01/2020		$   200,000		$   210,008
3.25%, 10/01/2032		1,140,000		1,087,252
Willow Creek Farms Municipal Utility District, General Obligation Unlimited BAM 3.00%, 09/01/2023		130,000		131,422
				4,951,639
Virginia - 0.4%
Virginia Housing Development Authority, Revenue Bonds Series A 3.00%, 03/01/2016		100,000		102,093
Wisconsin - 4.4%
Milwaukee Housing Authority, Revenue Bonds Series A 3.63%, 07/01/2035		685,000		677,718

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Public Finance Authority, Revenue Bonds Series A 4.10%, 04/01/2034		$   570,000		$   547,468
				1,225,186
Total Municipal Government Obligations (Cost $27,504,239)				27,764,544
REPURCHASE AGREEMENT - 15.6%
State Street Bank & Trust Co. 0.01% (E), dated 04/30/2015, to be repurchased at $4,337,171 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $4,424,342.		4,337,170		4,337,170
Total Repurchase Agreement (Cost $4,337,170)				4,337,170
Total Investments (Cost $31,841,409) (F)				32,101,714
Net Other Assets (Liabilities) - (15.6)%				(4,320,996	)
Net Assets - 100.0%				$  27,780,718

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Municipal Government Obligations	$	—	$	27,764,544	$	—	$	27,764,544
Repurchase Agreement		—		4,337,170		—		4,337,170
Total Investments	$	—	$	32,101,714	$	—	$	32,101,714

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $901,260, representing 3.2% of the Fund’s net assets.

^(B)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(C)  At April 30, 2015, the Fund owned the respective securities which were restricted to public resale:

Investments	Description	Acquisition Date		Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Minneapolis Tax Revenue		02/26/2015	$	201,082	$	200,392		0.7	%
Municipal Government Obligations	Westchester Tobacco Asset Securitization		03/30/2015		17,141		18,456		0.1
Municipal Government Obligations	Cleveland-Cuyahoga County Port Authority, Series A		04/11/2014		97,680		101,754		0.4
Municipal Government Obligations	Pottsville Hospital Authority		04/10/2014		293,491		324,492		1.2

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    78

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

Investments	Description	Acquisition Date		Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	City of Houston Airport System Revenue		05/09/2014	$	246,259	$	265,115		0.9	%
Municipal Government Obligations	City of Houston Airport System Revenue, Series C		03/11/2015		527,571		531,875		1.9
Municipal Government Obligations	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A-1		01/16/2015		502,504		502,370		1.8
				$	1,885,728	$	1,944,454		7.0	%

^(D)  Percentage rounds to less than 0.1% or (0.1)%.

^(E)  Rate disclosed reflects the yield at April 30, 2015.

^(F)  Aggregate cost for federal income tax purposes is $31,841,409. Aggregate gross unrealized appreciation and depreciation for all securities is $424,423 and $164,118, respectively. Net unrealized appreciation for tax purposes is $260,305.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
ASSURED GTY	Assured Guaranty, Ltd.
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
CBI	Certificates of bond insurance
CIFG	CIFG Assurance North America, Inc.
COMWLTH	Commonwealth
CR	Custodial Receipts
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FSA	Assured Guaranty Municipal Corp. (formerly Financial Security Assurance, Inc.)
GNMA	Government National Mortgage Association
GTD	Guaranteed
ICC	Insured Custody Certificate
MAC	Municipal Assurance Corp.
NATL	National Public Finance Guarantee Corp.
Q-SBLF	Qualified School Bond Loan Fund Program
RADIAN	Radian Asset Assurance Inc.
RE	Reinsured

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    79

Transamerica Income & Growth

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 73.0%
Aerospace & Defense - 3.1%
BAE Systems PLC		2,979,952		$  23,086,296
Airlines - 2.8%
Japan Airlines Co., Ltd.		633,400		21,118,935
Automobiles - 2.2%
Daimler AG		172,289		16,565,014
Banks - 2.6%
Commonwealth Bank of Australia		272,658		19,085,233
Beverages - 1.8%
Thai Beverage PCL		25,446,603		13,750,243
Capital Markets - 2.4%
Ares Capital Corp. (A)		1,036,885		17,647,783
Chemicals - 5.5%
LyondellBasell Industries NV, Class A		169,870		17,584,942
Potash Corp. of Saskatchewan, Inc.		466,320		15,220,685
Yara International ASA (A)		158,090		8,100,129
				40,905,756
Diversified Telecommunication Services - 12.7%
AT&T, Inc.		618,860		21,437,310
BCE, Inc. (A)		259,272		11,430,317
HKT Trust & HKT, Ltd.		12,327,540		16,544,147
Telenor ASA		931,080		21,028,598
Telstra Corp., Ltd.		4,921,794		24,194,066
				94,634,438
Food Products - 2.5%
Marine Harvest ASA		1,523,630		18,570,995
Insurance - 1.0%
Muenchener Rueckversicherungs-Gesellschaft AG		39,256		7,662,674
Media - 2.3%
Regal Entertainment Group, Class A (A)		766,489		16,862,758
Metals & Mining - 1.0%
Antofagasta PLC, Class A		650,900		7,790,805
Oil, Gas & Consumable Fuels - 6.9%
Royal Dutch Shell PLC, Class B, ADR (A)		276,249		17,842,923
Ship Finance International, Ltd. (A)		905,010		14,262,958
Total SA		360,047		19,496,527
				51,602,408
Pharmaceuticals - 2.4%
GlaxoSmithKline PLC		757,110		17,486,717
Real Estate Investment Trusts - 20.8%
American Capital Agency Corp.		1,020,950		21,067,303
Ascendas Real Estate Investment Trust		10,473,756		19,518,626
Blackstone Mortgage Trust, Inc., Class A		831,878		25,563,611
Lexington Realty Trust (A)		1,074,830		9,963,674
PennyMac Mortgage Investment Trust		656,028		13,743,787
Select Income REIT		379,770		8,806,866
Spirit Realty Capital, Inc.		1,865,840		21,065,334
Starwood Property Trust, Inc. (A)		1,165,227		27,977,100
STORE Capital Corp. (A)		343,150		7,206,150
				154,912,451
Transportation Infrastructure - 2.1%
Macquarie Infrastructure Co. LLC		186,802		15,459,734

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services - 0.9%
Vodafone Group PLC, ADR		184,540		$  6,495,808
Total Common Stocks (Cost $527,122,368)				543,638,048
MASTER LIMITED PARTNERSHIPS - 19.6%
Capital Markets - 6.7%
AllianceBernstein Holding, LP		416,111		13,045,080
KKR & Co., LP		915,915		20,617,246
Oaktree Capital Group LLC, Class A		299,579		16,021,485
				49,683,811
Electric Utilities - 1.4%
Brookfield Infrastructure Partners, LP		236,287		10,380,088
Oil, Gas & Consumable Fuels - 11.5%
Alliance Resource Partners, LP		449,726		15,502,055
Cheniere Energy Partners, LP		157,374		5,128,819
Energy Transfer Partners, LP, Class B		501,017		28,948,762
Plains All American Pipeline, LP		374,142		18,748,256
TC Pipelines, LP		159,888		10,885,175
Teekay LNG Partners, LP		175,683		6,925,424
				86,138,491
Total Master Limited Partnerships (Cost $140,164,051)				146,202,390
SECURITIES LENDING COLLATERAL - 10.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (B)		80,140,675		80,140,675
Total Securities Lending Collateral (Cost $80,140,675)				80,140,675
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.01% (B), dated 04/30/2015, to be repurchased at $13,329,970 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $13,596,626.		$  13,329,966		13,329,966
Total Repurchase Agreement (Cost $13,329,966)				13,329,966
Total Investments (Cost $760,757,060) (C)				783,311,079
Net Other Assets (Liabilities) - (5.2)%				(38,565,729	)
Net Assets - 100.0%				$  744,745,350

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    80

Transamerica Income & Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	289,639,043	$	253,999,005	$	—		$	543,638,048
Master Limited Partnerships		146,202,390		—		—			146,202,390
Securities Lending Collateral		80,140,675		—		—			80,140,675
Repurchase Agreement		—		13,329,966		—			13,329,966
Total Investments	$	515,982,108	$	267,328,971	$	—	��	$	783,311,079

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $77,898,687. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Rate disclosed reflects the yield at April 30, 2015.

^(C)  Aggregate cost for federal income tax purposes is $760,757,060. Aggregate gross unrealized appreciation and depreciation for all securities is $48,492,691 and $25,938,672, respectively. Net unrealized appreciation for tax purposes is $22,554,019.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    81

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 50.0%
U.S. Treasury Floating Rate Note 0.10%, 01/31/2017 (A)		$  1,000,000		$  1,000,249
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2045		985,803		989,962
1.38%, 02/15/2044		962,682		1,118,291
1.75%, 01/15/2028		806,580		945,778
2.38%, 01/15/2025		6,287,503		7,646,194
3.38%, 04/15/2032		6,677,060		9,799,626
3.88%, 04/15/2029		7,209,380		10,589,902
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 - 07/15/2024		66,731,938		67,956,634
0.25%, 01/15/2025		2,229,435		2,257,999
0.63%, 01/15/2024		1,523,817		1,595,961
1.13%, 01/15/2021		11,887,178		12,789,866
1.25%, 07/15/2020		3,868,687		4,207,499
1.38%, 07/15/2018		1,567,195		1,681,061
Total U.S. Government Obligations (Cost $120,840,399)				122,579,022
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
1.83%, 04/25/2024		3,000,000		2,983,170
2.38%, 02/25/2024 (A)		1,500,000		1,513,116
Federal National Mortgage Association Connecticut Avenue Securities 2.18%, 10/25/2023 (A)		751,183		762,699
Total U.S. Government Agency Obligations (Cost $5,300,927)				5,258,985
FOREIGN GOVERNMENT OBLIGATIONS - 24.9%
Australia Government Bond 3.00%, 09/20/2025 (B)		AUD  2,100,000		2,420,596
Brazil Notas do Tesouro Nacional Series B 6.00%, 05/15/2017		BRL  5,000,000		4,290,953
Canadian Government Bond
1.50%, 12/01/2044		CAD  976,014		1,057,525
4.25%, 12/01/2021		6,518,880		7,209,671
Deutsche Bundesrepublik Inflation-Linked Bond 1.50%, 04/15/2016		EUR  2,296,620		2,630,696
France Government Bond OAT 0.10%, 03/01/2025		2,191,640		2,677,588
Italy Buoni Poliennali del Tesoro 2.10%, 09/15/2021 (B)		6,165,792		7,879,707
Japanese Government CPI Linked Bond 0.10%, 03/10/2024		JPY  50,950,000		463,180
Kommunalbanken AS 0.65%, 03/27/2017 (A) (C)		$  500,000		502,972
Mexican Udibonos Series S 4.50%, 12/04/2025		MXN  37,207,513		2,783,758
New Zealand Government Bond 2.00%, 09/20/2025 (B)		NZD  2,000,000		1,604,015

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Spain Government Inflation-Linked Bond
0.55%, 11/30/2019 (B)		EUR  1,978,720		$  2,327,499
1.80%, 11/30/2024 (B)		2,799,889		3,619,080
U.K. Gilt Inflation-Linked 0.13%, 03/22/2029 - 03/22/2044 (B)		GBP  11,887,843		21,619,744
Total Foreign Government Obligations (Cost $63,233,394)				61,086,984
MORTGAGE-BACKED SECURITIES - 1.8%
GS Mortgage Securities Trust Series 2014-GSFL, Class B 1.93%, 07/15/2031 (A) (C)		$  3,000,000		3,001,968
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class B 1.68%, 12/15/2028 (A) (C)		1,500,000		1,500,985
Total Mortgage-Backed Securities (Cost $4,501,250)				4,502,953
ASSET-BACKED SECURITIES - 0.5%
Invitation Homes Trust Series 2014-SFR1, Class A 1.18%, 06/17/2031 (A) (C)		200,000		199,196
SLM Student Loan Trust Series 2014-1, Class A3 0.78%, 02/26/2029 (A)		1,000,000		998,392
Total Asset-Backed Securities (Cost $1,203,906)				1,197,588
CORPORATE DEBT SECURITIES - 15.8%
Automobiles - 0.5%
Toyota Motor Credit Corp. Series MTN 0.75%, 03/05/2017 (D)		1,300,000		1,300,129
Banks - 4.4%
BAC Capital Trust XIV 4.00%, 05/18/2015 (A) (E)		700,000		569,660
Banco do Brasil SA 9.00%, 06/18/2024 (A) (C) (E) (F)		1,250,000		1,156,250
Banco Santander Chile 1.18%, 04/11/2017 (A) (C)		200,000		199,410
BNZ International Funding, Ltd. 1.90%, 02/26/2018 (C)		361,000		363,327
Fifth Third Bancorp 0.69%, 12/20/2016 (A)		400,000		397,722
Goldman Sachs Capital II 4.00%, 06/01/2015 (A) (E)		500,000		388,750
Goldman Sachs Capital III 4.00%, 06/01/2015 (A) (E) (F)		2,600,000		2,021,500
HSBC Holdings PLC
5.63%, 01/17/2020 (A) (E) (F)		513,000		524,543
6.38%, 03/30/2025 (A) (E) (F)		283,000		292,198
Industrial & Commercial Bank of China, Ltd. Series MTN 1.45%, 11/13/2017 (A)		1,200,000		1,206,233
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (C) (F)		1,000,000		1,007,315

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    82

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Royal Bank of Scotland NV 4.65%, 06/04/2018		$   200,000		$   210,760
Societe Generale SA 6.00%, 01/27/2020 (A) (C) (E) (F)		800,000		762,480
Standard Chartered PLC 6.50%, 04/02/2020 (A) (C) (E) (F)		200,000		202,080
Zions Bancorporation 5.65%, 11/15/2023 (A)		1,400,000		1,454,425
				10,756,653
Biotechnology - 0.1%
Amgen, Inc. 3.13%, 05/01/2025 (G)		280,000		276,661
Building Products - 0.2%
Masco Corp.
4.45%, 04/01/2025 (F)		257,000		265,352
5.95%, 03/15/2022		315,000		354,375
				619,727
Capital Markets - 2.0%
Goldman Sachs Group, Inc.
1.44%, 04/23/2020 (A)		518,000		523,954
5.38%, 05/10/2020 (A) (E)		382,000		381,618
Morgan Stanley
1.01%, 01/05/2018 (A)		434,000		435,582
Series MTN
1.91%, 04/25/2023 - 06/09/2023 (A)		2,643,000		2,690,357
UBS AG Series MTN 4.75%, 05/22/2023 (A) (B)		950,000		976,892
				5,008,403
Communications Equipment - 0.1%
Harris Corp. 5.05%, 04/27/2045		140,000		140,283
Construction Materials - 0.1%
Vulcan Materials Co. 4.50%, 04/01/2025		221,000		224,315
Consumer Finance - 0.2%
Navient Corp. Series MTN 2.18%, 05/03/2019 (A)		400,000		379,520
Diversified Financial Services - 2.0%
Bank of America Corp.
Series MTN
1.01%, 11/19/2024 (A)		1,000,000		972,500
1.33%, 03/22/2018 (A)		1,500,000		1,518,747
2.01%, 02/18/2020 (A) (H)		400,000		399,480
Citigroup, Inc. 0.53%, 06/09/2016 (A)		2,070,000		2,060,553
				4,951,280
Diversified Telecommunication Services - 0.4%
AT&T, Inc. 4.75%, 05/15/2046 (G)		210,000		205,304
Telefonica Emisiones SAU 0.91%, 06/23/2017 (A)		800,000		798,094
				1,003,398
Energy Equipment & Services - 0.1%
Kinder Morgan, Inc. 2.00%, 12/01/2017		224,000		224,569

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing - 0.3%
Walgreens Boots Alliance, Inc. 0.71%, 05/18/2016 (A)		$   800,000		$   801,307
Insurance - 1.5%
Genworth Holdings, Inc. 6.15%, 11/15/2066 (A)		1,200,000		756,000
XLIT, Ltd.
4.45%, 03/31/2025 (F)		27,000		27,180
5.50%, 03/31/2045		79,000		77,175
6.50%, 04/15/2017 (A) (E)		3,350,000		2,948,000
				3,808,355
Machinery - 0.1%
Valmont Industries, Inc. 5.25%, 10/01/2054 (F)		180,000		170,543
Metals & Mining - 2.1%
Allegheny Technologies, Inc. 5.95%, 01/15/2021		1,396,000		1,455,330
Anglo American Capital PLC 2.63%, 09/27/2017 (C) (F)		200,000		202,306
Freeport-McMoRan, Inc. 2.30%, 11/14/2017		420,000		421,869
Glencore Canada Corp. 6.00%, 10/15/2015		400,000		408,555
Glencore Funding LLC
1.34%, 04/16/2018 (A) (C)		550,000		549,684
1.64%, 01/15/2019 (A) (C) (F)		800,000		798,257
Goldcorp, Inc.
3.63%, 06/09/2021		259,000		262,690
5.45%, 06/09/2044		178,000		179,780
Kinross Gold Corp.
5.13%, 09/01/2021 (F)		119,000		113,923
5.95%, 03/15/2024 (F)		826,000		769,573
				5,161,967
Oil, Gas & Consumable Fuels - 1.3%
Petrobras Global Finance BV
1.88%, 05/20/2016 (A)		428,000		414,090
2.42%, 01/15/2019 (A) (F)		2,000,000		1,850,200
2.63%, 03/17/2017 (A)		750,000		723,750
Southwestern Energy Co. 3.30%, 01/23/2018		90,000		92,334
				3,080,374
Pharmaceuticals - 0.3%
Actavis Funding SCS
1.14%, 09/01/2016 (A)		515,000		516,373
1.35%, 03/12/2018 (A)		212,000		213,900
				730,273
Real Estate Investment Trusts - 0.1%
Omega Healthcare Investors, Inc. 4.50%, 04/01/2027 (C)		195,000		190,973
Total Corporate Debt Securities (Cost $40,674,291)				38,828,730
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.1%
U.S. Treasury Bill
0.01%, 06/18/2015 (I) (J)		120,000		119,998
0.06%, 10/01/2015 (I)		10,000		9,998
Total Short-Term U.S. Government Obligations (Cost $129,996)				129,996

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    83

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
PREFERRED STOCKS - 0.6%
Banks - 0.0% (K)
HSBC USA, Inc. Series F, 3.50% (A)		5,000		$  116,100
Capital Markets - 0.1%
UBS Preferred Funding Trust IV Series D, 0.88% (A)		14,000		271,180
Consumer Finance - 0.3%
Navient Corp.
1.91% (A)		8,200		201,474
1.96% (A)		19,249		463,516
				664,990
Insurance - 0.2%
Principal Financial Group, Inc. Series A, 5.56% (A)		4,000		399,000
Prudential Financial, Inc. 2.31% (A)		4,655		120,937
				519,937
Total Preferred Stocks (Cost $1,593,977)				1,572,207

	Shares		Value
SECURITIES LENDING COLLATERAL - 1.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (I)		4,562,985		$  4,562,985
Total Securities Lending Collateral (Cost $4,562,985)				4,562,985
	Principal		Value
REPURCHASE AGREEMENT - 4.4%
State Street Bank & Trust Co. 0.01% (I), dated 04/30/2015, to be repurchased at $10,887,998 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $11,105,835.		$  10,887,995		10,887,995
Total Repurchase Agreement (Cost $10,887,995)				10,887,995
Total Investments (Cost $252,929,120) (L)				250,607,445
Net Other Assets (Liabilities) - (2.2)%				(5,322,834	)
Net Assets - 100.0%				$  245,284,611

FUTURES CONTRACTS:
Description	Long/Short	Number of Contracts		Expiration Date		Net Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note	Short		(130)		06/30/2015	$	(131,016	)
U.S. Treasury Bond	Short		(3)		06/19/2015		16,969
Total						$	(114,047	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold		Unrealized Appreciation		Unrealized Depreciation
GSC	05/22/2015		USD	1,432,759	EUR	1,258,440	$	19,306	$	—
GSC	06/05/2015		USD	1,196,285	EUR	1,068,623		—		(4,182	)
GSC	06/11/2015		USD	460,320	JPY	55,654,526		—		(6,006	)
GSC	06/12/2015		USD	1,061,382	EUR	1,000,000		—		(62,102	)
GSC	06/16/2015		USD	1,060,602	EUR	1,000,000		—		(62,943	)
GSC	07/15/2015		USD	6,379,030	EUR	6,000,000		—		(364,969	)
GSC	07/30/2015		USD	1,098,393	EUR	1,000,000		—		(25,847	)
JPM	05/15/2015		USD	1,267,582	EUR	1,108,462		22,700		—
JPM	05/27/2015		USD	626,550	EUR	551,929		6,594		—
JPM	06/11/2015		USD	2,582,756	EUR	2,378,206		—		(89,084	)
JPM	07/07/2015		USD	2,478,979	GBP	1,667,000		—		(78,645	)
JPM	07/15/2015		USD	4,446,556	GBP	3,000,000		—		(155,998	)
JPM	07/30/2015		USD	769,177	AUD	1,000,000		—		(18,203	)
JPM	08/14/2015		USD	1,807,905	GBP	1,081,000		149,747		—
Total							$	198,347	$	(867,979	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    84

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
U.S. Government Obligations	$	—		$	122,579,022		$	—	$	122,579,022
U.S. Government Agency Obligations		—			5,258,985			—		5,258,985
Foreign Government Obligations		—			61,086,984			—		61,086,984
Mortgage-Backed Securities		—			4,502,953			—		4,502,953
Asset-Backed Securities		—			1,197,588			—		1,197,588
Corporate Debt Securities		—			38,828,730			—		38,828,730
Short-Term U.S. Government Obligations		—			129,996			—		129,996
Preferred Stocks		1,572,207			—			—		1,572,207
Securities Lending Collateral		4,562,985			—			—		4,562,985
Repurchase Agreement		—			10,887,995			—		10,887,995
Total Investments	$	6,135,192		$	244,472,253		$	—	$	250,607,445
Derivative Financial Instruments
Futures Contracts (N)	$	16,969		$	—		$	—	$	16,969
Forward Foreign Currency Contracts (N)		—			198,347			—		198,347
Total Derivative Financial Instruments	$	16,969		$	198,347		$	—	$	215,316
LIABILITIES
Derivative Financial Instruments
Futures Contracts (N)	$	(131,016	)	$	—		$	—	$	(131,016	)
Forward Foreign Currency Contracts (N)		—			(867,979	)		—		(867,979	)
Total Derivative Financial Instruments	$	(131,016	)	$	(867,979	)	$	—	$	(998,995	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(B)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(C)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $10,637,203, representing 4.3% of the Fund’s net assets.

^(D)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2015; the maturity date disclosed is the ultimate maturity date.

^(E)  The security has a perpetual maturity; the date displayed is the next call date.

^(F)  All or a portion of the security is on loan. The value of all securities on loan is $4,469,970. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(G)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(H)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $399,480, representing 0.2% of the Fund’s net assets.

^(I)  Rate disclosed reflects the yield at April 30, 2015.

^(J)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $119,997.

^(K)  Percentage rounds to less than 0.1% or (0.1)%.

^(L)  Aggregate cost for federal income tax purposes is $252,929,120. Aggregate gross unrealized appreciation and depreciation for all securities is $2,891,854 and $5,213,529, respectively. Net unrealized depreciation for tax purposes is $2,321,675.

^(M)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(N)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    85

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NZD USD	New Zealand Dollar United States Dollar

COUNTERPARTY ABBREVIATIONS:

GSC	Goldman Sachs & Co.
JPM	JPMorgan Chase Bank

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    86

Transamerica International Equity

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
PREFERRED STOCKS - 2.3%
Brazil - 0.6%
Itau Unibanco Holding SA 3.54% (A)		756,960		$  9,680,104
Germany - 1.2%
Porsche Automobil Holding SE 2.41% (A)		209,240		19,853,376
Korea, Republic of - 0.5%
Hyundai Motor Co. 2.61% (A)		67,730		7,486,611
Total Preferred Stocks (Cost $37,041,767)				37,020,091
COMMON STOCKS - 94.0%
Australia - 3.6%
APA Group		898,766		6,797,363
Asciano, Ltd.		3,806,900		19,780,324
BHP Billiton PLC, ADR (B)		305,769		14,768,643
Challenger, Ltd.		3,125,584		17,355,622
				58,701,952
Belgium - 1.3%
Ageas		292,702		10,997,462
Groupe Bruxelles Lambert SA (B)		112,000		9,831,571
				20,829,033
Canada - 0.7%
Fairfax Financial Holdings, Ltd.		20,931		11,432,680
Denmark - 1.3%
Carlsberg A/S, Class B		230,676		21,030,393
France - 9.2%
Arkema SA		197,394		15,884,927
Bollore SA		2,341,900		13,384,062
Cie Generale des Etablissements Michelin, Class B		116,691		13,012,891
GDF Suez (B)		914,500		18,606,772
Rexel SA		1,189,400		22,416,187
Sanofi		287,100		29,224,026
Total SA		290,200		15,714,316
Veolia Environnement SA (B)		1,073,586		22,717,080
				150,960,261
Germany - 6.7%
Allianz SE, Class A		95,800		16,306,562
Bayer AG		131,265		18,893,310
Merck KGaA		112,700		12,149,636
Metro AG		553,800		20,072,408
Siemens AG, Class A		157,600		17,144,027
Talanx AG (B) (C)		347,651		11,058,993
TUI AG		794,300		14,806,470
				110,431,406
Hong Kong - 4.6%
CK Hutchison Holdings, Ltd.		1,218,000		26,389,706
First Pacific Co., Ltd.		8,240,112		7,994,999
Guangdong Investment, Ltd.		11,224,900		16,651,436
Noble Group, Ltd.		26,830,000		17,472,145
SJM Holdings, Ltd. (B)		5,383,100		6,818,060
				75,326,346
Ireland - 3.0%
DCC PLC		207,000		13,168,005
Ryanair Holdings PLC, ADR		246,300		15,972,555

	Shares		Value
COMMON STOCKS (continued)
Ireland (continued)
Smurfit Kappa Group PLC, Class B		675,200		$  20,672,240
				49,812,800
Israel - 1.8%
Israel Corp., Ltd.		22,472		8,277,506
Teva Pharmaceutical Industries, Ltd., ADR		357,700		21,612,234
				29,889,740
Italy - 3.1%
Azimut Holding SpA		161,700		4,746,332
Davide Campari (D)		981,841		7,617,999
Eni SpA, Class B		1,001,300		19,210,792
Mediobanca SpA		704,633		6,840,271
Prysmian SpA (B)		626,449		12,775,196
				51,190,590
Japan - 23.8%
Aisin Seiki Co., Ltd.		384,700		17,591,535
Daiichi Sankyo Co., Ltd. (B)		986,600		17,135,946
Daiwa Securities Group, Inc.		2,819,100		23,386,725
Denki Kagaku Kogyo KK		2,876,000		11,743,254
Electric Power Development Co., Ltd.		249,000		8,358,761
FANUC Corp.		43,100		9,480,391
FUJIFILM Holdings Corp.		588,000		22,148,203
Hitachi, Ltd.		2,986,900		20,379,328
Japan Airlines Co., Ltd.		643,300		21,449,023
Komatsu, Ltd.		569,200		11,451,802
Kuraray Co., Ltd.		1,255,800		16,981,836
Mitsubishi Corp.		635,700		13,716,305
Mitsubishi Heavy Industries, Ltd.		1,934,700		10,719,629
MS&AD Insurance Group Holdings, Inc.		975,100		27,904,471
NEC Corp.		4,808,600		15,998,266
Nippon Telegraph & Telephone Corp.		317,300		21,425,670
Nitori Holdings Co., Ltd.		206,700		15,897,092
ORIX Corp.		1,583,700		24,354,751
Resona Holdings, Inc.		3,466,900		18,485,735
Softbank Corp.		293,400		18,340,522
Sony Corp. (B) (C)		649,600		19,638,537
Sumitomo Mitsui Financial Group, Inc. (B)		602,600		26,312,280
				392,900,062
Korea, Republic of - 2.6%
Kangwon Land, Inc.		185,907		6,337,259
Samsung Electronics Co., Ltd.		14,200		18,628,323
SK Telecom Co., Ltd.		66,350		17,780,000
				42,745,582
Macau - 0.6%
MGM China Holdings, Ltd.		5,656,200		10,633,418
Netherlands - 4.8%
Akzo Nobel NV		218,300		16,702,943
Boskalis Westminster NV		285,100		14,813,965
Delta Lloyd NV		483,379		9,153,682
Heineken Holding NV, Class A		235,300		16,402,613
Koninklijke Philips NV		768,356		22,008,976
				79,082,179
Singapore - 0.3%
Kenon Holdings, Ltd. (C)		90,804		1,965,821
SIA Engineering Co., Ltd. (B)		1,180,900		3,733,830
				5,699,651
Spain - 1.1%
Amadeus IT Holding SA, Class A		382,873		17,452,092

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    87

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Sweden - 3.1%
Investor AB, Class B		599,000		$  24,407,873
Svenska Cellulosa AB SCA, Class B		379,380		9,596,404
Telefonaktiebolaget LM Ericsson, Class B		1,584,100		17,324,947
				51,329,224
Switzerland - 5.3%
GAM Holding AG (C)		792,900		17,888,607
Nestle SA		269,362		20,898,239
Novartis AG		238,400		24,333,992
UBS Group AG (C)		1,209,800		24,168,571
				87,289,409
United Kingdom - 16.1%
Admiral Group PLC (B)		454,900		10,847,387
Aviva PLC		1,726,426		13,889,884
Barclays PLC		5,073,000		19,847,857
HSBC Holdings PLC		2,117,600		21,091,976
IG Group Holdings PLC		1,281,513		14,449,236
Imperial Tobacco Group PLC		396,500		19,361,292
Inchcape PLC		1,263,700		16,074,338
Johnson Matthey PLC		194,491		9,944,091
Kingfisher PLC		3,649,800		19,608,651
National Grid PLC, Class B		1,467,700		19,745,468
Noble Corp. PLC (B)		524,157		9,073,158
Rexam PLC		1,756,536		15,590,625
Royal Bank of Scotland Group PLC (C)		1,224,400		6,343,646
Sky PLC		1,172,200		19,327,159
UBM PLC		1,676,680		14,474,055
Unilever PLC		427,200		18,726,076
Vodafone Group PLC		5,089,720		17,932,133
				266,327,032

	Shares		Value
COMMON STOCKS (continued)
United States - 1.0%
Flextronics International, Ltd. (C)		1,484,697		$  17,111,133
Total Common Stocks (Cost $1,454,985,893)				1,550,174,983
SECURITIES LENDING COLLATERAL - 5.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (A)		87,714,159		87,714,159
Total Securities Lending Collateral (Cost $87,714,159)				87,714,159
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Bank & Trust Co. 0.01% (A), dated 04/30/2015, to be repurchased at $47,721,178 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.17%, due 11/07/2022, and with a value of $48,677,177.		$  47,721,165		47,721,165
Total Repurchase Agreement (Cost $47,721,165)				47,721,165
Total Investments (Cost $1,627,462,984) (E)				1,722,630,398
Net Other Assets (Liabilities) - (4.5)%				(73,973,416	)
Net Assets - 100.0%				$  1,648,656,982

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.2	%	$	123,349,144
Insurance		6.5			111,591,121
Banks		5.9			101,761,598
Diversified Financial Services		5.7			98,394,052
Chemicals		4.6			79,534,557
Capital Markets		4.5			77,030,506
Multi-Utilities		3.5			61,069,320
Technology Hardware, Storage & Peripherals		3.3			56,774,792
Wireless Telecommunication Services		3.1			54,052,655
Trading Companies & Distributors		3.1			53,604,637
Industrial Conglomerates		3.0			52,321,008
Beverages		2.6			45,051,005
Food Products		2.3			39,624,315
Hotels, Restaurants & Leisure		2.2			38,595,207
Electronic Equipment, Instruments & Components		2.2			37,490,461
Airlines		2.2			37,421,578
Containers & Packaging		2.1			36,262,865
Specialty Retail		2.1			35,505,743
Oil, Gas & Consumable Fuels		2.0			34,925,108
Media		2.0			33,801,214
Machinery		1.8			31,651,822

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    88

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Auto Components		1.8	%	$	30,604,426
Automobiles		1.6			27,339,987
Real Estate Management & Development		1.5			26,389,706
Diversified Telecommunication Services		1.2			21,425,670
Food & Staples Retailing		1.2			20,072,408
Road & Rail		1.2			19,780,324
Household Durables		1.1			19,638,537
Tobacco		1.1			19,361,292
IT Services		1.0			17,452,092
Communications Equipment		1.0			17,324,947
Water Utilities		1.0			16,651,436
Distributors		0.9			16,074,338
Construction & Engineering		0.9			14,813,965
Metals & Mining		0.9			14,768,643
Air Freight & Logistics		0.8			13,384,062
Electrical Equipment		0.7			12,775,196
Independent Power and Renewable Electricity Producers		0.6			10,324,582
Household Products		0.6			9,596,404
Energy Equipment & Services		0.5			9,073,158
Gas Utilities		0.4			6,797,363
Transportation Infrastructure		0.2			3,733,830
Investments, at Value		92.1			1,587,195,074
Short-Term Investments		7.9			135,435,324
Total Investments		100.0	%	$	1,722,630,398

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Preferred Stocks	$	9,680,104	$	27,339,987	$	—	$	37,020,091
Common Stocks		89,970,403		1,460,204,580		—		1,550,174,983
Securities Lending Collateral		87,714,159		—		—		87,714,159
Repurchase Agreement		—		47,721,165		—		47,721,165
Total Investments	$	187,364,666	$	1,535,265,732	$	—	$	1,722,630,398

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate disclosed reflects the yield at April 30, 2015.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $83,648,432. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Non-income producing security.

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $7,617,999, representing 0.5% of the Fund’s net assets.

^(E)  Aggregate cost for federal income tax purposes is $1,627,462,984. Aggregate gross unrealized appreciation and depreciation for all securities is $153,964,756 and $58,797,342, respectively. Net unrealized appreciation for tax purposes is $95,167,414.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    89

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    90

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
PREFERRED STOCK - 1.1%
Germany - 1.1%
Sartorius AG 0.74% (A)		56,950		$  9,441,856
Total Preferred Stock (Cost $6,305,500)				9,441,856
COMMON STOCKS - 96.4%
Australia - 3.0%
APA Group		1,190,900		9,006,772
Bentham IMF, Ltd. (B)		2,443,500		3,599,684
FlexiGroup, Ltd. (B)		2,344,700		6,294,692
Senex Energy, Ltd. (B) (C)		11,711,500		3,709,810
STW Communications Group, Ltd. (B)		7,176,261		3,644,837
				26,255,795
Belgium - 2.2%
Barco NV (B)		103,900		7,023,453
D’ieteren SA (B)		314,651		12,272,876
				19,296,329
Canada - 0.7%
Newalta Corp. (B)		438,400		5,970,089
Denmark - 1.6%
Bavarian Nordic A/S (C)		150,284		7,042,406
Schouw & Co.		128,100		6,565,411
				13,607,817
Finland - 2.1%
Kesko OYJ, Class B		176,100		7,195,233
Ramirent OYJ		705,781		5,424,099
Tieto OYJ		222,100		5,326,036
				17,945,368
France - 2.2%
BioMerieux		51,800		5,588,261
Societe BIC SA		56,600		9,669,054
Sopra Steria Group (B)		43,900		3,877,261
				19,134,576	��
Georgia - 0.4%
Bank of Georgia Holdings PLC		117,500		3,226,922
Germany - 7.5%
Bertrandt AG		40,668		5,369,017
Gerresheimer AG		201,400		11,398,576
Patrizia Immobilien AG		564,840		11,126,384
Rhoen Klinikum AG		290,250		8,035,625
SAF-Holland SA		867,400		13,132,460
Stroeer Media SE		297,280		10,991,114
Tom Tailor Holding AG (C)		398,500		4,925,798
				64,978,974
Hong Kong - 5.0%
AMVIG Holdings, Ltd.		4,136,000		2,268,290
First Pacific Co., Ltd.		14,272,750		13,837,788
Kerry Logistics Network, Ltd.		4,890,600		7,863,858
Midland Holdings, Ltd. (C)		7,864,000		3,671,046
Newocean Energy Holdings, Ltd.		8,969,120		4,994,236
Pacific Textiles Holdings, Ltd.		4,319,000		6,008,589
Shun Tak Holdings, Ltd.		8,706,000		5,044,208
				43,688,015
Ireland - 1.4%
Smurfit Kappa Group PLC, Class B		406,711		12,452,055

	Shares		Value
COMMON STOCKS (continued)
Israel - 0.8%
Plus500, Ltd. (B)		584,215		$  6,699,183
Italy - 4.3%
ASTM SpA		619,800		8,811,956
Danieli & C Officine Meccaniche SpA, Class B		459,200		8,525,288
Davide Campari (D)		1,158,000		8,984,798
Prysmian SpA (B)		541,300		11,038,750
				37,360,792
Japan - 27.8%
Aida Engineering, Ltd.		355,500		4,052,863
Air Water, Inc.		542,500		9,634,992
Avex Group Holdings, Inc. (B)		744,300		11,487,289
Chugoku Marine Paints, Ltd.		889,000		7,702,819
Daiichikosho Co., Ltd. (B)		207,400		6,689,008
Denki Kagaku Kogyo KK		4,173,700		17,042,009
Dynam Japan Holdings Co., Ltd.		5,130,900		10,877,444
Electric Power Development Co., Ltd.		189,300		6,354,672
Hikari Tsushin, Inc.		263,800		17,606,692
HIS Co., Ltd.		237,600		7,919,819
Hoshizaki Electric Co., Ltd.		111,700		6,571,529
Kaken Pharmaceutical Co., Ltd.		391,700		13,997,722
Kintetsu World Express, Inc.		341,500		15,730,392
Kumiai Chemical Industry Co., Ltd.		470,200		4,152,076
Miraca Holdings, Inc. (B)		171,400		8,623,038
Nakanishi, Inc.		234,700		8,696,740
Nitori Holdings Co., Ltd.		131,400		10,105,844
Rohto Pharmaceutical Co., Ltd.		714,900		10,206,628
Ryohin Keikaku Co., Ltd.		44,500		7,096,874
Sanwa Holdings Corp.		1,916,500		14,464,543
SKY Perfect JSAT Holdings, Inc.		2,278,600		14,272,337
Sogo Medical Co., Ltd.		245,200		6,708,372
Toho Holdings Co., Ltd. (B)		166,600		2,901,182
Token Corp. (B)		102,800		5,204,091
USS Co., Ltd.		188,900		3,326,113
Welcia Holdings Co., Ltd.		226,200		9,891,108
				241,316,196
Korea, Republic of - 1.3%
Eugene Technology Co., Ltd.		302,489		4,540,085
Interpark Corp.		793,800		6,605,194
				11,145,279
Mexico - 0.5%
Credito Real SAB de CV SOFOM ENR		1,776,578		4,374,861
Netherlands - 5.8%
BinckBank NV		917,700		9,197,897
Boskalis Westminster NV		247,000		12,834,267
Delta Lloyd NV		757,600		14,327,070
Koninklijke Ten Cate NV (B)		587,761		13,684,006
				50,043,240
Norway - 0.4%
ABG Sundal Collier Holding ASA		5,365,787		3,857,159
Philippines - 0.6%
Alliance Global Group, Inc.		9,625,100		5,469,978
Portugal - 1.1%
CTT-Correios de Portugal SA		804,900		9,078,440

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    91

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Singapore - 2.1%
ARA Asset Management, Ltd.		6,225,600		$  8,130,995
CWT, Ltd.		6,833,500		9,910,382
				18,041,377
Sweden - 0.9%
Dios Fastigheter AB		1,006,354		7,837,928
Switzerland - 4.0%
GAM Holding AG (C)		873,290		19,702,285
Gategroup Holding AG, Class A (C)		278,700		9,745,539
Swissquote Group Holding SA		174,376		5,563,240
				35,011,064
United Arab Emirates - 0.8%
Dragon Oil PLC		687,300		6,532,913
United Kingdom - 18.9%
Berendsen PLC		282,851		4,496,635
Cineworld Group PLC		1,427,069		10,658,738
IG Group Holdings PLC		1,478,800		16,673,674
Inchcape PLC		1,135,000		14,437,267
Inmarsat PLC		737,400		11,354,900
Intermediate Capital Group PLC		849,400		6,860,301
International Personal Finance PLC		1,524,300		11,592,533
Ithaca Energy, Inc. (B) (C)		4,582,100		4,025,716
Lancashire Holdings, Ltd. (B)		1,317,300		12,877,610
Northgate PLC		1,621,206		16,058,036
Pendragon PLC		11,451,300		6,478,171
Rexam PLC		2,263,148		20,087,201
Stock Spirits Group PLC		3,026,900		8,847,642
UBM PLC		2,255,460		19,470,413
				163,918,837

	Shares		Value
COMMON STOCKS (continued)
United States - 1.0%
Eros International PLC (B) (C)		491,178		$  8,688,939
Total Common Stocks (Cost $786,209,220)				835,932,126
SECURITIES LENDING COLLATERAL - 4.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (A)		42,223,300		42,223,300
Total Securities Lending Collateral (Cost $42,223,300)				42,223,300
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.01% (A), dated 04/30/2015, to be repurchased at $17,580,116 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 10/01/2032, and with a value of $17,933,143.		$  17,580,111		17,580,111
Total Repurchase Agreement (Cost $17,580,111)				17,580,111
Total Investments (Cost $852,318,131) (E)				905,177,393
Net Other Assets (Liabilities) - (4.4)%				(38,326,617	)
Net Assets - 100.0%				$  866,850,776

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Media		9.5	%	$	85,902,675
Capital Markets		5.9			53,311,877
Chemicals		5.8			52,215,902
Air Freight & Logistics		4.7			42,583,072
Specialty Retail		4.7			42,442,618
Diversified Financial Services		4.5			40,810,329
Containers & Packaging		3.8			34,807,546
Insurance		3.0			27,204,680
Distributors		2.9			26,710,143
Pharmaceuticals		2.7			24,204,350
Commercial Services & Supplies		2.6			23,911,228
Food & Staples Retailing		2.6			23,794,713
Health Care Equipment & Supplies		2.6			23,726,857
Real Estate Management & Development		2.5			22,635,358
Consumer Finance		2.5			22,262,086
Health Care Providers & Services		2.2			19,559,845
Oil, Gas & Consumable Fuels		2.1			19,262,675
Machinery		2.1			19,149,680
Hotels, Restaurants & Leisure		2.1			18,797,263
Beverages		2.0			17,832,440
Road & Rail		1.8			16,058,036
Building Products		1.6			14,464,543

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    92

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Auto Components		1.4	%	$	13,132,460
Construction & Engineering		1.4			12,834,267
Life Sciences Tools & Services		1.3			11,398,576
Diversified Telecommunication Services		1.2			11,354,900
Electrical Equipment		1.2			11,038,750
Industrial Conglomerates		1.2			10,514,186
IT Services		1.0			9,203,297
Gas Utilities		1.0			9,006,772
Transportation Infrastructure		1.0			8,811,956
Multiline Retail		0.8			7,096,874
Biotechnology		0.8			7,042,406
Electronic Equipment, Instruments & Components		0.8			7,023,453
Internet & Catalog Retail		0.7			6,605,194
Food Products		0.7			6,565,411
Independent Power and Renewable Electricity Producers		0.7			6,354,672
Textiles, Apparel & Luxury Goods		0.7			6,008,589
Energy Equipment & Services		0.7			5,970,089
Trading Companies & Distributors		0.6			5,424,099
Professional Services		0.6			5,369,017
Household Durables		0.6			5,204,091
Semiconductors & Semiconductor Equipment		0.5			4,540,085
Banks		0.3			3,226,922
Investments, at Value		93.4			845,373,982
Short-Term Investments		6.6			59,803,411
Total Investments		100.0	%	$	905,177,393

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Preferred Stock	$	—	$	9,441,856	$	—	$	9,441,856
Common Stocks		23,059,605		812,872,521		—		835,932,126
Securities Lending Collateral		42,223,300		—		—		42,223,300
Repurchase Agreement		—		17,580,111		—		17,580,111
Total Investments	$	65,282,905	$	839,894,488	$	—	$	905,177,393

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate disclosed reflects the yield at April 30, 2015.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $40,078,620. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Non-income producing security.

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $8,984,798, representing 1.0% of the Fund’s net assets.

^(E)  Aggregate cost for federal income tax purposes is $852,318,131. Aggregate gross unrealized appreciation and depreciation for all securities is $103,157,519 and $50,298,257, respectively. Net unrealized appreciation for tax purposes is $52,859,262.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    93

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 96.2%
Automobiles - 1.9%
General Motors Co.		992,000		$  34,779,520
Banks - 1.5%
Great Western Bancorp, Inc. (A)		1,316,116		28,783,457
Beverages - 1.8%
Cott Corp. (B)		3,773,109		32,863,779
Chemicals - 2.6%
Dow Chemical Co.		550,000		28,050,000
E.I. du Pont de Nemours & Co.		270,000		19,764,000
				47,814,000
Consumer Finance - 4.7%
Discover Financial Services		1,504,557		87,219,169
Diversified Financial Services - 7.9%
Citigroup, Inc.		1,854,202		98,866,051
JPMorgan Chase & Co.		780,000		49,342,800
				148,208,851
Diversified Telecommunication Services - 2.5%
Verizon Communications, Inc.		925,129		46,663,507
Electrical Equipment - 4.1%
Eaton Corp. PLC		1,105,380		75,972,767
Food & Staples Retailing - 3.3%
Wal-Mart Stores, Inc.		800,000		62,440,000
Food Products - 8.1%
Pinnacle Foods, Inc.		2,700,000		109,485,000
Tyson Foods, Inc., Class A		1,035,299		40,894,311
				150,379,311
Health Care Equipment & Supplies - 2.8%
Medtronic PLC		696,256		51,836,259
Hotels, Restaurants & Leisure - 3.6%
McDonald’s Corp.		700,000		67,585,000
Household Products - 1.2%
Procter & Gamble Co.		275,000		21,865,250
Independent Power and Renewable Electricity Producers - 2.1%
AES Corp.		3,000,000		39,750,000
Industrial Conglomerates - 5.4%
General Electric Co.		2,700,000		73,116,000
Koninklijke Philips NV		1,000,000		28,610,000
				101,726,000
Insurance - 7.4%
ACE, Ltd.		470,400		50,328,096
Allstate Corp.		1,253,464		87,316,302
				137,644,398
Life Sciences Tools & Services - 0.8%
VWR Corp. (A) (C)		548,904		14,567,912
Media - 1.4%
Tribune Media Co., Class A		450,292		25,247,873
Metals & Mining - 0.4%
Cliffs Natural Resources, Inc. (A) (B)		1,300,000		7,722,000
Oil, Gas & Consumable Fuels - 6.6%
Occidental Petroleum Corp.		1,086,214		87,005,741
Williams Cos., Inc.		708,676		36,277,125
				123,282,866

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 10.2%
AbbVie, Inc., Class G (A)		869,536		$  56,224,198
Actavis PLC (C)		236,661		66,941,930
Pfizer, Inc.		2,000,000		67,860,000
				191,026,128
Professional Services - 3.1%
Nielsen NV		1,300,000		58,422,000
Semiconductors & Semiconductor Equipment - 4.0%
Applied Materials, Inc., Class A		3,800,000		75,202,000
Technology Hardware, Storage & Peripherals - 7.9%
Apple, Inc.		287,450		35,974,367
EMC Corp.		4,122,115		110,926,115
				146,900,482
Thrifts & Mortgage Finance - 0.9%
Essent Group, Ltd. (A) (C)		700,000		17,465,000
Total Common Stocks (Cost $1,644,886,178)				1,795,367,529
SECURITIES LENDING COLLATERAL - 2.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (D)		38,772,212		38,772,212
Total Securities Lending Collateral (Cost $38,772,212)				38,772,212
	Principal		Value
REPURCHASE AGREEMENT - 4.0%
State Street Bank & Trust Co. 0.01% (D), dated 04/30/2015, to be repurchased at $75,149,128 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 3.00% - 3.50%, due 01/01/2032 - 10/01/2032, and with a total value of $76,652,317.		$  75,149,107		75,149,107
Total Repurchase Agreement (Cost $75,149,107)				75,149,107
Total Investments (Cost $1,758,807,497) (E)				1,909,288,848
Net Other Assets (Liabilities) - (2.3)%				(42,029,159	)
Net Assets - 100.0%				$  1,867,259,689

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    94

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	1,795,367,529	$	—	$	—	$	1,795,367,529
Securities Lending Collateral		38,772,212		—		—		38,772,212
Repurchase Agreement		—		75,149,107		—		75,149,107
Total Investments	$	1,834,139,741	$	75,149,107	$	—	$	1,909,288,848

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $37,645,121. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B) Illiquid security. Total aggregate value of illiquid securities is $40,585,779, representing 2.2% of the Fund’s net assets.

^(C)  Non-income producing security.

^(D)  Rate disclosed reflects the yield at April 30, 2015.

^(E)  Aggregate cost for federal income tax purposes is $1,758,807,497. Aggregate gross unrealized appreciation and depreciation for all securities is $181,165,024 and $30,683,673, respectively. Net unrealized appreciation for tax purposes is $150,481,351.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    95

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Aerospace & Defense - 2.0%
Spirit Aerosystems Holdings, Inc., Class A (A)		104,010		$  5,293,069
Auto Components - 3.0%
BorgWarner, Inc. (B)		133,932		7,928,774
Banks - 6.2%
CIT Group, Inc. (B)		84,824		3,819,625
Comerica, Inc., Class A (B)		122,545		5,809,858
First Republic Bank, Class A (B)		115,213		6,715,766
				16,345,249
Chemicals - 5.0%
Methanex Corp.		123,527		7,437,561
RPM International, Inc. (B)		121,184		5,761,087
				13,198,648
Communications Equipment - 2.8%
F5 Networks, Inc., Class B (A) (B)		61,227		7,470,918
Construction Materials - 3.2%
Eagle Materials, Inc. (B)		101,707		8,481,347
Electronic Equipment, Instruments & Components - 2.0%
Trimble Navigation, Ltd. (A) (B)		204,007		5,187,898
Food & Staples Retailing - 2.5%
Rite Aid Corp. (A) (B)		849,083		6,546,430
Food Products - 2.5%
WhiteWave Foods Co., Class A (A) (B)		147,558		6,488,125
Health Care Equipment & Supplies - 2.3%
Align Technology, Inc. (A) (B)		103,643		6,098,354
Health Care Providers & Services - 6.6%
Brookdale Senior Living, Inc., Class A (A) (B)		202,979		7,353,929
Cardinal Health, Inc. (B)		54,558		4,601,422
Universal Health Services, Inc., Class B		47,533		5,558,984
				17,514,335
Household Durables - 3.5%
Mohawk Industries, Inc. (A) (B)		30,150		5,231,025
Whirlpool Corp. (B)		23,636		4,150,482
				9,381,507
Insurance - 2.7%
Hartford Financial Services Group, Inc. (B)		177,556		7,238,958
Internet Software & Services - 2.0%
IAC/InterActiveCorp		77,656		5,421,942
Machinery - 2.7%
WABCO Holdings, Inc. (A) (B)		58,473		7,276,965
Media - 2.4%
Starz, Class A (A)		162,032		6,372,719
Oil, Gas & Consumable Fuels - 4.3%
EQT Corp. (B)		126,440		11,372,014
Pharmaceuticals - 2.6%
Mylan NV (A) (B)		96,560		6,977,426
Professional Services - 6.4%
Equifax, Inc.		91,927		8,910,484
Towers Watson & Co., Class A (B)		64,143		8,140,067
				17,050,551

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 4.8%
Genesee & Wyoming, Inc., Class A (A) (B)		67,284		$  6,254,048
Ryder System, Inc., Class A (B)		68,854		6,565,917
				12,819,965
Semiconductors & Semiconductor Equipment - 6.2%
Broadcom Corp., Class A (B)		160,837		7,109,800
KLA-Tencor Corp. (B)		92,674		5,449,231
Synaptics, Inc. (A) (B)		45,713		3,872,805
				16,431,836
Software - 6.5%
Fortinet, Inc. (A) (B)		244,596		9,231,053
PTC, Inc. (A) (B)		207,654		7,961,454
				17,192,507
Specialty Retail - 11.9%
Dick’s Sporting Goods, Inc. (B)		101,914		5,529,854
Foot Locker, Inc. (B)		88,638		5,269,529
Signet Jewelers, Ltd.		55,629		7,461,518
Ulta Salon Cosmetics & Fragrance, Inc. (A)		48,065		7,262,141
Williams-Sonoma, Inc., Class A		83,618		6,148,431
				31,671,473
Textiles, Apparel & Luxury Goods - 2.0%
Gildan Activewear, Inc., Class A		168,253		5,335,303
Trading Companies & Distributors - 3.2%
Air Lease Corp., Class A (B)		216,668		8,369,885
Total Common Stocks (Cost $250,195,776)				263,466,198
SECURITIES LENDING COLLATERAL - 28.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		75,624,153		75,624,153
Total Securities Lending Collateral (Cost $75,624,153)				75,624,153
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $4,762,123 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $4,857,599.		$  4,762,121		4,762,121
Total Repurchase Agreement (Cost $4,762,121)				4,762,121
Total Investments (Cost $330,582,050) (D)				343,852,472
Net Other Assets (Liabilities) - (29.6)%				(78,436,430	)
Net Assets - 100.0%				$  265,416,042

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    96

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	263,466,198	$	—	$	—	$	263,466,198
Securities Lending Collateral		75,624,153		—		—		75,624,153
Repurchase Agreement		—		4,762,121		—		4,762,121
Total Investments	$	339,090,351	$	4,762,121	$	—	$	343,852,472

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $74,004,107. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $330,582,050. Aggregate gross unrealized appreciation and depreciation for all securities is $16,470,668 and $3,200,246, respectively. Net unrealized appreciation for tax purposes is $13,270,422.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    97

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 95.7%
Airlines - 1.9%
Alaska Air Group, Inc.		37,700		$  2,415,062
Copa Holdings SA, Class A (A)		59,600		6,609,044
				9,024,106
Banks - 2.8%
CIT Group, Inc.		162,400		7,312,872
First Republic Bank, Class A		100,500		5,858,145
				13,171,017
Commercial Services & Supplies - 1.7%
ADT Corp. (A)		207,600		7,805,760
Communications Equipment - 3.0%
ARRIS Group, Inc. (B)		199,600		6,721,530
EchoStar Corp., Class A (B)		151,000		7,550,000
				14,271,530
Consumer Finance - 0.7%
Navient Corp.		174,500		3,409,730
Containers & Packaging - 2.3%
Bemis Co., Inc.		100,700		4,531,500
Rexam, PLC, ADR		146,266		6,451,793
				10,983,293
Diversified Consumer Services - 1.9%
H&R Block, Inc.		290,000		8,769,600
Electric Utilities - 6.6%
PPL Corp.		542,050		18,445,961
Westar Energy, Inc., Class A (A)		210,200		7,914,030
Xcel Energy, Inc.		138,300		4,689,753
				31,049,744
Electrical Equipment - 2.5%
Babcock & Wilcox Co. (A)		369,100		11,929,312
Electronic Equipment, Instruments & Components - 0.7%
CDW Corp.		92,000		3,525,440
Energy Equipment & Services - 1.0%
Nabors Industries, Ltd.		286,200		4,779,540
Food & Staples Retailing - 1.4%
Sysco Corp.		178,700		6,617,261
Food Products - 4.1%
ConAgra Foods, Inc.		207,900		7,515,585
Kellogg Co.		149,400		9,461,502
McCormick & Co., Inc.		34,900		2,627,970
				19,605,057
Health Care Providers & Services - 5.8%
Cardinal Health, Inc.		39,200		3,306,128
Catamaran Corp. (B)		166,200		9,863,970
Community Health Systems, Inc. (A) (B)		50,400		2,705,472
Laboratory Corp. of America Holdings (B)		59,600		7,125,776
MEDNAX, Inc. (B)		65,200		4,614,856
				27,616,202
Insurance - 13.0%
Alleghany Corp. (B)		19,800		9,375,696
Allstate Corp.		134,300		9,355,338
Assured Guaranty, Ltd. (A)		227,400		5,910,126
Fairfax Financial Holdings, Ltd.		19,600		10,567,928
HCC Insurance Holdings, Inc.		125,300		7,137,088
Loews Corp.		230,000		9,577,200

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Progressive Corp.		361,900		$   9,648,254
				61,571,630
Internet Software & Services - 2.3%
Equinix, Inc. (A)		31,607		8,089,180
IAC/InterActiveCorp		40,900		2,855,638
				10,944,818
IT Services - 7.2%
Amdocs, Ltd.		156,700		8,629,469
Computer Sciences Corp.		107,900		6,954,155
DST Systems, Inc.		37,200		4,280,976
Total System Services, Inc.		182,900		7,235,524
Western Union Co. (A)		357,300		7,246,044
				34,346,168
Leisure Products - 0.7%
Brunswick Corp., Class B		65,200		3,262,608
Life Sciences Tools & Services - 1.7%
Bio-Rad Laboratories, Inc., Class A (B)		60,600		8,147,670
Media - 9.7%
AMC Networks, Inc., Class A (B)		94,800		7,151,712
Cablevision Systems Corp., Class A (A)		461,200		9,214,776
Discovery Communications, Inc., Class C (B)		118,800		3,591,324
Liberty Media Corp., Class C (B)		215,100		8,163,045
Madison Square Garden Co., Class A (B)		28,600		2,296,580
News Corp., Class B (B)		468,800		7,299,216
Shaw Communications, Inc., Class B (A)		370,300		8,461,355
				46,178,008
Multi-Utilities - 6.4%
Alliant Energy Corp.		115,500		6,984,285
CMS Energy Corp. (A)		347,600		11,794,068
Wisconsin Energy Corp. (A)		235,500		11,567,760
				30,346,113
Oil, Gas & Consumable Fuels - 1.4%
Marathon Petroleum Corp.		23,900		2,355,823
Valero Energy Corp.		77,500		4,409,750
				6,765,573
Real Estate Investment Trusts - 3.4%
Annaly Capital Management, Inc.		1,580,800		15,918,656
Semiconductors & Semiconductor Equipment - 2.1%
Micron Technology, Inc. (B)		177,300		4,987,449
NVIDIA Corp.		219,200		4,865,144
				9,852,593
Software - 2.8%
CA, Inc. (A)		187,300		5,950,521
Citrix Systems, Inc. (B)		56,400		3,787,824
Synopsys, Inc. (B)		75,000		3,516,000
				13,254,345
Specialty Retail - 1.7%
Abercrombie & Fitch Co., Class A (A)		208,800		4,693,824
Bed Bath & Beyond, Inc. (B)		48,700		3,431,402
				8,125,226
Technology Hardware, Storage & Peripherals - 3.1%
NetApp, Inc.		224,600		8,141,750
Western Digital Corp.		64,600		6,314,004
				14,455,754

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    98

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 1.0%
Fossil Group, Inc. (A) (B)		58,400		$   4,904,432
Thrifts & Mortgage Finance - 0.5%
Ocwen Financial Corp., Class B (A) (B)		289,600		2,458,704
Water Utilities - 2.3%
American Water Works Co., Inc.		198,600		10,827,672
Total Common Stocks (Cost $434,198,927)				453,917,562
SECURITIES LENDING COLLATERAL - 12.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		58,741,238		58,741,238
Total Securities Lending Collateral (Cost $58,741,238)				58,741,238

	Principal		Value
REPURCHASE AGREEMENT - 4.6%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $22,002,225 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $22,445,165.		$  22,002,219		$   22,002,219
Total Repurchase Agreement (Cost $22,002,219)				22,002,219
Total Investments (Cost $514,942,384) (D)				534,661,019
Net Other Assets (Liabilities) - (12.7)%				(60,208,071	)
Net Assets - 100.0%				$  474,452,948

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	453,917,562	$	—	$	—	$	453,917,562
Securities Lending Collateral		58,741,238		—		—		58,741,238
Repurchase Agreement		—		22,002,219		—		22,002,219
Total Investments	$	512,658,800	$	22,002,219	$	—	$	534,661,019

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $57,341,957. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $514,942,384. Aggregate gross unrealized appreciation and depreciation for all securities is $26,609,396 and $6,890,761, respectively. Net unrealized appreciation for tax purposes is $19,718,635.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    99

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 5.2%
Energy Equipment & Services - 0.1%
DCP Midstream LLC 5.35%, 03/15/2020 (A)		$  1,000,000		$  989,308
Oil, Gas & Consumable Fuels - 5.1%
American Eagle Energy Corp. 11.00%, 09/01/2019 (A)		1,900,000		760,000
American Energy - Woodford LLC / AEW Finance Corp. 9.00%, 09/15/2022 (A)		1,700,000		1,003,000
California Resources Corp. 6.00%, 11/15/2024		910,000		855,400
CrownRock, LP / CrownRock Finance, Inc.
7.13%, 04/15/2021 (A)		1,100,000		1,138,500
7.75%, 02/15/2023 (A)		1,800,000		1,908,000
Endeavor Energy Resources, LP / EER Finance, Inc.
7.00%, 08/15/2021 (A)		3,550,000		3,541,125
8.13%, 09/15/2023 (A)		250,000		259,375
Gulfport Energy Corp.
6.63%, 05/01/2023 (A)		2,990,000		3,042,325
7.75%, 11/01/2020		1,630,000		1,719,650
Jupiter Resources, Inc. 8.50%, 10/01/2022 (A)		3,600,000		3,042,000
Memorial Resource Development Corp. 5.88%, 07/01/2022 (A)		1,300,000		1,261,000
Parsley Energy LLC / Parsley Finance Corp. 7.50%, 02/15/2022 (A)		1,575,000		1,645,875
Peabody Energy Corp. 6.00%, 11/15/2018 (B)		1,600,000		1,261,000
RKI Exploration & Production LLC / RKI Finance Corp. 8.50%, 08/01/2021 (A)		1,550,000		1,534,500
RSP Permian, Inc. 6.63%, 10/01/2022 (A)		1,700,000		1,764,600
SemGroup Corp. 7.50%, 06/15/2021		2,900,000		3,045,000
Teine Energy, Ltd. 6.88%, 09/30/2022 (A)		1,675,000		1,662,438
Williams Cos., Inc. 8.75%, 03/15/2032		6,250,000		7,603,381
				37,047,169
Total Corporate Debt Securities (Cost $39,908,268)				38,036,477
	Shares		Value
PREFERRED STOCKS - 0.5%
Marine - 0.5%
Navios Maritime Holdings, Inc. 8.63%		45,850		985,775
Seaspan Corp. Series D, 7.95% (B)		100,000		2,644,000
Total Preferred Stocks (Cost $3,645,610)				3,629,775

	Shares		Value
COMMON STOCKS - 54.6%
Energy Equipment & Services - 9.0%
Kinder Morgan, Inc. (B)		1,520,092		$  65,287,951
Independent Power and Renewable Electricity Producers - 4.4%
Abengoa Yield PLC (B)		329,300		11,166,563
NRG Yield, Inc., Class A (B)		243,595		11,984,874
TerraForm Power, Inc., Class A (B) (C)		224,200		8,862,626
				32,014,063
Multi-Utilities - 2.9%
CenterPoint Energy, Inc.		113,400		2,377,998
Dominion Resources, Inc. (B)		43,000		3,082,240
NiSource, Inc., Class B		279,500		12,135,890
Sempra Energy		34,100		3,620,397
				21,216,525
Oil, Gas & Consumable Fuels - 36.5%
AltaGas, Ltd. (B)		264,600		8,991,794
Cheniere Energy Partners, LP Holdings LLC		92,100		2,330,130
Cheniere Energy, Inc. (C)		137,500		10,517,375
Crescent Point Energy Corp. (B)		85,000		2,219,934
Enbridge Energy Management LLC (B)		873,155		32,236,883
Enbridge Income Fund Holdings, Inc. (B)		60,000		1,933,029
Enbridge, Inc. (B)		351,521		18,395,094
EnLink Midstream LLC (B)		190,000		6,678,500
EQT Corp.		50,000		4,497,000
Gibson Energy, Inc.		82,100		1,893,097
HollyFrontier Corp.		61,500		2,384,970
Inter Pipeline, Ltd. (B)		134,200		3,514,894
Keyera Corp. (B)		82,000		2,886,482
ONEOK, Inc. (B)		299,000		14,381,900
Pembina Pipeline Corp. (B)		304,600		10,603,126
Phillips 66		293,700		23,293,347
SemGroup Corp., Class A		176,600		14,867,954
Spectra Energy Corp. (B)		280,400		10,444,900
Targa Resources Corp.		245,417		25,761,423
Teekay Corp. (B)		286,200		14,227,002
TransCanada Corp.		253,100		11,748,902
Williams Cos., Inc.		805,500		41,233,545
				265,041,281
Real Estate Investment Trusts - 0.6%
InfraREIT, Inc.		135,490		4,225,933
Transportation Infrastructure - 1.2%
Macquarie Infrastructure Co. LLC		106,400		8,805,664
Total Common Stocks (Cost $369,688,041)				396,591,417
MASTER LIMITED PARTNERSHIPS - 36.9%
Oil, Gas & Consumable Fuels - 36.9%
Antero Midstream Partners, LP		186,100		4,652,500
Buckeye Partners, LP		103,900		8,476,162
Capital Product Partners, LP		388,815		3,534,328
Columbia Pipeline Partners, LP (C)		130,300		3,524,615
DCP Midstream Partners, LP		144,100		5,879,280
Dynagas LNG Partners, LP		531,400		10,505,778
Energy Transfer Equity, LP		286,100		19,071,426
Energy Transfer Partners, LP, Class B		252,889		14,611,914
EnLink Midstream Partners, LP		244,300		6,285,839
Enterprise Products Partners, LP		406,900		13,936,325

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    100

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
MASTER LIMITED PARTNERSHIPS (continued)
Oil, Gas & Consumable Fuels (continued)
Equities Midstream Partners, LP		82,600		$   7,285,320
GasLog Partners, LP		228,700		6,522,524
Global Partners, LP		42,024		1,686,843
Golar LNG Partners, LP		139,096		4,062,994
Hoegh LNG Partners, LP		349,950		7,593,915
Holly Energy Partners, LP		101,109		3,331,542
KNOT Offshore Partners, LP		294,247		7,061,928
Magellan Midstream Partners, LP		79,900		6,671,650
MarkWest Energy Partners, LP		121,587		8,202,259
Midcoast Energy Partners, LP		147,700		2,027,921
MPLX, LP		48,800		3,794,200
Navios Maritime Midstream Partners, LP		311,300		5,092,868
NuStar Energy, LP		25,000		1,679,500
Phillips 66 Partners, LP		95,700		7,258,845
Plains All American Pipeline, LP		87,900		4,404,669
Plains GP Holdings, LP, Class A		1,048,500		30,825,900
Shell Midstream Partners, LP		73,400		2,949,946
Sunoco Logistics Partners, LP		223,360		9,908,250
Targa Resources Partners, LP		94,406		4,289,809
Teekay Offshore Partners, LP		174,500		4,093,770
Tesoro Logistics, LP		53,500		2,997,605
Valero Energy Partners, LP		96,200		4,865,796
VTTI Energy Partners, LP		374,487		9,062,585
Western Gas Equity Partners, LP		134,802		8,760,782
Western Gas Partners, LP		224,600		16,371,094
Williams Partners, LP		139,436		6,888,138
Total Master Limited Partnerships (Cost $256,940,029)				268,168,820

	Shares		Value
SECURITIES LENDING COLLATERAL - 9.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (D)		69,986,396		$   69,986,396
Total Securities Lending Collateral (Cost $69,986,396)				69,986,396
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.01% (D), dated 04/30/2015, to be repurchased at $14,402,992 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $14,691,374.		$  14,402,988		14,402,988
Total Repurchase Agreement (Cost $14,402,988)				14,402,988
Total Investments (Cost $754,571,332) (E)				790,815,873
Net Other Assets (Liabilities) - (8.8)%				(63,837,870	)
Net Assets - 100.0%				$  726,978,003

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Received			Value
Call - Dominion Resources, Inc.	$	75.00		05/15/2015		300	$	(12,288	)	$	(2,700	)
Call - EnLink Midstream LLC		35.00		05/15/2015		500		(24,229	)		(37,500	)
Call - HollyFrontier Corp.		41.50		06/19/2015		150		(18,219	)		(10,500	)
Call - HollyFrontier Corp.		42.50		06/19/2015		150		(13,269	)		(7,500	)
Call - Sempra Energy		110.00		05/15/2015		50		(4,273	)		(1,750	)
Total							$	(72,278	)	$	(59,950	)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Corporate Debt Securities	$	—	$	38,036,477	$	—	$	38,036,477
Preferred Stocks		3,629,775		—		—		3,629,775
Common Stocks		396,591,417		—		—		396,591,417
Master Limited Partnerships		268,168,820		—		—		268,168,820
Securities Lending Collateral		69,986,396		—		—		69,986,396
Repurchase Agreement		—		14,402,988		—		14,402,988
Total Investments	$	738,376,408	$	52,439,465	$	—	$	790,815,873

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    101

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
LIABILITIES
Derivative Financial Instruments
Exchange-Traded Options Written	$	(59,950	)	$	—	$	—	$	(59,950	)
Total Derivative Financial Instruments	$	(59,950	)	$	—	$	—	$	(59,950	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $23,552,046, representing 3.2% of the Fund’s net assets.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $67,943,248. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Non-income producing security.

^(D)  Rate disclosed reflects the yield at April 30, 2015.

^(E)  Aggregate cost for federal income tax purposes is $754,571,332. Aggregate gross unrealized appreciation and depreciation for all securities is $53,517,543 and $17,273,002, respectively. Net unrealized appreciation for tax purposes is $36,244,541.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    102

Transamerica Money Market

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 4.1%
Capital Markets - 2.1%
Goldman Sachs & Co. 0.62%, 11/09/2015 (A)		$  3,000,000		$  3,000,000
Diversified Financial Services - 2.0%
Bank of America NA 0.31%, 10/01/2015		3,000,000		3,000,000
Total Corporate Debt Securities (Cost $6,000,000)				6,000,000
CERTIFICATES OF DEPOSIT - 15.4%
Banks - 15.4%
Bank of Nova Scotia 0.24%, 06/12/2015 (B)		2,250,000		2,250,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.10%, 05/07/2015 (B)		3,000,000		3,000,000
0.35%, 06/24/2015 (B)		4,125,000		4,125,061
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 0.28%, 07/07/2015 - 07/09/2015 (B)		7,000,000		7,000,000
Mizuho Bank, Ltd. 0.25%, 07/02/2015 (B)		2,500,000		2,500,000
Svenska Handelsbanken AB 0.27%, 07/02/2015 (B)		4,000,000		4,000,034
Total Certificates of Deposit (Cost $22,875,095)				22,875,095
COMMERCIAL PAPER - 66.9%
Automobiles - 2.2%
Toyota Motor Credit Corp. 0.28%, 11/09/2015 (B)		3,250,000		3,250,000
Banks - 39.2%
ANZ New Zealand International, Ltd. 0.29%, 11/16/2015 (B) (C)		2,500,000		2,500,000
Australia & New Zealand Banking Group, Ltd. 0.28%, 11/24/2015 (B) (C)		3,500,000		3,499,877
Bedford Row Funding Corp. 0.33%, 03/18/2016 (B) (C)		3,500,000		3,500,000
HSBC USA, Inc. 0.33%, 10/19/2015 (B)		3,000,000		2,995,297
Korea Development Bank 0.46%, 12/16/2015 (B)		5,000,000		4,985,369
Natixis 0.11%, 05/06/2015 (B)		7,100,000		7,099,892
PNC Bank NA 0.35%, 09/04/2015 (B)		1,000,000		998,775
Skandinaviska Enskilda Banken AB 0.32%, 10/08/2015 (B) (C)		1,750,000		1,747,550
Standard Chartered Bank 0.37%, 05/13/2015 (B) (C)		6,000,000		5,999,260
Sumitomo Mitsui Banking Corp.
0.11%, 05/04/2015 (B) (C)		3,500,000		3,499,968
0.31%, 07/02/2015 (B) (C)		3,000,000		2,998,398
Swedbank AB 0.24%, 07/06/2015 (B)		4,000,000		3,998,240
US Bank NA 0.10%, 05/01/2015 (B)		7,250,000		7,250,000
Westpac Banking Corp. 0.26%, 08/03/2015 (B) (C)		6,000,000		5,999,858

	Principal		Value
COMMERCIAL PAPER (continued)
Banks (continued)
Westpac Securities NZ Ltd. 0.26%, 06/01/2015 (B) (C)		$   1,000,000		$   999,776
				58,072,260
Capital Markets - 3.4%
UBS Finance Delaware LLC 0.13%, 05/04/2015 (B)		5,000,000		4,999,946
Diversified Financial Services - 15.9%
Alpine Securitization Corp. 0.29%, 07/23/2015 (B) (C)		3,500,000		3,497,660
Collateralized Commercial Paper II Co. LLC
0.04%, 09/08/2015 (B) (C)		4,000,000		3,994,944
0.38%, 05/15/2015 (B) (C)		1,500,000		1,499,778
ING Funding LLC
0.25%, 07/01/2015 (B)		3,000,000		2,998,729
0.37%, 09/21/2015 (B)		2,000,000		1,997,061
JPMorgan Securities LLC 0.45%, 10/26/2015 (B) (C)		3,000,000		2,993,325
Thunder Bay Funding LLC 0.27%, 07/01/2015 (B) (C)		3,500,000		3,498,399
Victory Receivables Corp. 0.17%, 05/06/2015 (B) (C)		3,000,000		2,999,929
				23,479,825
Electric Utilities - 2.5%
Pacific Gas & Electric Co. 0.48%, 05/05/2015 (B) (C)		700,000		699,963
Southern Co. Funding Corp. 0.25%, 05/19/2015 (B) (C)		3,000,000		2,999,625
				3,699,588
Media - 0.5%
Viacom, Inc. 0.49%, 05/06/2015 (B) (C)		700,000		699,952
Multi-Utilities - 0.9%
Consolidated Edison, Inc. 0.35%, 05/06/2015 (B) (C)		700,000		699,966
Dominion Resources, Inc. 0.52%, 05/21/2015 (B) (C)		700,000		699,798
				1,399,764
Oil, Gas & Consumable Fuels - 0.9%
Devon Energy Corp. 0.60%, 05/01/2015 (B) (C)		700,000		700,000
South Carolina Fuel Co., Inc. 0.47%, 05/12/2015 (B) (C)		700,000		699,900
				1,399,900
Software - 1.4%
Manhattan Asset Funding Co. LLC 0.19%, 06/02/2015 (B) (C)		2,000,000		1,999,662
Total Commercial Paper (Cost $99,000,897)				99,000,897

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    103

Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
REPURCHASE AGREEMENTS - 15.8%
Bank of America NA 0.61% (A) (B), dated 04/10/2015, to be repurchased at $3,755,855 on 07/09/2015. Collateralized by a U.S. Government Agency Obligation, 0.51%, due 02/25/2036, and with a value of $4,012,501.		$   3,750,000		$   3,750,000
Goldman Sachs & Co. 0.10% (B), dated 04/30/2015, to be repurchased at $3,700,010 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 3.00% - 5.50%, due 06/01/2025 - 08/01/2044, and with a total value of $3,774,000.		3,700,000		3,700,000
ING Financial Markets LLC 0.10% (B), dated 04/30/2015, to be repurchased at $15,500,043 on 05/01/2015. Collateralized by U.S. Government Obligations, 2.00% - 2.50%, due 05/20/2043 - 08/20/2043, and with a total value of $15,812,297.		15,500,000		15,500,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
State Street Bank & Trust Co. 0.01% (B), dated 04/30/2015, to be repurchased at $490,151 on 05/01/2015. Collateralized by a U.S. Government Agency Obligations, 2.75% - 3.50%, due 01/15/2039 - 01/25/2039 and with a total value of $501,104.		$   490,150		$   490,150
Total Repurchase Agreements (Cost $23,440,150)				23,440,150
Total Investments (Cost $151,316,142) (D)				151,316,142
Net Other Assets (Liabilities) - (2.2)%				(3,261,937	)
Net Assets - 100.0%				$  148,054,205

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Corporate Debt Securities	$	—	$	6,000,000	$	—	$	6,000,000
Certificates of Deposit		—		22,875,095		—		22,875,095
Commercial Paper		—		99,000,897		—		99,000,897
Repurchase Agreements		—		23,440,150		—		23,440,150
Total Investments	$	—	$	151,316,142	$	—	$	151,316,142

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Illiquid security. Total aggregate value of illiquid securities is $6,750,000, representing 4.6% of the Fund’s net assets.

^(B)  Rate disclosed reflects the yield at April 30, 2015.

^(C)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $58,427,588, representing 39.5% of the Fund’s net assets.

^(D)  Aggregate cost for federal income tax purposes is $151,316,142.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    104

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 9.6%
U.S. Treasury Bond
2.75%, 08/15/2042 - 11/15/2042		$  2,399,500		$  2,400,988
3.63%, 02/15/2044		6,518,000		7,677,494
4.50%, 02/15/2036		807,500		1,069,370
U.S. Treasury Inflation Indexed Bond 2.50%, 01/15/2029		987,725		1,262,436
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		437,203		440,823
0.63%, 01/15/2024		3,510,312		3,676,504
U.S. Treasury Note
0.38%, 03/31/2016 - 10/31/2016		4,507,800		4,503,426
0.50%, 09/30/2016		5,683,200		5,689,861
0.88%, 04/15/2017 - 04/30/2017		3,697,700		3,717,475
1.00%, 09/15/2017 - 11/30/2019		2,842,200		2,797,857
1.25%, 11/30/2018		3,955,000		3,971,995
1.63%, 03/31/2019 - 11/15/2022		11,715,100		11,832,035
2.25%, 11/15/2024		592,700		603,674
2.50%, 05/15/2024		6,289,600		6,548,555
Total U.S. Government Obligations (Cost $54,467,718)				56,192,493
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.2%
Federal Home Loan Mortgage Corp.
5.00%, 04/01/2018		12,958		13,602
5.50%, 09/01/2018 - 06/01/2041		334,774		376,170
Federal National Mortgage Association
2.04%, 02/01/2043 (A)		323,681		334,112
3.00%, TBA (B)		8,402,000		8,549,214
3.33%, 10/25/2023 (A)		190,000		202,006
3.34%, 06/01/2041 (A)		113,540		120,183
3.50%, 07/01/2028 - 11/01/2028		764,406		822,049
3.50%, TBA (B)		12,855,000		13,500,036
3.50%, 09/01/2041 (A)		80,287		85,169
4.00%, 04/01/2026		26,953		29,022
4.00%, TBA (B)		5,752,000		6,146,439
4.50%, 02/01/2025 - 06/01/2026		669,208		719,650
5.00%, 05/01/2018		7,206		7,570
5.00%, TBA (B)		2,128,000		2,370,110
5.50%, 07/01/2019 - 11/01/2038		1,144,279		1,313,944
6.00%, 08/01/2036 - 06/01/2041		1,243,036		1,427,463
6.50%, 05/01/2040		356,942		411,270
Government National Mortgage Association, IO 0.95%, 02/16/2053 (A)		914,362		63,907
Total U.S. Government Agency Obligations (Cost $36,394,829)				36,491,916
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazilian Government International Bond 4.25%, 01/07/2025 (C)		330,000		325,415
Colombia Government International Bond 4.00%, 02/26/2024 (C)		235,000		241,462
Export-Import Bank of Korea 4.00%, 01/11/2017		515,000		537,953
Indonesia Government International Bond 5.38%, 10/17/2023 (D)		315,000		351,619
Mexico Government International Bond 4.00%, 10/02/2023		630,000		662,130

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Peruvian Government International Bond 7.35%, 07/21/2025		$   125,000		$   169,062
Turkey Government International Bond 5.75%, 03/22/2024 (C)		400,000		440,816
Total Foreign Government Obligations (Cost $2,620,363)				2,728,457
MORTGAGE-BACKED SECURITIES - 5.0%
Banc of America Commercial Mortgage Trust Series 2007-3, Class A1A 5.74%, 06/10/2049 (A)		277,390		297,253
Banc of America Re-REMIC Trust Series 2010-UB3, Class A4B1 5.73%, 06/15/2049 (A) (D)		360,000		384,740
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 (D)		460,000		457,785
Series 2012-TFT, Class C
3.58%, 06/05/2030 (A) (D)		1,070,000		1,042,972
BB-UBS Trust, IO Series 2012-SHOW, Class XA 0.73%, 11/05/2036 (A) (D)		3,045,000		160,867
BCAP LLC Trust
Series 2009-RR10, Class 2A1
2.71%, 08/26/2035 (A) (D)		217,128		214,531
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 (A) (D)		24,598		24,579
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 (A) (D)		223,579		236,647
Series 2009-RR6, Class 2A1
2.53%, 08/26/2035 (A) (D)		753,978		749,836
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 (A) (D)		259,524		265,497
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		286,887		301,730
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		227,590		240,143
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (A)		329,374		356,363
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3
3.75%, 03/10/2047		145,000		154,176
Series 2014-GC19, Class A4
4.02%, 03/10/2047		220,000		240,921
Citigroup Mortgage Loan Trust, Inc. Series 2015-A, Class A1 3.50%, 06/25/2058 (A)		1,187,838		1,201,600
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 (A) (D)		750,000		788,538
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (A)		70,000		78,912
Series 2013-GAM, Class A2
3.37%, 02/10/2028 (D)		110,000		113,549
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		155,000		168,639

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    105

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 (D)		$   380,000		$   386,213
Series 2014-CR14, Class B
4.76%, 02/10/2047 (A)		150,000		167,115
Commercial Mortgage Trust Series 2007-GG11, Class AM 5.87%, 12/10/2049 (A)		70,000		75,617
Core Industrial Trust Series 2015-CALW, Class B 3.25%, 02/10/2034 (D)		740,000		759,142
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1 4.28%, 08/26/2036 (A) (D)		808,136		807,382
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 (D)		439,111		443,293
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 (A) (D)		585,000		613,226
Series 2013-8R, Class 3A1
0.32%, 03/27/2036 (A) (D)		637,897		622,836
Series 2014-4R, Class 21A1
0.54%, 12/27/2035 (A) (D)		934,183		889,561
DBRR Trust Series 2011-C32, Class A3A 5.90%, 06/17/2049 (A) (D)		150,000		158,035
Extended Stay America Trust Series 2013-ESH7, Class A27 2.96%, 12/05/2031 (D)		165,000		167,540
GS Mortgage Securities Corp. II Series 2013-KING, Class E 3.55%, 12/10/2027 (A) (D)		320,000		306,212
Hilton USA Trust, IO Series 2013-HLT, Class X1FX 0.10%, 11/05/2030 (A) (D)		15,000,000		8,325
Jefferies Re-REMIC Trust
Series 2009-R2, Class 2A
2.57%, 12/26/2037 (A) (D)		195,793		195,219
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 (D)		113,427		118,076
Series 2009-R7, Class 12A1
2.61%, 08/26/2036 (A) (D)		82,717		81,898
Series 2009-R7, Class 1A1
2.47%, 02/26/2036 (A) (D)		369,855		363,092
Series 2009-R7, Class 4A1
2.39%, 09/26/2034 (A) (D)		174,136		171,310
Series 2009-R9, Class 1A1
2.24%, 08/26/2046 (A) (D)		163,983		165,891
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 (D)		83,807		85,788
Series 2010-R3, Class 1A1
2.68%, 03/21/2036 (A) (D)		52,781		52,825
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.66%, 12/12/2044 (A)		100,000		102,311
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (A)		485,271		513,018

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
Series 2007-CB20, Class AM
6.08%, 02/12/2051 (A)		$   360,000		$   393,361
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (A)		402,401		436,014
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		326,146		348,089
Series 2008-C2, Class ASB
6.13%, 02/12/2051 (A)		98,451		103,047
Series 2010-C1, Class B
5.95%, 06/15/2043 (D)		370,000		412,674
Series 2012-WLDN, Class A
3.91%, 05/05/2030 (D)		924,000		979,289
JPMorgan Re-REMIC Trust
Series 2009-7, Class 8A1
2.95%, 01/27/2047 (A) (D)		46,282		46,495
Series 2010-4, Class 7A1
1.86%, 08/26/2035 (A) (D)		99,832		99,546
Series 2014-2, Class 6A1
2.82%, 05/26/2037 (A) (D)		955,111		961,734
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM 6.37%, 09/15/2045 (A)		110,000		121,154
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.45%, 11/12/2037 (A)		300,000		304,197
Series 2007-C1, Class A1A
6.03%, 06/12/2050 (A)		130,653		136,868
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class A2FX
5.86%, 04/12/2049 (A)		52,930		52,851
Series 2007-HQ12, Class AM
5.86%, 04/12/2049 (A)		280,000		297,840
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		464,657		490,798
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		110,000		116,891
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (A)		127,315		136,474
Series 2007-IQ15, Class AM
6.10%, 06/11/2049 (A)		335,000		358,478
Morgan Stanley Re-REMIC Trust
Series 2012-IO, Class AXB2
1.00%, 03/27/2051 (D)		77,101		76,812
Series 2012-XA, Class A
2.00%, 07/27/2049 (D)		99,937		100,017
Series 2014-R3, Class 2A
3.00%, 07/26/2048 (A) (D)		1,256,622		1,244,573
Motel 6 Trust Series 2015-MTL6, Class C 3.64%, 02/05/2030 (D)		1,785,000		1,798,764
Nationstar Mortgage Loan Trust Series 2013-A, Class A 3.75%, 12/25/2052 (A) (D)		744,044		759,854
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 (A) (D)		318,517		328,685
Series 2014-2A, Class A3
3.75%, 05/25/2054		853,966		877,898

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    106

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2014-3A, Class AFX3
3.75%, 11/25/2054 (A) (D)		$  630,314		$  648,865
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1 0.47%, 05/25/2035 (A)		668,232		642,273
Queens Center Mortgage Trust Series 2013-QCA, Class D 3.59%, 01/11/2037 (A) (D)		410,000		398,634
SCG Trust
Series 2013-SRP1, Class A
1.58%, 11/15/2026 (A) (D)		230,000		230,071
Series 2013-SRP1, Class AJ
2.13%, 11/15/2026 (A) (D)		145,000		145,445
STRIPS, Ltd. Series 2012-1A, Class A 1.50%, 12/25/2044 (D)		126,797		126,797
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66%, 06/10/2030 (D)		560,000		584,458
Wachovia Bank Commercial Mortgage Trust
Series 2005-C20, Class B
5.37%, 07/15/2042 (A)		320,000		322,993
Series 2006-WL7A, Class H
0.58%, 09/15/2021 (A) (D)		185,000		180,725
Wells Fargo Re-REMIC Trust Series 2012-IO, Class A 1.75%, 08/20/2021 (D)		65,521		65,521
Total Mortgage-Backed Securities (Cost $29,050,901)				29,061,388
ASSET-BACKED SECURITIES - 2.4%
321 Henderson Receivables VI LLC Series 2010-1A, Class A 5.56%, 07/15/2059 (D)		545,681		626,233
AmeriCredit Automobile Receivables Trust Series 2012-3, Class C 2.42%, 05/08/2018		120,000		121,279
BXG Receivables Note Trust Series 2015-A, Class A 2.88%, 05/02/2030 (D)		525,218		524,746
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class B
1.78%, 06/17/2019 (D)		60,000		60,028
Series 2013-BA, Class C
2.24%, 09/16/2019 (D)		60,000		60,009
Series 2014-AA, Class B
1.76%, 08/15/2019 (D)		75,000		74,805
Series 2014-AA, Class C
2.28%, 11/15/2019 (D)		95,000		94,854
Credit Acceptance Auto Loan Trust Series 2013-1A, Class A 1.21%, 10/15/2020 (D)		250,000		250,117
DT Auto Owner Trust Series 2012-1A, Class D 4.94%, 07/16/2018 (D)		122,733		123,525
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class D
3.50%, 01/15/2019		100,000		103,411

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust (continued)
Series 2012-5, Class C
2.14%, 09/15/2019		$  100,000		$  100,610
HLSS Servicer Advance Receivables Backed Notes Series 2013-T2, Class A2 1.15%, 05/16/2044 (D)		250,000		250,000
HLSS Servicer Advance Receivables Trust
Series 2012-T2, Class A2
1.99%, 10/15/2045 (D)		395,000		394,974
Series 2013-T1, Class A2
1.50%, 01/16/2046 (D)		460,000		459,540
HSBC Home Equity Loan Trust Series 2006-3, Class M1 0.44%, 03/20/2036 (A)		775,000		746,831
MVW Owner Trust Series 2014-1A, Class A 2.25%, 09/20/2031 (D)		554,507		554,959
OCP CLO, Ltd. Series 2015-8A, Class A1 1.80%, 04/17/2027 (A) (D)		750,000		748,875
Prestige Auto Receivables Trust Series 2013-1A, Class A2 1.09%, 02/15/2018 (D)		33,463		33,487
Santander Drive Auto Receivables Trust
Series 2013-4, Class C
3.25%, 01/15/2020		170,000		175,324
Series 2013-A, Class B
1.89%, 10/15/2019 (D)		280,000		281,558
Series 2013-A, Class C
3.12%, 10/15/2019 (D)		110,000		112,428
SBA Tower Trust Series 2014-1A, Class C 2.90%, 10/15/2044 (D)		1,260,000		1,271,692
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B
2.70%, 10/20/2030 (D)		189,941		191,145
Series 2014-1A, Class A
2.07%, 03/20/2030 (D)		472,436		475,045
Series 2014-2A, Class A
2.05%, 06/20/2031 (D)		430,483		432,528
Series 2014-3A, Class A
2.30%, 10/20/2031 (D)		452,688		456,483
Series 2015-1A, Class A
2.40%, 03/22/2032 (D)		364,741		366,193
Series 2015-1A, Class B
3.05%, 03/22/2032 (D)		379,139		380,707
Silverleaf Finance XVIII LLC Series 2014-A, Class A 2.81%, 01/15/2027 (D)		457,836		457,839
SLM Private Education Loan Trust
Series 2011-A, Class A3
2.68%, 01/15/2043 (A) (D)		250,000		265,635
Series 2011-B, Class A3
2.43%, 06/16/2042 (A) (D)		100,000		105,727
Series 2011-C, Class A2A
3.43%, 10/17/2044 (A) (D)		150,000		160,975
Series 2012-E, Class A2B
1.93%, 06/15/2045 (A) (D)		535,000		549,887

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    107

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLM Private Education Loan Trust (continued)
Series 2013-A, Class A2B
1.23%, 05/17/2027 (A) (D)		$  470,000		$  473,395
SolarCity LMC Series III LLC Series 2014-2, Class A 4.02%, 07/20/2044 (D)		493,629		504,147
SpringCastle America Funding LLC Series 2014-AA, Class A 2.70%, 05/25/2023 (D)		315,602		317,198
Trafigura Securitisation Finance PLC Series 2014-1A, Class A 1.13%, 10/15/2021 (A) (D) (E)		1,840,000		1,840,741
Total Asset-Backed Securities (Cost $14,094,924)				14,146,930
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.1%
Los Angeles Community College District, General Obligation Unlimited 6.60%, 08/01/2042		45,000		63,664
State of California, General Obligation Unlimited 7.60%, 11/01/2040		200,000		313,126
University of California, Revenue Bonds Series AD 4.86%, 05/15/2112		40,000		39,183
				415,973
Georgia - 0.0% (F)
Municipal Electric Authority of Georgia, Revenue Bonds 6.64%, 04/01/2057		35,000		45,240
Illinois - 0.0% (F)
State of Illinois, General Obligation Unlimited 5.10%, 06/01/2033		190,000		189,033
New Jersey - 0.0% (F)
New Jersey State Turnpike Authority, Revenue Bonds Series F 7.41%, 01/01/2040		54,000		80,340
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds Series E 6.81%, 11/15/2040		45,000		62,206
New York City Water & Sewer System, Revenue Bonds 5.88%, 06/15/2044		45,000		60,239
New York State Dormitory Authority, Revenue Bonds Series H 5.39%, 03/15/2040		40,000		49,629
Port Authority of New York & New Jersey, Revenue Bonds 4.96%, 08/01/2046		70,000		80,838
				252,912
Total Municipal Government Obligations (Cost $899,237)				983,498

	Principal		Value
CORPORATE DEBT SECURITIES - 13.4%
Aerospace & Defense - 0.1%
Exelis, Inc. 5.55%, 10/01/2021		$   480,000		$   533,896
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		225,000		245,837
5.10%, 01/15/2044		160,000		178,685
				424,522
Airlines - 0.3%
American Airlines Pass-Through Trust 3.70%, 04/01/2028 (C)		558,148		577,683
United Airlines Pass-Through Trust 3.75%, 03/03/2028		975,000		1,018,875
United Continental Holdings, Inc. 6.00%, 07/15/2028		95,000		95,000
				1,691,558
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		345,000		350,366
Automobiles - 0.0% (F)
General Motors Co.
4.88%, 10/02/2023		105,000		113,717
6.25%, 10/02/2043		65,000		77,579
				191,296
Banks - 1.8%
Barclays Bank PLC 10.18%, 06/12/2021 (D)		1,545,000		2,085,436
BPCE SA
4.00%, 04/15/2024		250,000		262,666
5.15%, 07/21/2024 (D)		205,000		215,325
Branch Banking & Trust Co. 3.80%, 10/30/2026		355,000		369,670
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.25%, 01/14/2019		250,000		253,643
11.00%, 06/30/2019 (A) (D) (G)		1,285,000		1,651,225
HSBC Bank Brasil SA - Banco Multiplo Series MTN 4.00%, 05/11/2016 (D)		610,000		619,943
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (D)		590,000		594,316
Korea Development Bank 3.50%, 08/22/2017		515,000		537,377
Macquarie Bank, Ltd. 1.65%, 03/24/2017 (D)		285,000		286,543
Nordea Bank AB 4.25%, 09/21/2022 (D)		1,500,000		1,570,470
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		245,000		245,441
6.00%, 12/19/2023		215,000		235,478
Societe Generale SA 5.00%, 01/17/2024 (D)		415,000		428,090
Wells Fargo & Co.
2.15%, 01/15/2019		111,000		112,371
4.13%, 08/15/2023		398,000		423,205
5.38%, 11/02/2043		220,000		249,174
5.90%, 06/15/2024 (A) (C) (G)		139,000		145,602
				10,285,975

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    108

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.1%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019		$   155,000		$   157,641
3.70%, 02/01/2024 (C)		215,000		226,557
				384,198
Biotechnology - 0.1%
Amgen, Inc.
5.15%, 11/15/2041		120,000		129,749
5.65%, 06/15/2042		100,000		116,600
				246,349
Capital Markets - 1.0%
Ameriprise Financial, Inc. 3.70%, 10/15/2024 (C)		470,000		495,854
Bank of New York Mellon Corp. Series MTN 2.10%, 01/15/2019		155,000		156,766
Goldman Sachs Group, Inc.
2.38%, 01/22/2018		215,000		218,809
2.90%, 07/19/2018		290,000		298,847
3.63%, 02/07/2016 - 01/22/2023		654,000		669,134
5.75%, 01/24/2022		284,000		329,585
6.25%, 02/01/2041		60,000		75,737
6.75%, 10/01/2037		65,000		81,647
Series MTN
1.86%, 11/29/2023 (A)		155,000		157,838
Macquarie Group, Ltd. 6.25%, 01/14/2021 (D)		955,000		1,104,351
Morgan Stanley
5.00%, 11/24/2025		215,000		232,858
Series MTN
2.38%, 07/23/2019		1,055,000		1,058,455
UBS AG 7.63%, 08/17/2022		730,000		877,255
				5,757,136
Chemicals - 0.2%
LyondellBasell Industries NV 5.00%, 04/15/2019		420,000		461,632
Monsanto Co. 4.40%, 07/15/2044		375,000		383,269
				844,901
Commercial Services & Supplies - 0.2%
ERAC USA Finance LLC 3.85%, 11/15/2024 (D)		560,000		578,754
Hutchison Whampoa International 14, Ltd. 1.63%, 10/31/2017 (D)		340,000		338,740
				917,494
Communications Equipment - 0.0% (F)
Cisco Systems, Inc. 2.13%, 03/01/2019		175,000		178,113
Construction & Engineering - 0.0% (F)
Odebrecht Offshore Drilling Finance, Ltd. 6.75%, 10/01/2023 (C) (D)		186,020		160,498
Construction Materials - 0.2%
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		810,000		839,440

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance - 0.1%
Discover Financial Services 3.85%, 11/21/2022		$   605,000		$   621,388
Diversified Financial Services - 1.3%
Bank of America Corp.
2.60%, 01/15/2019		189,000		191,917
2.65%, 04/01/2019		770,000		783,249
4.10%, 07/24/2023		154,000		161,996
5.42%, 03/15/2017		400,000		424,874
5.75%, 12/01/2017		250,000		274,590
Citigroup, Inc.
2.50%, 09/26/2018		183,000		186,505
2.55%, 04/08/2019		335,000		340,361
3.38%, 03/01/2023		163,000		164,383
4.45%, 01/10/2017		89,000		93,555
4.95%, 11/07/2043		60,000		66,471
6.68%, 09/13/2043		60,000		76,985
Credit Suisse Series MTN 2.30%, 05/28/2019		1,045,000		1,051,765
General Electric Capital Corp.
7.13%, 06/15/2022 (A) (G)		825,000		959,063
Series MTN
6.88%, 01/10/2039		65,000		94,186
JPMorgan Chase & Co.
3.20%, 01/25/2023 (C)		676,000		679,626
3.25%, 09/23/2022		123,000		124,809
4.85%, 02/01/2044		60,000		66,570
6.75%, 02/01/2024 (A) (G)		48,000		52,430
Series MTN
1.35%, 02/15/2017		450,000		451,355
JPMorgan Chase Bank NA 6.00%, 10/01/2017		400,000		442,084
MassMutual Global Funding II 2.35%, 04/09/2019 (D)		200,000		204,208
Oaktree Capital Management, LP 6.75%, 12/02/2019 (D)		545,000		641,753
				7,532,735
Diversified Telecommunication Services - 0.7%
AT&T, Inc.
2.30%, 03/11/2019 (C)		840,000		846,245
3.40%, 05/15/2025 (B)		435,000		430,405
4.35%, 06/15/2045		225,000		207,920
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		170,000		176,162
Level 3 Financing, Inc. 8.13%, 07/01/2019		400,000		420,400
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		122,175
Verizon Communications, Inc.
2.63%, 02/21/2020		397,000		401,507
3.45%, 03/15/2021		575,000		599,087
3.85%, 11/01/2042		551,000		492,374
4.50%, 09/15/2020		140,000		153,134
6.55%, 09/15/2043		377,000		471,708
				4,321,117

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    109

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.5%
CenterPoint Energy Houston Electric LLC 4.50%, 04/01/2044 (C)		$   210,000		$   234,979
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		125,000		148,318
8.88%, 11/15/2018		28,000		34,344
Commonwealth Edison Co. 4.70%, 01/15/2044		135,000		155,630
Duke Energy Carolinas LLC 4.25%, 12/15/2041		134,000		144,840
Duke Energy Corp. 3.75%, 04/15/2024		35,000		37,228
Entergy Arkansas, Inc. 3.70%, 06/01/2024 (C)		206,000		219,054
Georgia Power Co. 3.00%, 04/15/2016		395,000		403,894
Jersey Central Power & Light Co. 7.35%, 02/01/2019		116,000		136,348
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (D)		410,000		457,424
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		42,000		45,708
5.30%, 06/01/2042		75,000		90,993
Pacific Gas & Electric Co. 4.75%, 02/15/2044		62,000		69,934
PacifiCorp
3.60%, 04/01/2024 (C)		425,000		450,444
5.75%, 04/01/2037		125,000		159,263
Progress Energy, Inc. 4.88%, 12/01/2019		21,000		23,418
				2,811,819
Energy Equipment & Services - 0.1%
Schlumberger Investment SA 3.65%, 12/01/2023 (C)		105,000		110,971
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		120,000		125,470
4.63%, 03/01/2034		110,000		116,559
Weatherford International, Ltd. 5.95%, 04/15/2042 (C)		120,000		109,381
				462,381
Food & Staples Retailing - 0.3%
CVS Health Corp. 5.30%, 12/05/2043		42,000		50,195
Sysco Corp. 2.35%, 10/02/2019		595,000		606,124
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		149,000		152,235
4.30%, 04/22/2044		120,000		129,272
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		707,000		722,412
				1,660,238
Food Products - 0.0% (F)
Mondelez International, Inc. 2.25%, 02/01/2019		200,000		202,087
Health Care Equipment & Supplies - 0.2%
Becton Dickinson and Co. 2.68%, 12/15/2019		270,000		275,321

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Boston Scientific Corp. 2.65%, 10/01/2018		$   187,000		$   190,647
Zimmer Holdings, Inc. 3.55%, 04/01/2025		865,000		866,686
				1,332,654
Health Care Providers & Services - 0.2%
Aetna, Inc. 4.75%, 03/15/2044		44,000		49,640
Anthem, Inc.
1.88%, 01/15/2018		239,000		240,626
2.30%, 07/15/2018		564,000		573,172
3.30%, 01/15/2023		75,000		75,782
Coventry Health Care, Inc. 5.45%, 06/15/2021		177,000		205,625
Tenet Healthcare Corp. 6.25%, 11/01/2018		165,000		178,571
UnitedHealth Group, Inc. 3.38%, 11/15/2021		61,000		64,129
				1,387,545
Hotels, Restaurants & Leisure - 0.0% (F)
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018		11,000		11,385
4.88%, 11/01/2020 (C)		20,000		20,350
				31,735
Industrial Conglomerates - 0.0% (F)
General Electric Co. 4.50%, 03/11/2044		117,000		128,428
Insurance - 1.6%
American International Group, Inc.
4.13%, 02/15/2024		171,000		183,885
8.18%, 05/15/2068 (A)		61,000		84,485
Fidelity National Financial, Inc. 5.50%, 09/01/2022		195,000		212,288
Genworth Holdings, Inc. 7.63%, 09/24/2021		145,000		153,700
Hanover Insurance Group, Inc. 6.38%, 06/15/2021		1,195,000		1,396,509
Lincoln National Corp. 8.75%, 07/01/2019		630,000		790,341
Metropolitan Life Global Funding I
1.30%, 04/10/2017 (D)		640,000		643,440
3.88%, 04/11/2022 (D)		750,000		805,052
Pacific Life Insurance Co. 9.25%, 06/15/2039 (D)		705,000		1,081,407
Principal Financial Group, Inc. 8.88%, 05/15/2019		345,000		431,430
Prudential Financial, Inc.
Series MTN
5.38%, 06/21/2020		228,000		260,150
7.38%, 06/15/2019		189,000		227,629
Reinsurance Group of America, Inc. 6.75%, 12/15/2065		1,442,000		1,384,320
ZFS Finance USA Trust II 6.45%, 12/15/2065 (D)		1,695,000		1,764,495
				9,419,131

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    110

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 0.1%
International Business Machines Corp. 3.63%, 02/12/2024 (C)		$   283,000		$   294,967
MasterCard, Inc.
2.00%, 04/01/2019		173,000		175,921
3.38%, 04/01/2024		111,000		116,213
				587,101
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc.
1.30%, 02/01/2017		670,000		670,508
2.40%, 02/01/2019		443,000		447,865
5.30%, 02/01/2044		23,000		26,694
				1,145,067
Machinery - 0.0% (F)
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (D)		200,000		197,640
Media - 0.4%
CBS Corp.
4.63%, 05/15/2018		78,000		84,360
5.75%, 04/15/2020		62,000		71,059
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022 (C)		400,000		423,000
Comcast Corp. 5.88%, 02/15/2018		313,000		352,176
Cox Communications, Inc. 8.38%, 03/01/2039 (D)		217,000		298,507
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		215,000		232,656
5.00%, 03/01/2021		115,000		127,246
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (D) (G)		200,000		211,000
NBCUniversal Media LLC
4.38%, 04/01/2021		189,000		210,176
4.45%, 01/15/2043		159,000		166,245
5.15%, 04/30/2020		283,000		323,620
				2,500,045
Metals & Mining - 0.1%
BHP Billiton Finance USA, Ltd. 3.85%, 09/30/2023		140,000		148,235
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		131,720
Novelis, Inc. 8.75%, 12/15/2020		250,000		266,875
Rio Tinto Finance USA PLC 2.88%, 08/21/2022 (C)		119,000		117,753
				664,583
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024 (C)		70,000		74,133
4.88%, 03/01/2044		152,000		170,503
Dominion Resources, Inc. 1.95%, 08/15/2016		362,000		366,131
PG&E Corp. 2.40%, 03/01/2019		87,000		87,894
				698,661

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 0.9%
Apache Corp.
4.25%, 01/15/2044		$   47,000		$   44,673
4.75%, 04/15/2043		65,000		66,298
BP Capital Markets PLC 2.24%, 05/10/2019		325,000		328,676
Energy Transfer Partners, LP 5.95%, 10/01/2043		120,000		130,079
EOG Resources, Inc. 2.45%, 04/01/2020		290,000		295,398
Exxon Mobil Corp. 1.82%, 03/15/2019		500,000		505,419
Husky Energy, Inc. 4.00%, 04/15/2024 (C)		140,000		141,688
Kerr-McGee Corp. 6.95%, 07/01/2024		150,000		188,011
Kinder Morgan Energy Partners, LP
2.65%, 02/01/2019		217,000		217,359
4.15%, 02/01/2024		465,000		468,443
Laredo Petroleum, Inc. 7.38%, 05/01/2022 (C)		180,000		192,600
Linn Energy LLC / Linn Energy Finance Corp. 6.25%, 11/01/2019		240,000		202,800
MEG Energy Corp. 6.50%, 03/15/2021 (D)		150,000		148,125
Murphy Oil Corp. 2.50%, 12/01/2017 (C)		250,000		250,320
Nexen Energy ULC 5.88%, 03/10/2035 (C)		10,000		11,504
Noble Energy, Inc.
6.00%, 03/01/2041		150,000		168,300
8.25%, 03/01/2019		139,000		166,590
Peabody Energy Corp. 6.25%, 11/15/2021 (C)		135,000		81,000
Petrobras Global Finance BV 6.25%, 03/17/2024 (C)		440,000		437,184
Petroleos Mexicanos 3.50%, 07/18/2018 - 01/30/2023		390,000		392,762
Range Resources Corp. 5.75%, 06/01/2021		40,000		41,600
Shell International Finance BV
2.00%, 11/15/2018		283,000		288,199
4.55%, 08/12/2043		169,000		185,229
Western Gas Partners, LP 5.38%, 06/01/2021		225,000		250,400
Williams Cos., Inc.
3.70%, 01/15/2023		64,000		60,515
7.88%, 09/01/2021		100,000		115,277
Williams Partners, LP 5.40%, 03/04/2044		104,000		100,878
				5,479,327
Paper & Forest Products - 0.1%
International Paper Co. 4.75%, 02/15/2022		630,000		694,686
Pharmaceuticals - 0.3%
AbbVie, Inc. 4.40%, 11/06/2042		95,000		93,573
Actavis Funding SCS 3.80%, 03/15/2025		455,000		459,903

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    111

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Actavis, Inc.
3.25%, 10/01/2022		$   210,000		$   208,345
4.63%, 10/01/2042		195,000		193,921
Bristol-Myers Squibb Co. 4.50%, 03/01/2044		222,000		245,082
Merck & Co., Inc. 1.30%, 05/18/2018		250,000		250,492
Perrigo Co. PLC 2.30%, 11/08/2018		390,000		392,707
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		32,000		33,342
				1,877,365
Real Estate Investment Trusts - 0.8%
ARC Properties Operating Partnership, LP
2.00%, 02/06/2017		470,000		457,075
3.00%, 02/06/2019		205,000		198,243
EPR Properties 4.50%, 04/01/2025		730,000		739,351
Kilroy Realty, LP 4.25%, 08/15/2029		865,000		895,952
Realty Income Corp. 3.88%, 07/15/2024		750,000		771,674
Simon Property Group, LP 3.38%, 10/01/2024 (C)		895,000		917,306
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		61,000		61,660
WEA Finance LLC / Westfield UK & Europe Finance PLC 2.70%, 09/17/2019 (D)		570,000		577,438
				4,618,699
Road & Rail - 0.1%
Aviation Capital Group Corp. 7.13%, 10/15/2020 (D)		482,000		565,876
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		40,000		40,529
3.75%, 04/01/2024		37,000		39,302
				645,707
Semiconductors & Semiconductor Equipment - 0.1%
KLA-Tencor Corp. 4.13%, 11/01/2021		520,000		540,919
Software - 0.1%
First Data Corp. 7.38%, 06/15/2019 (D)		200,000		207,750
Microsoft Corp. 2.70%, 02/12/2025		460,000		454,108
				661,858
Technology Hardware, Storage & Peripherals - 0.0% (F)
Hewlett-Packard Co. 3.75%, 12/01/2020		215,000		226,629
Tobacco - 0.2%
Altria Group, Inc. 4.00%, 01/31/2024		114,000		120,579
Lorillard Tobacco Co. 8.13%, 06/23/2019		680,000		830,406

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Tobacco (continued)
Philip Morris International, Inc.
1.88%, 01/15/2019		$   243,000		$   244,057
4.88%, 11/15/2043		81,000		90,174
				1,285,216
Trading Companies & Distributors - 0.1%
International Lease Finance Corp. 6.75%, 09/01/2016 (D)		520,000		549,900
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV
2.38%, 09/08/2016		300,000		304,779
3.13%, 07/16/2022		200,000		202,612
4.38%, 07/16/2042		300,000		296,790
Crown Castle Towers LLC
4.88%, 08/15/2040 (D)		525,000		574,763
6.11%, 01/15/2040 (D)		1,125,000		1,281,608
SBA Tower Trust 2.24%, 04/15/2043 (D)		215,000		214,578
Sprint Communications, Inc. 9.00%, 11/15/2018 (D)		305,000		347,032
Sprint Corp. 7.88%, 09/15/2023		155,000		155,581
T-Mobile USA, Inc.
6.46%, 04/28/2019		20,000		20,650
6.63%, 04/28/2021		55,000		58,025
6.73%, 04/28/2022		55,000		57,956
6.84%, 04/28/2023		15,000		15,863
				3,530,237
Total Corporate Debt Securities (Cost $77,177,345)				78,620,640
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.3%
U.S. Treasury Bill
0.01%, 05/28/2015 (H) (I)		55,000		55,000
0.01%, 05/07/2015 (I)		5,783,600		5,783,591
0.01%, 05/21/2015 (C) (I)		3,587,100		3,587,078
0.02%, 06/11/2015 - 07/23/2015 (I)		15,639,200		15,638,912
0.02%, 05/28/2015 (I)		3,963,500		3,963,453
0.04%, 05/28/2015 (H) (I)		20,000		19,999
0.05%, 06/18/2015 (I)		1,884,300		1,884,186
0.06%, 05/28/2015 (H) (I)		80,000		79,997
0.08%, 05/28/2015 (H) (I)		300,000		299,982
Total Short-Term U.S. Government Obligations (Cost $31,312,198)				31,312,198
	Shares		Value
PREFERRED STOCKS - 0.1%
Capital Markets - 0.0% (F)
State Street Corp. Series D, 5.90% (A) (C)		3,072		82,729
Diversified Financial Services - 0.1%
Citigroup Capital XIII 7.88% (A)		12,963		335,612
Electric Utilities - 0.0% (F)
SCE Trust III 5.75% (A) (C)		960		26,064
Total Preferred Stocks (Cost $456,527)				444,405

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    112

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 60.0%
Aerospace & Defense - 1.8%
Honeywell International, Inc.		39,580		$  3,994,414
L-3 Communications Holdings, Inc.		9,373		1,077,051
United Technologies Corp.		46,354		5,272,767
				10,344,232
Airlines - 0.4%
Delta Air Lines, Inc.		26,497		1,182,826
United Continental Holdings, Inc. (J)		23,210		1,386,565
				2,569,391
Auto Components - 0.1%
Johnson Controls, Inc.		13,030		656,451
Automobiles - 0.3%
General Motors Co.		58,535		2,052,237
Banks - 1.8%
BB&T Corp.		30,438		1,165,471
KeyCorp		33,594		485,433
SVB Financial Group (J)		2,922		387,925
Wells Fargo & Co.		154,698		8,523,860
				10,562,689
Beverages - 1.7%
Coca-Cola Co.		61,720		2,503,363
Coca-Cola Enterprises, Inc.		10,337		459,066
Constellation Brands, Inc., Class A (J)		19,851		2,301,525
Dr. Pepper Snapple Group, Inc.		7,737		577,026
Molson Coors Brewing Co., Class B		15,677		1,152,416
PepsiCo, Inc.		29,215		2,778,931
				9,772,327
Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc. (J)		6,729		1,138,748
Biogen, Inc. (J)		9,976		3,730,326
Celgene Corp. (J)		29,756		3,215,433
Gilead Sciences, Inc. (J)		17,408		1,749,678
Regeneron Pharmaceuticals, Inc., Class A (J)		613		280,423
Vertex Pharmaceuticals, Inc. (J)		8,449		1,041,593
				11,156,201
Building Products - 0.2%
Fortune Brands Home & Security, Inc. (C)		4,072		181,611
Masco Corp.		28,911		765,853
				947,464
Capital Markets - 2.0%
BlackRock, Inc., Class A		1,978		719,873
Charles Schwab Corp.		67,493		2,058,536
Goldman Sachs Group, Inc.		6,986		1,372,190
Invesco, Ltd.		51,816		2,146,219
Morgan Stanley		91,212		3,403,120
State Street Corp.		25,105		1,936,098
				11,636,036
Chemicals - 1.0%
Axiall Corp.		10,485		427,788
Dow Chemical Co.		6,398		326,298
E.I. du Pont de Nemours & Co.		38,216		2,797,411
Monsanto Co.		235		26,781
Mosaic Co.		46,013		2,024,572
				5,602,850

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment - 0.7%
Cisco Systems, Inc.		94,673		$   2,729,423
QUALCOMM, Inc.		22,647		1,539,996
				4,269,419
Construction & Engineering - 0.4%
Fluor Corp.		37,174		2,235,644
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		4,155		592,711
Consumer Finance - 0.2%
Capital One Financial Corp.		13,234		1,069,969
Navient Corp.		4,479		87,519
				1,157,488
Containers & Packaging - 0.2%
Crown Holdings, Inc. (J)		21,345		1,158,180
Sealed Air Corp., Class A		2,850		129,960
				1,288,140
Diversified Financial Services - 2.6%
Bank of America Corp.		297,356		4,736,881
Berkshire Hathaway, Inc., Class B (J)		25,774		3,639,546
Citigroup, Inc.		99,368		5,298,302
Intercontinental Exchange, Inc.		7,496		1,683,077
				15,357,806
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		1,425		49,362
Verizon Communications, Inc.		102,410		5,165,560
				5,214,922
Electric Utilities - 1.2%
Edison International		38,480		2,344,971
Exelon Corp. (C)		46,115		1,568,832
NextEra Energy, Inc.		23,788		2,400,923
Xcel Energy, Inc.		25,488		864,298
				7,179,024
Electrical Equipment - 0.5%
Eaton Corp. PLC		42,959		2,952,572
Electronic Equipment, Instruments & Components - 0.4%
Corning, Inc.		24,432		511,362
TE Connectivity, Ltd.		28,097		1,869,855
				2,381,217
Energy Equipment & Services - 0.9%
Baker Hughes, Inc.		17,815		1,219,615
Ensco PLC, Class A		4,377		119,405
Halliburton Co.		32,270		1,579,616
Schlumberger, Ltd.		24,659		2,332,988
				5,251,624
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		14,989		2,144,177
CVS Health Corp.		22,864		2,270,167
Kroger Co.		11,707		806,729
Wal-Mart Stores, Inc.		8,144		635,639
				5,856,712
Food Products - 1.1%
Archer-Daniels-Midland Co.		32,703		1,598,523
Hershey Co.		13,661		1,255,719
Mondelez International, Inc., Class A		93,146		3,574,012
				6,428,254
			��

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    113

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Gas Utilities - 0.2%
AGL Resources, Inc.		10,485		$   527,081
Questar Corp.		26,264		615,628
				1,142,709
Health Care Equipment & Supplies - 1.5%
Abbott Laboratories		80,086		3,717,592
Becton Dickinson and Co.		7,238		1,019,617
Boston Scientific Corp. (J)		152,190		2,712,026
Stryker Corp.		17,408		1,605,714
				9,054,949
Health Care Providers & Services - 1.9%
Aetna, Inc.		13,183		1,408,867
Cigna Corp.		2,243		279,567
Express Scripts Holding Co. (J)		2,121		183,254
Humana, Inc., Class A		16,726		2,769,826
McKesson Corp.		16,817		3,756,918
UnitedHealth Group, Inc.		23,679		2,637,841
				11,036,273
Health Care Technology - 0.0% (F)
Cerner Corp. (J)		2,469		177,299
Hotels, Restaurants & Leisure - 0.6%
Royal Caribbean Cruises, Ltd., Class A		17,713		1,205,547
Starbucks Corp.		44,588		2,210,673
				3,416,220
Household Durables - 0.4%
Harman International Industries, Inc.		11,839		1,543,569
PulteGroup, Inc.		41,070		792,651
Toll Brothers, Inc. (J)		4,709		167,358
				2,503,578
Household Products - 1.0%
Kimberly-Clark Corp.		14,025		1,538,402
Procter & Gamble Co.		55,990		4,451,765
				5,990,167
Industrial Conglomerates - 0.4%
General Electric Co.		78,385		2,122,666
Insurance - 1.7%
ACE, Ltd.		28,148		3,011,555
American International Group, Inc.		31,151		1,753,490
Hartford Financial Services Group, Inc.		5,386		219,587
Marsh & McLennan Cos., Inc.		10,078		565,980
MetLife, Inc.		55,166		2,829,464
Prudential Financial, Inc.		4,988		407,021
XL Group PLC, Class A		30,336		1,124,859
				9,911,956
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (J)		7,644		3,224,086
Expedia, Inc. (C)		88		8,292
				3,232,378
Internet Software & Services - 2.1%
Facebook, Inc., Class A (J)		64,662		5,093,425
Google, Inc., Class A (J)		6,613		3,629,016
Google, Inc., Class C (J)		6,543		3,515,768
				12,238,209
IT Services - 1.9%
Accenture PLC, Class A		38,887		3,602,881

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Alliance Data Systems Corp. (J)		2,484		$   738,518
Cognizant Technology Solutions Corp., Class A (J)		31,965		1,871,231
Fidelity National Information Services, Inc.		18,354		1,146,941
Visa, Inc., Class A (C)		52,081		3,439,950
Xerox Corp.		10,791		124,097
				10,923,618
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.		6,260		786,757
Machinery - 1.4%
Caterpillar, Inc.		5,904		512,940
Cummins, Inc.		11,819		1,634,095
Ingersoll-Rand PLC		5,279		347,569
PACCAR, Inc.		39,295		2,567,928
Pall Corp.		6,821		663,820
Parker-Hannifin Corp. (C)		13,641		1,628,190
Snap-on, Inc.		624		93,319
SPX Corp.		6,413		493,801
				7,941,662
Media - 2.9%
CBS Corp., Class B		20,563		1,277,579
Charter Communications, Inc., Class A (J)		6,668		1,247,316
Comcast Corp., Class A		70,649		4,080,686
DIRECTV (J)		3,258		295,517
DISH Network Corp., Class A (J)		14,150		957,389
Sirius XM Holdings, Inc. (J)		44,588		176,123
Time Warner Cable, Inc.		5,029		782,110
Time Warner, Inc.		53,343		4,502,683
Twenty-First Century Fox, Inc., Class A		106,787		3,639,301
				16,958,704
Metals & Mining - 0.3%
Alcoa, Inc.		82,539		1,107,673
U.S. Steel Corp. (C)		29,522		709,119
				1,816,792
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.		31,354		657,493
CMS Energy Corp.		34,408		1,167,464
NiSource, Inc., Class B		22,294		968,006
PG&E Corp.		36,296		1,920,784
				4,713,747
Multiline Retail - 0.3%
Dollar General Corp.		9,875		718,011
Macy’s, Inc.		2,659		171,851
Target Corp.		11,707		922,863
				1,812,725
Oil, Gas & Consumable Fuels - 3.8%
Anadarko Petroleum Corp., Class A		13,132		1,235,721
Cheniere Energy, Inc. (J)		4,886		373,730
Chevron Corp.		42,949		4,769,916
Cimarex Energy Co.		1,547		192,447
Devon Energy Corp., Class A		5,307		361,990
EOG Resources, Inc.		16,084		1,591,512
EQT Corp.		10,047		903,627
Exxon Mobil Corp.		64,886		5,669,090
Marathon Oil Corp.		59,337		1,845,381

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    114

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		8,551		$   842,872
Occidental Petroleum Corp.		33,390		2,674,539
Phillips 66		6,795		538,911
Pioneer Natural Resources Co.		3,900		673,842
Valero Energy Corp.		12,420		706,698
				22,380,276
Personal Products - 0.1%
Estee Lauder Cos., Inc., Class A		10,791		877,200
Pharmaceuticals - 3.5%
Actavis PLC (J)		7,024		1,986,809
Bristol-Myers Squibb Co.		65,355		4,165,074
Eli Lilly & Co.		5,019		360,715
Johnson & Johnson		53,268		5,284,186
Merck & Co., Inc.		52,838		3,147,031
Mylan NV (C) (J)		7,498		541,805
Perrigo Co. PLC		3,695		677,220
Pfizer, Inc.		120,632		4,093,044
				20,255,884
Real Estate Investment Trusts - 1.4%
American Tower Corp., Class A		10,587		1,000,789
AvalonBay Communities, Inc.		8,148		1,339,042
Boston Properties, Inc.		4,428		585,869
Brixmor Property Group, Inc.		19,851		465,506
DiamondRock Hospitality Co.		25,857		350,621
Douglas Emmett, Inc.		3,736		106,476
Highwoods Properties, Inc.		8,246		354,908
Host Hotels & Resorts, Inc.		19,545		393,636
LaSalle Hotel Properties		2,749		100,861
Liberty Property Trust, Series C		13,539		471,699
Mid-America Apartment Communities, Inc.		4,377		326,568
Prologis, Inc., Class A		22,912		921,063
Public Storage		1,008		189,413
Simon Property Group, Inc.		8,419		1,527,964
Strategic Hotels & Resorts, Inc. (J)		8,449		98,853
				8,233,268
Road & Rail - 1.4%
Canadian Pacific Railway, Ltd.		5,533		1,054,479
CSX Corp.		60,876		2,197,015
Union Pacific Corp.		44,130		4,687,930
				7,939,424
Semiconductors & Semiconductor Equipment - 1.7%
Applied Materials, Inc., Class A		22,803		451,271
Avago Technologies, Ltd., Class A		25,094		2,932,987
Broadcom Corp., Class A		52,528		2,322,000
Freescale Semiconductor, Ltd. (J)		9,569		374,052
KLA-Tencor Corp.		10,078		592,587
LAM Research Corp.		34,001		2,569,796
Micron Technology, Inc. (J)		17,387		489,096
NXP Semiconductors NV (J)		1,690		162,443
				9,894,232
Software - 2.7%
Adobe Systems, Inc. (J)		39,193		2,981,019
Intuit, Inc.		1,802		180,795
Microsoft Corp.		194,672		9,468,846
Oracle Corp.		68,401		2,983,652
				15,614,312

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 2.1%
AutoZone, Inc. (C) (J)		2,769		$   1,862,595
Best Buy Co., Inc.		17,509		606,687
Home Depot, Inc.		37,746		4,038,067
Lowe’s Cos., Inc.		49,067		3,378,754
Tiffany & Co.		3,563		311,691
TJX Cos., Inc.		34,714		2,240,442
				12,438,236
Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc.		115,776		14,489,366
Hewlett-Packard Co.		52,019		1,715,067
				16,204,433
Textiles, Apparel & Luxury Goods - 0.5%
lululemon athletica, Inc. (J)		5,765		366,885
PVH Corp.		1,527		157,815
Ralph Lauren Corp., Class A		5,955		794,457
VF Corp.		25,664		1,858,843
				3,178,000
Tobacco - 0.6%
Philip Morris International, Inc.		45,012		3,757,152
Total Common Stocks (Cost $267,597,548)				352,018,237
SECURITIES LENDING COLLATERAL - 3.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (I)		19,453,799		19,453,799
Total Securities Lending Collateral (Cost $19,453,799)				19,453,799
	Principal		Value
REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.01% (I), dated 04/30/2015, to be repurchased at $12,218,868 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 2.17% - 3.00%, due 11/07/2022 - 10/01/2032, and with a total value of $12,467,837.		$  12,218,865		12,218,865
Total Repurchase Agreement (Cost $12,218,865)				12,218,865
Total Investments (Cost $545,744,254) (K)				633,672,826
Net Other Assets (Liabilities) - (8.1)%				(47,531,037	)
Net Assets - 100.0%				$  586,141,789

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    115

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts		Expiration Date		Net Unrealized Appreciation (Depreciation)
S&P 500® E-Mini		Long		58		06/19/2015	$	(17,457	)

SECURITY VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
U.S. Government Obligations	$	—		$	56,192,493		$	—	$	56,192,493
U.S. Government Agency Obligations		—			36,491,916			—		36,491,916
Foreign Government Obligations		—			2,728,457			—		2,728,457
Mortgage-Backed Securities		—			29,061,388	��		—		29,061,388
Asset-Backed Securities		—			14,146,930			—		14,146,930
Municipal Government Obligations		—			983,498			—		983,498
Corporate Debt Securities		—			78,620,640			—		78,620,640
Short-Term U.S. Government Obligations		—			31,312,198			—		31,312,198
Preferred Stocks		444,405			—			—		444,405
Common Stocks		352,018,237			—			—		352,018,237
Securities Lending Collateral		19,453,799			—			—		19,453,799
Repurchase Agreement		—			12,218,865			—		12,218,865
Total Investments	$	371,916,441		$	261,756,385		$	—	$	633,672,826
LIABILITIES
Derivative Financial Instruments
Futures Contracts (M)	$	(17,457	)	$	—		$	—	$	(17,457	)
Total Derivative Financial Instruments	$	(17,457	)	$	—		$	—	$	(17,457	)

Transfers

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2 (N)
Mortgage-Backed Securities	$	—	$	—	$	—	$	126,797

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(B)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(C)  All or a portion of the security is on loan. The value of all securities on loan is $19,046,580. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $53,681,145, representing 9.2% of the Fund’s net assets.

^(E)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $1,840,741, representing 0.3% of the Fund’s net assets.

^(F)  Percentage rounds to less than 0.1% or (0.1)%.

^(G)  The security has a perpetual maturity; the date displayed is the next call date.

^(H)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $454,988.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    116

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(I)  Rate disclosed reflects the yield at April 30, 2015.

^(J)  Non-income producing security.

^(K)  Aggregate cost for federal income tax purposes is $545,744,254. Aggregate gross unrealized appreciation and depreciation for all securities is $90,540,465 and $2,611,893, respectively. Net unrealized appreciation for tax purposes is $87,928,572.

^(L)  The Fund recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(M)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

^(N)  Transferred from Level 3 to 2 due to utilizing significant observable inputs, as of prior reporting period the security utilized significant unobservable inputs.

PORTFOLIO ABBREVIATIONS:

IO	Interest only portion of STRIPS (Separate Trading of Registered Interest and Principal of Securities)
MTN	Medium Term Note
TBA	To Be Announced

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    117

Transamerica Opportunistic Allocation

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCK - 1.2%
Real Estate Investment Trusts - 1.2%
NexPoint Residential Trust, Inc. (A)		909		$  12,853
Total Common Stock (Cost $12,862)				12,853
EXCHANGE-TRADED FUNDS - 5.8%
Capital Markets - 2.8%
Vanguard Dividend Appreciation ETF		391		31,397
Region Fund - European - 3.0%
Vanguard FTSE Europe ETF		581		32,838
Total Exchange-Traded Funds (Cost $64,219)				64,235
INVESTMENT COMPANIES - 87.8%
Capital Markets - 87.8%
Adams Diversified Equity Fund, Inc. (B)		2,560		35,840
AllianceBernstein Income Fund, Inc. (B)		4,209		32,788
AllianzGI Equity & Convertible Income Fund		788		15,807
BlackRock Build America Bond Trust		883		19,744
BlackRock Enhanced Equity Dividend Trust		1,938		15,892
BlackRock International Growth and Income Trust		82		605
BlackRock Muni Intermediate Duration Fund, Inc.		1,291		18,681
BlackRock MuniHoldings California Quality Fund, Inc.		1,312		19,352
BlackRock MuniHoldings Investment Quality Fund		1,339		19,188
Cohen & Steers Quality Income Realty Fund, Inc.		2,847		33,851
Cohen & Steers REIT and Preferred Income Fund, Inc.		1,736		32,862
Eaton Vance Enhanced Equity Income Fund II		1,139		16,037
Eaton Vance Municipal Bond Fund		1,454		18,480
Eaton Vance Risk-Managed Diversified Equity Income Fund		1,455		15,714
India Fund, Inc.		1,211		30,917
Invesco Dynamic Credit Opportunities Fund		2,737		33,473
Invesco Municipal Opportunity Trust		1,476		19,085
Invesco Municipal Trust		1,494		18,914
Invesco Quality Municipal Income Trust		1,521		18,952
Invesco Trust for Investment Grade Municipals		1,428		19,007
John Hancock Preferred Income Fund (B)		1,592		33,448
John Hancock Preferred Income Fund III		1,814		33,396
John Hancock Premium Dividend Fund		2,300		32,361
John Hancock Tax-Advantaged Dividend Income Fund		1,540		32,879
Kayne Anderson Energy Development Co. (B)		872		26,491
Morgan Stanley China A Share Fund, Inc.		1,355		47,967
Morgan Stanley India Investment Fund, Inc. (A)		1,317		33,992
NexPoint Credit Strategies Fund		2,750		21,560
Nuveen Build America Bond Fund		921		19,194
Nuveen Dividend Advantage Municipal Fund		1,297		18,599
Nuveen Dividend Advantage Municipal Fund 3 (B)		1,331		18,767
Nuveen Municipal Advantage Fund, Inc.		1,337		18,410
Nuveen Municipal Market Opportunity Fund, Inc.		1,351		18,401
Nuveen NASDAQ 100 Dynamic Overwrite Fund		1,692		31,759
Nuveen Performance Plus Municipal Fund, Inc.		1,257		18,780
Nuveen Premium Income Municipal Fund 2, Inc.		1,312		18,381
Nuveen Premium Income Municipal Fund, Inc.		1,343		18,587
Nuveen Quality Income Municipal Fund, Inc.		1,316		18,253
Nuveen S&P 500 Buy-Write Income Fund		1,263		16,065
Putnam Municipal Opportunities Trust (B)		1,551		18,767

	Shares		Value
INVESTMENT COMPANIES (continued)
Capital Markets (continued)
Reaves Utility Income Fund		1,042		$   31,239
Total Investment Companies (Cost $940,309)				962,485
SECURITIES LENDING COLLATERAL - 8.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		91,140		91,140
Total Securities Lending Collateral (Cost $91,140)				91,140
	Principal		Value
REPURCHASE AGREEMENT - 4.8%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $52,928 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 08/15/2029, and with a value of $54,351.		$  52,928		52,928
Total Repurchase Agreement (Cost $52,928)				52,928
Total Investments (Cost $1,161,458) (D)				1,183,641
Net Other Assets (Liabilities) - (7.9)%				(87,047	)
Net Assets - 100.0%				$  1,096,594

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    118

Transamerica Opportunistic Allocation

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stock	$	12,853	$	—	$	—	$	12,853
Exchange-Traded Funds		64,235		—		—		64,235
Investment Companies		962,485		—		—		962,485
Securities Lending Collateral		91,140		—		—		91,140
Repurchase Agreement		—		52,928		—		52,928
Total Investments	$	1,130,713	$	52,928	$	—	$	1,183,641

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $88,986. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $1,161,458. Aggregate gross unrealized appreciation and depreciation for all securities is $43,661 and $21,478, respectively. Net unrealized appreciation for tax purposes is $22,183.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    119

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (A)
Federal Home Loan Mortgage Corp. 2.27%, 08/01/2037 (B)		$  492,118		$  521,521
Total U.S. Government Agency Obligation (Cost $499,019)				521,521
FOREIGN GOVERNMENT OBLIGATION - 0.4%
Export-Import Bank of Korea 4.00%, 01/11/2017		13,900,000		14,519,495
Total Foreign Government Obligation (Cost $13,900,871)				14,519,495
MORTGAGE-BACKED SECURITIES - 22.0%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A 4.08%, 03/13/2031 (C)		11,364,674		11,729,242
BAMLL Commercial Mortgage Securities Trust
Series 2014-FL1, Class B
2.38%, 12/15/2031 (B) (C)		10,000,000		10,013,100
Series 2014-IP, Class D
2.81%, 06/15/2028 (B) (C)		11,000,000		11,043,043
Banc of America Funding Trust Series 2010-R4, Class 1A1 5.50%, 07/26/2036 (C)		1,540,610		1,578,144
Banc of America Re-REMIC Trust Series 2010-UB3, Class A4B1 5.73%, 06/15/2049 (B) (C)		7,970,000		8,517,706
BBCMS Trust Series 2014-BXO, Class C 2.18%, 08/15/2027 (B) (C)		10,000,000		10,022,920
BCAP LLC Trust
Series 2009-RR10, Class 2A1
2.71%, 08/26/2035 (B) (C)		1,378,589		1,362,104
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 (B) (C)		584,851		584,391
Series 2009-RR13, Class 2A3
5.50%, 02/26/2036 (B) (C)		1,402,734		1,440,440
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 (B) (C)		5,181,353		5,484,198
Series 2009-RR6, Class 2A1
2.53%, 08/26/2035 (B) (C)		5,192,364		5,163,837
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 (B) (C)		3,488,339		3,568,623
Series 2010-RR6, Class 16A5
5.50%, 04/26/2036 (B) (C)		222,649		223,657
Series 2010-RR7, Class 5A6
5.50%, 10/26/2036 (C)		4,785,211		4,951,353
Series 2012-RR2, Class 7A3
2.61%, 09/26/2035 (B) (C)		4,023,961		4,059,710
Series 2012-RR4, Class 2A5
1.94%, 04/26/2037 (B) (C)		5,803,920		5,806,613
Series 2012-RR5, Class 6A1
2.70%, 10/26/2035 (B)		4,740,797		4,801,432
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17, Class AAB 5.70%, 06/11/2050		4,292,526		4,311,117

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BHMS Mortgage Trust Series 2014-ATLS, Class CFL 2.62%, 07/05/2033 (B) (C)		$   15,000,000		$   14,833,020
BLCP Hotel Trust Series 2014-CLRN, Class C 2.13%, 08/15/2029 (B) (C)		10,000,000		10,022,940
BNPP Mortgage Securities LLC Series 2009-1, Class A1 6.00%, 08/27/2037 (C)		2,987,758		3,087,832
Boca Hotel Portfolio Trust
Series 2013-BOCA, Class B
1.93%, 08/15/2026 (B) (C)		15,000,000		15,000,000
Series 2013-BOCA, Class C
2.33%, 08/15/2026 (B) (C)		10,745,000		10,730,107
CD Commercial Mortgage Trust Series 2007-CD4, Class A1A 5.29%, 12/11/2049 (B)		11,865,626		12,374,649
CDGJ Commercial Mortgage Trust Series 2014-BXCH, Class C 2.67%, 12/15/2027 (B) (C)		15,000,000		15,026,625
CHL Mortgage Pass-Through Trust Series 2002-35, Class 1A3 5.00%, 02/25/2018		1,934,136		1,960,051
Citigroup Commercial Mortgage Trust
Series 2014-388G, Class D
1.93%, 06/15/2033 (B) (C)		18,000,000		17,946,450
Series 2014-388G, Class E
2.53%, 06/15/2033 (B) (C)		15,000,000		14,944,320
Citigroup Mortgage Loan Trust
Series 2009-10, Class 6A1
2.68%, 09/25/2034 (B) (C)		1,293,602		1,287,148
Series 2010-8, Class 5A6
4.00%, 11/25/2036 (C)		5,053,820		5,129,784
Series 2010-8, Class 6A6
4.50%, 12/25/2036 (C)		4,673,655		4,778,176
Series 2010-8, Class 6A62
3.50%, 12/25/2036 (C)		2,883,898		2,917,957
Series 2014-A, Class A
4.00%, 01/25/2035 (B) (C)		13,404,654		13,934,366
COMM Mortgage Trust
Series 2013-FL3, Class B
2.33%, 10/13/2028 (B) (C)		15,000,000		15,037,530
Series 2013-FL3, Class C
2.95%, 10/13/2028 (B) (C)		8,300,000		8,367,213
Series 2014-PAT, Class D
2.33%, 08/13/2027 (B) (C)		15,000,000		15,131,295
Series 2014-PAT, Class E
3.33%, 08/13/2027 (B) (C)		5,000,000		5,000,010
Commercial Mortgage Pass-Through Certificates Series 2012-MVP, Class A 2.12%, 11/17/2026 (B) (C)		7,579,486		7,577,061
Credit Suisse Commercial Mortgage Trust
Series 2007-C1, Class A1A
5.36%, 02/15/2040		13,502,095		14,181,372
Series 2007-C4, Class AAB
6.15%, 09/15/2039 (B)		4,241,567		4,378,399
Series 2007-C5, Class A4
5.70%, 09/15/2040 (B)		6,730,000		7,192,937

The Notes to Financial Statements are an integral part of this report.

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Page    120

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C6, Class AJ 5.23%, 12/15/2040 (B)		$   20,842,000		$   21,178,452
CSMC Trust
Series 2010-15R, Class 4A1
3.50%, 04/26/2035 (B) (C)		6,018,467		6,119,535
Series 2010-15R, Class 6A1
3.50%, 10/26/2046 (B) (C)		805,539		806,057
Series 2010-18R, Class 1A11
3.75%, 08/26/2035 (B) (C)		2,121,808		2,109,784
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 (C)		10,713,416		10,815,440
Series 2010-RR2, Class 1B
5.51%, 04/15/2047 (B) (C)		11,000,000		11,630,289
Series 2010-RR4, Class 2B
5.47%, 09/18/2039 (B) (C)		8,250,000		8,555,522
Series 2014-SURF, Class C
1.98%, 02/15/2029 (B) (C)		4,740,000		4,725,491
Series 2014-SURF, Class D
2.43%, 02/15/2029 (B) (C)		6,000,000		5,981,628
Del Coronado Trust
Series 2013-HDC, Class C
1.78%, 03/15/2026 (B) (C)		10,000,000		9,987,440
Series 2013-HDC, Class D
2.13%, 03/15/2026 (B) (C)		8,500,000		8,489,375
Extended Stay America Trust Series 2013-ESH5, Class A15 1.28%, 12/05/2031 (C)		17,900,000		17,803,340
GE Capital Commercial Mortgage Corp. Series 2005-C3, Class C 5.28%, 07/10/2045 (B)		9,000,000		9,067,410
GP Portfolio Trust
Series 2014-GPP, Class C
2.13%, 02/15/2027 (B) (C)		13,000,000		13,017,693
Series 2014-GPP, Class D
2.93%, 02/15/2027 (B) (C)		10,000,000		10,015,950
Hilton USA Trust
Series 2013-HLF, Class CFL
2.07%, 11/05/2030 (B) (C)		14,703,139		14,698,419
Series 2013-HLF, Class DFL
2.92%, 11/05/2030 (B) (C)		4,878,052		4,878,047
Hyatt Hotel Portfolio Trust Series 2015-HYT, Class C 2.28%, 11/15/2029 (B) (C)		6,900,000		6,907,645
Impac CMB Trust Series 2007-A, Class A 0.43%, 05/25/2037 (B) (C)		12,774,695		12,267,028
Jefferies Re-REMIC Trust
Series 2009-R2, Class 2A
2.57%, 12/26/2037 (B) (C)		2,323,679		2,316,868
Series 2009-R2, Class 3A
2.81%, 01/26/2047 (B) (C)		895,467		894,875
Series 2009-R7, Class 11A1
2.36%, 03/26/2037 (B) (C)		1,830,552		1,801,373
Series 2009-R7, Class 12A1
2.61%, 08/26/2036 (B) (C)		573,810		568,132

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Jefferies Re-REMIC Trust (continued)
Series 2009-R7, Class 4A1
2.39%, 09/26/2034 (B) (C)		$   904,632		$   889,954
Series 2009-R9, Class 1A1
2.24%, 08/26/2046 (B) (C)		4,805,512		4,861,433
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 (C)		1,507,495		1,543,123
Series 2010-R3, Class 1A1
2.68%, 03/21/2036 (B) (C)		1,099,234		1,100,161
Series 2010-R8, Class 2A1
2.62%, 10/26/2036 (C)		2,296,100		2,311,810
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-JWRZ, Class C
1.68%, 04/15/2030 (B) (C)		10,000,000		9,997,950
Series 2014-DSTY, Class C
3.93%, 06/10/2027 (B) (C)		10,000,000		10,105,610
Series 2014-FBLU, Class C
2.18%, 12/15/2028 (B) (C)		20,000,000		20,019,440
Series 2014-FBLU, Class D
2.78%, 12/15/2028 (B) (C)		6,000,000		6,015,024
Series 2014-INN, Class C
1.88%, 06/15/2029 (B) (C)		19,365,000		19,278,555
Series 2015-CSMO, Class C
2.43%, 01/15/2032 (B) (C)		15,000,000		15,024,885
JPMorgan Commercial Mortgage-Backed Securities Trust Series 2009-RR2, Class MLB 5.81%, 06/15/2050 (B) (C)		10,000,000		10,595,820
JPMorgan Re-REMIC Trust
Series 2009-11, Class 1A1
2.59%, 02/26/2037 (B) (C)		4,115,540		4,083,159
Series 2009-7, Class 8A1
2.95%, 01/27/2047 (B) (C)		547,664		550,188
Series 2010-4, Class 7A1
1.86%, 08/26/2035 (B) (C)		2,627,314		2,619,776
Series 2010-5, Class 2A2
4.50%, 07/26/2035 (B) (C)		5,978,479		6,190,583
Lehman Brothers Small Balance Commercial Series 2005-1A, Class A 0.43%, 02/25/2030 (B) (C)		7,365,987		6,963,237
MASTR Alternative Loan Trust Series 2003-4, Class 1A1 5.00%, 05/25/2018		5,207,755		5,329,049
Morgan Stanley Re-REMIC Trust
Series 2009-GG10, Class A4B
5.99%, 08/12/2045 (B) (C)		10,000,000		10,708,350
Series 2010-R4, Class 3A
5.50%, 08/26/2047 (C)		12,765,924		13,201,421
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A 4.00%, 07/25/2060 (C) (D) (E)		10,578,768		9,415,104
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 (B) (C)		7,350,398		7,585,038
Series 2014-3A, Class AFX3
3.75%, 11/25/2054 (B) (C)		8,823,704		9,083,394

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    121

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
NorthStar Series 2013-1A, Class A 2.03%, 08/25/2029 (B) (C)		$   13,476,059		$   13,488,706
ORES LLC Series 2014-LV3, Class A 3.00%, 03/27/2024 (C)		5,401,981		5,401,981
RBSCF Trust
Series 2009-RR2, Class CWB
5.22%, 08/16/2048 (B) (C)		4,000,000		4,151,872
Series 2010-RR3, Class CSCA
5.52%, 09/16/2039 (B) (C)		18,705,447		19,260,831
RBSSP Re-REMIC Trust Series 2013-2, Class 2A1 0.37%, 12/20/2036 (B) (C)		14,570,286		14,088,286
RREF LLC Series 2013-RIA4, Class A1 3.25%, 11/27/2028 (B) (C)		3,397,492		3,410,963
SCG Trust
Series 2013-SRP1, Class AJ
2.13%, 11/15/2026 (B) (C)		15,000,000		15,046,020
Series 2013-SRP1, Class B
2.68%, 11/15/2026 (B) (C)		20,000,000		19,981,220
Springleaf Mortgage Loan Trust
Series 2012-2A, Class M2
4.61%, 10/25/2057 (B) (C)		19,719,000		20,641,869
Series 2013-2A, Class A
1.78%, 12/25/2065 (B) (C)		3,298,016		3,306,139
Starwood Property Mortgage Trust Series 2013-FV1, Class B 2.18%, 08/11/2028 (B) (C)		10,000,000		10,005,640
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ 5.53%, 08/15/2039 (B)		5,114,000		5,167,753
Wachovia Bank Commercial Mortgage Trust Series 2005-C20, Class B 5.37%, 07/15/2042 (B)		6,000,000		6,056,112
Wells Fargo Mortgage Loan Trust
Series 2010-RR2, Class 1A1
2.63%, 09/27/2035 (B) (C)		2,556,960		2,562,999
Series 2010-RR4, Class 1A1
2.67%, 12/27/2046 (B) (C)		3,955,757		3,971,196
Series 2011-RR3, Class A1
2.63%, 03/27/2037 (B) (C)		10,287,427		10,075,926
Wells Fargo Mortgage-Backed Securities Trust Series 2003-G, Class A1 2.49%, 06/25/2033 (B)		659,850		665,462
Total Mortgage-Backed Securities (Cost $836,093,865)				834,892,704
ASSET-BACKED SECURITIES - 11.6%
AmeriCredit Automobile Receivables Trust Series 2013-5, Class C 2.29%, 11/08/2019		3,000,000		3,032,739
Ares IIIR / IVR CLO, Ltd. Series 2007-3RA, Class A2 0.50%, 04/16/2021 (B) (C)		13,409,116		13,252,108

	Principal		Value
ASSET-BACKED SECURITIES (continued)
ARES XII CLO, Ltd. Series 2007-12A, Class A 0.89%, 11/25/2020 (B) (C)		$   12,086,970		$   12,027,587
Bacchus, Ltd. Series 2006-1A, Class C 1.13%, 01/20/2019 (B) (C)		5,000,000		4,961,605
Battalion CLO, Ltd. Series 2007-1A, Class C 1.08%, 07/14/2022 (B) (C)		14,000,000		13,602,554
Burr Ridge CLO Plus LLC Series 2006-1A, Class C 1.02%, 03/27/2023 (B) (C)		6,500,000		6,211,926
BXG Receivables Note Trust
Series 2012-A, Class A
2.66%, 12/02/2027 (C)		10,454,371		10,411,665
Series 2013-A, Class A
3.01%, 12/04/2028 (C)		19,705,227		19,863,992
Citigroup Mortgage Loan Trust Series 2003-HE3, Class A 0.56%, 12/25/2033 (B)		3,628,665		3,478,000
ColumbusNova CLO, Ltd. Series 2007-1A, Class A1 0.51%, 05/16/2019 (B) (C)		1,460,764		1,450,451
Comstock Funding, Ltd. Series 2006-1A, Class B 1.01%, 05/30/2020 (B) (C)		2,500,000		2,441,560
CWABS Asset-Backed Certificates Trust Series 2006-17, Class 2A2 0.33%, 03/25/2047 (B)		20,664,937		17,462,451
Diamond Resorts Owner Trust
Series 2013-1, Class A
1.95%, 01/20/2025 (C)		5,352,604		5,311,057
Series 2013-2, Class A
2.27%, 05/20/2026 (C)		9,688,080		9,736,918
Series 2014-1, Class B
2.98%, 05/20/2027 (C)		3,914,497		3,935,502
Foursight Capital Automobile Receivables Trust Series 2014-1, Class A 2.11%, 03/23/2020 (C)		7,401,295		7,379,767
Hilton Grand Vacations Trust
Series 2013-A, Class A
2.28%, 01/25/2026 (C)		4,506,450		4,538,500
Series 2014-AA, Class A
1.77%, 11/25/2026 (C)		6,506,453		6,464,220
Series 2014-AA, Class B
2.07%, 11/25/2026 (C)		13,012,907		12,838,859
HLSS Servicer Advance Receivables Trust
Series 2012-T2, Class A2
1.99%, 10/15/2045 (C)		20,000,000		19,998,660
Series 2014-T2, Class AT2
2.22%, 01/15/2047 (C)		10,000,000		10,020,000
HSBC Home Equity Loan Trust
Series 2006-3, Class A4
0.42%, 03/20/2036 (B)		16,923,350		16,795,900
Series 2007-1, Class A4
0.54%, 03/20/2036 (B)		9,352,000		9,202,153

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    122

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Inwood Park CDO, Ltd. Series 2006-1A, Class C 0.98%, 01/20/2021 (B) (C)		$   12,750,000		$   12,387,033
Marriott Vacation Club Owner Trust Series 2012-1A, Class A 2.51%, 05/20/2030 (C)		8,901,912		9,010,079
Mountain View Funding CLO Series 2007-3A, Class A1 0.49%, 04/16/2021 (B) (C)		3,859,807		3,846,456
Mountain View Funding CLO, Ltd. Series 2006-1A, Class C1 1.03%, 04/15/2019 (B) (C)		4,000,000		3,912,736
MVW Owner Trust Series 2014-1A, Class B 2.70%, 09/20/2031 (C)		8,843,807		8,803,426
Newstar Trust Series 2012-2A, Class A 2.18%, 01/20/2023 (B) (C)		10,000,000		9,997,820
Ocean Trails CLO I Series 2006-1A, Class A1 0.53%, 10/12/2020 (B) (C)		3,241,877		3,203,098
Orange Lake Timeshare Trust
Series 2012-AA, Class A
3.45%, 03/10/2027 (C)		2,657,112		2,736,597
Series 2014-AA, Class A
2.29%, 07/09/2029 (C)		12,131,110		12,163,682
Prestige Auto Receivables Trust Series 2012-1A, Class C 3.25%, 07/15/2019 (C)		5,000,000		5,075,435
Sierra Timeshare Receivables Funding LLC
Series 2011-2A, Class A
3.26%, 05/20/2028 (C)		1,667,710		1,695,208
Series 2012-1A, Class B
3.58%, 11/20/2028 (C)		3,783,039		3,845,634
Series 2012-2A, Class A
2.38%, 03/20/2029 (C)		3,128,546		3,165,603
Series 2012-2A, Class B
3.42%, 03/20/2029 (C)		1,400,841		1,420,781
Series 2013-2A, Class C
4.75%, 11/20/2025 (C)		2,730,473		2,797,489
Series 2014-1A, Class A
2.07%, 03/20/2030 (C)		5,430,303		5,460,284
Series 2014-1A, Class B
2.42%, 03/20/2030 (C)		5,430,303		5,437,020
Series 2014-2A, Class B
2.40%, 06/20/2031 (C)		11,172,837		11,148,883
Series 2014-3A, Class B
2.80%, 10/20/2031 (C)		11,707,452		11,779,184
Series 2015-1A, Class A
2.40%, 03/22/2032 (C)		4,319,300		4,336,491
Series 2015-1A, Class B
3.05%, 03/22/2032 (C)		5,279,145		5,300,979
Silverleaf Finance XV LLC Series 2012-D, Class A 3.00%, 03/17/2025 (C)		6,904,428		6,981,315
SilverLeaf Finance XVII LLC Series 2013-A, Class A 2.68%, 03/16/2026 (C)		8,272,178		8,270,540

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Silverleaf Finance XVIII LLC Series 2014-A, Class A 2.81%, 01/15/2027 (C)		$   11,739,385		$   11,739,455
SpringCastle America Funding LLC Series 2014-AA, Class A 2.70%, 05/25/2023 (C)		11,425,592		11,483,371
Station Place Securitization Trust Series 2014-4,Class A 2.43%, 12/16/2016 (B)		30,000,000		30,000,000
SVO VOI Mortgage LLC Series 2012-AA, Class A 2.00%, 09/20/2029 (C)		11,089,988		11,031,621
Welk Resorts LLC Series 2013-AA, Class A 3.10%, 03/15/2029 (C)		11,667,221		11,769,391
Westgate Resorts LLC Series 2015-1A, Class A 2.75%, 05/20/2027 (C)		6,595,898		6,603,833
Total Asset-Backed Securities (Cost $433,373,281)				439,821,618
MUNICIPAL GOVERNMENT OBLIGATION - 0.2%
Rhode Island - 0.2%
Rhode Island Economic Development Corp., Revenue Bonds AGM 6.00%, 11/01/2015 (F)		5,950,000		6,080,305
Total Municipal Government Obligation (Cost $5,950,000)				6,080,305
CORPORATE DEBT SECURITIES - 62.9%
Aerospace & Defense - 1.6%
Bombardier, Inc.
4.75%, 04/15/2019 (C) (G)		3,820,000		3,800,900
7.50%, 03/15/2018 (C) (G)		14,956,000		16,032,832
Exelis, Inc. 4.25%, 10/01/2016		40,675,000		42,167,854
				62,001,586
Airlines - 1.6%
America West Airlines Pass-Through Trust
7.93%, 07/02/2020		2,276,857		2,527,312
8.06%, 01/02/2022		9,081,012		10,488,569
Delta Air Lines Pass-Through Trust 6.20%, 01/02/2020		22,992,626		25,234,407
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		970,167		1,055,639
UAL Pass-Through Trust 10.40%, 05/01/2018		13,977,659		15,235,648
Virgin Australia Trust 5.00%, 04/23/2025 (C)		6,992,059		7,376,623
				61,918,198
Automobiles - 0.1%
General Motors Co. 3.50%, 10/02/2018		5,000,000		5,145,150
Banks - 10.3%
Barclays Bank PLC 6.05%, 12/04/2017 (C) (G)		35,900,000		39,350,026
Branch Banking & Trust Co. 0.59%, 09/13/2016 (B)		9,285,000		9,252,800

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    123

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 11.00%, 06/30/2019 (B) (C) (H)		$   19,209,000		$   24,683,565
Deutsche Bank AG 1.88%, 02/13/2018		10,698,000		10,724,189
Fifth Third Bancorp 5.45%, 01/15/2017		8,737,000		9,326,826
HBOS PLC Series MTN 6.75%, 05/21/2018 (C)		35,695,000		39,899,335
ING Bank NV
0.96%, 10/01/2019 (B) (C)		6,800,000		6,811,220
3.75%, 03/07/2017 (C) (G)		15,062,000		15,725,135
Intesa Sanpaolo SpA
1.66%, 04/11/2016 (B)		13,000,000		13,036,153
3.88%, 01/16/2018		21,320,000		22,284,645
Lloyds Bank PLC Series MTN 9.88%, 12/16/2021 (B) (I)		17,101,000		19,221,524
National City Bank
5.25%, 12/15/2016		17,300,000		18,388,654
Series MTN
5.80%, 06/07/2017		2,745,000		2,994,356
Regions Bank 7.50%, 05/15/2018 (G)		36,086,000		41,711,338
Regions Financial Corp. 2.00%, 05/15/2018		20,000,000		19,933,560
Royal Bank of Scotland Group PLC 1.21%, 03/31/2017 (B)		6,375,000		6,379,309
Royal Bank of Scotland PLC 4.38%, 03/16/2016		7,005,000		7,210,667
Santander Bank NA
2.00%, 01/12/2018		13,710,000		13,738,023
8.75%, 05/30/2018		13,215,000		15,516,630
Societe Generale SA 5.75%, 04/20/2016 (C)		21,505,000		22,339,781
SunTrust Bank Series MTN 5.45%, 12/01/2017 (G)		5,500,000		5,978,445
UniCredit Luxembourg Finance SA Series MTN 6.00%, 10/31/2017 (C)		5,065,000		5,409,785
Wachovia Corp.
0.65%, 10/15/2016 (B)		10,544,000		10,521,815
5.63%, 10/15/2016		10,233,000		10,896,508
				391,334,289
Beverages - 0.7%
Anheuser-Busch InBev Worldwide, Inc. 9.75%, 11/17/2015 (G)		BRL  21,570,000		7,015,915
Coca-Cola Bottling Co., Consolidated 5.00%, 06/15/2016		$  7,650,000		7,957,836
Constellation Brands, Inc.
3.88%, 11/15/2019 (G)		2,007,000		2,077,245
7.25%, 05/15/2017		8,124,000		8,960,772
				26,011,768

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products - 0.0% (A)
Owens Corning 6.50%, 12/01/2016 (G)		$   698,000		$   747,741
Capital Markets - 2.7%
Goldman Sachs Group, Inc.
5.95%, 01/18/2018		16,775,000		18,601,227
Series MTN
1.36%, 11/15/2018 (B)		5,000,000		5,055,275
Morgan Stanley
Series MTN
2.38%, 07/23/2019 (G)		35,311,000		35,426,643
3.00%, 08/31/2017 (B)		1,500,000		1,516,875
5.95%, 12/28/2017		12,000,000		13,285,392
UBS AG
5.88%, 12/20/2017		11,870,000		13,153,551
Series MTN
1.80%, 03/26/2018		14,950,000		14,990,350
				102,029,313
Chemicals - 1.2%
ADOP Co. 6.63%, 10/01/2017 (C)		15,000,000		16,652,385
Dow Chemical Co. 8.55%, 05/15/2019		15,777,000		19,588,802
Lubrizol Corp. 8.88%, 02/01/2019		6,310,000		7,841,065
				44,082,252
Commercial Services & Supplies - 0.5%
Hutchison Whampoa International 11, Ltd. 3.50%, 01/13/2017 (C)		9,600,000		9,911,126
Hutchison Whampoa International 14, Ltd. 1.63%, 10/31/2017 (C)		6,690,000		6,665,207
				16,576,333
Construction & Engineering - 0.4%
Toll Brothers Finance Corp. 8.91%, 10/15/2017 (G)		13,525,000		15,553,750
Construction Materials - 0.9%
CRH America, Inc. 8.13%, 07/15/2018		27,335,000		32,455,775
Consumer Finance - 1.3%
Ally Financial, Inc. 4.75%, 09/10/2018		17,750,000		18,437,812
Discover Financial Services 6.45%, 06/12/2017		22,678,000		24,914,187
Springleaf Finance Corp. Series MTN 6.90%, 12/15/2017		5,000,000		5,312,500
				48,664,499
Diversified Financial Services - 7.8%
Bank of America Corp.
5.42%, 03/15/2017		20,206,000		21,462,530
7.80%, 09/15/2016		3,020,000		3,271,098
Series MTN
1.14%, 04/01/2019 (B) (G)		16,000,000		16,115,200
Bank of America NA 0.57%, 06/15/2017 (B)		30,000,000		29,811,780
Citigroup, Inc.
0.53%, 06/09/2016 (B)		12,390,000		12,333,452
1.80%, 02/05/2018		15,000,000		15,026,430

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    124

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Credit Suisse 1.70%, 04/27/2018		$   20,000,000		$   19,957,400
Denali Borrower LLC / Denali Finance Corp. 5.63%, 10/15/2020 (C)		5,000,000		5,343,750
Ford Motor Credit Co. LLC 8.00%, 12/15/2016		34,068,000		37,591,721
General Electric Capital Corp. Series MTN 2.30%, 01/14/2019		6,250,000		6,398,769
JPMorgan Chase Bank NA 6.00%, 10/01/2017		35,370,000		39,091,313
Lazard Group LLC 6.85%, 06/15/2017		4,141,000		4,554,206
Murray Street Investment Trust I 4.65%, 03/09/2017 (J)		18,046,000		19,089,726
National Rural Utilities Cooperative Finance Corp. 10.38%, 11/01/2018		35,000,000		45,209,955
OMX Timber Finance Investments I LLC 5.42%, 01/29/2020 (C)		13,001,000		14,555,920
PTTEP Australia International Finance Pty, Ltd. 4.15%, 07/19/2015 (C)		6,000,000		6,038,772
				295,852,022
Diversified Telecommunication Services - 2.5%
AT&T, Inc.
1.16%, 06/30/2020 (B) (K)		15,000,000		15,120,225
5.80%, 02/15/2019		21,165,000		23,926,017
Qwest Corp. 8.38%, 05/01/2016		11,007,000		11,739,615
Sprint Capital Corp. 6.90%, 05/01/2019		9,000,000		9,268,470
Telefonica Emisiones SAU
3.19%, 04/27/2018		18,370,000		19,097,948
3.99%, 02/16/2016		4,000,000		4,093,320
Verizon Communications, Inc. 2.02%, 09/14/2018 (B)		8,900,000		9,244,065
				92,489,660
Electric Utilities - 0.5%
Southern California Edison Co. 1.85%, 02/01/2022 (G)		20,000,000		20,061,940
Electronic Equipment, Instruments & Components - 0.4%
Avnet, Inc. 6.63%, 09/15/2016		15,199,000		16,223,230
Energy Equipment & Services - 3.1%
Boardwalk Pipelines, LP 5.88%, 11/15/2016		19,745,000		20,562,838
Hiland Partners, LP / Hiland Partners Finance Corp. 7.25%, 10/01/2020 (C)		33,444,000		36,286,740
Sunoco Logistics Partners Operations, LP 6.13%, 05/15/2016		17,646,000		18,499,766
Transocean, Inc. 5.05%, 12/15/2016		22,516,000		23,389,621

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Weatherford International, Ltd. 9.63%, 03/01/2019 (G)		$   16,235,000		$   18,881,841
				117,620,806
Food Products - 1.3%
ConAgra Foods, Inc. 2.10%, 03/15/2018		22,840,000		22,894,268
Kraft Foods Group, Inc.
5.38%, 02/10/2020		3,000,000		3,400,455
6.13%, 08/23/2018		5,000,000		5,662,375
Tyson Foods, Inc. 6.60%, 04/01/2016		15,700,000		16,494,216
				48,451,314
Health Care Equipment & Supplies - 1.5%
Becton Dickinson and Co.
1.80%, 12/15/2017		15,575,000		15,712,885
6.38%, 08/01/2019		16,350,000		19,016,440
Boston Scientific Corp. 2.65%, 10/01/2018 (G)		22,000,000		22,429,110
				57,158,435
Health Care Providers & Services - 0.4%
Express Scripts Holding Co. 1.25%, 06/02/2017		15,743,000		15,703,469
Hotels, Restaurants & Leisure - 0.6%
MGM Resorts International 10.00%, 11/01/2016 (G)		18,460,000		20,398,300
Household Durables - 0.8%
Meritage Homes Corp. 4.50%, 03/01/2018		16,694,000		17,007,012
Whirlpool Corp. 7.75%, 07/15/2016		12,970,000		13,979,650
				30,986,662
Insurance - 4.5%
CNA Financial Corp. 6.50%, 08/15/2016		12,500,000		13,342,575
Fidelity National Financial, Inc. 6.60%, 05/15/2017 (G)		26,072,000		28,386,151
Genworth Holdings, Inc. Series MTN 6.52%, 05/22/2018		14,490,000		15,286,950
Hartford Financial Services Group, Inc. 4.00%, 10/15/2017 (G)		9,075,000		9,658,522
Liberty Mutual Group, Inc. 6.70%, 08/15/2016 (C)		1,925,000		2,057,581
Prudential Covered Trust 3.00%, 09/30/2015 (C)		84,001		84,636
Sirius International Group, Ltd. 6.38%, 03/20/2017 (C)		21,403,000		22,931,345
Stone Street Trust 5.90%, 12/15/2015 (C)		35,555,000		36,495,501
ZFS Finance USA Trust II 6.45%, 12/15/2065 (B) (C)		41,807,000		43,521,087
				171,764,348
Life Sciences Tools & Services - 0.7%
Thermo Fisher Scientific, Inc. 1.30%, 02/01/2017		27,795,000		27,816,069

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    125

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 1.5%
Cablevision Systems Corp. 7.75%, 04/15/2018		$   14,852,000		$   16,671,370
DISH DBS Corp. 4.25%, 04/01/2018 (G)		5,000,000		5,089,500
Sky PLC 9.50%, 11/15/2018 (C)		27,879,000		34,628,199
				56,389,069
Metals & Mining - 1.6%
Glencore Finance Canada, Ltd. 5.80%, 11/15/2016 (C)		4,913,000		5,207,932
Kinross Gold Corp. 3.63%, 09/01/2016		27,605,000		27,344,492
Novelis, Inc. 8.38%, 12/15/2017 (G)		10,000,000		10,400,000
Vale Overseas, Ltd. 6.25%, 01/11/2016 (G)		17,000,000		17,501,500
				60,453,924
Oil, Gas & Consumable Fuels - 2.3%
Chesapeake Energy Corp. 3.53%, 04/15/2019 (B)		24,692,500		23,704,800
Enbridge, Inc. 0.92%, 10/01/2016 (B) (G)		19,895,000		19,816,574
Petrobras Global Finance BV
2.00%, 05/20/2016		15,000,000		14,700,000
3.50%, 02/06/2017 (G)		17,000,000		16,787,330
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.83%, 09/30/2016 (C)		11,049,324		11,436,050
				86,444,754
Pharmaceuticals - 1.2%
Actavis Funding SCS
1.52%, 03/12/2020 (B)		8,500,000		8,649,991
2.35%, 03/12/2018		14,595,000		14,770,782
Perrigo Co. PLC 1.30%, 11/08/2016 (G)		5,823,000		5,812,781
Valeant Pharmaceuticals International, Inc. 5.38%, 03/15/2020 (C)		15,000,000		15,384,375
				44,617,929
Real Estate Investment Trusts - 3.6%
ARC Properties Operating Partnership, LP
2.00%, 02/06/2017		4,500,000		4,376,250
3.00%, 02/06/2019		22,637,000		21,890,839
Equity Commonwealth 6.65%, 01/15/2018		2,990,000		3,234,283
Government Properties Income Trust 3.75%, 08/15/2019 (G)		24,795,000		25,648,444
Highwoods Realty, LP 5.85%, 03/15/2017		21,465,000		23,127,443
Hospitality Properties Trust 6.70%, 01/15/2018		13,666,000		14,956,180
National Retail Properties, Inc. 6.15%, 12/15/2015		14,850,000		15,287,317
Simon Property Group, LP 10.35%, 04/01/2019 (G)		21,362,000		27,547,837
				136,068,593

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Management & Development - 0.8%
First Industrial, LP
5.75%, 01/15/2016		$   16,570,000		$   17,076,180
Series MTN
7.50%, 12/01/2017		11,650,000		12,981,211
				30,057,391
Road & Rail - 1.7%
Aviation Capital Group Corp.
4.63%, 01/31/2018 (C)		31,004,000		32,463,203
7.13%, 10/15/2020 (C)		9,964,000		11,697,906
GATX Financial Corp. 5.80%, 03/01/2016		19,000,000		19,745,560
				63,906,669
Semiconductors & Semiconductor Equipment - 0.8%
KLA-Tencor Corp. 2.38%, 11/01/2017 (G)		14,770,000		15,001,786
NXP BV / NXP Funding LLC 3.75%, 06/01/2018 (C)		15,300,000		15,720,750
				30,722,536
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc. 1.05%, 05/05/2017 (G)		12,627,000		12,700,047
Hewlett-Packard Co. 1.22%, 01/14/2019 (B) (G)		18,000,000		18,089,766
				30,789,813
Tobacco - 0.9%
Altria Group, Inc. 9.70%, 11/10/2018		8,659,000		10,879,021
Lorillard Tobacco Co. 8.13%, 06/23/2019		20,000,000		24,423,720
				35,302,741
Trading Companies & Distributors - 1.1%
International Lease Finance Corp. 6.75%, 09/01/2016 (C)		39,130,000		41,379,975
Wireless Telecommunication Services - 1.2%
Crown Castle Towers LLC 3.21%, 08/15/2035 (C)		12,000,000		12,068,112
SBA Tower Trust 5.10%, 04/15/2042 (C)		2,765,000		2,875,639
Sprint Communications, Inc. 9.00%, 11/15/2018 (C)		9,700,000		11,036,757
WCP Wireless Site Funding / WCP Wireless Site RE Funding 4.14%, 11/15/2040 (C)		19,235,225		19,326,496
				45,307,004
Total Corporate Debt Securities (Cost $2,373,262,282)				2,382,487,307
LOAN ASSIGNMENTS - 1.7%
Food & Staples Retailing - 0.2%
Albertson’s LLC, Term Loan B2 5.38%, 03/21/2019 (B)		8,353,580		8,414,929
Food Products - 0.2%
Aramark Services, Inc., Extended Synthetic Line of Credit 2 0.03%, 07/26/2016 (B)		2,644,062		2,630,842

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    126

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products (continued)
Aramark Services, Inc., Extended Synthetic Line of Credit 3 0.03%, 07/26/2016 (B)		$   6,211,851		$   6,180,792
				8,811,634
Health Care Providers & Services - 0.4%
HCA, Inc., Term Loan B5 2.93%, 03/31/2017 (B)		13,297,500		13,320,358
Personal Products - 0.2%
Revlon Consumer Products Corp., Term Loan B 3.25%, 11/20/2017 (B)		8,327,410		8,322,206
Technology Hardware, Storage & Peripherals - 0.7%
Dell, Inc., Term Loan C 3.75%, 10/29/2018 (B)		24,083,068		24,128,224
Total Loan Assignments (Cost $62,686,552)				62,997,351
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (L)		28,253,420		28,253,420
Total Securities Lending Collateral (Cost $28,253,420)				28,253,420

	Principal		Value
REPURCHASE AGREEMENT - 0.6%
State Street Bank & Trust Co. 0.01% (L), dated 04/30/2015, to be repurchased at $21,299,087 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 2.75% - 4.00%, due 11/25/2038 - 01/15/2039, and with a total value of $21,725,884.		$  21,299,082		$   21,299,082
Total Repurchase Agreement (Cost $21,299,082)				21,299,082
Total Investments (Cost $3,775,318,372) (M)				3,790,872,803
Net Other Assets (Liabilities) - (0.1)%				(4,615,606	)
Net Assets - 100.0%				$  3,786,257,197

SECURITY VALUATION:

Valuation Inputs ^(N)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs  (O)		Value at April 30, 2015
ASSETS
Investments
U.S. Government Agency Obligation	$	—	$	521,521	$	—	$	521,521
Foreign Government Obligation		—		14,519,495		—		14,519,495
Mortgage-Backed Securities		—		825,477,600		9,415,104		834,892,704
Asset-Backed Securities		—		439,821,618		—		439,821,618
Municipal Government Obligation		—		6,080,305		—		6,080,305
Corporate Debt Securities		—		2,382,487,307		—		2,382,487,307
Loan Assignments		—		62,997,351		—		62,997,351
Securities Lending Collateral		28,253,420		—		—		28,253,420
Repurchase Agreement		—		21,299,082		—		21,299,082
Total Investments	$	28,253,420	$	3,753,204,279	$	9,415,104	$	3,790,872,803

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Percentage rounds to less than 0.1% or (0.1)%.

^(B)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(C)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $1,693,277,530, representing 44.7% of the Fund’s net assets.

^(D)  Security is Level 3 of the fair value hierarchy.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    127

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(E)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $9,415,104, representing 0.2% of the Fund’s net assets.

^(F)  Illiquid security. Total aggregate value of illiquid securities is $6,080,305, representing 0.2% of the Fund’s net assets.

^(G)  All or a portion of the security is on loan. The value of all securities on loan is $27,671,131. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(H)  The security has a perpetual maturity; the date displayed is the next call date.

^(I)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(J)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2015; the maturity date disclosed is the ultimate maturity date.

^(K)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(L)  Rate disclosed reflects the yield at April 30, 2015.

^(M)  Aggregate cost for federal income tax purposes is $3,775,318,372. Aggregate gross unrealized appreciation and depreciation for all securities is $38,228,494 and $22,674,063, respectively. Net unrealized appreciation for tax purposes is $15,554,431.

^(N)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(O)  Level 3 securities were not considered significant to the Fund.

CURRENCY ABBREVIATION:

BRL Brazilian Real

PORTFOLIO ABBREVIATIONS:

AGM	Assured Guaranty Municipal Corp.
MTN	Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    128

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Aerospace & Defense - 1.4%
Curtiss-Wright Corp.		11,915		$  870,510
Ducommun, Inc. (A)		34,570		1,050,928
Moog, Inc., Class A (A)		12,430		868,608
Triumph Group, Inc. (B)		14,490		858,388
				3,648,434
Auto Components - 0.7%
Cooper Tire & Rubber Co.		21,060		894,839
Dana Holding Corp.		42,300		912,411
				1,807,250
Banks - 5.2%
BankUnited, Inc.		27,870		915,808
Banner Corp.		20,245		915,479
Cathay General Bancorp		32,000		914,560
Chemical Financial Corp. (B)		31,085		960,526
CVB Financial Corp. (B)		60,630		948,859
First BanCorp (A)		143,950		865,140
First Merchants Corp.		41,110		927,853
First NBC Bank Holding Co. (A)		26,450		930,511
National Penn Bancshares, Inc.		89,215		927,836
OFG Bancorp		55,700		784,813
Pinnacle Financial Partners, Inc.		20,100		957,765
Popular, Inc. (A)		26,375		855,341
Prosperity Bancshares, Inc.		17,485		932,650
S&T Bancorp, Inc.		31,955		859,590
Talmer Bancorp, Inc., Class A		58,535		900,268
				13,596,999
Biotechnology - 0.3%
Myriad Genetics, Inc. (A) (B)		24,605		812,703
Building Products - 0.7%
Quanex Building Products Corp. (B)		47,885		924,181
Universal Forest Products, Inc.		17,145		948,461
				1,872,642
Capital Markets - 0.9%
Janus Capital Group, Inc. (B)		52,210		934,559
Manning & Napier, Inc., Class A		67,530		717,844
Piper Jaffray Cos. (A) (B)		15,915		802,912
				2,455,315
Chemicals - 1.7%
A. Schulman, Inc. (B)		19,565		830,534
Cabot Corp. (B)		19,770		844,970
Innophos Holdings, Inc.		14,880		786,259
OM Group, Inc. (B)		29,750		893,690
Stepan Co.		21,030		1,071,058
				4,426,511
Commercial Services & Supplies - 3.1%
ACCO Brands Corp. (A)		106,105		835,046
Brady Corp., Class A		33,720		897,964
Brink’s Co. (B)		33,165		877,878
Kimball International, Inc., Class B		83,720		847,246
Pitney Bowes, Inc.		39,520		884,062
R.R. Donnelley & Sons Co. (B)		47,315		881,005
Tetra Tech, Inc.		36,535		990,464
United Stationers, Inc. (B)		21,895		889,156
Viad Corp.		32,130		853,694
				7,956,515

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment - 3.0%
Black Box Corp.		40,435		$   804,657
Brocade Communications Systems, Inc.		78,180		883,434
Comtech Telecommunications Corp.		30,120		870,468
Harmonic, Inc. (A)		124,695		874,112
InterDigital, Inc. (B)		17,800		974,016
NETGEAR, Inc. (A) (B)		26,405		799,279
Polycom, Inc. (A)		70,580		921,069
ShoreTel, Inc. (A)		130,640		909,254
Sierra Wireless, Inc. (A)		25,120		882,717
				7,919,006
Construction & Engineering - 1.7%
Aegion Corp., Class A (A) (B)		50,125		923,302
EMCOR Group, Inc.		19,625		875,864
KBR, Inc.		62,010		1,083,315
MYR Group, Inc. (A)		29,675		870,071
Tutor Perini Corp. (A) (B)		35,785		758,642
				4,511,194
Consumer Finance - 1.0%
Cash America International, Inc.		37,440		970,445
Ezcorp, Inc., Class A (A) (B)		90,765		835,038
Nelnet, Inc., Class A		20,335		910,398
				2,715,881
Containers & Packaging - 1.4%
Avery Dennison Corp.		17,225		957,538
Greif, Inc., Class A		21,245		865,946
Owens-Illinois, Inc. (A)		38,205		913,482
Silgan Holdings, Inc.		15,915		857,341
				3,594,307
Diversified Consumer Services - 2.9%
American Public Education, Inc. (A)		27,005		753,169
Apollo Education Group, Inc., Class A (A)		51,755		868,708
Capella Education Co.		13,200		713,196
DeVry Education Group, Inc. (B)		25,655		775,807
K12, Inc. (A)		54,435		880,214
Regis Corp. (A) (B)		53,725		887,537
Steiner Leisure, Ltd., Class A (A)		19,340		932,962
Strayer Education, Inc. (A) (B)		15,325		777,284
Weight Watchers International, Inc., Class A (A) (B)		114,930		982,651
				7,571,528
Diversified Financial Services - 0.4%
Gain Capital Holdings, Inc., Class A (B)		94,780		936,426
Diversified Telecommunication Services - 0.7%
Inteliquent, Inc.		50,415		958,389
magicJack VocalTec, Ltd. (A)		120,380		782,470
				1,740,859
Electric Utilities - 1.0%
Great Plains Energy, Inc.		33,850		886,193
IDACORP, Inc. (B)		14,815		893,789
Unitil Corp.		24,685		844,227
				2,624,209
Electrical Equipment - 0.7%
General Cable Corp. (B)		52,360		853,992
Regal Beloit Corp.		12,030		940,746
				1,794,738

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    129

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components - 3.7%
AVX Corp.		68,105		$   937,806
Benchmark Electronics, Inc. (A)		37,940		892,728
Celestica, Inc. (A)		79,845		974,908
Checkpoint Systems, Inc.		80,420		833,151
DTS, Inc. (A) (B)		26,140		937,119
II-VI, Inc. (A) (B)		49,375		878,381
Itron, Inc. (A) (B)		23,755		851,854
Methode Electronics, Inc.		19,595		832,004
Rogers Corp. (A)		11,285		820,532
Sanmina Corp. (A)		37,005		752,312
Tech Data Corp. (A) (B)		16,070		905,866
				9,616,661
Energy Equipment & Services - 3.3%
Gulfmark Offshore, Inc., Class A (B)		57,015		855,795
Helix Energy Solutions Group, Inc., Class A (A)		59,205		975,699
Hornbeck Offshore Services, Inc. (A) (B)		41,935		958,215
Noble Corp. PLC (B)		58,125		1,006,144
Oil States International, Inc. (A)		21,765		1,035,796
Parker Drilling Co. (A)		236,700		887,625
SEACOR Holdings, Inc. (A)		12,840		932,954
Superior Energy Services, Inc.		38,300		976,650
Tidewater, Inc. (B)		38,635		1,069,803
				8,698,681
Food & Staples Retailing - 0.3%
SUPERVALU, Inc. (A)		78,360		688,784
Food Products - 1.0%
Cal-Maine Foods, Inc. (B)		23,555		1,053,144
Lancaster Colony Corp.		9,675		867,461
Sanderson Farms, Inc. (B)		10,435		783,877
				2,704,482
Health Care Equipment & Supplies - 4.6%
Alere, Inc. (A)		18,290		868,409
Analogic Corp.		10,555		891,897
Anika Therapeutics, Inc. (A)		22,535		768,894
CONMED Corp. (B)		19,350		971,950
Cyberonics, Inc. (A)		14,145		861,572
Greatbatch, Inc. (A)		16,540		891,837
Hill-Rom Holdings, Inc.		18,815		939,621
ICU Medical, Inc., Class B (A)		9,870		832,732
Meridian Bioscience, Inc. (B)		48,675		862,521
Natus Medical, Inc. (A)		23,040		868,838
NuVasive, Inc. (A)		19,075		853,225
OraSure Technologies, Inc. (A)		120,055		756,347
STERIS Corp.		12,995		864,168
Thoratec Corp. (A) (B)		21,700		870,387
				12,102,398
Health Care Providers & Services - 6.0%
Alliance HealthCare Services, Inc. (A) (B)		39,080		831,232
Almost Family, Inc. (A) (B)		20,445		884,860
Amsurg Corp., Class A (A) (B)		14,605		916,026
Bio-Reference Laboratories, Inc. (A)		26,610		881,323
Chemed Corp. (B)		7,675		884,544
Health Net, Inc. (A)		15,590		820,814
IPC Healthcare, Inc. (A) (B)		19,160		937,307
Kindred Healthcare, Inc.		38,060		873,477
Landauer, Inc. (B)		26,585		857,632

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
LHC Group, Inc. (A)		26,820		$   859,849
LifePoint Hospitals, Inc. (A)		12,240		916,531
Magellan Health, Inc. (A)		12,925		818,153
Molina Healthcare, Inc. (A)		13,605		805,824
Patterson Cos., Inc.		18,955		890,032
Select Medical Holdings Corp.		64,050		931,927
Triple-S Management Corp., Class B (A)		46,620		872,726
US Physical Therapy, Inc.		19,170		904,057
VCA, Inc. (A)		16,995		866,235
				15,752,549
Health Care Technology - 2.1%
Computer Programs & Systems, Inc. (B)		15,525		812,423
HMS Holdings Corp. (A) (B)		57,870		984,369
MedAssets, Inc. (A) (B)		41,895		847,955
Merge Healthcare, Inc. (A)		181,145		900,291
Omnicell, Inc. (A)		25,865		918,983
Quality Systems, Inc. (B)		55,895		871,682
				5,335,703
Hotels, Restaurants & Leisure - 1.0%
Cracker Barrel Old Country Store, Inc. (B)		6,220		824,026
Marriott Vacations Worldwide Corp. (B)		11,250		924,862
Ruth’s Hospitality Group, Inc.		58,275		847,901
				2,596,789
Household Durables - 0.3%
Universal Electronics, Inc. (A)		14,175		764,599
Independent Power and Renewable Electricity Producers - 0.4%
Atlantic Power Corp.		335,745		1,091,171
Insurance - 2.4%
Aspen Insurance Holdings, Ltd.		19,475		910,067
Assured Guaranty, Ltd.		33,430		868,846
Endurance Specialty Holdings, Ltd.		14,950		902,681
RenaissanceRe Holdings, Ltd.		9,160		938,808
Safety Insurance Group, Inc.		15,485		900,453
Selective Insurance Group, Inc.		31,900		859,386
Validus Holdings, Ltd.		21,965		918,796
				6,299,037
Internet & Catalog Retail - 1.0%
Blue Nile, Inc. (A)		32,775		891,808
Nutrisystem, Inc. (B)		48,120		916,686
PetMed Express, Inc. (B)		55,540		879,198
				2,687,692
Internet Software & Services - 1.3%
Blucora, Inc. (A) (B)		70,605		965,170
DHI Group, Inc. (A) (B)		102,385		778,126
Liquidity Services, Inc. (A)		95,745		896,173
Monster Worldwide, Inc. (A) (B)		144,630		851,871
				3,491,340
IT Services - 1.7%
Convergys Corp. (B)		39,725		900,963
CSG Systems International, Inc. (B)		30,040		874,765
Leidos Holdings, Inc. (B)		21,535		896,717
ManTech International Corp., Class A		27,125		792,864
Sykes Enterprises, Inc. (A)		38,145		954,769
				4,420,078

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    130

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Leisure Products - 0.4%
Nautilus, Inc., Class A (A)		54,995		$   924,466
Life Sciences Tools & Services - 2.3%
Affymetrix, Inc. (A) (B)		71,580		868,265
Bio-Rad Laboratories, Inc., Class A (A) (B)		6,645		893,420
Bruker Corp. (A) (B)		47,430		899,273
Cambrex Corp. (A)		21,605		831,577
Charles River Laboratories International, Inc. (A)		11,705		809,518
ICON PLC (A)		13,150		846,071
PAREXEL International Corp. (A)		13,150		836,011
				5,984,135
Machinery - 3.9%
Actuant Corp., Class A		38,105		907,661
AGCO Corp.		19,575		1,008,308
Blount International, Inc. (A) (B)		71,805		952,134
Briggs & Stratton Corp. (B)		46,195		903,112
Federal Signal Corp.		58,930		926,380
Hyster-Yale Materials Handling, Inc.		12,355		906,116
Kennametal, Inc. (B)		26,580		941,198
Meritor, Inc. (A)		73,295		961,630
SPX Corp.		10,765		828,905
Terex Corp. (B)		34,475		946,684
Wabash National Corp. (A)		65,645		920,343
				10,202,471
Media - 0.6%
Harte-Hanks, Inc.		118,705		806,007
John Wiley & Sons, Inc., Class A		15,085		858,035
				1,664,042
Metals & Mining - 3.3%
Cliffs Natural Resources, Inc. (B)		190,935		1,134,154
Dominion Diamond Corp. (A)		52,745		1,039,604
Kaiser Aluminum Corp. (B)		12,210		981,318
Materion Corp.		24,530		980,955
Schnitzer Steel Industries, Inc., Class A (B)		53,955		939,896
Silver Standard Resources, Inc. (A)		173,315		943,700
Steel Dynamics, Inc.		44,975		995,297
Thompson Creek Metals Co., Inc. (A)		584,635		736,640
U.S. Steel Corp. (B)		37,920		910,838
				8,662,402
Multi-Utilities - 0.7%
MDU Resources Group, Inc.		41,240		919,240
Vectren Corp.		20,800		897,936
				1,817,176
Multiline Retail - 0.4%
Big Lots, Inc. (B)		19,575		892,033
Oil, Gas & Consumable Fuels - 3.6%
Alpha Natural Resources, Inc. (A) (B)		909,305		736,537
Arch Coal, Inc. (A) (B)		883,075		860,292
Cloud Peak Energy, Inc. (A) (B)		154,875		1,005,139
EXCO Resources, Inc. (B)		459,200		945,952
Gran Tierra Energy, Inc. (A)		309,225		1,150,317
Hugoton Royalty Trust		157,800		800,046
Pacific Ethanol, Inc. (A) (B)		79,790		954,288
Peabody Energy Corp. (B)		180,785		855,113
REX American Resources Corp., Class A (A) (B)		14,870		940,081
Teekay Tankers, Ltd., Class A		160,335		1,010,111
				9,257,876

	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products - 1.0%
Mercer International, Inc. (A)		65,265		$   933,289
P.H. Glatfelter Co.		34,065		844,812
Schweitzer-Mauduit International, Inc. (B)		19,975		883,095
				2,661,196
Personal Products - 1.0%
Avon Products, Inc. (B)		112,275		917,287
Medifast, Inc. (A)		27,610		828,300
USANA Health Sciences, Inc. (A)		7,765		883,191
				2,628,778
Pharmaceuticals - 0.7%
SciClone Pharmaceuticals, Inc. (A)		101,370		828,193
Sucampo Pharmaceuticals, Inc., Class A (A)		50,825		902,652
				1,730,845
Professional Services - 1.7%
CRA International, Inc. (A)		29,780		869,576
FTI Consulting, Inc. (A)		24,150		992,807
Heidrick & Struggles International, Inc.		36,985		889,859
Insperity, Inc.		18,330		882,773
Resources Connection, Inc.		52,615		829,212
				4,464,227
Real Estate Investment Trusts - 8.4%
AG Mortgage Investment Trust, Inc.		48,415		930,536
Agree Realty Corp.		26,635		819,825
American Capital Mortgage Investment Corp.		47,000		824,380
Capstead Mortgage Corp. (B)		72,710		847,072
Corporate Office Properties Trust (B)		30,800		812,812
Cousins Properties, Inc. (B)		83,265		811,001
CYS Investments, Inc. (B)		96,785		863,322
DuPont Fabros Technology, Inc. (B)		28,895		900,079
Dynex Capital, Inc. (B)		107,375		859,000
EPR Properties (B)		14,280		823,528
Franklin Street Properties Corp.		69,205		817,311
Government Properties Income Trust (B)		39,880		831,099
Hatteras Financial Corp.		48,855		882,321
Home Properties, Inc. (B)		12,575		925,017
Inland Real Estate Corp. (B)		79,265		815,637
Investors Real Estate Trust		106,850		766,115
Mack-Cali Realty Corp.		45,610		818,700
MFA Financial, Inc.		116,275		903,457
Newcastle Investment Corp.		175,395		934,855
Omega Healthcare Investors, Inc.		20,385		735,695
Parkway Properties, Inc.		53,935		877,522
Piedmont Office Realty Trust, Inc., Class A		46,005		804,167
Saul Centers, Inc.		15,820		796,062
Select Income REIT (B)		34,425		798,316
Senior Housing Properties Trust		42,145		862,708
Weingarten Realty Investors		25,730		842,915
				21,903,452
Road & Rail - 0.6%
ArcBest Corp.		22,145		790,577
Con-way, Inc.		21,065		865,771
				1,656,348
Semiconductors & Semiconductor Equipment - 4.7%
Advanced Energy Industries, Inc. (A)		36,070		882,272
Cabot Microelectronics Corp., Class A (A)		18,345		867,719

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    131

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Fairchild Semiconductor International, Inc., Class A (A) (B)		49,805		$   904,708
FormFactor, Inc., Class A (A)		98,750		787,038
Integrated Device Technology, Inc. (A) (B)		46,365		843,379
Intersil Corp., Class A (B)		62,660		836,511
Kulicke & Soffa Industries, Inc. (A)		59,120		893,303
MKS Instruments, Inc.		26,375		918,114
OmniVision Technologies, Inc. (A)		33,385		931,275
Pericom Semiconductor Corp.		62,010		776,365
PMC-Sierra, Inc. (A)		101,145		852,652
Silicon Laboratories, Inc. (A) (B)		17,975		928,768
Tessera Technologies, Inc.		22,965		829,266
Xcerra Corp. (A)		96,165		945,302
				12,196,672
Software - 0.7%
Progress Software Corp. (A)		36,285		957,924
Rovi Corp. (A) (B)		50,405		932,997
				1,890,921
Specialty Retail - 4.6%
Abercrombie & Fitch Co., Class A (B)		42,070		945,734
American Eagle Outfitters, Inc. (B)		53,085		844,582
Brown Shoe Co., Inc.		29,895		887,881
Buckle, Inc. (B)		18,495		828,576
Build-A-Bear Workshop, Inc. (A) (B)		43,110		794,517
Cato Corp., Class A		20,960		824,566
Chico’s FAS, Inc. (B)		51,945		875,793
Children’s Place, Inc. (B)		14,400		873,504
Citi Trends, Inc. (A)		34,920		795,478
GameStop Corp., Class A (B)		24,180		931,897
Guess?, Inc. (B)		47,835		875,859
Outerwall, Inc. (B)		13,890		922,713
Select Comfort Corp. (A)		26,735		823,973
Zumiez, Inc. (A) (B)		23,700		751,527
				11,976,600
Technology Hardware, Storage & Peripherals - 0.7%
Lexmark International, Inc., Class A (B)		21,915		972,807
QLogic Corp. (A) (B)		63,690		936,243
				1,909,050
Textiles, Apparel & Luxury Goods - 1.4%
Iconix Brand Group, Inc. (A) (B)		27,300		718,263
Movado Group, Inc. (B)		29,035		850,145
Perry Ellis International, Inc. (A) (B)		36,845		881,332
Skechers U.S.A., Inc., Class A (A) (B)		12,465		1,120,853
				3,570,593
Thrifts & Mortgage Finance - 1.1%
Dime Community Bancshares, Inc. (B)		56,410		898,047
HomeStreet, Inc. (A)		48,825		1,009,701
Oritani Financial Corp.		61,595		917,766
				2,825,514
Trading Companies & Distributors - 0.4%
Aircastle, Ltd.		40,375		968,192

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services - 0.7%
Shenandoah Telecommunications Co.		26,830		$   924,562
Spok Holdings, Inc.		43,835		825,194
				1,749,756
Total Common Stocks (Cost $255,714,454)				257,771,226
SECURITIES LENDING COLLATERAL - 22.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		57,478,890		57,478,890
Total Securities Lending Collateral (Cost $57,478,890)				57,478,890
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $ 3,120,077 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.50%, due 11/01/2027, and with a value of $3,183,299.		$  3,120,076		3,120,076
Total Repurchase Agreement (Cost $3,120,076)				3,120,076
Total Investments (Cost $316,313,420) (D)				318,370,192
Net Other Assets (Liabilities) - (22.0)%				(57,469,539	)
Net Assets - 100.0%				$  260,900,653

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    132

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	257,771,226	$	—	$	—	$	257,771,226
Securities Lending Collateral		57,478,890		—		—		57,478,890
Repurchase Agreement		—		3,120,076		—		3,120,076
Total Investments	$	315,250,116	$	3,120,076	$	—	$	318,370,192

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $55,756,388. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $316,313,420. Aggregate gross unrealized appreciation and depreciation for all securities is $15,544,178 and $13,487,406, respectively. Net unrealized appreciation for tax purposes is $2,056,772.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    133

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 1.0%
Engility Holdings, Inc.		205,410		$  5,724,777
Auto Components - 1.1%
Dorman Products, Inc. (A) (B)		132,550		6,207,317
Banks - 11.5%
BancorpSouth, Inc. (A)		688,050		16,657,690
Bank of the Ozarks, Inc. (A)		225,010		8,721,388
Pinnacle Financial Partners, Inc.		144,490		6,884,949
PrivateBancorp, Inc., Class A		489,020		18,127,971
South State Corp.		173,420		11,744,002
				62,136,000
Building Products - 1.5%
AAON, Inc.		35,982		862,489
Advanced Drainage Systems, Inc. (A)		266,139		7,451,892
				8,314,381
Communications Equipment - 2.0%
Aruba Networks, Inc. (B)		123,496		3,039,236
Ruckus Wireless, Inc. (A) (B)		665,370		7,771,522
				10,810,758
Diversified Consumer Services - 1.1%
Capella Education Co.		115,170		6,222,635
Diversified Financial Services - 3.0%
MarketAxess Holdings, Inc.		187,520		16,098,592
Diversified Telecommunication Services - 0.7%
Cogent Communications Holdings, Inc.		103,175		3,610,093
Electrical Equipment - 2.2%
EnerSys (A)		173,200		11,760,280
Electronic Equipment, Instruments & Components - 1.5%
InvenSense, Inc., Class A (A) (B)		540,623		8,066,095
Food Products - 5.6%
Calavo Growers, Inc.		19,395		982,357
J&J Snack Foods Corp.		103,470		10,795,025
TreeHouse Foods, Inc. (A) (B)		231,590		18,819,003
				30,596,385
Health Care Equipment & Supplies - 2.5%
Cantel Medical Corp.		188,972		8,464,056
Neogen Corp. (B)		112,500		5,010,750
				13,474,806
Health Care Providers & Services - 5.1%
Aceto Corp.		485,830		9,415,385
Air Methods Corp. (A) (B)		246,430		11,261,851
Providence Service Corp. (B)		163,650		6,958,398
				27,635,634
Health Care Technology - 2.5%
Medidata Solutions, Inc. (A) (B)		251,490		13,437,111
Hotels, Restaurants & Leisure - 4.1%
Krispy Kreme Doughnuts, Inc. (A) (B)		553,930		9,859,954
Sonic Corp.		426,790		12,227,534
				22,087,488
Internet Software & Services - 4.2%
Envestnet, Inc. (B)		308,029		15,789,566
SPS Commerce, Inc. (B)		106,380		6,942,359
				22,731,925

	Shares		Value
COMMON STOCKS (continued)
IT Services - 2.9%
MAXIMUS, Inc., Class A		250,419		$   16,029,320
Life Sciences Tools & Services - 6.4%
Cambrex Corp. (B)		314,850		12,118,577
ICON PLC (B)		347,304		22,345,539
				34,464,116
Machinery - 5.3%
Proto Labs, Inc. (A) (B)		270,670		18,946,900
Wabash National Corp. (A) (B)		695,204		9,746,760
				28,693,660
Multiline Retail - 1.8%
Tuesday Morning Corp. (A) (B)		615,748		9,741,133
Oil, Gas & Consumable Fuels - 2.6%
Matador Resources Co. (A) (B)		213,680		5,923,209
PDC Energy, Inc. (B)		142,170		8,066,726
				13,989,935
Pharmaceuticals - 5.6%
IGI Laboratories, Inc. (A) (B)		712,645		3,620,237
Lannett Co., Inc. (A) (B)		92,299		5,307,192
Prestige Brands Holdings, Inc. (B)		310,880		12,202,040
Sagent Pharmaceuticals, Inc. (A) (B)		296,490		6,911,182
Supernus Pharmaceuticals, Inc. (B)		168,250		2,153,600
				30,194,251
Professional Services - 2.2%
WageWorks, Inc. (B)		233,543		11,770,567
Road & Rail - 2.9%
Celadon Group, Inc.		329,750		8,520,740
Saia, Inc. (B)		171,561		6,991,111
				15,511,851
Semiconductors & Semiconductor Equipment - 4.6%
CEVA, Inc. (A) (B)		278,071		5,756,070
Silicon Laboratories, Inc. (B)		370,270		19,131,851
				24,887,921
Software - 3.9%
Ellie Mae, Inc. (A) (B)		382,430		21,033,650
Specialty Retail - 4.5%
Asbury Automotive Group, Inc. (B)		160,920		13,522,108
Monro Muffler Brake, Inc. (A)		183,370		10,982,029
				24,504,137
Textiles, Apparel & Luxury Goods - 5.4%
G-III Apparel Group, Ltd. (B)		148,630		16,524,684
Steven Madden, Ltd., Class B (B)		320,517		12,506,573
				29,031,257
Total Common Stocks (Cost $427,428,330)				528,766,075
SECURITIES LENDING COLLATERAL - 20.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		108,019,050		108,019,050
Total Securities Lending Collateral (Cost $108,019,050)				108,019,050

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    134

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 3.5%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $18,958,297 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 06/25/2037, and with a value of $19,340,494.		$  18,958,292		$   18,958,292
Total Repurchase Agreement (Cost $18,958,292)				18,958,292
Total Investments (Cost $554,405,672) (D)				655,743,417
Net Other Assets (Liabilities) - (21.2)%				(114,582,267	)
Net Assets - 100.0%				$  541,161,150

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	528,766,075	$	—	$	—	$	528,766,075
Securities Lending Collateral		108,019,050		—		—		108,019,050
Repurchase Agreement		—		18,958,292		—		18,958,292
Total Investments	$	636,785,125	$	18,958,292	$	—	$	655,743,417

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $105,477,115. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $554,405,672. Aggregate gross unrealized appreciation and depreciation for all securities is $114,791,495 and $13,453,750, respectively. Net unrealized appreciation for tax purposes is $101,337,745.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    135

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 96.1%
Aerospace & Defense - 2.0%
Triumph Group, Inc.		168,380		$  9,974,831
Air Freight & Logistics - 0.9%
Air Transport Services Group, Inc. (A)		473,121		4,409,488
Airlines - 0.2%
SkyWest, Inc.		70,898		967,758
Automobiles - 0.4%
Thor Industries, Inc.		35,476		2,134,591
Banks - 10.4%
BankUnited, Inc.		341,505		11,221,854
BBCN Bancorp, Inc.		504,322		7,156,329
East-West Bancorp, Inc.		211,026		8,565,545
FirstMerit Corp.		496,756		9,622,164
FNB Corp.		408,120		5,415,753
Hancock Holding Co.		157,433		4,582,875
Trustmark Corp., Class A		258,054		6,141,685
				52,706,205
Biotechnology - 0.4%
PDL Biopharma, Inc. (B)		321,891		2,147,013
Capital Markets - 5.9%
Ares Capital Corp. (B)		595,655		10,138,048
Fifth Street Finance Corp.		396,631		2,827,979
Janus Capital Group, Inc. (B)		191,584		3,429,354
New Mountain Finance Corp. (B)		337,069		5,035,811
Stifel Financial Corp. (A)		82,622		4,365,746
Waddell & Reed Financial, Inc., Class A		78,817		3,887,254
				29,684,192
Chemicals - 0.6%
Koppers Holdings, Inc.		133,039		2,990,717
Commercial Services & Supplies - 4.8%
ACCO Brands Corp. (A)		431,990		3,399,761
Brink’s Co.		136,133		3,603,441
Deluxe Corp.		71,971		4,660,122
Ennis, Inc.		151,174		2,325,056
R.R. Donnelley & Sons Co. (B)		203,719		3,793,248
Tetra Tech, Inc.		244,888		6,638,914
				24,420,542
Communications Equipment - 2.2%
ADTRAN, Inc.		323,722		5,377,022
Black Box Corp.		183,783		3,657,282
Plantronics, Inc.		37,796		2,013,393
				11,047,697
Consumer Finance - 4.0%
Encore Capital Group, Inc. (A) (B)		253,861		10,266,139
World Acceptance Corp. (A) (B)		120,655		10,209,826
				20,475,965
Containers & Packaging - 1.8%
Greif, Inc., Class A		116,870		4,763,621
Sonoco Products Co.		103,732		4,635,783
				9,399,404
Diversified Financial Services - 0.8%
Gain Capital Holdings, Inc., Class A (B)		414,847		4,098,688
Electric Utilities - 4.7%
ALLETE, Inc.		217,034		10,916,810
Portland General Electric Co. (B)		369,728		12,999,637
				23,916,447

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment - 2.5%
EnerSys		84,145		$   5,713,445
Franklin Electric Co., Inc.		104,976		3,795,932
GrafTech International, Ltd. (A) (B)		690,207		3,340,602
				12,849,979
Electronic Equipment, Instruments & Components - 8.6%
Anixter International, Inc. (A)		78,058		5,510,895
CTS Corp.		178,021		3,193,697
Ingram Micro, Inc., Class A (A)		326,075		8,204,047
Knowles Corp. (A) (B)		330,390		6,333,576
Park Electrochemical Corp.		170,825		3,710,319
Plexus Corp. (A)		95,336		4,104,215
ScanSource, Inc. (A)		165,837		6,608,604
Vishay Intertechnology, Inc. (B)		483,507		6,130,869
				43,796,222
Energy Equipment & Services - 2.2%
Atwood Oceanics, Inc. (B)		154,015		5,141,021
Gulfmark Offshore, Inc., Class A (B)		102,000		1,531,020
Tidewater, Inc. (B)		157,063		4,349,074
				11,021,115
Food & Staples Retailing - 1.0%
SpartanNash Co.		164,800		4,972,016
Food Products - 0.5%
Sanderson Farms, Inc. (B)		32,221		2,420,441
Health Care Equipment & Supplies - 1.9%
Anika Therapeutics, Inc. (A)		152,875		5,216,095
Hill-Rom Holdings, Inc.		94,037		4,696,208
				9,912,303
Health Care Providers & Services - 1.8%
IPC Healthcare, Inc. (A)		66,551		3,255,675
PharMerica Corp. (A)		197,761		5,667,830
				8,923,505
Hotels, Restaurants & Leisure - 0.9%
Ruth’s Hospitality Group, Inc.		303,242		4,412,171
Insurance - 5.4%
American Equity Investment Life Holding Co.		127,926		3,447,606
FBL Financial Group, Inc., Class A		26,962		1,571,076
Hanover Insurance Group, Inc.		63,160		4,330,881
HCC Insurance Holdings, Inc.		101,152		5,761,618
Stewart Information Services Corp.		136,286		4,974,439
Validus Holdings, Ltd.		179,004		7,487,737
				27,573,357
Machinery - 4.1%
Actuant Corp., Class A		41,338		984,671
TriMas Corp. (A)		368,501		10,380,673
Woodward, Inc.		200,375		9,427,644
				20,792,988
Metals & Mining - 1.6%
Kaiser Aluminum Corp. (B)		98,519		7,917,972
Oil, Gas & Consumable Fuels - 1.3%
Rosetta Resources, Inc. (A)		128,351		2,930,253
Stone Energy Corp. (A)		78,892		1,346,687
Triangle Petroleum Corp. (A) (B)		396,406		2,366,544
				6,643,484

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    136

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.5%
Nu Skin Enterprises, Inc., Class A (B)		47,136		$   2,665,541
Professional Services - 3.2%
CBIZ, Inc. (A) (B)		602,653		5,447,983
FTI Consulting, Inc. (A)		62,908		2,586,148
Korn/Ferry International		265,855		8,382,408
				16,416,539
Real Estate Investment Trusts - 10.5%
First Potomac Realty Trust		338,890		3,632,901
Hersha Hospitality Trust, Class A		1,613,408		10,374,213
iStar Financial, Inc. (A)		662,062		8,964,319
LaSalle Hotel Properties		325,792		11,953,309
Medical Properties Trust, Inc.		494,213		6,909,098
New Senior Investment Group, Inc. (B)		184,956		2,988,889
Parkway Properties, Inc.		311,063		5,060,995
Ramco-Gershenson Properties Trust		198,969		3,477,978
				53,361,702
Semiconductors & Semiconductor Equipment - 1.4%
Integrated Silicon Solution, Inc.		31,204		578,834
Teradyne, Inc.		346,154		6,317,311
				6,896,145
Specialty Retail - 8.6%
DSW, Inc., Class A		115,685		4,195,895
Express, Inc. (A)		140,741		2,294,078
Finish Line, Inc., Class A		146,252		3,587,562
Genesco, Inc. (A)		122,372		8,271,123
Outerwall, Inc. (B)		169,093		11,232,848
Rent-A-Center, Inc.		208,176		6,162,010
Select Comfort Corp. (A)		25,472		785,047
Sonic Automotive, Inc., Class A (B)		299,013		6,981,953
				43,510,516

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 0.6%
QLogic Corp. (A)		196,677		$   2,891,152
Textiles, Apparel & Luxury Goods - 0.4%
Crocs, Inc. (A) (B)		38,383		506,656
Iconix Brand Group, Inc. (A) (B)		52,474		1,380,590
				1,887,246
Total Common Stocks (Cost $429,560,895)				487,237,932
SECURITIES LENDING COLLATERAL - 19.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		96,297,204		96,297,204
Total Securities Lending Collateral (Cost $96,297,204)				96,297,204
	Principal		Value
REPURCHASE AGREEMENT - 4.2%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $21,409,167 on 05/01/2015. Collateralized by U.S. Government Agency Obligations, 3.50%, due 08/15/2029 - 01/01/2032, and with a total value of $21,839,399.		$  21,409,161		21,409,161
Total Repurchase Agreement (Cost $21,409,161)				21,409,161
Total Investments (Cost $547,267,260) (D)				604,944,297
Net Other Assets (Liabilities) - (19.3)%				(98,070,730	)
Net Assets - 100.0%				$  506,873,567

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	487,237,932	$	—	$	—	$	487,237,932
Securities Lending Collateral		96,297,204		—		—		96,297,204
Repurchase Agreement		—		21,409,161		—		21,409,161
Total Investments	$	583,535,136	$	21,409,161	$	—	$	604,944,297

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    137

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of the security is on loan. The value of all securities on loan is $93,964,018. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $547,267,260. Aggregate gross unrealized appreciation and depreciation for all securities is $81,770,175 and $24,093,138, respectively. Net unrealized appreciation for tax purposes is $57,677,037.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    138

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 1.5%
Aerovironment, Inc. (A) (B)		104,939		$  2,686,438
Curtiss-Wright Corp.		35,000		2,557,100
Orbital ATK, Inc. (A)		28,062		2,053,016
Spirit Aerosystems Holdings, Inc., Class A (B)		154,930		7,884,388
				15,180,942
Airlines - 0.2%
American Airlines Group, Inc.		36,895		1,781,475
Auto Components - 1.3%
American Axle & Manufacturing Holdings, Inc. (B)		127,900		3,188,547
Dana Holding Corp. (A)		98,000		2,113,860
Gentex Corp.		100,500		1,743,675
Magna International, Inc., Class A		81,585		4,114,332
Stoneridge, Inc. (A) (B)		186,000		2,239,440
				13,399,854
Automobiles - 0.5%
Fiat Chrysler Automobiles NV (A) (B)		370,700		5,467,825
Banks - 7.1%
Berkshire Hills Bancorp, Inc.		131,531		3,684,183
CIT Group, Inc.		51,020		2,297,431
First Citizens BancShares, Inc., Class A		29,163		7,009,036
First Community Bancshares, Inc.		221,340		3,709,658
First Republic Bank, Class A		40,000		2,331,600
Lakeland Bancorp, Inc., Class A		356,000		4,040,600
Sandy Spring Bancorp, Inc. (A)		163,000		4,247,780
Sterling Bancorp		331,000		4,296,380
SunTrust Banks, Inc.		297,985		12,366,378
Umpqua Holdings Corp.		145,500		2,474,955
United Community Banks, Inc.		116,400		2,166,204
Washington Trust Bancorp, Inc. (A)		58,821		2,177,553
Webster Financial Corp.		509,700		18,262,551
Wilshire Bancorp, Inc.		258,000		2,721,900
				71,786,209
Beverages - 0.2%
Molson Coors Brewing Co., Class B		25,525		1,876,343
Building Products - 1.2%
Caesarstone Sdot-Yam, Ltd. (A)		90,000		5,331,600
Continental Building Products, Inc. (B)		248,500		5,469,485
Norcraft Cos., Inc. (A) (B)		45,000		1,161,900
Quanex Building Products Corp.		9,500		183,350
				12,146,335
Capital Markets - 5.5%
E*TRADE Financial Corp. (B)		481,175		13,853,028
Invesco, Ltd.		262,880		10,888,490
Janus Capital Group, Inc. (A)		162,000		2,899,800
LPL Financial Holdings, Inc. (A)		14,000		566,580
Northern Trust Corp.		80,016		5,853,170
Piper Jaffray Cos. (B)		42,500		2,144,125
Raymond James Financial, Inc.		227,945		12,885,731
Stifel Financial Corp. (B)		71,000		3,751,640
Waddell & Reed Financial, Inc., Class A		48,500		2,392,020
				55,234,584
Chemicals - 1.5%
Celanese Corp., Series A		54,110		3,590,740
Mosaic Co.		138,610		6,098,840

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Olin Corp.		105,850		$   3,125,750
OM Group, Inc.		89,400		2,685,576
				15,500,906
Commercial Services & Supplies - 1.1%
HNI Corp.		76,000		3,544,640
KAR Auction Services, Inc.		161,380		6,004,950
Knoll, Inc.		78,000		1,776,060
				11,325,650
Communications Equipment - 1.7%
ARRIS Group, Inc. (B)		79,240		2,668,407
Ciena Corp. (A) (B)		215,060		4,580,778
Harmonic, Inc. (B)		290,000		2,032,900
Harris Corp.		46,435		3,725,944
KVH Industries, Inc. (A) (B)		287,500		3,878,375
				16,886,404
Construction & Engineering - 0.9%
Comfort Systems USA, Inc., Class A		175,500		3,631,095
EMCOR Group, Inc.		82,000		3,659,660
Granite Construction, Inc.		63,000		2,186,730
				9,477,485
Consumer Finance - 0.8%
Discover Financial Services		99,020		5,740,189
Synchrony Financial (A) (B)		81,966		2,553,241
				8,293,430
Containers & Packaging - 0.7%
Berry Plastics Group, Inc. (B)		103,500		3,541,770
Crown Holdings, Inc. (B)		65,420		3,549,689
				7,091,459
Diversified Consumer Services - 0.4%
ServiceMaster Global Holdings, Inc. (B)		102,900		3,556,224
Diversified Financial Services - 0.9%
Voya Financial, Inc.		223,865		9,478,444
Diversified Telecommunication Services - 0.9%
Level 3 Communications, Inc. (B)		155,620		8,705,383
Electric Utilities - 0.8%
Exelon Corp. (A)		250,470		8,520,989
Electrical Equipment - 0.5%
Regal Beloit Corp.		62,500		4,887,500
Electronic Equipment, Instruments & Components - 2.5%
Belden, Inc.		37,000		3,106,150
Control4 Corp. (A) (B)		368,500		4,318,820
Daktronics, Inc.		194,000		2,081,620
Orbotech, Ltd. (B)		334,000		5,995,300
Rofin-Sinar Technologies, Inc. (B)		105,300		2,491,398
Universal Display Corp., Class A (A) (B)		101,500		4,473,105
Vishay Intertechnology, Inc. (A)		250,000		3,170,000
				25,636,393
Energy Equipment & Services - 0.9%
Helix Energy Solutions Group, Inc., Class A (B)		110,500		1,821,040
Precision Drilling Corp.		969,675		7,049,537
				8,870,577
Food & Staples Retailing - 0.7%
Whole Foods Market, Inc.		138,470		6,613,327

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    139

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Food Products - 1.6%
J&J Snack Foods Corp.		16,000		$   1,669,280
Pinnacle Foods, Inc.		96,080		3,896,044
Tyson Foods, Inc., Class A		263,285		10,399,757
				15,965,081
Gas Utilities - 0.6%
Atmos Energy Corp.		114,310		6,172,740
Health Care Equipment & Supplies - 2.8%
AngioDynamics, Inc. (A) (B)		188,400		3,144,396
Boston Scientific Corp. (B)		371,300		6,616,566
Globus Medical, Inc., Class A (B)		136,875		3,269,944
Greatbatch, Inc. (B)		72,657		3,917,665
Halyard Health, Inc. (A) (B)		111,700		5,415,216
Hologic, Inc. (B)		177,665		5,994,417
				28,358,204
Health Care Providers & Services - 5.3%
AMN Healthcare Services, Inc. (B)		162,000		3,695,220
Anthem, Inc.		42,145		6,360,945
HCA Holdings, Inc. (B)		161,520		11,954,095
Health Net, Inc. (B)		60,000		3,159,000
HealthSouth Corp. (A)		80,500		3,640,210
Laboratory Corp. of America Holdings (B)		55,665		6,655,307
MEDNAX, Inc. (A) (B)		41,965		2,970,283
PharMerica Corp. (B)		98,000		2,808,680
VCA, Inc. (B)		174,135		8,875,661
WellCare Health Plans, Inc. (A) (B)		41,000		3,174,630
				53,294,031
Health Care Technology - 0.4%
Omnicell, Inc. (B)		105,000		3,730,650
Hotels, Restaurants & Leisure - 1.1%
Bloomin’ Brands, Inc.		337,075		7,638,120
Churchill Downs, Inc.		33,000		3,932,610
				11,570,730
Household Durables - 1.0%
Harman International Industries, Inc.		28,150		3,670,197
Helen of Troy, Ltd. (B)		38,000		3,329,180
La-Z-Boy, Inc.		114,500		3,001,045
				10,000,422
Household Products - 0.4%
Spectrum Brands Holdings, Inc., Class A		39,500		3,611,485
Independent Power and Renewable Electricity Producers - 1.2%
Dynegy, Inc., Class A (B)		166,844		5,550,900
NRG Energy, Inc.		242,175		6,112,497
				11,663,397
Insurance - 3.2%
Allied World Assurance Co. Holdings AG		19,284		793,344
Aspen Insurance Holdings, Ltd.		59,000		2,757,070
Hartford Financial Services Group, Inc.		195,055		7,952,392
Lincoln National Corp.		14,280		806,677
Selective Insurance Group, Inc.		228,000		6,142,320
United Fire Group, Inc.		230,843		6,895,281
Validus Holdings, Ltd.		51,500		2,154,245
XL Group PLC, Class A		118,850		4,406,958
				31,908,287
Internet & Catalog Retail - 0.5%
Expedia, Inc.		34,465		3,247,637

	Shares		Value
COMMON STOCKS (continued)
Internet & Catalog Retail (continued)
Nutrisystem, Inc.		104,000		$   1,981,200
				5,228,837
Internet Software & Services - 0.9%
AOL, Inc. (B)		100,000		3,990,000
Blucora, Inc. (A) (B)		71,500		977,405
IAC/InterActiveCorp		53,500		3,735,370
XO Group, Inc. (B)		4,000		65,040
				8,767,815
IT Services - 1.6%
Booz Allen Hamilton Holding Corp., Class A		212,975		5,856,813
CoreLogic, Inc. (B)		96,455		3,772,355
Global Payments, Inc.		37,500		3,760,500
Sykes Enterprises, Inc. (B)		115,500		2,890,965
				16,280,633
Life Sciences Tools & Services - 0.3%
Quintiles Transnational Holdings, Inc. (B)		45,360		2,988,317
Machinery - 5.3%
Allison Transmission Holdings, Inc., Class A		508,405		15,597,865
Altra Industrial Motion Corp. (A)		100,500		2,650,185
Columbus McKinnon Corp.		58,500		1,483,560
Douglas Dynamics, Inc. (A)		61,600		1,339,800
ITT Corp.		210,000		8,326,500
Mueller Industries, Inc.		101,500		3,556,560
NN, Inc. (A)		194,000		4,881,040
Oshkosh Corp. (A)		35,000		1,884,400
Stanley Black & Decker, Inc.		40,545		4,001,792
Trinity Industries, Inc. (A)		254,650		6,898,468
Watts Water Technologies, Inc., Class A		55,500		3,027,525
				53,647,695
Media - 1.7%
AMC Networks, Inc., Class A (A) (B)		24,500		1,848,280
Gannett Co., Inc.		158,135		5,427,193
News Corp., Class A (B)		147,400		2,325,972
Starz, Class A (A) (B)		197,730		7,776,721
				17,378,166
Metals & Mining - 1.4%
Alcoa, Inc.		239,950		3,220,129
Allegheny Technologies, Inc.		69,100		2,348,709
Kaiser Aluminum Corp. (A)		40,500		3,254,985
U.S. Steel Corp. (A)		219,125		5,263,382
				14,087,205
Multi-Utilities - 2.8%
Ameren Corp.		147,900		6,055,026
DTE Energy Co.		115,435		9,192,089
NorthWestern Corp.		125,000		6,511,250
PG&E Corp.		120,075		6,354,369
				28,112,734
Multiline Retail - 0.4%
Kohl’s Corp.		50,275		3,602,204
Oil, Gas & Consumable Fuels - 4.0%
EnCana Corp.		360,085		5,116,808
Energen Corp.		112,020		7,972,463
Gulfport Energy Corp. (B)		68,000		3,327,920
Hess Corp.		98,025		7,538,122
Newfield Exploration Co. (B)		173,795		6,819,716

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    140

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
REX American Resources Corp., Class A (A) (B)		22,800		$   1,441,416
Valero Energy Corp.		102,075		5,808,068
Western Refining, Inc.		61,500		2,709,075
				40,733,588
Paper & Forest Products - 1.1%
Domtar Corp.		68,500		2,960,570
International Paper Co.		103,390		5,554,111
P.H. Glatfelter Co.		114,000		2,827,200
				11,341,881
Pharmaceuticals - 0.7%
Lannett Co., Inc. (A) (B)		76,260		4,384,950
Nektar Therapeutics (A) (B)		295,933		2,817,282
				7,202,232
Professional Services - 0.5%
Heidrick & Struggles International, Inc.		69,000		1,660,140
On Assignment, Inc. (B)		100,000		3,365,000
				5,025,140
Real Estate Investment Trusts - 8.0%
BioMed Realty Trust, Inc., Class B (A)		543,482		11,277,251
Brandywine Realty Trust (A)		251,100		3,661,038
CBL & Associates Properties, Inc.		216,725		3,903,217
DiamondRock Hospitality Co.		370,400		5,022,624
DuPont Fabros Technology, Inc. (A)		230,050		7,166,058
Excel Trust, Inc.		316,792		5,021,153
Liberty Property Trust, Series C		423,310		14,748,120
National Retail Properties, Inc.		97,000		3,724,800
Physicians Realty Trust (A)		205,500		3,411,300
SL Green Realty Corp.		79,610		9,741,080
Summit Hotel Properties, Inc.		483,500		6,367,695
Sunstone Hotel Investors, Inc.		393,551		6,131,525
				80,175,861
Real Estate Management & Development - 1.5%
CBRE Group, Inc., Class A (B)		389,355		14,927,871
Road & Rail - 1.2%
AMERCO		15,400		4,959,416
Con-way, Inc.		107,485		4,417,634
Ryder System, Inc., Class A		31,590		3,012,422
				12,389,472
Semiconductors & Semiconductor Equipment - 6.6%
Applied Materials, Inc., Class A		272,925		5,401,186
Broadcom Corp., Class A		228,875		10,117,419
Brooks Automation, Inc., Class A		332,000		3,572,320
Cohu, Inc.		148,500		1,554,795
Entegris, Inc. (B)		320,500		4,265,855
GSI Technology, Inc. (A) (B)		180,000		952,200
Integrated Device Technology, Inc. (B)		219,300		3,989,067
Micron Technology, Inc. (A) (B)		206,500		5,808,845
MKS Instruments, Inc. (A)		74,400		2,589,864
NXP Semiconductors NV (B)		37,649		3,618,822
Qorvo, Inc. (B)		66,424		4,378,006
Sigma Designs, Inc. (B)		385,500		3,080,145
Silicon Motion Technology Corp., ADR (A)		234,200		6,864,402
Skyworks Solutions, Inc.		68,105		6,282,686
Xcerra Corp. (B)		405,500		3,986,065
				66,461,677

	Shares		Value
COMMON STOCKS (continued)
Software - 1.4%
Check Point Software Technologies, Ltd., Class A (A) (B)		62,690		$   5,233,361
Electronic Arts, Inc. (B)		106,750		6,201,108
TiVo, Inc. (A) (B)		202,000		2,232,100
				13,666,569
Specialty Retail - 4.0%
Abercrombie & Fitch Co., Class A (A)		120,500		2,708,840
American Eagle Outfitters, Inc. (A)		1,108,635		17,638,383
ANN, Inc. (B)		80,101		3,032,624
Express, Inc. (B)		210,000		3,423,000
Finish Line, Inc., Class A		101,500		2,489,795
Foot Locker, Inc.		142,235		8,455,870
Guess?, Inc. (A)		122,400		2,241,144
				39,989,656
Technology Hardware, Storage & Peripherals - 0.9%
Western Digital Corp.		89,775		8,774,609
Textiles, Apparel & Luxury Goods - 0.9%
Coach, Inc., Class A		99,285		3,793,680
Hanesbrands, Inc.		90,400		2,809,632
Steven Madden, Ltd., Class B (B)		55,500		2,165,610
				8,768,922
Thrifts & Mortgage Finance - 1.6%
Dime Community Bancshares, Inc.		156,500		2,491,480
Oritani Financial Corp.		88,500		1,318,650
Provident Financial Services, Inc.		157,000		2,826,000
TrustCo Bank Corp. (A)		225,500		1,504,085
United Financial Bancorp, Inc.		266,908		3,403,077
Washington Federal, Inc.		193,500		4,179,600
				15,722,892
Trading Companies & Distributors - 1.6%
AerCap Holdings NV (A) (B)		175,635		8,198,642
GATX Corp. (A)		154,711		8,416,278
				16,614,920
Wireless Telecommunication Services - 0.4%
SBA Communications Corp., Class A (B)		36,930		4,277,233
Total Common Stocks (Cost $854,581,475)				994,158,894
MASTER LIMITED PARTNERSHIP - 0.5%
Capital Markets - 0.5%
Lazard, Ltd., Class A		95,000		5,037,850
Total Master Limited Partnership (Cost $4,794,350)				5,037,850
SECURITIES LENDING COLLATERAL - 12.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		125,268,891		125,268,891
Total Securities Lending Collateral (Cost $125,268,891)				125,268,891

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    141

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $9,360,409 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.17%, due 11/07/2022, and with a value of $9,550,142.		$  9,360,406		$  9,360,406
Total Repurchase Agreement (Cost $9,360,406)				9,360,406
Total Investments (Cost $994,005,122) (D)				1,133,826,041
Net Other Assets (Liabilities) - (12.5)%				(125,907,733	)
Net Assets  - 100.0%				$  1,007,918,308

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	994,158,894	$	—	$	—	$	994,158,894
Master Limited Partnership		5,037,850		—		—		5,037,850
Securities Lending Collateral		125,268,891		—		—		125,268,891
Repurchase Agreement		—		9,360,406		—		9,360,406
Total Investments	$	1,124,465,635	$	9,360,406	$	—	$	1,133,826,041

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $122,284,054. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $994,005,122. Aggregate gross unrealized appreciation and depreciation for all securities is $169,827,352 and $30,006,433, respectively. Net unrealized appreciation for tax purposes is $139,820,919.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    142

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 31.1%
Auto Components - 1.7%
Cooper Tire & Rubber Co. 8.00%, 12/15/2019		$  300,000		$  340,500
Titan International, Inc. 6.88%, 10/01/2020 (A)		131,000		118,882
				459,382
Banks - 1.0%
Wells Fargo & Co. 7.98%, 03/15/2018 (B) (C)		250,000		275,000
Commercial Services & Supplies - 2.0%
ADT Corp. 6.25%, 10/15/2021 (A)		300,000		322,500
United Rentals North America, Inc. 8.25%, 02/01/2021		201,000		216,829
				539,329
Construction & Engineering - 1.1%
Dycom Investments, Inc. 7.13%, 01/15/2021		300,000		314,250
Consumer Finance - 1.6%
Navient Corp. Series MTN 7.25%, 01/25/2022		400,000		424,000
Diversified Financial Services - 1.9%
Credit Acceptance Corp. 7.38%, 03/15/2023 (D)		200,000		199,000
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 6.00%, 08/01/2020		300,000		315,435
				514,435
Diversified Telecommunication Services - 1.6%
Frontier Communications Corp. 8.50%, 04/15/2020		385,000		426,388
Energy Equipment & Services - 2.1%
SEACOR Holdings, Inc. 7.38%, 10/01/2019		443,000		454,075
SESI LLC 7.13%, 12/15/2021		125,000		130,000
				584,075
Food Products - 1.9%
Post Holdings, Inc. 7.38%, 02/15/2022		500,000		518,750
Health Care Providers & Services - 2.3%
CHS / Community Health Systems, Inc. 8.00%, 11/15/2019		303,000		321,180
HealthSouth Corp. 7.75%, 09/15/2022		300,000		316,500
				637,680
Hotels, Restaurants & Leisure - 1.6%
Viking Cruises, Ltd. 8.50%, 10/15/2022 (D)		400,000		443,480
Independent Power and Renewable Electricity Producers - 1.8%
NRG Energy, Inc. 7.63%, 01/15/2018		455,000		503,912
Multiline Retail - 1.5%
Dillard’s, Inc. 7.88%, 01/01/2023		350,000		409,500

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 2.7%
Linn Energy LLC / Linn Energy Finance Corp. 8.63%, 04/15/2020		$   400,000		$   364,248
Stone Energy Corp. 7.50%, 11/15/2022		250,000		230,000
United Refining Co. 10.50%, 02/28/2018		140,000		147,994
				742,242
Paper & Forest Products - 2.0%
Louisiana-Pacific Corp. 7.50%, 06/01/2020		518,000		551,670
Real Estate Management & Development - 1.8%
Mobile Mini, Inc. 7.88%, 12/01/2020		480,000		504,000
Specialty Retail - 1.4%
Rent-A-Center, Inc. 6.63%, 11/15/2020 (A)		375,000		370,275
Wireless Telecommunication Services - 1.1%
T-Mobile USA, Inc. 6.63%, 11/15/2020 (A)		300,000		313,125
Total Corporate Debt Securities (Cost $8,758,094)				8,531,493
	Shares		Value
PREFERRED STOCKS - 16.0%
Banks - 2.6%
First Republic Bank 7.00%		21,000		577,710
TCF Financial Corp. Series B, 6.45%		5,000		126,950
				704,660
Consumer Finance - 1.9%
Capital One Financial Corp. Series D, 6.70% (A)		20,000		537,200
Insurance - 6.7%
Allstate Corp. Series C, 6.75% (A)		13,000		351,910
Aspen Insurance Holdings, Ltd. 7.25%		8,000		212,320
Kemper Corp. 7.38%		19,484		516,716
Maiden Holdings North America, Ltd. 7.75%		15,600		416,364
Maiden Holdings, Ltd. Series A, 8.25%		1,400		37,366
Montpelier RE Holdings, Ltd. Series A, 8.88%		12,000		313,080
				1,847,756
Real Estate Investment Trusts - 4.8%
Corporate Office Properties Trust Series L, 7.38% (A)		15,250		398,787
Digital Realty Trust, Inc. Series H, 7.38%		14,000		380,520
DuPont Fabros Technology, Inc. Series B, 7.63%		10,000		257,500

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    143

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
PREFERRED STOCKS (continued)
Real Estate Investment Trusts (continued)
NorthStar Realty Finance Corp. Series E, 8.75%		10,350		$  274,586
				1,311,393
Total Preferred Stocks (Cost $4,267,901)				4,401,009
COMMON STOCKS - 47.8%
Airlines - 0.9%
Copa Holdings SA, Class A (A)		2,300		255,047
Automobiles - 1.1%
Ford Motor Co. (A)		19,800		312,840
Banks - 2.3%
SunTrust Banks, Inc. (A)		6,200		257,300
U.S. Bancorp (A)		4,275		183,269
Wells Fargo & Co.		3,500		192,850
				633,419
Capital Markets - 0.9%
Bank of New York Mellon Corp. (A)		5,750		243,455
Chemicals - 1.1%
LyondellBasell Industries NV, Class A		2,900		300,208
Communications Equipment - 1.2%
QUALCOMM, Inc. (A)		4,900		333,200
Consumer Finance - 1.2%
Capital One Financial Corp. (A)		4,000		323,400
Diversified Consumer Services - 0.7%
H&R Block, Inc. (A)		6,275		189,756
Diversified Financial Services - 1.2%
JPMorgan Chase & Co.		5,250		332,115
Diversified Telecommunication Services - 2.4%
AT&T, Inc. (A)		7,775		269,326
Verizon Communications, Inc. (A)		6,350		320,294
Windstream Holdings, Inc.		6,200		72,416
				662,036
Electric Utilities - 1.0%
PPL Corp. (A)		7,700		262,031
Electrical Equipment - 0.8%
Eaton Corp. PLC (A)		3,100		213,063
Food & Staples Retailing - 0.8%
Sysco Corp. (A)		6,100		225,883
Food Products - 2.0%
Kellogg Co. (A)		4,175		264,403
Kraft Foods Group, Inc. (A)		3,225		273,319
				537,722
Health Care Equipment & Supplies - 1.0%
Medtronic PLC		3,625		269,881
Hotels, Restaurants & Leisure - 0.3%
Wyndham Worldwide Corp. (A)		1,000		85,400
Household Durables - 1.3%
Whirlpool Corp. (A)		2,075		364,370
Household Products - 0.1%
Procter & Gamble Co.		400		31,804
Insurance - 3.1%
Assured Guaranty, Ltd. (A)		11,575		300,834
MetLife, Inc. (A)		6,000		307,740

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Prudential Financial, Inc.		2,800		$   228,480
				837,054
Machinery - 1.3%
Stanley Black & Decker, Inc. (A)		3,500		345,450
Multi-Utilities - 1.0%
National Grid PLC, ADR		4,000		269,720
Multiline Retail - 0.9%
Macy’s, Inc. (A)		4,025		260,136
Oil, Gas & Consumable Fuels - 6.1%
Chevron Corp.		2,575		285,979
ConocoPhillips		2,000		135,840
Eni SpA, ADR		8,500		326,655
Occidental Petroleum Corp.		3,000		240,300
Royal Dutch Shell PLC, Class B, ADR (A)		1,975		127,565
Valero Energy Corp.		5,000		284,500
Williams Cos., Inc.		5,250		268,748
				1,669,587
Pharmaceuticals - 5.1%
AstraZeneca PLC, ADR (A)		5,175		354,384
Eli Lilly & Co. (A)		3,175		228,187
Johnson & Johnson		2,975		295,120
Novartis AG, ADR		2,875		292,675
Pfizer, Inc.		6,725		228,179
				1,398,545
Real Estate Investment Trusts - 1.7%
Annaly Capital Management, Inc. (A)		25,150		253,261
Communications Sales & Leasing, Inc. (E)		7,440		223,795
				477,056
Semiconductors & Semiconductor Equipment - 1.5%
Intel Corp. (A)		5,800		188,790
Xilinx, Inc. (A)		5,325		230,892
				419,682
Software - 1.2%
Microsoft Corp.		6,500		316,160
Specialty Retail - 1.0%
Best Buy Co., Inc. (A)		5,000		173,250
Foot Locker, Inc. (A)		1,700		101,065
				274,315
Technology Hardware, Storage & Peripherals - 3.8%
Apple, Inc. (A)		4,000		500,600
Seagate Technology PLC (A)		5,000		293,600
Western Digital Corp.		2,600		254,124
				1,048,324
Thrifts & Mortgage Finance - 0.8%
New York Community Bancorp, Inc. (A)		12,150		208,859
Total Common Stocks (Cost $12,839,702)				13,100,518
INVESTMENT COMPANY - 1.1%
Capital Markets - 1.1%
Cushing Renaissance Fund		13,475		294,833
Total Investment Company (Cost $356,670)				294,833

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    144

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
SECURITIES LENDING COLLATERAL - 27.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (F)		7,537,990		$   7,537,990
Total Securities Lending Collateral (Cost $7,537,990)				7,537,990
	Principal		Value
REPURCHASE AGREEMENT - 3.0%
State Street Bank & Trust Co. 0.01% (F), dated 04/30/2015, to be repurchased at $825,373 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $844,825.		$  825,373		825,373
Total Repurchase Agreement (Cost $825,373)				825,373
Total Investments (Cost $34,585,730) (G)				34,691,216
Net Other Assets (Liabilities) - (26.5)%				(7,270,095	)
Net Assets  - 100.0%				$  27,421,121

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Value at April 30, 2015
ASSETS
Investments
Corporate Debt Securities	$	—	$	8,531,493	$	—	��	$	8,531,493
Preferred Stocks		4,401,009		—		—			4,401,009
Common Stocks		13,100,518		—		—			13,100,518
Investment Company		294,833		—		—			294,833
Securities Lending Collateral		7,537,990		—		—			7,537,990
Repurchase Agreement		—		825,373		—			825,373
Total Investments	$	25,334,350	$	9,356,866	$	—		$	34,691,216

Transfers

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1 (I)		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Preferred Stocks	$	—	$	537,200	$	—	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    145

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $7,370,014. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(C)  The security has a perpetual maturity; the date displayed is the next call date.

^(D)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $642,480, representing 2.3% of the Fund’s net assets.

^(E)  Non-income producing security.

^(F)  Rate disclosed reflects the yield at April 30, 2015.

^(G)  Aggregate cost for federal income tax purposes is $34,585,730. Aggregate gross unrealized appreciation and depreciation for all securities is $924,886 and $819,400, respectively. Net unrealized appreciation for tax purposes is $105,486.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(I)  Transferred from Level 2 to 1 due to utilizing quoted market prices in active markets, which were not available on October 31, 2014.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
MTN	Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    146

Transamerica Tactical Allocation

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
Capital Markets - 91.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF		2,034		$  243,958
iShares MSCI ACWI ETF		51,173		3,159,421
iShares MSCI All Country Asia ex Japan ETF		9,223		628,178
iShares MSCI Japan ETF		48,345		621,717
SPDR Barclays High Yield Bond ETF (A)		15,580		614,475
SPDR Barclays Short Term High Yield Bond ETF		63,014		1,848,831
Vanguard Global ex-U.S. Real Estate ETF (A)		10,805		638,900
Vanguard Short-Term Bond ETF		7,052		566,769
Vanguard Total Bond Market ETF		19,854		1,646,095
WisdomTree Europe Hedged Equity Fund		9,489		609,763
WisdomTree Japan Hedged Equity Fund		11,080		625,134
				11,203,241
Emerging Markets - Equity - 2.6%
Vanguard FTSE Emerging Markets ETF		7,171		314,592
Growth - Large Cap - 2.6%
Vanguard Growth ETF		2,911		313,078
Growth - Small Cap - 2.5%
Vanguard Small-Cap ETF (A)		2,592		311,196
Total Exchange-Traded Funds (Cost $11,797,204)				12,142,107

	Shares		Value
SECURITIES LENDING COLLATERAL - 5.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (B)		629,227		$   629,227
Total Securities Lending Collateral (Cost $629,227)				629,227
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.01% (B), dated 04/30/2015, to be repurchased at $112,593 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.17%, due 11/07/2022, and with a value of $115,183.		$  112,593		112,593
Total Repurchase Agreement (Cost $112,593)				112,593
Total Investments (Cost $12,539,024) (C)				12,883,927
Net Other Assets (Liabilities) - (5.3)%				(644,145	)
Net Assets - 100.0%				$  12,239,782

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Exchange-Traded Funds	$	12,142,107	$	—	$	—	$	12,142,107
Securities Lending Collateral		629,227		—		—		629,227
Repurchase Agreement		—		112,593		—		112,593
Total Investments	$	12,771,334	$	112,593	$	—	$	12,883,927

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $616,491. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Rate disclosed reflects the yield at April 30, 2015.

^(C)  Aggregate cost for federal income tax purposes is $12,539,024. Aggregate gross unrealized appreciation and depreciation for all securities is $350,741 and $5,838, respectively. Net unrealized appreciation for tax purposes is $344,903.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    147

Transamerica Tactical Income

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.6%
Capital Markets - 84.8%
iShares Floating Rate Bond ETF		414,771		$  21,020,594
iShares iBoxx $ High Yield Corporate Bond ETF (A)		579,269		52,707,686
iShares iBoxx $ Investment Grade Corporate Bond ETF		311,712		37,386,737
iShares MSCI All Country Asia ex Japan ETF (A)		361,180		24,599,970
iShares MSCI Japan ETF (A)		1,893,208		24,346,655
SPDR Barclays High Yield Bond ETF (A)		3,819,872		150,655,752
SPDR Barclays Short Term High Yield Bond ETF (A)		5,922,347		173,761,661
Vanguard Global ex-U.S. Real Estate ETF (A)		423,114		25,018,731
Vanguard Total Bond Market ETF (A)		1,816,308		150,590,096
WisdomTree Europe Hedged Equity Fund		371,581		23,877,795
WisdomTree Japan Hedged Equity Fund (A)		433,887		24,479,905
				708,445,582
Growth - Large Cap - 10.3%
Vanguard Growth ETF (A)		797,879		85,811,887
Value - Large Cap - 4.5%
Vanguard Value ETF (A)		441,407		37,418,071
Total Exchange-Traded Funds (Cost $836,066,537)				831,675,540

	Shares		Value
SECURITIES LENDING COLLATERAL - 24.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (B)		203,290,436		$   203,290,436
Total Securities Lending Collateral (Cost $203,290,436)				203,290,436
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.01% (B), dated 04/30/2015, to be repurchased at $5,647,059 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 10/01/2032, and with a value of $5,763,067.		$  5,647,057		5,647,057
Total Repurchase Agreement (Cost $5,647,057)				5,647,057
Total Investments (Cost $1,045,004,030) (C)				1,040,613,033
Net Other Assets (Liabilities) - (24.6)%				(205,380,591	)
Net Assets - 100.0%				$  835,232,442

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Exchange-Traded Funds	$	831,675,540	$	—	$	—	$	831,675,540
Securities Lending Collateral		203,290,436		—		—		203,290,436
Repurchase Agreement		—		5,647,057		—		5,647,057
Total Investments	$	1,034,965,976	$	5,647,057	$	—	$	1,040,613,033

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $199,076,183. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Rate disclosed reflects the yield at April 30, 2015.

^(C)  Aggregate cost for federal income tax purposes is $1,045,004,030. Aggregate gross unrealized appreciation and depreciation for all securities is $5,362,993 and $9,753,990, respectively. Net unrealized depreciation for tax purposes is $4,390,997.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    148

Transamerica Tactical Rotation

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.4%
Capital Markets - 91.9%
Consumer Discretionary Select Sector SPDR Fund (A)		9,700		$  730,507
Health Care Select Sector SPDR Fund (A)		10,144		727,122
iShares Floating Rate Bond ETF		44,677		2,264,230
iShares MSCI ACWI ETF (A)		135,507		8,366,202
iShares MSCI China ETF (A)		15,817		991,410
iShares MSCI Hong Kong ETF (A)		42,371		1,008,006
iShares MSCI Japan ETF		113,292		1,456,935
iShares MSCI Netherlands ETF (A)		28,228		737,033
iShares MSCI Switzerland Capped ETF		43,314		1,496,066
WisdomTree Europe Hedged Equity Fund		22,236		1,428,885
WisdomTree Japan Hedged Equity Fund		25,964		1,464,889
				20,671,285
Emerging Markets - Equity - 3.3%
Vanguard FTSE Emerging Markets ETF		16,805		737,235
Growth - Small Cap - 3.2%
Vanguard Small-Cap ETF		6,074		729,245
Total Exchange-Traded Funds (Cost $21,188,429)				22,137,765

	Shares		Value
SECURITIES LENDING COLLATERAL - 12.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (B)		2,889,092		$   2,889,092
Total Securities Lending Collateral (Cost $2,889,092)				2,889,092
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% (B), dated 04/30/2015, to be repurchased at $329,805 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.17%, due 11/07/2022, and with a value of $340,540.		$  329,805		329,805
Total Repurchase Agreement (Cost $329,805)				329,805
Total Investments (Cost $24,407,326) (C)				25,356,662
Net Other Assets (Liabilities) - (12.7)%				(2,850,495	)
Net Assets - 100.0%				$  22,506,167

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Exchange-Traded Funds	$	22,137,765	$	—	$	—	$	22,137,765
Securities Lending Collateral		2,889,092		—		—		2,889,092
Repurchase Agreement		—		329,805		—		329,805
Total Investments	$	25,026,857	$	329,805	$	—	$	25,356,662

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $2,822,754. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Rate disclosed reflects the yield at April 30, 2015.

^(C)  Aggregate cost for federal income tax purposes is $24,407,326. Aggregate gross unrealized appreciation and depreciation for all securities is $953,546 and $4,210, respectively. Net unrealized appreciation for tax purposes is $949,336.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    149

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 1.1%
U.S. Treasury Bond 3.13%, 08/15/2044		$  340,000		$  366,164
U.S. Treasury Note
1.38%, 03/31/2020 (A)		100,000		99,680
2.00%, 02/15/2025		100,000		99,594
Total U.S. Government Obligations (Cost $563,317)				565,438
FOREIGN GOVERNMENT OBLIGATION - 0.4%
Export-Import Bank of Korea 2.88%, 01/21/2025		200,000		199,308
Total Foreign Government Obligation (Cost $198,991)				199,308
ASSET-BACKED SECURITIES - 8.7%
AmeriCredit Automobile Receivables Trust
Series 2013-1, Class C
1.57%, 01/08/2019		1,000,000		1,000,656
Series 2013-3, Class D
3.00%, 07/08/2019		300,000		306,338
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A 2.46%, 07/20/2020 (B)		100,000		101,089
BA Credit Card Trust Series 2015-A2, Class A 1.36%, 09/15/2020		277,000		276,972
Chase Issuance Trust Series 2012-A7, Class A7 2.16%, 09/16/2024		500,000		492,946
CitiBank Credit Card Issuance Trust
Series 2013-A7, Class A7
0.61%, 09/10/2020 (C)		1,000,000		1,003,112
Series 2014-A1, Class A1
2.88%, 01/23/2023		250,000		260,693
CLI Funding V LLC Series 2014-2A, Class A 3.38%, 10/18/2029 (B)		475,000		480,403
DB Master Finance LLC Series 2015-1A, Class A2II 3.98%, 02/20/2045 (B)		354,000		362,670
Dell Equipment Finance Trust Series 2015-1, Class A3 1.30%, 03/23/2020 (B)		278,000		278,123
Total Asset-Backed Securities (Cost $4,551,785)				4,563,002
CORPORATE DEBT SECURITIES - 47.2%
Aerospace & Defense - 0.2%
BAE Systems Holdings, Inc. 3.80%, 10/07/2024 (A) (B)		125,000		130,582
Banks - 9.5%
ADCB Finance Cayman, Ltd. Series MTN 4.50%, 03/06/2023 (D)		300,000		310,875
Banco Internacional del Peru SAA 5.75%, 10/07/2020 (D)		225,000		248,062
BanColombia SA 5.95%, 06/03/2021 (A)		250,000		276,675

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BBVA Bancomer SA 6.75%, 09/30/2022 (A) (D)		$   275,000		$   312,469
Burgan Finance No. 1 Jersey, Ltd. 7.88%, 09/29/2020 (D)		175,000		203,000
CBQ Finance, Ltd. 2.88%, 06/24/2019 (D)		200,000		203,730
Credit Agricole SA 4.38%, 03/17/2025 (B)		250,000		247,075
Development Bank of Kazakhstan JSC 4.13%, 12/10/2022 (D)		350,000		323,015
Discover Bank 2.00%, 02/21/2018		250,000		250,378
ICICI Bank, Ltd. 5.75%, 11/16/2020 (D)		200,000		226,390
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (B)		250,000		251,829
Oversea-Chinese Banking Corp, Ltd. Series MTN 4.00%, 10/15/2024 (C) (D)		250,000		259,559
Regions Financial Corp. 7.38%, 12/10/2037		150,000		194,478
Royal Bank of Scotland NV 4.65%, 06/04/2018		251,000		264,504
Sberbank of Russia Via SB Capital SA 6.13%, 02/07/2022 (D)		250,000		241,750
Siam Commercial Bank PCL Series MTN 3.50%, 04/07/2019 (D)		250,000		259,066
Turkiye Halk Bankasi AS 3.88%, 02/05/2020 (D)		250,000		239,335
Turkiye Is Bankasi 5.00%, 04/30/2020 (B)		200,000		201,008
United Overseas Bank, Ltd. Series MTN 3.75%, 09/19/2024 (C) (D)		200,000		206,412
Woori Bank 4.75%, 04/30/2024 (D)		250,000		265,473
				4,985,083
Beverages - 1.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS 3.38%, 11/01/2022 (D)		275,000		242,687
Pernod Ricard SA 2.95%, 01/15/2017 (B)		370,000		379,704
				622,391
Building Products - 0.4%
Elementia SAB de CV 5.50%, 01/15/2025 (B)		200,000		199,000
Capital Markets - 1.5%
Goldman Sachs Group, Inc. 5.25%, 07/27/2021		340,000		384,742
UBS AG Series MTN 1.80%, 03/26/2018		384,000		385,036
				769,778
Chemicals - 1.1%
Ecolab, Inc. 1.45%, 12/08/2017		390,000		389,475

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    150

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Fufeng Group, Ltd. 7.63%, 04/13/2016 (D)		$   200,000		$   203,500
				592,975
Commercial Services & Supplies - 1.3%
Grupo KUO SAB de CV 6.25%, 12/04/2022 (D)		275,000		283,938
Noble Group, Ltd. 6.75%, 01/29/2020 (D)		200,000		209,000
Pitney Bowes, Inc. 4.63%, 03/15/2024		185,000		191,363
				684,301
Construction & Engineering - 0.4%
Empresas ICA SAB de CV 8.88%, 05/29/2024 (D)		260,000		226,850
Construction Materials - 1.1%
Cemex Finance LLC 6.00%, 04/01/2024 (D)		300,000		307,680
West China Cement, Ltd. 6.50%, 09/11/2019 (D)		250,000		249,664
				557,344
Diversified Financial Services - 2.2%
Bank of America Corp.
6.11%, 01/29/2037		105,000		123,730
Series MTN
1.70%, 08/25/2017		380,000		381,558
China Cinda Finance I, Ltd. 4.25%, 04/23/2025 (B)		200,000		196,323
MAF Global Securities, Ltd. 4.75%, 05/07/2024 (D)		450,000		474,345
				1,175,956
Diversified Telecommunication Services - 1.9%
AT&T, Inc. 4.75%, 05/15/2046 (E)		250,000		244,409
Bharti Airtel International Netherlands BV 5.13%, 03/11/2023 (A) (D)		250,000		270,875
Oi SA 5.75%, 02/10/2022 (D)		260,000		217,750
Telecom Italia Capital SA 7.18%, 06/18/2019		220,000		253,000
				986,034
Electric Utilities - 1.6%
Abu Dhabi National Energy Co. PJSC 3.88%, 05/06/2024 (D)		200,000		208,360
Colbun SA 4.50%, 07/10/2024 (D)		400,000		416,079
Eskom Holdings SOC, Ltd. 5.75%, 01/26/2021 (D)		200,000		199,200
				823,639
Energy Equipment & Services - 1.4%
Enterprise Products Operating LLC 3.20%, 02/01/2016 (A)		250,000		254,139
Offshore Drilling Holding SA 8.63%, 09/20/2020 (D)		300,000		264,000
Transportadora de Gas Internacional SA ESP 5.70%, 03/20/2022 (D)		200,000		212,000
				730,139

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing - 1.5%
Cencosud SA 4.88%, 01/20/2023 (D)		$   250,000		$   254,717
InRetail Consumer 5.25%, 10/10/2021 (D)		250,000		256,875
Walgreen Co. 1.80%, 09/15/2017 (A)		250,000		252,383
				763,975
Food Products - 1.3%
BRF SA 5.88%, 06/06/2022 (A) (D)		200,000		220,000
Minerva Luxembourg SA 7.75%, 01/31/2023 (A) (D)		200,000		199,500
Tyson Foods, Inc. 2.65%, 08/15/2019		250,000		255,060
				674,560
Health Care Providers & Services - 1.0%
Anthem, Inc. 2.25%, 08/15/2019 (A)		260,000		261,025
Cardinal Health, Inc. 2.40%, 11/15/2019		260,000		261,975
				523,000
Insurance - 1.1%
Farmers Exchange Capital III 5.45%, 10/15/2054 (B) (C)		50,000		52,668
Pricoa Global Funding I 1.35%, 08/18/2017 (A) (B)		255,000		255,592
XLIT, Ltd. 4.45%, 03/31/2025		250,000		251,668
				559,928
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		250,000		252,746
Machinery - 0.4%
Ferreycorp SAA 4.88%, 04/26/2020 (D)		225,000		222,750
Marine - 0.4%
Pelabuhan Indonesia II PT 4.25%, 05/05/2025 (B) (E)		200,000		194,250
Media - 0.2%
Time Warner Cable, Inc. 6.55%, 05/01/2037		120,000		124,260
Metals & Mining - 2.8%
Allegheny Technologies, Inc. 5.95%, 01/15/2021		375,000		390,937
Gerdau Trade, Inc. 5.75%, 01/30/2021 (A) (D)		250,000		260,625
Gold Fields Orogen Holding BVI, Ltd. 4.88%, 10/07/2020 (D)		275,000		248,188
Vedanta Resources PLC 8.25%, 06/07/2021 (A) (D)		350,000		348,250
Volcan Cia Minera SAA 5.38%, 02/02/2022 (D)		200,000		196,300
				1,444,300
Multiline Retail - 1.0%
LS Finance 2022, Ltd. 4.25%, 10/16/2022 (D)		260,000		265,832

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    151

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multiline Retail (continued)
Target Corp. 2.30%, 06/26/2019 (A)		$   250,000		$   255,139
				520,971
Oil, Gas & Consumable Fuels - 5.6%
Anadarko Petroleum Corp. 6.45%, 09/15/2036		85,000		105,033
BP Capital Markets PLC 3.54%, 11/04/2024		260,000		265,674
Ecopetrol SA 5.88%, 09/18/2023		200,000		217,250
Energy Transfer Partners, LP 4.15%, 10/01/2020		250,000		264,557
Indo Energy Finance BV 7.00%, 05/07/2018 (D)		200,000		166,000
KazMunayGas National Co. JSC 7.00%, 05/05/2020 (A) (D)		200,000		217,800
Lukoil International Finance BV 6.13%, 11/09/2020 (D)		200,000		200,800
MIE Holdings Corp. 7.50%, 04/25/2019 (D)		200,000		146,000
Noble Energy, Inc. 3.90%, 11/15/2024 (A)		130,000		133,098
Novatek OAO via Novatek Finance, Ltd. 6.60%, 02/03/2021 (D)		200,000		194,560
Pacific Rubiales Energy Corp. 5.63%, 01/19/2025 (D)		325,000		227,500
Pertamina Persero PT 4.88%, 05/03/2022 (D)		200,000		207,030
Reliance Holding USA, Inc. 4.50%, 10/19/2020 (D)		300,000		320,498
Reliance Industries, Ltd. 4.13%, 01/28/2025 (B)		250,000		253,780
				2,919,580
Paper & Forest Products - 1.4%
Celulosa Arauco y Constitucion SA 5.00%, 01/21/2021		200,000		212,557
Georgia-Pacific LLC 3.60%, 03/01/2025 (B)		255,000		260,164
Klabin Finance SA 5.25%, 07/16/2024 (D)		250,000		247,188
				719,909
Real Estate Management & Development - 2.9%
China Overseas Finance Cayman V, Ltd. 3.95%, 11/15/2022 (D)		350,000		350,053
Country Garden Holdings Co., Ltd. 7.25%, 04/04/2021 (D)		250,000		258,125
Shimao Property Holdings, Ltd. 6.63%, 01/14/2020 (D)		400,000		406,000
Theta Capital Pte, Ltd. 6.13%, 11/14/2020 (D)		300,000		304,054
Yuzhou Properties Co., Ltd. 8.63%, 01/24/2019 (D)		200,000		197,994
				1,516,226
Road & Rail - 0.5%
Canadian National Railway Co. 1.45%, 12/15/2016		260,000		262,666

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.5%
Advance Auto Parts, Inc. 5.75%, 05/01/2020 (A)		$   230,000			$   258,620
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett-Packard Co. 6.00%, 09/15/2041		120,000			132,199
Seagate HDD Cayman 5.75%, 12/01/2034 (A) (B)		125,000			132,302
					264,501
Transportation Infrastructure - 0.8%
DP World, Ltd. Series MTN 6.85%, 07/02/2037 (D)		200,000			224,952
Transnet SOC, Ltd. 4.00%, 07/26/2022 (D)		200,000			192,816
					417,768
Wireless Telecommunication Services - 1.0%
Mobile Telesystems OJSC via MTS International Funding, Ltd.
5.00%, 05/30/2023 (D)		200,000			179,100
8.63%, 06/22/2020 (D)		300,000			325,872
					504,972
Total Corporate Debt Securities (Cost $24,404,356)			��		24,629,054
LOAN ASSIGNMENTS - 32.0%
Aerospace & Defense - 1.4%
Silver II US Holdings LLC, Term Loan 4.00%, 12/13/2019 (C)		485,494			472,547
TransDigm, Inc., Term Loan C 3.75%, 02/28/2020 (C)		248,728			249,211
					721,758
Airlines - 0.5%
US Airways Group, Inc., Term Loan B1 3.50%, 05/23/2019 (C)		250,000			250,045
Capital Markets - 0.3%
Onex Wizard US Acquisition, Inc., Term Loan 5.25%, 03/13/2022 (C)		158,786			160,349
Chemicals - 1.7%
Charter NEX US Holdings, Inc., Term Loan B 5.25%, 02/07/2022 (C)		55,198			55,541
Gemini HDPE LLC, Term Loan B 4.75%, 08/07/2021 (C)		496,872			498,321
Ineos US Finance LLC, Term Loan 4.25%, 03/31/2022 (C)		350,877			352,632
					906,494
Commercial Services & Supplies - 2.5%
ADS Waste Holdings, Inc., Term Loan 3.75%, 10/09/2019 (C)		493,215			491,519
Asurion LLC, Term Loan B1 5.00%, 05/24/2019 (C)		492,431			495,235
Varsity Brands, Inc., 1st Lien Term Loan 6.00%, 12/11/2021 (C)		296,497			299,462
Waste Industries USA, Inc., Term Loan B 4.25%, 02/27/2020 (C)		37,736			38,019
					1,324,235

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    152

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Construction & Engineering - 0.1%
HC Group Holdings III, Inc., Term Loan B TBD, 04/07/2022 (E) (F)		$   36,952		$   37,336
Containers & Packaging - 0.5%
FPC Holdings, Inc., 1st Lien Term Loan 5.25%, 11/19/2019 (C)		248,728		246,707
Tekni-Plex, Inc., Term Loan B TBD, 04/01/2022 (E) (F)		22,689		22,728
				269,435
Distributors - 0.3%
American Tire Distributors Holdings, Inc., Term Loan 5.25%, 09/01/2021 (C)		158,683		160,369
Diversified Consumer Services - 2.9%
Acosta Holdco, Inc., Term Loan 5.00%, 09/26/2021 (C)		497,500		502,579
Cengage Learning Acquisitions, Inc., 1st Lien Term Loan 7.00%, 03/31/2020 (C)		497,487		500,182
ServiceMaster Co., Term Loan B 4.25%, 07/01/2021 (C)		497,500		498,536
				1,501,297
Diversified Telecommunication Services - 0.7%
Altice Financing SA, Term Loan 5.25%, 02/04/2022 (C)		101,695		103,009
Level 3 Financing, Inc., Term Loan B 4.00%, 01/15/2020 (C)		250,000		250,729
				353,738
Food & Staples Retailing - 1.0%
Albertson’s LLC, Term Loan B2 5.38%, 03/21/2019 (C)		250,000		251,836
Smart & Final Stores LLC, 1st Lien Term Loan 4.75%, 11/15/2019 (C)		250,000		250,313
				502,149
Food Products - 0.2%
Constantia Flexibles Group GmbH, Term Loan B1 TBD, 04/30/2022 (E) (F)		111,657		112,076
Health Care Equipment & Supplies - 0.1%
DJO Finance LLC, Term Loan TBD, 04/21/2020 (E) (F)		45,045		45,327
Health Care Providers & Services - 0.9%
Envision Healthcare Corp., Term Loan 4.00%, 05/25/2018 (C)		497,415		499,694
Hotels, Restaurants & Leisure - 3.2%
Caesars Entertainment Resort Properties LLC, Term Loan B 7.00%, 10/11/2020 (C)		497,481		475,005
Mohegan Tribal Gaming Authority, Term Loan B 5.50%, 11/19/2019 (C)		497,481		495,740
SeaWorld Parks & Entertainment, Inc., Incremental Term Loan B3 4.00%, 05/14/2020 (C)		200,248		200,248
Travelport Finance SARL, Term Loan B 5.75%, 09/02/2021 (C)		498,750		503,504
				1,674,497

	Principal		Value
LOAN ASSIGNMENTS (continued)
Independent Power and Renewable Electricity Producers - 1.9%
Astoria Energy LLC, Term Loan B 5.00%, 12/24/2021 (C)		$   395,459		$   397,190
Exgen Texas Power LLC, Term Loan B 5.75%, 09/16/2021 (C)		497,361		500,780
Longview Power LLC, Term Loan B 7.00%, 04/13/2021 (C)		72,727		73,545
				971,515
Insurance - 0.6%
Alliant Holdings I, Inc., Term Loan B 5.00%, 12/20/2019 (C)		78,410		78,557
Alliant Holdings I, Inc., Term Loan B1 5.00%, 12/20/2019 (C) (G) (H)		18,611		18,425
Hyperion Insurance Group, Ltd., Term Loan B TBD, 03/26/2022 (E) (F)		196,155		197,872
				294,854
Internet Software & Services - 1.6%
Aruba Investments, Inc., Term Loan B 5.25%, 02/02/2022 (C)		50,633		51,139
Dealer Tire LLC, Term Loan B 5.50%, 12/22/2021 (C)		273,704		275,415
Sabre, Inc., Term Loan B 4.00%, 02/19/2019 (C)		497,455		499,839
				826,393
Machinery - 0.6%
CPM Holdings, Inc., Term Loan B TBD, 04/01/2022 (E) (F)		122,567		123,793
Dynacast International LLC, Term Loan 5.25%, 01/28/2022 (C)		169,492		171,716
				295,509
Media - 2.0%
Charter Communications Operating LLC, Term Loan E 3.00%, 07/01/2020 (C)		248,103		247,405
Gray Television, Inc., Term Loan B 3.75%, 06/10/2021 (C)		242,589		243,145
ION Media Networks, Inc., Term Loan B 4.75%, 12/18/2020 (C)		498,750		499,373
Townsquare Media, Inc., Term Loan B 4.25%, 04/01/2022 (C)		45,060		45,398
				1,035,321
Multiline Retail - 0.9%
Neiman Marcus Group, Inc., Term Loan 4.25%, 10/25/2020 (C)		498,741		499,761
Oil, Gas & Consumable Fuels - 2.1%
Energy Transfer Equity, LP, Term Loan 4.00%, 12/02/2019 (C)		145,740		146,256
Jonah Energy LLC, 2nd Lien Term Loan 7.50%, 05/12/2021 (C)		500,000		462,500
MEG Energy Corp., Refinance Term Loan 3.75%, 03/31/2020 (C)		497,430		491,143
				1,099,899
Pharmaceuticals - 1.7%
Alvogen Pharma US, Inc., Term Loan 6.00%, 04/02/2022 (C)		71,429		71,920

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    153

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Pharmaceuticals (continued)
Horizon Pharma Holdings USA, Inc., Term Loan B TBD, 04/22/2021 (E) (F)		$   40,486		$   40,739
Par Pharmaceutical Cos., Inc., Incremental Term Loan B3 4.25%, 09/30/2019 (C)		77,476		77,766
Par Pharmaceutical Cos., Inc., Term Loan B2 4.00%, 09/30/2019 (C)		497,481		497,481
Valeant Pharmaceuticals International, Inc., Delayed Draw TL B F2 TBD, 04/01/2022 (E) (F)		80,749		81,243
Valeant Pharmaceuticals International, Inc., Term Loan B F1 TBD, 04/01/2022 (E) (F)		105,422		106,067
				875,216
Road & Rail - 0.2%
PODS LLC, 1st Lien Term Loan 5.25%, 02/02/2022 (C)		37,879		38,352
PODS LLC, 2nd Lien Term Loan 9.25%, 02/02/2023 (C)		78,534		79,516
				117,868
Software - 2.3%
BMC Software Finance, Inc., Term Loan 5.00%, 09/10/2020 (C)		746,085		732,519
Genesys Telecom Holdings, U.S., Inc., Term Loan B 4.00%, 02/08/2020 (C)		497,462		497,462
				1,229,981
Specialty Retail - 1.8%
PetSmart, Inc., 1st Lien Term Loan 5.00%, 03/11/2022 (C)		385,505		390,131
Staples, Inc., Term Loan B TBD, 04/07/2021 (E) (F)		572,082		574,387
				964,518
Total Loan Assignments (Cost $16,488,277)				16,729,634

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.1%
U.S. Treasury Bill
0.02%, 07/02/2015 (I) (J)		$   22,000		$   21,999
0.03%, 07/02/2015 (I) (J)		2,000		2,000
0.06%, 10/01/2015 (I) (J)		11,000		10,997
Total Short-Term U.S. Government Obligations (Cost $34,996)				34,996
	Shares		Value
SECURITIES LENDING COLLATERAL - 6.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (I)		3,337,907		3,337,907
Total Securities Lending Collateral (Cost $3,337,907)				3,337,907
	Principal		Value
REPURCHASE AGREEMENT - 12.1%
State Street Bank & Trust Co. 0.01% (I), dated 04/30/2015, to be repurchased at $6,310,791 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2032, and with a value of $6,440,196.		$  6,310,790		6,310,790
Total Repurchase Agreement (Cost $6,310,790)				6,310,790
Total Investments (Cost $55,890,419) (K)				56,370,129
Net Other Assets (Liabilities)  - (8.0)%				(4,177,295	)
Net Assets - 100.0%				$  52,192,834

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation)
U.S. Treasury Bond		Short		(9	)		06/19/2015	$	52,852

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    154

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs(M)		Value at April 30, 2015
ASSETS
Investments
U.S. Government Obligations	$	—	$	565,438	$	—	$	565,438
Foreign Government Obligation		—		199,308		—		199,308
Asset-Backed Securities		—		4,563,002		—		4,563,002
Corporate Debt Securities		—		24,629,054		—		24,629,054
Loan Assignments		—		16,711,209		18,425		16,729,634
Short-Term U.S. Government Obligations		—		34,996		—		34,996
Securities Lending Collateral		3,337,907		—		—		3,337,907
Repurchase Agreement		—		6,310,790		—		6,310,790
Total Investments	$	3,337,907	$	53,013,797	$	18,425	$	56,370,129
Derivative Financial Instruments
Futures Contracts (N)	$	52,852	$	—	$	—	$	52,852
Total Derivative Financial Instruments	$	52,852	$	—	$	—	$	52,852

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $3,271,300. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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 April 30, 2015, the total aggregate value of 144A securities is $3,976,562, representing 7.6% of the Fund’s net assets.

^(C)  Floating or variable rate security. The rate disclosed is as of April 30, 2015.

^(D)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

^(E)  When-issued security or delayed-delivery security; to be settled and delivered after April 30, 2015.

^(F)  All or a portion of the security represents unsettled loan commitments at April 30, 2015 where the rate will be determined at time of settlement.

^(G)  Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $18,425, representing less than 0.1% of the Fund’s net assets.

^(H)  Security is Level 3 of the fair value hierarchy.

^(I)  Rate disclosed reflects the yield at April 30, 2015.

^(J)  All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $34,997.

^(K)  Aggregate cost for federal income tax purposes is $55,890,419. Aggregate gross unrealized appreciation and depreciation for all securities is $656,900 and $177,190, respectively. Net unrealized appreciation for tax purposes is $479,710.

^(L)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(M)  Level 3 securities were not considered significant to the Fund.

^(N)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
TBD	To Be Determined

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    155

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Aerospace & Defense - 2.0%
Honeywell International, Inc.		157,868		$  15,932,039
TransDigm Group, Inc. (A)		38,070		8,075,789
				24,007,828
Airlines - 0.5%
United Continental Holdings, Inc. (B)		107,110		6,398,751
Beverages - 1.4%
Monster Beverage Corp. (B)		126,616		17,360,320
Biotechnology - 6.1%
Alkermes PLC (A) (B)		108,108		5,985,940
Biogen, Inc. (B)		28,264		10,568,758
Celgene Corp. (B)		109,490		11,831,489
Gilead Sciences, Inc. (B)		130,204		13,086,804
Incyte Corp. (A) (B)		87,025		8,455,349
Regeneron Pharmaceuticals, Inc., Class A (B)		27,930		12,776,858
Vertex Pharmaceuticals, Inc. (B)		87,446		10,780,343
				73,485,541
Capital Markets - 2.3%
Ameriprise Financial, Inc.		139,640		17,494,099
BlackRock, Inc., Class A		27,320		9,942,841
				27,436,940
Chemicals - 2.1%
Dow Chemical Co.		279,690		14,264,190
Valspar Corp.		137,730		11,169,903
				25,434,093
Communications Equipment - 0.8%
Cisco Systems, Inc.		319,495		9,211,041
Containers & Packaging - 1.2%
Crown Holdings, Inc. (B)		263,940		14,321,384
Electrical Equipment - 0.7%
Eaton Corp. PLC		122,190		8,398,119
Energy Equipment & Services - 1.4%
Halliburton Co.		339,900		16,638,105
Food & Staples Retailing - 5.0%
Costco Wholesale Corp.		148,719		21,274,253
CVS Health Corp.		196,012		19,462,032
Walgreens Boots Alliance, Inc.		229,240		19,010,873
				59,747,158
Food Products - 1.6%
Mondelez International, Inc., Class A		488,728		18,752,493
Health Care Equipment & Supplies - 0.6%
Zimmer Holdings, Inc., Class A		68,683		7,544,141
Health Care Providers & Services - 3.7%
Aetna, Inc.		115,990		12,395,851
Envision Healthcare Holdings, Inc. (B)		205,377		7,796,111
McKesson Corp.		62,020		13,855,268
UnitedHealth Group, Inc.		90,960		10,132,944
				44,180,174
Health Care Technology - 1.1%
Cerner Corp. (B)		182,370		13,095,990
Hotels, Restaurants & Leisure - 3.1%
Chipotle Mexican Grill, Inc., Class A (B)		19,891		12,359,074
Starbucks Corp.		506,600		25,117,228
				37,476,302

	Shares		Value
COMMON STOCKS (continued)
Household Products - 1.3%
Colgate-Palmolive Co.		240,600		$  16,187,568
Insurance - 0.7%
Prudential Financial, Inc.		109,300		8,918,880
Internet & Catalog Retail - 4.1%
Amazon.com, Inc. (B)		65,740		27,727,817
Priceline Group, Inc. (B)		17,446		21,594,834
				49,322,651
Internet Software & Services - 6.9%
Akamai Technologies, Inc. (B)		170,620		12,588,344
Facebook, Inc., Class A (B)		245,653		19,350,087
Google, Inc., Class A (B)		41,863		22,973,158
Google, Inc., Class C (B)		37,230		20,005,123
Zillow Group, Inc., Class A (A) (B)		79,710		7,782,884
				82,699,596
IT Services - 6.6%
Accenture PLC, Class A		160,810		14,899,047
Automatic Data Processing, Inc.		149,850		12,668,319
Cognizant Technology Solutions Corp., Class A (B)		222,160		13,005,246
Genpact, Ltd. (B)		438,980		9,596,103
Jack Henry & Associates, Inc.		145,040		9,646,610
Mastercard, Inc., Class A		218,820		19,739,752
				79,555,077
Machinery - 2.1%
Illinois Tool Works, Inc., Class A		160,935		15,060,297
Middleby Corp. (B)		106,137		10,755,924
				25,816,221
Media - 1.7%
Twenty-First Century Fox, Inc., Class A		585,191		19,943,309
Multiline Retail - 1.0%
Dollar Tree, Inc. (B)		154,115		11,775,927
Oil, Gas & Consumable Fuels - 2.9%
Anadarko Petroleum Corp., Class A		159,670		15,024,947
EOG Resources, Inc.		130,580		12,920,891
Pioneer Natural Resources Co.		39,230		6,778,159
				34,723,997
Personal Products - 2.3%
Coty, Inc., Class A (A) (B)		411,150		9,830,597
Estee Lauder Cos., Inc., Class A		214,190		17,411,505
				27,242,102
Pharmaceuticals - 4.8%
Actavis PLC (B)		88,500		25,033,110
Bristol-Myers Squibb Co.		365,469		23,291,339
Merck & Co., Inc.		163,618		9,745,088
				58,069,537
Professional Services - 2.8%
Equifax, Inc.		126,010		12,214,149
Nielsen NV		256,271		11,516,819
Verisk Analytics, Inc., Class A (B)		128,880		9,671,155
				33,402,123
Road & Rail - 2.3%
Hertz Global Holdings, Inc. (A) (B)		498,180		10,382,071
JB Hunt Transport Services, Inc. (A)		122,320		10,666,304
Norfolk Southern Corp.		72,530		7,314,651
				28,363,026

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    156

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2015

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 2.3%
Freescale Semiconductor, Ltd. (B)		223,115		$  8,721,565
Micron Technology, Inc. (A) (B)		267,669		7,529,529
Skyworks Solutions, Inc.		58,440		5,391,090
SunPower Corp., Class A (A) (B)		201,260		6,478,560
				28,120,744
Software - 7.5%
Activision Blizzard, Inc.		428,480		9,775,771
Intuit, Inc.		162,527		16,306,334
Microsoft Corp.		778,659		37,873,974
salesforce.com, Inc. (B)		215,960		15,726,207
Solera Holdings, Inc.		36,000		1,746,720
Workday, Inc., Class A (A) (B)		104,890		9,567,017
				90,996,023
Specialty Retail - 6.3%
Advance Auto Parts, Inc.		113,382		16,213,626
Lowe’s Cos., Inc.		336,266		23,155,277
Michaels Cos., Inc. (B)		353,020		9,129,097
Ross Stores, Inc.		170,030		16,812,566
TJX Cos., Inc.		166,420		10,740,747
				76,051,313
Technology Hardware, Storage & Peripherals - 7.2%
Apple, Inc.		698,554		87,424,033
Textiles, Apparel & Luxury Goods - 1.2%
PVH Corp. (A)		87,615		9,055,010
Ralph Lauren Corp., Class A		41,410		5,524,508
				14,579,518

	Shares		Value
COMMON STOCKS (continued)
Tobacco - 1.6%
Altria Group, Inc.		392,990		$  19,669,150
Total Common Stocks (Cost $993,170,906)				1,196,349,175
SECURITIES LENDING COLLATERAL - 4.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		48,387,752		48,387,752
Total Securities Lending Collateral (Cost $48,387,752)				48,387,752
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% (C), dated 04/30/2015, to be repurchased at $2,800,586 on 05/01/2015. Collateralized by a U.S. Government Agency Obligation, 2.17%, due 11/07/2022, and with a value of $2,859,534.		$  2,800,585		2,800,585
Total Repurchase Agreement (Cost $2,800,585)				2,800,585
Total Investments (Cost $1,044,359,243) (D)				1,247,537,512
Net Other Assets (Liabilities) - (3.4)%				(41,319,839	)
Net Assets - 100.0%				$  1,206,217,673

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at April 30, 2015
ASSETS
Investments
Common Stocks	$	1,196,349,175	$	—	$	—	$	1,196,349,175
Securities Lending Collateral		48,387,752		—		—		48,387,752
Repurchase Agreement		—		2,800,585		—		2,800,585
Total Investments	$	1,244,736,927	$	2,800,585	$	—	$	1,247,537,512

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of all securities on loan is $47,322,368. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate disclosed reflects the yield at April 30, 2015.

^(D)  Aggregate cost for federal income tax purposes is $1,044,359,243. Aggregate gross unrealized appreciation and depreciation for all securities is $233,194,242 and $30,015,973, respectively. Net unrealized appreciation for tax purposes is $203,178,269.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended April 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    157

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2015

(unaudited)

	Transamerica Capital Growth			Transamerica Concentrated Growth			Transamerica Dividend Focused		Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity
Assets:
Investments, at value (A) (B)	$	1,392,536,150		$	456,519,131		$	954,810,573	$	783,750,115		$	372,650,233
Repurchase agreements, at value (C)		119,329,442			9,692,387			15,542,630		18,125,523			15,337,267
Cash on deposit with broker		—			—			—		299			—
Foreign currency, at value (D)		—			—			—		57,122			143,115
Cash		—			—			—		1,151,906			—
Unrealized appreciation on forward foreign currency contracts		—			—			—		1,616,938			—
Receivables:
Shares of beneficial interest sold		1,039,903			13,369			20,958		4,620,852			48,330
Investments sold		—			—			—		25,730,701			113,059
Interest		33			3			4		10,569,924			4
Dividends		138,166			271,087			1,679,248		3,913			176,910
Tax reclaims		160,381			138,117			—		—			12,273
Net income from securities lending		49,413			1,384			6,606		28,475			6,046
Prepaid expenses		4,017			1,155			5,616		3,137			1,216
Total assets		1,513,257,505			466,636,633			972,065,635		845,658,905			388,488,453
Liabilities:
Cash deposit due to broker		340,000			—			—		—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		456,169			126,098			409,124		725,736			71,795
Investments purchased		51,352,322			—			—		19,515,465			5,438,143
When-issued securities purchased		—			—			—		8,959,138			—
Investment advisory fees		766,427			247,209			516,903		332,376			241,978
Distribution and service fees		76,873			413			15,544		38,896			2,100
Administration fees		26,478			9,508			19,997		14,043			6,394
Transfer agent fees		46,501			5,053			8,287		51,571			2,040
Trustee and CCO fees		1,878			248			3,320		1,395			622
Audit and tax fees		12,146			6,594			12,327		5,692			9,012
Legal fees		10,366			1,753			11,641		7,022			2,331
Printing and shareholder reports fees		24,893			6,378			30,631		24,238			8,142
Registration fees		4,000			21,895			38,569		8,859			5,483
Other		1,052			251			1,325		850			478
Collateral for securities on loan		116,005,380			13,022,723			20,456,959		118,638,559			14,480,792
Unrealized depreciation on forward foreign currency contracts		—			—			—		1,744,931			—
Total liabilities		169,124,485			13,448,123			21,524,627		150,068,771			20,269,310
Net assets	$	1,344,133,020		$	453,188,510		$	950,541,008	$	695,590,134		$	368,219,143
Net assets consist of:
Paid-in capital	$	932,449,135		$	411,680,996		$	678,444,272	$	743,781,698		$	351,321,086
Undistributed (distributions in excess of) net investment income (loss)		(4,816,473	)		707,249			498,652		10,929,800			16,438
Accumulated net realized gain (loss)		17,590,566			(985,495	)		120,717,202		(44,273,645	)		(13,668,797	)
Net unrealized appreciation (depreciation) on:
Investments		398,905,398			41,785,760			150,880,882		(14,535,206	)		30,563,602
Translation of assets and liabilities denominated in foreign currencies		4,394			—			—		(312,513	)		(13,186	)
Net assets	$	1,344,133,020		$	453,188,510		$	950,541,008	$	695,590,134		$	368,219,143
Net assets by class:
Class A	$	133,792,922		$	543,695		$	52,186,265	$	93,708,464		$	1,972,408
Class B		4,263,515			—			—		—			—
Class C		55,607,264			370,373			5,056,313		23,603,851			2,186,283
Class I		161,648,463			22,679,387			5,884,775		452,426,108			1,312,437
Class I2		988,820,856			429,595,055			887,413,655		125,851,711			362,748,015
Shares outstanding (unlimited shares, no par value):
Class A		5,276,833			31,600			3,959,209		8,995,446			185,890
Class B		190,186			—			—		—			—
Class C		2,467,329			21,720			385,075		2,275,731			207,498
Class I		6,229,533			1,329,952			446,512		43,332,554			123,203
Class I2		56,960,917			24,930,843			67,302,193		12,059,506			34,032,167
Net asset value per share:
Class A	$	25.35		$	17.21		$	13.18	$	10.42		$	10.61
Class B		22.42			—			—		—			—
Class C		22.54			17.05			13.13		10.37			10.54
Class I		25.95			17.05			13.18		10.44			10.65
Class I2		17.36			17.23			13.19		10.44			10.66
Maximum offering price per share: (E)
Class A	$	26.83		$	18.21		$	13.95	$	10.94		$	11.23
(A) Investments, at cost	$	993,630,752		$	414,733,371		$	803,929,691	$	798,285,321		$	342,086,631
(B) Securities loaned, at value	$	113,512,829		$	12,763,784		$	20,022,304	$	115,287,252		$	14,031,658
(C) Repurchase agreements, at cost	$	119,329,442		$	9,692,387		$	15,542,630	$	18,125,523		$	15,337,267
(D) Foreign currency, at cost	$	—		$	—		$	—	$	75,188		$	143,303

^(E)  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 Class B, C, I and I2 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    158

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2015

(unaudited)

	Transamerica Enhanced Muni		Transamerica Flexible Income			Transamerica Floating Rate			Transamerica Global Bond			Transamerica Global Equity
Assets:
Investments, at value (A) (B)	$	164,083,509	$	826,667,632		$	272,115,344		$	49,272,669		$	334,405,201
Repurchase agreements, at value (C)		21,090,388		5,354,396			41,816,356			1,167,354			3,500,597
Foreign currency, at value (D)		—		—			—			43,571			—
Cash		—		101,157			—			—			—
Unrealized appreciation on forward foreign currency contracts		—		—			—			178,454			—
Unrealized appreciation on unfunded commitments		—		—			16			—			—
Receivables:
Shares of beneficial interest sold		3,487,421		331,337			28,668			—			179,032
Due from adviser		—		—			—			28,315			—
Investments sold		614,501		2,014,917			2,136,609			—			—
Interest		1,260,531		7,614,065			773,983			722,950			1
Dividends		—		51,063			—			1,754			498,278
Tax reclaims		—		—			—			—			100,222
Net income from securities lending		—		11,757			1,133			352			6,560
12b-1 waiver		10,094		—			—			—			—
Prepaid expenses		584		2,124			489			862			1,122
Total assets		190,547,028		842,148,448			316,872,598			51,416,281			338,691,013
Liabilities:
Due to custodian		—		—			318,803			—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		189,341		613,503			3,255			—			1,338,773
Investments purchased		10,183,632		5,807,131			6,093,511			—			1,729,232
When-issued securities purchased		12,985,086		26,824,660			31,643,899			—			—
Investment advisory fees		46,316		269,406			110,260			—			182,917
Distribution and service fees		31,645		73,909			2,602			261			73,240
Administration fees		3,048		15,746			5,115			1,078			4,541
Transfer agent fees		7,201		21,287			1,656			377			22,129
Trustee and CCO fees		46		1,536			231			621			617
Audit and tax fees		10,112		12,110			8,730			1,521			9,667
Custody fees		—		7,671			—			8,775			127
Legal fees		25		5,835			2,116			1,422			3,626
Printing and shareholder reports fees		453		13,492			22,114			8,933			512
Distribution payable		—		—			27,291			—			—
Registration fees		—		20,216			1,099			20,991			959
Other		79		711			211			186			294
Collateral for securities on loan		—		43,898,957			2,845,555			120,412			23,306,762
Unrealized depreciation on forward foreign currency contracts		—		—			—			215,608			—
Total liabilities		23,456,984		77,586,170			41,086,448			380,185			26,673,396
Net assets	$	167,090,044	$	764,562,278		$	275,786,150		$	51,036,096		$	312,017,617
Net assets consist of:
Paid-in capital	$	164,894,366	$	817,941,431		$	275,874,438		$	73,167,371		$	369,240,125
Undistributed (distributions in excess of) net investment income (loss)		15,040		(119,156	)		(26,676	)		1,394,592			(469,934	)
Accumulated net realized gain (loss)		1,274,248		(72,295,037	)		(173,760	)		(20,605,247	)		(66,772,916	)
Net unrealized appreciation (depreciation) on:
Investments		906,390		19,039,089			112,132			(2,743,849	)		10,015,358
Unfunded commitments		—		—			16			—			—
Translation of assets and liabilities denominated in foreign currencies		—		(4,049	)		—			(176,771	)		4,984
Net assets	$	167,090,044	$	764,562,278		$	275,786,150		$	51,036,096		$	312,017,617
Net assets by class:
Class A	$	76,434,849	$	74,784,908		$	4,213,885		$	293,444		$	53,188,464
Class B		—		3,164,142			—			—			4,857,798
Class C		21,751,382		67,994,589			3,691,773			249,711			68,812,048
Class I		68,903,813		49,943,705			507,758			321,319			38,066,728
Class I2		—		568,674,934			267,372,734			50,171,622			147,092,579
Shares outstanding (unlimited shares, no par value):
Class A		6,846,354		7,913,229			422,143			31,143			4,653,995
Class B		—		334,679			—			—			429,503
Class C		1,951,986		7,241,488			369,770			26,582			6,092,077
Class I		6,146,442		5,278,132			50,871			34,072			3,330,229
Class I2		—		60,074,003			26,785,740			5,317,384			12,860,519
Net asset value per share:
Class A	$	11.16	$	9.45		$	9.98		$	9.42		$	11.43
Class B		—		9.45			—			—			11.31
Class C		11.14		9.39			9.98			9.39			11.30
Class I		11.21		9.46			9.98			9.43			11.43
Class I2		—		9.47			9.98			9.44			11.44
Maximum offering price per share: (E)
Class A	$	11.53	$	9.92		$	10.48		$	9.89		$	12.10
(A) Investments, at cost	$	163,177,119	$	807,628,543		$	272,003,212		$	52,016,518		$	324,389,843
(B) Securities loaned, at value	$	—	$	42,986,271		$	2,782,936		$	117,608		$	22,793,122
(C) Repurchase agreements, at cost	$	21,090,388	$	5,354,396		$	41,816,356		$	1,167,354		$	3,500,597
(D) Foreign currency, at cost	$	—	$	—		$	—		$	44,011		$	—

^(E)  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 Class B, C, I and I2 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    159

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2015

(unaudited)

	Transamerica Growth Opportunities			Transamerica High Yield Bond			Transamerica High Yield Muni		Transamerica Income & Growth			Transamerica Inflation Opportunities
Assets:
Investments, at value (A) (B)	$	844,157,661		$	1,234,981,586		$	27,764,544	$	769,981,113		$	239,719,450
Repurchase agreements, at value (C)		38,965,270			12,430,643			4,337,170		13,329,966			10,887,995
Foreign currency, at value (D)		—			—			—		—			204
Cash		—			75,633			—		—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—		—			198,347
Receivables:
Shares of beneficial interest sold		24,241			4,860,273			1,049,643		1,031,334			24,102
Investments sold		—			47,930,044			—		37,246,358			77,352
Interest		11			16,956,264			224,705		4			788,932
Dividends		37,641			112,466			—		4,150,559			471
Tax reclaims		—			—			—		447,500			—
Net income from securities lending		111,336			47,002			—		91,044			987
Variation margin receivable on derivative financial instruments		—			—			—		—			13,958
12b-1 waiver		—			—			1,464		—			—
Prepaid expenses		4,504			13,215			39		2,983			913
Total assets		883,300,664			1,317,407,126			33,377,565		826,280,861			251,712,711
Liabilities:
Cash deposit due to broker		260,000			—			—		—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		199,882			1,689,868			1,521,262		722,674			86,566
Investments purchased		5,331,388			213,878			2,011,821		—			260,175
When-issued securities purchased		—			3,806,780			2,034,395		—			487,729
Investment advisory fees		503,373			551,504			4,320		457,821			109,997
Distribution and service fees		34,029			95,241			4,474		104,945			372
Administration fees		16,877			25,068			547		17,293			5,027
Transfer agent fees		43,478			43,599			1,470		17,143			1,580
Trustee and CCO fees		1,531			2,703			25		1,988			546
Audit and tax fees		10,969			14,865			10,027		11,365			7,936
Custody fees		7,584			—			—		896			3,751
Legal fees		9,464			14,517			315		5,516			2,394
Printing and shareholder reports fees		25,116			79,485			1,078		13,650			11,420
Registration fees		—			—			7,054		40,931			19,459
Other		1,280			1,521			59		614			184
Collateral for securities on loan		153,234,061			105,248,207			—		80,140,675			4,562,985
Unrealized depreciation on forward foreign currency contracts		—			—			—		—			867,979
Total liabilities		159,679,032			111,787,236			5,596,847		81,535,511			6,428,100
Net assets	$	723,621,632		$	1,205,619,890		$	27,780,718	$	744,745,350		$	245,284,611
Net assets consist of:
Paid-in capital	$	558,143,093		$	1,206,855,863		$	27,260,688	$	733,680,188		$	250,390,551
Undistributed (distributions in excess of) net investment income (loss)		(2,146,969	)		153,704			3,835		10,050,264			(2,813,467	)
Accumulated net realized gain (loss)		10,068,436			(542,990	)		255,890		(21,577,707	)		812,285
Net unrealized appreciation (depreciation) on:
Investments		157,557,072			(846,687	)		260,305		22,554,019			(2,321,675	)
Futures contracts		—			—			—		—			(114,047	)
Translation of assets and liabilities denominated in foreign currencies		—			—			—		38,586			(669,036	)
Net assets	$	723,621,632		$	1,205,619,890		$	27,780,718	$	744,745,350		$	245,284,611
Net assets by class:
Class A	$	99,375,113		$	171,136,487		$	12,124,735	$	72,731,223		$	416,098
Class B		3,133,630			5,617,494			—		—			—
Class C		12,549,372			66,348,866			2,767,047		111,798,469			352,637
Class I		60,364,844			148,472,411			12,888,936		80,583,923			265,900
Class I2		548,198,673			814,044,632			—		479,631,735			244,249,976
Shares outstanding (unlimited shares, no par value):
Class A		9,767,657			18,060,381			1,068,868		6,747,108			42,111
Class B		364,206			592,669			—		—			—
Class C		1,446,025			7,035,993			243,742		10,417,516			35,810
Class I		5,541,181			15,558,804			1,134,770		7,461,278			26,885
Class I2		49,787,644			85,138,166			—		44,389,982			24,688,795
Net asset value per share:
Class A	$	10.17		$	9.48		$	11.34	$	10.78		$	9.88
Class B		8.60			9.48			—		—			—
Class C		8.68			9.43			11.35		10.73			9.85
Class I		10.89			9.54			11.36		10.80			9.89
Class I2		11.01			9.56			—		10.80			9.89
Maximum offering price per share: (E)
Class A	$	10.76		$	9.95		$	11.72	$	11.41		$	10.37
(A) Investments, at cost	$	686,600,589		$	1,235,828,273		$	27,504,239	$	747,427,094		$	242,041,125
(B) Securities loaned, at value	$	149,897,308		$	103,056,885		$	—	$	77,898,687		$	4,469,970
(C) Repurchase agreements, at cost	$	38,965,270		$	12,430,643		$	4,337,170	$	13,329,966		$	10,887,995
(D) Foreign currency, at cost	$	—		$	—		$	—	$	—		$	203

^(E)  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 Class B, C, I and I2 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    160

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2015

(unaudited)

	Transamerica International Equity		Transamerica International Small Cap Value		Transamerica Large Cap Value		Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities
Assets:
Investments, at value (A) (B)	$	1,674,909,233	$	887,597,282	$	1,834,139,741	$	339,090,351		$	512,658,800
Repurchase agreements, at value (C)		47,721,165		17,580,111		75,149,107		4,762,121			22,002,219
Foreign currency, at value (D)		33,904		4		—		—			—
Cash		413,520		—		—		—			23,255
Receivables:
Shares of beneficial interest sold		7,329,950		193,280		155,577		7,050			196,690
Investments sold		13,073,743		410		15,964,984		3,911,964			—
Interest		13		5		21		1			6
Dividends		5,912,908		4,417,381		1,605,077		84,093			334,827
Tax reclaims		1,013,342		368,368		—		—			—
Net income from securities lending		100,102		71,820		33,955		8,007			13,260
Prepaid expenses		4,321		2,215		7,318		292			1,229
Total assets		1,750,512,201		910,230,876		1,927,055,780		347,863,879			535,230,286
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		1,713,207		169,020		408,971		—			75,730
Investments purchased		11,289,431		245,483		19,466,147		6,638,556			1,651,218
Investment advisory fees		861,388		631,792		970,247		157,598			261,822
Distribution and service fees		76,558		—		13,501		636			2,115
Administration fees		33,003		17,494		38,971		5,472			9,770
Transfer agent fees		74,052		30,379		14,614		1,766			4,053
Trustee and CCO fees		1,291		1,284		3,591		88			153
Audit and tax fees		11,609		10,358		14,131		7,432			6,307
Custody fees		34,121		19,707		—		—			—
Legal fees		7,304		4,271		18,353		600			337
Printing and shareholder reports fees		—		4,047		44,255		9,307			6,313
Registration fees		38,101		22,543		28,828		2,145			18,129
Other		995		422		2,270		84			153
Collateral for securities on loan		87,714,159		42,223,300		38,772,212		75,624,153			58,741,238
Total liabilities		101,855,219		43,380,100		59,796,091		82,447,837			60,777,338
Net assets	$	1,648,656,982	$	866,850,776	$	1,867,259,689	$	265,416,042		$	474,452,948
Net assets consist of:
Paid-in capital	$	1,522,241,117	$	802,689,259	$	1,547,949,391	$	245,952,951		$	449,083,432
Undistributed (distributions in excess of) net investment income (loss)		9,182,485		3,959,095		982,552		(120,650	)		1,681,055
Accumulated net realized gain (loss)		22,065,046		7,323,368		167,846,395		6,313,319			3,968,730
Net unrealized appreciation (depreciation) on:
Investments		95,167,414		52,859,262		150,481,351		13,270,422			19,718,635
Translation of assets and liabilities denominated in foreign currencies		920		19,792		—		—			1,096
Net assets	$	1,648,656,982	$	866,850,776	$	1,867,259,689	$	265,416,042		$	474,452,948
Net assets by class:
Class A	$	201,190,578	$	—	$	23,626,552	$	734,250		$	7,919,229
Class C		46,599,587		—		10,631,356		677,219			727,688
Class I		824,039,084		326,733,243		12,225,160		460,594			12,104,083
Class I2		576,827,733		540,117,533		1,820,776,621		263,543,979			453,701,948
Shares outstanding (unlimited shares, no par value):
Class A		10,947,292		—		1,836,001		60,420			701,623
Class C		2,565,913		—		828,716		56,109			64,600
Class I		44,350,962		25,654,875		945,699		37,827			1,070,481
Class I2		31,028,860		42,350,601		140,967,446		21,631,195			40,117,541
Net asset value per share:
Class A	$	18.38	$	—	$	12.87	$	12.15		$	11.29
Class C		18.16		—		12.83		12.07			11.26
Class I		18.58		12.74		12.93		12.18			11.31
Class I2		18.59		12.75		12.92		12.18			11.31
Maximum offering price per share: (E)
Class A	$	19.45	$	—	$	13.62	$	12.86		$	11.95
(A) Investments, at cost	$	1,579,741,819	$	834,738,020	$	1,683,658,390	$	325,819,929		$	492,940,165
(B) Securities loaned, at value	$	83,648,432	$	40,078,620	$	37,645,121	$	74,004,107		$	57,341,957
(C) Repurchase agreements, at cost	$	47,721,165	$	17,580,111	$	75,149,107	$	4,762,121		$	22,002,219
(D) Foreign currency, at cost	$	36,473	$	4	$	—	$	—		$	—

^(E)  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 Class C, I and I2 shares represents offering price. The redemption price for Class C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    161

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2015

(unaudited)

	Transamerica MLP & Energy Income			Transamerica Money Market			Transamerica Multi-Managed Balanced				Transamerica Opportunistic Allocation			Transamerica Short-Term Bond
Assets:
Investments, at value (A) (B)	$	776,412,885		$	127,875,992		$	621,453,961			$	1,130,713		$	3,769,573,721
Repurchase agreements, at value (C)		14,402,988			23,440,150			12,218,865				52,928			21,299,082
Cash		92,348			—			78,292				—			390,768
Receivables:
Shares of beneficial interest sold		1,813,230			431,724			2,898,525				—			12,968,923
Due from adviser		—			23,887			—				6,199			—
Investments sold		6,570,910			—			1,687,208				—			256,570
Interest		717,893			15,108			1,335,908				—			35,640,965
Dividends		2,484,474			—			254,973				2,559			—
Net income from securities lending		18,115			—			3,029				224			6,249
12b-1 waiver		—			34,283			—				—			—
Prepaid expenses		1,869			2,886			2,828				1,563			15,347
Total assets		802,514,712			151,824,030			639,933,589				1,194,186			3,840,151,625
Liabilities:
Foreign currency overdraft (D)		656,282			—			—				—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		453,661			527,104			797,722				—			7,608,313
Investments purchased		3,648,001			3,000,000			1,780,516				—			—
When-issued securities purchased		—			—			31,099,988				—			15,000,000
Investment advisory fees		619,732			—			312,591				—			1,451,460
Distribution and service fees		57,990			182,823			187,915				281			852,192
Administration fees		14,814			3,067			12,023				23			78,354
Transfer agent fees		16,088			33,765			48,342				66			177,126
Trustee and CCO fees		1,072			600			843				2			10,253
Audit and tax fees		12,703			8,895			10,606				3,524			25,695
Custody fees		—			—			—				509			6,270
Legal fees		2,191			3,045			5,135				—			49,482
Printing and shareholder reports fees		169			9,928			24,195				2,043			148,303
Variation margin payable on derivative financial instruments		—			—			57,430				—			—
Distribution payable		—			206			—				—			218,418
Registration fees		7,329			—			—				3			9,133
Other		331			392			695				1			6,009
Collateral for securities on loan		69,986,396			—			19,453,799				91,140			28,253,420
Written options and swaptions, at value (E)		59,950			—			—				—			—
Total liabilities		75,536,709			3,769,825			53,791,800				97,592			53,894,428
Net assets	$	726,978,003		$	148,054,205		$	586,141,789			$	1,096,594		$	3,786,257,197
Net assets consist of:
Paid-in capital	$	718,646,722		$	148,054,595		$	493,621,746			$	1,091,020		$	3,773,672,030
Undistributed (distributions in excess of) net investment income (loss)		6,599,818			459			61,151				16,601			(2,334,714	)
Accumulated net realized gain (loss)		(34,508,057	)		(849	)		4,547,777				(33,210	)		(611,898	)
Net unrealized appreciation (depreciation) on:
Investments		36,244,541			—			87,928,572				22,183			15,554,431
Futures contracts		—			—			(17,457	)			—			—
Written options and swaptions		12,328			—			—				—			—
Translation of assets and liabilities denominated in foreign currencies		(17,349	)		—			—				—			(22,652	)
Net assets	$	726,978,003		$	148,054,205		$	586,141,789			$	1,096,594		$	3,786,257,197
Net assets by class:
Class A	$	68,328,014		$	73,944,145		$	199,025,296			$	279,923		$	988,545,706
Class B		—			2,967,456			6,210,881				—			—
Class C		55,298,104			20,003,902			174,338,617				269,452			781,025,313
Class I		100,605,576			18,199,457			206,566,995				547,219			778,159,507
Class I2		502,746,309			32,939,245			—				—			1,238,526,671
Shares outstanding (unlimited shares, no par value):
Class A		6,197,682			73,943,563			7,946,397				27,959			95,889,561
Class B		—			2,967,120			249,622				—			—
Class C		5,038,913			20,000,337			7,077,944				26,930			75,900,280
Class I		9,118,137			18,200,203			8,215,142				54,640			76,814,127
Class I2		45,557,948			32,938,786			—				—			122,320,859
Net asset value per share:
Class A	$	11.02		$	1.00		$	25.05			$	10.01		$	10.31
Class B		—			1.00			24.88				—			—
Class C		10.97			1.00			24.63				10.01			10.29
Class I		11.03			1.00			25.14				10.01			10.13
Class I2		11.04			1.00			—				—			10.13
Maximum offering price per share: (F)
Class A	$	11.66		$	1.00		$	26.51			$	10.59		$	10.57
(A) Investments, at cost	$	740,168,344		$	127,875,992		$	533,525,389		��	$	1,108,530		$	3,754,019,290
(B) Securities loaned, at value	$	67,943,248		$	—		$	19,046,580			$	88,986		$	27,671,131
(C) Repurchase agreements, at cost	$	14,402,988		$	23,440,150		$	12,218,865			$	52,928		$	21,299,082
(D) Foreign currency, at cost	$	(638,111	)	$	—		$	—			$	—		$	—
(E) Premium received on written options and swaptions	$	(72,278	)	$	—		$	—			$	—		$	—

^(F)  Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the prospectus. Net asset value per share for Class B, C, I and I2 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    162

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2015

(unaudited)

	Transamerica Small Cap Core		Transamerica Small Cap Growth			Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Strategic High Income
Assets:
Investments, at value (A) (B)	$	315,250,116	$	636,785,125		$	583,535,136		$	1,124,465,635		$	33,865,843
Repurchase agreements, at value (C)		3,120,076		18,958,292			21,409,161			9,360,406			825,373
Receivables:
Shares of beneficial interest sold		—		86,306			12,320			998,827			99,950
Due from adviser		—		—			—			—			219
Investments sold		—		9,482,543			2,411,205			18,368,621			—
Interest		1		5			6			3			152,759
Dividends		204,575		17,339			232,622			494,335			15,965
Tax reclaims		—		—			—			916			—
Net income from securities lending		47,653		89,584			90,998			20,436			1,721
Prepaid expenses		447		2,348			2,659			3,851			16,835
Total assets		318,622,868		665,421,542			607,694,107			1,153,713,030			34,978,665
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		22,189		1,234,644			41,955			2,038,706			266
Investments purchased		—		14,558,976			4,000,970			17,248,048			—
Investment advisory fees		176,326		386,738			413,312			662,477			—
Distribution and service fees		433		1,181			1,003			372,830			1,260
Administration fees		5,510		11,777			12,179			21,398			555
Transfer agent fees		1,845		3,728			3,887			87,960			2,087
Trustee and CCO fees		285		1,356			1,901			2,486			103
Audit and tax fees		7,361		9,832			10,763			12,193			6,815
Custody fees		—		3,340			2,597			—			523
Legal fees		981		7,167			9,512			13,894			700
Printing and shareholder reports fees		12,722		17,369			23,030			63,150			4,577
Registration fees		15,531		4,253			1,000			945			2,581
Other		142		981			1,227			1,744			87
Collateral for securities on loan		57,478,890		108,019,050			96,297,204			125,268,891			7,537,990
Total liabilities		57,722,215		124,260,392			100,820,540			145,794,722			7,557,544
Net assets	$	260,900,653	$	541,161,150		$	506,873,567		$	1,007,918,308		$	27,421,121
Net assets consist of:
Paid-in capital	$	255,464,742	$	413,237,940		$	412,023,739		$	818,698,303		$	26,793,176
Undistributed (distributions in excess of) net investment income (loss)		711,761		(136,190	)		2,239,404			(560,960	)		30,699
Accumulated net realized gain (loss)		2,667,378		26,721,655			34,933,387			49,960,046			491,760
Net unrealized appreciation (depreciation) on:
Investments		2,056,772		101,337,745			57,677,037			139,820,919			105,486
Net assets	$	260,900,653	$	541,161,150		$	506,873,567		$	1,007,918,308		$	27,421,121
Net assets by class:
Class A	$	354,495	$	1,276,509		$	970,738		$	448,723,952		$	1,596,906
Class B		—		—			—			23,226,727			—
Class C		391,275		819,518			971,913			304,413,185			1,137,190
Class I		713,489		2,604,513			623,674			211,382,606			24,687,014
Class I2		259,441,394		536,460,610			504,307,242			20,171,838			11
Shares outstanding (unlimited shares, no par value):
Class A		33,450		101,138			82,036			16,628,080			155,151
Class B		—		—			—	��		936,312			—
Class C		37,184		66,133			82,476			12,415,041			110,598
Class I		67,283		204,867			52,497			7,634,166			2,398,052
Class I2		24,451,314		42,062,872			42,414,324			727,615			1
Net asset value per share:
Class A	$	10.60	$	12.62		$	11.83		$	26.99		$	10.29
Class B		—		—			—			24.81			—
Class C		10.52		12.39			11.78			24.52			10.28
Class I		10.60		12.71			11.88			27.69			10.29
Class I2		10.61		12.75			11.89			27.72			10.34	(D)
Maximum offering price per share: (E)
Class A	$	11.22	$	13.35		$	12.52		$	28.56		$	10.89
(A) Investments, at cost	$	313,193,344	$	535,447,380		$	525,858,099		$	984,644,716		$	33,760,357
(B) Securities loaned, at value	$	55,756,388	$	105,477,115		$	93,964,018		$	122,284,054		$	7,370,014
(C) Repurchase agreements, at cost	$	3,120,076	$	18,958,292		$	21,409,161		$	9,360,406		$	825,373

^(D)  Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

^(E)  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 Class B, C, I and I2 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    163

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2015

(unaudited)

	Transamerica Tactical Allocation			Transamerica Tactical Income			Transamerica Tactical Rotation			Transamerica Unconstrained Bond		Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	12,771,334		$	1,034,965,976		$	25,026,857		$	50,059,339	$	1,244,736,927
Repurchase agreements, at value (C)		112,593			5,647,057			329,805			6,310,790		2,800,585
Cash		—			—			—			10,938		—
Receivables:
Shares of beneficial interest sold		184			684,833			60,152			—		173,764
Due from adviser		2,761			—			—			2,986		—
Investments sold		—			—			—			1,130,433		10,944,776
Interest		—			2			—			386,012		1
Dividends		—			—			—			—		907,223
Tax reclaims		—			—			—			—		502,270
Net income from securities lending		1,217			51,572			3,526			953		10,324
Variation margin receivable on derivative financial instruments		—			—			—			2,249		—
Prepaid expenses		45			4,342			62			34,281		5,593
Total assets		12,888,134			1,041,353,782			25,420,402			57,937,981		1,260,081,463
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		300			1,996,330			—			—		670,771
Investments purchased		—			—			—			602,527		3,711,567
When-issued securities purchased		—			—			—			1,769,021		—
Investment advisory fees		—			327,053			2,894			—		670,014
Distribution and service fees		5,834			363,506			8,179			—		151,052
Administration fees		246			17,396			464			1,069		25,280
Transfer agent fees		1,299			70,803			2,385			343		142,370
Trustee and CCO fees		33			2,407			48			813		2,635
Audit and tax fees		9,568			1,412			9,596			8,504		13,769
Custody fees		208			730			10			10,514		7,689
Legal fees		148			10,835			204			1,445		17,208
Printing and shareholder reports fees		344			34,243			98			2,613		60,894
Registration fees		1,074			4,428			1,193			10,286		443
Other		71			1,761			72			105		2,346
Collateral for securities on loan		629,227			203,290,436			2,889,092			3,337,907		48,387,752
Total liabilities		648,352			206,121,340			2,914,235			5,745,147		53,863,790
Net assets	$	12,239,782		$	835,232,442		$	22,506,167		$	52,192,834	$	1,206,217,673
Net assets consist of:
Paid-in capital	$	11,984,065		$	824,772,424	��	$	21,151,900		$	51,470,539	$	987,612,559
Undistributed (distributions in excess of) net investment income (loss)		(3,269	)		1,862,773			(96,405	)		8,470		1,089,200
Accumulated net realized gain (loss)		(85,917	)		12,988,242			501,336			181,263		14,213,712
Net unrealized appreciation (depreciation) on:
Investments		344,903			(4,390,997	)		949,336			479,710		203,178,269
Futures contracts		—			—			—			52,852		—
Translation of assets and liabilities denominated in foreign currencies		—			—			—			—		123,933
Net assets	$	12,239,782		$	835,232,442		$	22,506,167		$	52,192,834	$	1,206,217,673
Net assets by class:
Class A	$	5,589,230		$	238,971,966		$	11,542,988		$	—	$	469,342,895
Class B		—			—			—			—		12,915,170
Class C		5,903,311			376,484,979			7,103,157			—		50,189,672
Class I		747,241			219,775,497			3,860,022			256,518		194,957,465
Class I2		—			—			—			51,936,316		373,598,981
Class T		—			—			—			—		105,213,490
Shares outstanding (unlimited shares, no par value):
Class A		547,292			23,151,663			1,003,708			—		27,809,238
Class B		—			—			—			—		786,941
Class C		582,999			36,608,806			622,701			—		3,060,528
Class I		73,693			21,288,383			336,610			25,293		11,383,588
Class I2		—			—			—			5,120,809		21,856,155
Class T		—			—			—			—		2,566,499
Net asset value per share:
Class A	$	10.21		$	10.32		$	11.50		$	—	$	16.88
Class B		—			—			—			—		16.41
Class C		10.13			10.28			11.41			—		16.40
Class I		10.14			10.32			11.47			10.14		17.13
Class I2		—			—			—			10.14		17.09
Class T		—			—			—			—		40.99
Maximum offering price per share: (D)
Class A	$	10.80		$	10.83		$	12.17		$	—	$	17.86
Class T	$	—		$	—		$	—		$	—	$	44.80
(A) Investments, at cost	$	12,426,431		$	1,039,356,973		$	24,077,521		$	49,579,629	$	1,041,558,658
(B) Securities loaned, at value	$	616,491		$	199,076,183		$	2,822,754		$	3,271,300	$	47,322,368
(C) Repurchase agreements, at cost	$	112,593		$	5,647,057		$	329,805		$	6,310,790	$	2,800,585

^(D)  Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the prospectus. Net asset value per share for Class B, C, I and I2 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    164

STATEMENTS OF OPERATIONS

For the period ended April 30, 2015

(unaudited)

	Transamerica Capital Growth			Transamerica Concentrated Growth			Transamerica Dividend Focused			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity
Investment Income:
Dividend income	$	3,127,430		$	2,812,233		$	17,885,617		$	—		$	1,702,786
Interest income		1,724			449			2,415			20,826,633			327
Net income from securities lending		208,081			37,359			64,345			143,837			18,177
Withholding taxes on foreign income		—			(118,302	)		—			(94,313	)		(263,100	)
Total investment income		3,337,235			2,731,739			17,952,377			20,876,157			1,458,190
Expenses:
Investment advisory fees		4,348,550			1,423,602			4,392,907			1,772,811			1,187,044
Distribution and service fees:
Class A		156,717			606			70,758			108,319			2,164
Class B		22,929			—			—			—			—
Class C		259,374			1,633			27,121			124,775			7,684
Administration fees		149,578			54,754			173,740			74,704			31,282
Transfer agent fees:
Class A		111,026			116			4,344			66,603			1,508
Class B		8,213			—			—			—			—
Class C		35,167			49			2,640			16,740			1,035
Class I		106,345			11,186			3,542			187,308			676
Class I2		32,172			15,605			49,554			4,770			9,218
Trustee and CCO fees		9,514			3,137			12,666			5,162			2,170
Audit and tax fees		11,667			10,799			13,072			13,876			9,374
Custody fees		67,215			30,941			68,553			117,697			143,298
Legal fees		21,870			6,852			27,634			11,623			4,735
Printing and shareholder reports fees		28,058			7,517			20,504			35,945			4,881
Registration fees		47,743			57,155			84,397			35,050			32,264
Other		12,038			12,201			15,574			7,786			3,706
Total expenses before waiver and/or reimbursement and recapture		5,428,176			1,636,153			4,967,006			2,583,169			1,441,039
Expenses waived and/or reimbursed:
Class B		(47	)		—			—			—			—
Class I		—			(43	)		—			—			—
Recapture of previously waived and/or reimbursed fees:
Class B		1,353			—			—			—			—
Class I		—			10,516			—			—			—
Net expenses		5,429,482			1,646,626			4,967,006			2,583,169			1,441,039
Net investment income (loss)		(2,092,247	)		1,085,113			12,985,371			18,292,988			17,151
Net realized gain (loss) on:
Investments		18,320,208			(713,035	)		120,741,263			(20,994,991	)		(6,041,132	)
Futures contracts		—			—			—			(468,680	)		—
Foreign currency transactions		178			163			—			4,240,327			(168,147	)
Net realized gain (loss)		18,320,386			(712,872	)		120,741,263			(17,223,344	)		(6,209,279	)
Net change in unrealized appreciation (depreciation) on:
Investments		62,081,582			25,992,246			(95,604,595	)		(7,509,595	)		19,357,479
Futures contracts		—			—			—			103,211			—
Translation of assets and liabilities denominated in foreign currencies		4,394			—			—			(766,007	)		(5,470	)
Net change in unrealized appreciation (depreciation)		62,085,976			25,992,246			(95,604,595	)		(8,172,391	)		19,352,009
Net realized and change in unrealized gain (loss)		80,406,362			25,279,374			25,136,668			(25,395,735	)		13,142,730
Net increase (decrease) in net assets resulting from operations	$	78,314,115		$	26,364,487		$	38,122,039		$	(7,102,747	)	$	13,159,881

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    165

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2015

(unaudited)

	Transamerica Enhanced Muni			Transamerica Flexible Income			Transamerica Floating Rate			Transamerica Global Bond			Transamerica Global Equity
Investment Income:
Dividend income	$	1,679		$	253,466		$	34,396		$	—		$	3,059,792
Interest income		1,375,899			13,805,010			5,270,150			3,148,774			304
Net income from securities lending		—			46,500			7,390			5,362			54,175
Withholding taxes on foreign income		—			—			—			(1,637	)		(211,576	)
Total investment income		1,377,578			14,104,976			5,311,936			3,152,499			2,902,695
Expenses:
Investment advisory fees		225,761			1,598,401			696,705			543,639			1,249,667
Distribution and service fees:
Class A		65,613			91,621			1,191			361			68,725
Class B		—			16,176			—			—			27,925
Class C		73,782			338,138			10,662			1,228			359,340
Administration fees		12,830			93,314			28,554			25,169			27,065
Transfer agent fees:
Class A		10,861			48,314			416			112			55,512
Class B		—			3,690			—			—			10,217
Class C		3,449			30,529			1,106			101			64,783
Class I		18,251			24,114			243			205			18,938
Class I2		—			20,900			8,435			7,519			5,301
Trustee and CCO fees		660			6,349			1,691			2,039			2,610
Audit and tax fees		9,144			11,270			11,994			22,207			7,683
Custody fees		42,408			56,447			110,256			99,739			32,815
Legal fees		1,043			13,936			3,839			3,699			9,017
Printing and shareholder reports fees		1,935			16,105			22,409			7,935			50,948
Registration fees		25,096			59,668			21,576			54,253			44,197
Other		2,197			8,233			3,097			3,004			4,637
Total expenses before waiver and/or reimbursement and recapture		493,030			2,437,205			922,174			771,210			2,039,380
Expenses waived and/or reimbursed:
Fund level		—			—			—			(6,630	)		—
Class A		(34,993	)		—			(451	)		(283	)		(11,261	)
Class B		—			—			—			—			(5,283	)
Class C		(20,746	)		—			(983	)		(362	)		(15,225	)
Class I		(5,396	)		—			(218	)		(396	)		—
Class I2		—			—			(17,646	)		(44,791	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		20,032			—			92			171			4,242
Class C		5,077			—			4			261			13,840
Class I		2,075			—			—			191			4,067
Class I2		—			—			22,593			37,272			—
Net expenses		459,079			2,437,205			925,565			756,643			2,029,760
Net investment income (loss)		918,499			11,667,771			4,386,371			2,395,856			872,935
Net realized gain (loss) on:
Investments		1,280,118			1,036,857			(165,179	)		(20,540,179	)		(6,404,300	)
Foreign currency transactions		—			(20,096	)		—			757,151			(62,566	)
Net realized gain (loss)		1,280,118			1,016,761			(165,179	)		(19,783,028	)		(6,466,866	)
Net change in unrealized appreciation (depreciation) on:
Investments		(521,115	)		(1,427,421	)		2,170,045			6,252,416			15,301,166
Unfunded commitment		—			—			(2,286	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			2,724			—			600,645			9,603
Net change in unrealized appreciation (depreciation)		(521,115	)		(1,424,697	)		2,167,759			6,853,061			15,310,769
Net realized and change in unrealized gain (loss)		759,003			(407,936	)		2,002,580			(12,929,967	)		8,843,903
Net increase (decrease) in net assets resulting from operations	$	1,677,502		$	11,259,835		$	6,388,951		$	(10,534,111	)	$	9,716,838

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    166

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2015

(unaudited)

	Transamerica Growth Opportunities			Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Income & Growth			Transamerica Inflation Opportunities
Investment Income:
Dividend income	$	895,129		$	752,768		$	5,487		$	22,623,384		$	25,672
Interest income		1,879			38,420,341			319,373			942			(1,113,790	)
Net income from securities lending		554,185			296,994			—			374,243			8,212
Withholding taxes on foreign income		—			—			—			(718,960	)		(372	)
Total investment income		1,451,193			39,470,103			324,860			22,279,609			(1,080,278	)
Expenses:
Investment advisory fees		2,905,778			3,601,240			43,133			2,914,482			662,512
Distribution and service fees:
Class A		125,753			189,142			9,236			86,504			429
Class B		17,487			30,145			—			—			—
Class C		63,430			331,435			10,527			507,448			1,834
Administration fees		97,136			164,151			2,114			110,188			30,213
Transfer agent fees:
Class A		139,988			89,456			2,281			36,577			161
Class B		8,447			5,297			—			—			—
Class C		20,875			35,284			675			43,570			290
Class I		54,431			142,985			3,940			41,499			170
Class I2		22,415			31,040			—			23,703			9,027
Trustee and CCO fees		6,509			11,059			121			7,643			2,105
Audit and tax fees		10,382			14,359			8,981			12,220			11,118
Custody fees		47,903			99,259			15,177			99,165			39,170
Legal fees		14,995			25,598			50			16,473			3,845
Printing and shareholder reports fees		19,656			119,886			1,140			18,746			10,918
Registration fees		31,991			55,970			17,834			66,341			52,702
Other		9,330			13,799			1,665			9,005			2,999
Total expenses before waiver and/or reimbursement and recapture		3,596,506			4,960,105			116,874			3,993,564			827,493
Expenses waived and/or reimbursed:
Fund level		—			—			(25,938	)		—			—
Class A		—			—			(5,975	)		—			(67	)
Class C		—			—			(3,320	)		—			(204	)
Class I		—			—			(3,996	)		—			(69	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			35
Class C		—			—			13			—			52
Class I		—			—			56			—			—
Net expenses		3,596,506			4,960,105			77,714			3,993,564			827,240
Net investment income (loss)		(2,145,313	)		34,509,998			247,146			18,286,045			(1,907,518	)
Net realized gain (loss) on:
Investments		10,496,203			(407,161	)		258,477			(4,491,837	)		(776,359	)
Futures contracts		—			—			—			—			(352,952	)
Foreign currency transactions		544			—			—			(671,210	)		1,920,047
Net realized gain (loss)		10,496,747			(407,161	)		258,477			(5,163,047	)		790,736
Net change in unrealized appreciation (depreciation) on:
Investments		4,447,989			(10,006,169	)		(89,008	)		(2,459,431	)		1,518,163
Futures contracts		—			—			—			—			86,034
Translation of assets and liabilities denominated in foreign currencies		—			—			—			70,846			(965,812	)
Net change in unrealized appreciation (depreciation)		4,447,989			(10,006,169	)		(89,008	)		(2,388,585	)		638,385
Net realized and change in unrealized gain (loss)		14,944,736			(10,413,330	)		169,469			(7,551,632	)		1,429,121
Net increase (decrease) in net assets resulting from operations	$	12,799,423		$	24,096,668		$	416,615		$	10,734,413		$	(478,397	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    167

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2015

(unaudited)

	Transamerica International Equity			Transamerica International Small Cap Value			Transamerica Large Cap Value			Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities
Investment Income:
Dividend income	$	23,572,868		$	11,914,144		$	19,769,174		$	1,334,341		$	3,781,235
Interest income		2,214			—			4,033			363			1,115
Net income from securities lending		557,526			279,443			385,889			28,295			95,495
Withholding taxes on foreign income		(1,982,968	)		(941,414	)		(68,702	)		(10,357	)		(37,215	)
Total investment income		22,149,640			11,252,173			20,090,394			1,352,642			3,840,630
Expenses:
Investment advisory fees		5,126,939			3,559,450			5,748,507			586,925			1,135,887
Distribution and service fees:
Class A		192,437			—			32,119			741			4,741
Class C		195,320			—			48,200			2,058			2,254
Administration fees		178,572			98,135			230,740			20,379			42,384
Transfer agent fees:
Class A		219,096			—			16,446			517			1,021
Class C		25,986			—			6,147			183			111
Class I		353,582			145,820			6,564			232			4,998
Class I2		20,805			18,866			67,440			6,062			12,200
Trustee and CCO fees		10,445			6,272			15,517			1,150			2,368
Audit and tax fees		12,219			11,230			14,596			9,354			9,752
Custody fees		388,928			279,989			88,826			9,571			19,936
Legal fees		23,233			13,780			34,729			1,207			3,460
Printing and shareholder reports fees		44,345			9,435			31,376			12,702			8,240
Registration fees		135,353			69,314			52,242			19,970			38,897
Other		12,983			6,425			18,786			2,331			3,055
Total expenses before waiver and/or reimbursement and recapture		6,940,243			4,218,716			6,412,235			673,382			1,289,304
Expenses waived and/or reimbursed:
Class A		(86,595	)		—			—			(1	)		(6	)
Class C		(1,261	)		—			—			—			—
Class I		—			—			—			(19	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		4,212			—			—			53			6
Class C		1,261			—			—			—			—
Class I		—			—			—			178			104
Net expenses		6,857,860			4,218,716			6,412,235			673,593			1,289,408
Net investment income (loss)		15,291,780			7,033,457			13,678,159			679,049			2,551,222
Net realized gain (loss) on:
Investments		23,076,950			7,892,399			170,711,359			6,316,649			4,396,783
Foreign currency transactions		16,385			(316,442	)		—			—			(653	)
Net realized gain (loss)		23,093,335			7,575,957			170,711,359			6,316,649			4,396,130
Net change in unrealized appreciation (depreciation) on:
Investments		79,150,171			68,549,224			(71,902,526	)		8,340,402			12,942,582
Translation of assets and liabilities denominated in foreign currencies		86,312			73,361			—			—			1,096
Net change in unrealized appreciation (depreciation)		79,236,483			68,622,585			(71,902,526	)		8,340,402			12,943,678
Net realized and change in unrealized gain (loss)		102,329,818			76,198,542			98,808,833			14,657,051			17,339,808
Net increase (decrease) in net assets resulting from operations	$	117,621,598		$	83,231,999		$	112,486,992		$	15,336,100		$	19,891,030

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    168

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2015

(unaudited)

	Transamerica MLP & Energy Income			Transamerica Money Market			Transamerica Multi-Managed Balanced			Transamerica Opportunistic Allocation			Transamerica Short-Term Bond
Investment Income:
Dividend income	$	12,628,628		$	—		$	3,329,378		$	47,115		$	—
Interest income		1,548,165			199,353			2,427,191			2			55,314,828
Net income from securities lending		191,470			—			17,350			1,675			83,633
Withholding taxes on foreign income		(200,674	)		—			(765	)		—			—
Total investment income		14,167,589			199,353			5,773,154			48,792			55,398,461
Expenses:
Investment advisory fees		3,638,971			313,754			1,734,421			2,267			9,099,750
Distribution and service fees:
Class A		78,660			98,574			232,326			343			1,247,083
Class B		—			16,091			32,356			—			—
Class C		254,686			109,429			752,427			1,323			4,036,059
Administration fees		86,822			19,610			66,708			135			491,767
Transfer agent fees:
Class A		39,404			131,028			141,232			34			344,958
Class B		—			5,788			11,288			—			—
Class C		28,038			18,028			64,779			26			294,797
Class I		54,379			23,462			115,081			323			415,197
Class I2		17,958			1,279			—			—			50,156
Trustee and CCO fees		5,338			1,617			4,232			9			35,823
Audit and tax fees		12,469			7,285			9,448			10,225			26,805
Custody fees		48,588			35,356			71,808			4,033			216,262
Legal fees		10,995			3,530			9,680			90			80,644
Printing and shareholder reports fees		11,028			6,798			26,622			768			148,677
Registration fees		58,799			34,708			36,653			16,005			89,942
Other		7,003			4,363			6,837			9			40,126
Total expenses before waiver and/or reimbursement and recapture		4,353,138			830,700			3,315,898			35,590			16,618,046
Expenses waived and/or reimbursed:
Fund level		—			(234,708	)		—			(28,414	)		—
Class A		—			(227,620	)		—			(34	)		—
Class B		—			(21,780	)		—			—			—
Class C		—			(126,642	)		—			(26	)		—
Class I		—			(23,462	)		—			(323	)		—
Class I2		—			(1,279	)		—			—			—
Net expenses		4,353,138			195,209			3,315,898			6,793			16,618,046
Net investment income (loss)		9,814,451			4,144			2,457,256			41,999			38,780,415
Net realized gain (loss) on:
Investments		(34,574,260	)		—			7,837,753			5,277			(98,516	)
Futures contracts		—			—			175,899			—			—
Written options and swaptions		534,865			—			—			—			—
Foreign currency transactions		(8,937	)		—			(29	)		—			(46,080	)
Net realized gain (loss)		(34,048,332	)		—			8,013,623			5,277			(144,596	)
Net change in unrealized appreciation (depreciation) on:
Investments		4,675,978			—			3,836,186			(1,381	)		(13,148,680	)
Futures contracts		—			—			(162,049	)		—			—
Written options and swaptions		150,911			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(28,017	)		—			—			—			9,095
Net change in unrealized appreciation (depreciation)		4,798,872			—			3,674,137			(1,381	)		(13,139,585	)
Net realized and change in unrealized gain (loss)		(29,249,460	)		—			11,687,760			3,896			(13,284,181	)
Net increase (decrease) in net assets resulting from operations	$	(19,435,009	)	$	4,144		$	14,145,016		$	45,895		$	25,496,234

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    169

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2015

(unaudited)

	Transamerica Small Cap Core			Transamerica Small Cap Growth			Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Strategic High Income
Investment Income:
Dividend income	$	2,064,777		$	3,249,909		$	6,801,378		$	8,531,107		$	474,530
Interest income		222			847			1,006			614			347,053
Net income from securities lending		221,652			906,659	��		372,616			140,093			13,203
Withholding taxes on foreign income		(5,565	)		—			—			(52,451	)		(1,333	)
Total investment income		2,281,086			4,157,415			7,175,000			8,619,363			833,453
Expenses:
Investment advisory fees		904,539			2,180,325			2,676,216			4,025,665			111,055
Distribution and service fees:
Class A		415			1,922			1,188			574,809			1,704
Class B		—			—			—			125,054			—
Class C		2,120			3,323			4,561			1,550,467			5,422
Administration fees		28,267			66,276			78,911			130,056			4,207
Transfer agent fees:
Class A		74			900			706			481,001			297
Class B		—			—			—			22,210			—
Class C		156			338			374			200,188			98
Class I		420			523			446			118,288			10,200
Class I2		8,425			19,768			23,579			802			434
Trustee and CCO fees		1,744			4,732			5,961			9,194			321
Audit and tax fees		9,953			8,899			9,880			11,633			11,260
Custody fees		20,075			33,141			41,627			79,108			8,351
Legal fees		3,542			10,773			13,994			21,670			616
Printing and shareholder reports fees		12,702			11,254			14,668			73,873			2,675
Registration fees		33,302			20,700			25,244			40,146			21,417
Other		3,038			6,563			8,113			12,627			1,765
Total expenses before waiver and/or reimbursement and recapture		1,028,772			2,369,437			2,905,468			7,476,791			179,822
Expenses waived and/or reimbursed:
Fund level		—			—			—			—			(1,815	)
Class A		—			—			—			—			(2,013	)
Class C		—			—			—			—			(1,436	)
Class I		(13	)		—			—			—			(33,971	)
Class I2		—			—			—			—			(6,888	)
Recapture of previously waived and/or reimbursed fees:
Class A		4			—			—			—			1,716
Class C		21			—			—			—			1,338
Class I		127			—			—			—			23,771
Class I2		—			—			—			—			6,454
Net expenses		1,028,911			2,369,437			2,905,468			7,476,791			166,978
Net investment income (loss)		1,252,175			1,787,978			4,269,532			1,142,572			666,475
Net realized gain (loss) on:
Investments		2,666,072			28,007,595			38,517,289			51,185,404			498,057
Foreign currency transactions		(100	)		—			—			(899	)		—
Net realized gain (loss)		2,665,972			28,007,595			38,517,289			51,184,505			498,057
Net change in unrealized appreciation (depreciation) on:
Investments		(2,880,327	)		4,886,688			(33,517,318	)		(19,444,804	)		(147,064	)
Net change in unrealized appreciation (depreciation)		(2,880,327	)		4,886,688			(33,517,318	)		(19,444,804	)		(147,064	)
Net realized and change in unrealized gain (loss)		(214,355	)		32,894,283			4,999,971			31,739,701			350,993
Net increase (decrease) in net assets resulting from operations	$	1,037,820		$	34,682,261		$	9,269,503		$	32,882,273		$	1,017,468

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    170

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2015

(unaudited)

	Transamerica Tactical Allocation			Transamerica Tactical Income			Transamerica Tactical Rotation			Transamerica Unconstrained Bond (A)			Transamerica US Growth
Investment Income:
Dividend income	$	152,822		$	16,030,084		$	167,347		$	—		$	7,876,738
Interest income		9			3,154			11			793,139			475
Net income from securities lending		8,906			407,187			19,313			2,141			65,843
Withholding taxes on foreign income		—			—			—			—			(19,042	)
Total investment income		161,737			16,440,425			186,671			795,280			7,924,014
Expenses:
Investment advisory fees		33,698			2,029,150			62,646			126,760			4,004,779
Distribution and service fees:
Class A		6,728			309,392			15,040			—			581,020
Class B		—			—			—			—			71,869
Class C		30,290			1,924,881			35,156			—			251,080
Administration fees		1,532			107,933			2,848			4,952			151,021
Transfer agent fees:
Class A		5,053			109,471			7,613			—			525,913
Class B		—			—			—			—			27,324
Class C		3,342			173,245			5,310			—			66,671
Class I		490			121,645			1,994			113			139,102
Class I2		—			—			—			1,478			14,136
Class T		—			—			—			—			48,940
Trustee and CCO fees		112			7,980			196			1,114			10,442
Audit and tax fees		8,565			123,523			8,602			10,164			13,297
Custody fees		5,734			17,389			6,347			44,954			62,323
Legal fees		252			27,712			440			1,969			24,238
Printing and shareholder reports fees		1,479			62,541			3,067			9,212			51,866
Registration fees		18,662			29,543			18,884			34,306			46,830
Other		1,668			10,882			1,735			3,351			14,749
Total expenses before waiver and/or reimbursement and recapture		117,605			5,055,287			169,878			238,373			6,105,600
Expenses waived and/or reimbursed:
Fund level		(19,625	)		—			(7,948	)		(48,622	)		—
Class A		(5,117	)		—			(7,674	)		—			—
Class B		—			—			—			—			(5	)
Class C		(3,369	)		—			(5,310	)		—			—
Class I		(490	)		—			(2,051	)		(140	)		—
Class I2		—			—			—			(1,478	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		64			—			61			—			—
Class B		—			—			—			—			3,230
Class C		27			—			—			—			—
Class I		—			—			57			27			—
Net expenses		89,095			5,055,287			147,013			188,160			6,108,825
Net investment income (loss)		72,642			11,385,138			39,658			607,120			1,815,189
Net realized gain (loss) on:
Investments		105,967			17,570,962			995,037			165,932			31,219,795
Futures contracts		—			—			—			15,331			—
Net realized gain (loss)		105,967			17,570,962			995,037			181,263			31,219,795
Net change in unrealized appreciation (depreciation) on:
Investments		239,508			(14,804,453	)		(25,978	)		479,710			60,717,013
Futures contracts		—			—			—			52,852			—
Translation of assets and liabilities denominated in foreign currencies		—			—			—			—			14,099
Net change in unrealized appreciation (depreciation)		239,508			(14,804,453	)		(25,978	)		532,562			60,731,112
Net realized and change in unrealized gain (loss)		345,475			2,766,509			969,059			713,825			91,950,907
Net increase (decrease) in net assets resulting from operations	$	418,117		$	14,151,647		$	1,008,717		$	1,320,945		$	93,766,096

^(A)  Commenced operations on December 8, 2014.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    171

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Capital Growth						Transamerica Concentrated Growth
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)			December 31, 2013 (B)
From operations:
Net investment income (loss)	$	(2,092,247	)	$	(3,146,101	)	$	1,085,113		$	707,180		$	(2,214	)
Net realized gain (loss)		18,320,386			43,019,543			(712,872	)		991,369			413,282
Net change in unrealized appreciation (depreciation)		62,085,976			89,236,910			25,992,246			12,284,158			2,910,000
Net increase (decrease) in net assets resulting from operations		78,314,115			129,110,352			26,364,487			13,982,707			3,321,068
Distributions to shareholders:
Net investment income:
Fund Level		—			—			—			—			(3,382	)
Class A		—			—			—			—			—
Class B		—			—			—			—			—
Class C		—			—			—			—			—
Class I		—			—			(23,194	)		—			—
Class I2		—			—			(1,071,082	)		—			—
Total distributions from net realized gains		—			—			(1,094,276	)		—			(3,382	)
Net realized gains:
Fund Level		—			—			—			—			(293,304	)
Class A		(3,324,337	)		(2,081,467	)		(1,067	)		—			—
Class B		(146,506	)		(145,269	)		—			—			—
Class C		(1,561,956	)		(760,899	)		(728	)		—			—
Class I		(4,201,021	)		(2,778,746	)		(46,387	)		(377,911	)		—
Class I2		(32,799,000	)		(15,844,892	)		(974,659	)		—			—
Total distributions from net realized gains		(42,032,820	)		(21,611,273	)		(1,022,841	)		(377,911	)		(293,304	)
Total distributions to shareholders		(42,032,820	)		(21,611,273	)		(2,117,117	)		(377,911	)		(296,686	)
Capital share transactions:
Proceeds from shares sold:
Fund Level		—			—			—			176,841			489,107
Class A		15,933,240			56,847,940			88,419			462,262			—
Class B		144,572			204,170			—			—			—
Class C		7,341,066			26,513,720			86,403			264,344			—
Class I		21,310,701			98,954,375			2,102,744			6,252,828			—
Class I2		130,539,475			390,541,414			77,313,295			345,890,669			—
		175,269,054			573,061,619			79,590,861			353,046,944			489,107
Issued from fund acquisition:
Class I		—			—			—			9,903,534			—
Dividends and distributions reinvested:
Fund Level		—			—			—			370,421			290,954
Class A		3,232,197			1,996,249			1,067			—			—
Class B		141,128			139,326			—			—			—
Class C		1,279,713			656,374			728			—			—
Class I		3,384,906			2,365,528			68,653			—			—
Class I2		32,799,000			15,844,893			2,045,741			—			—
		40,836,944			21,002,370			2,116,189			370,421			290,954
Redeemed due to acquisition:
Fund Level		—			—			—			(9,903,534	)		—
Cost of shares redeemed:
Fund Level		—			—			—			(749,632	)		(363,523	)
Class A		(15,501,121	)		(38,249,668	)		(18,349	)		(33,549	)		—
Class B		(407,527	)		(626,908	)		—			—			—
Class C		(5,574,464	)		(8,611,228	)		(8,297	)		—			—
Class I		(31,108,316	)		(63,277,857	)		(358,988	)		(571,460	)		—
Class I2		(34,729,203	)		(149,575,850	)		(26,220,814	)		(5,588,234	)		—
		(87,320,631	)		(260,341,511	)		(26,606,448	)		(6,942,875	)		(363,523	)
Automatic conversions:
Class A		671,264			1,459,868			—			—			—
Class B		(671,264	)		(1,459,868	)		—			—			—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		128,785,367			333,722,478			55,100,602			346,474,490			416,538
Net increase (decrease) in net assets		165,066,662			441,221,557			79,347,972			360,079,286			3,440,920
Net assets:
Beginning of period/year		1,179,066,358			737,844,801			373,840,538			13,761,252			10,320,332
End of period/year	$	1,344,133,020		$	1,179,066,358		$	453,188,510		$	373,840,538		$	13,761,252
Undistributed (distributions in excess of) net investment income (loss)	$	(4,816,473	)	$	(2,724,226	)	$	707,249		$	716,412		$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    172

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Capital Growth						Transamerica Concentrated Growth
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)			December 31, 2013 (B)
Capital share transactions - shares:
Shares issued:
Fund Level		—			—			—			11,501			36,709
Class A		644,943			2,460,389			5,285			29,524			—
Class B		6,660			9,828			—			—			—
Class C		333,531			1,287,558			5,182			16,981			—
Class I		844,547			4,255,489			126,432			396,020			—
Class I2		7,413,964			23,744,448			4,622,634			22,085,210			—
		9,243,645			31,757,712			4,759,533			22,539,236			36,709
Shares issued on fund acquisition:
Class I		—			—			—			861,025			—
Shares reinvested:
Fund Level		—			—			—			23,929			20,038
Class A		136,668			89,198			63			—			—
Class B		6,727			6,925			—			—			—
Class C		60,707			32,558			43			—			—
Class I		139,988			103,751			4,108			—			—
Class I2		2,028,386			1,026,889			121,265			—			—
		2,372,476			1,259,321			125,479			23,929			20,038
Shares redeemed due to acquisition:
Fund Level		—			—			—			(861,025	)		—
Shares redeemed:
Fund Level		—			—			—			(47,628	)		(26,638	)
Class A		(630,594	)		(1,665,952	)		(1,132	)		(2,140	)		—
Class B		(18,678	)		(30,894	)		—			—			—
Class C		(256,193	)		(414,991	)		(486	)		—			—
Class I		(1,248,819	)		(2,719,996	)		(21,273	)		(36,360	)		—
Class I2		(2,052,725	)		(9,444,270	)		(1,545,676	)		(352,590	)		—
		(4,207,009	)		(14,276,103	)		(1,568,567	)		(438,718	)		(26,638	)
Automatic conversions:
Class A		27,680			63,646			—			—			—
Class B		(31,203	)		(71,016	)		—			—			—
		(3,523	)		(7,370	)		—			—			—
Net increase (decrease) in shares outstanding:
Fund Level		—			—			—			(873,223	)		30,109
Class A		178,697			947,281			4,216			27,384			—
Class B		(36,494	)		(85,157	)		—			—			—
Class C		138,045			905,125			4,739			16,981			—
Class I		(264,284	)		1,639,244			109,267			1,220,685			—
Class I2		7,389,625			15,327,067			3,198,223			21,732,620			—
		7,405,589			18,733,560			3,316,445			22,124,447			30,109

^(A)  Effective at the close of business on February 28, 2014, the fiscal year end of the Fund changed to October 31. The Statement of Changes in Net Assets represents activity for the ten months of January 1, 2014 – October 31, 2014. Refer to the notes to the financial statements for details.

^(B)  Prior to January 1, 2014, the Statements of Changes in Net Assets was audited by another independent registered public accounting firm.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    173

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Dividend Focused						Transamerica Emerging Markets Debt						Transamerica Emerging Markets Equity
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	12,985,371		$	21,712,631		$	18,292,988		$	33,806,609		$	17,151		$	3,181,848
Net realized gain (loss)		120,741,263			49,179,546			(17,223,344	)		(19,013,549	)		(6,209,279	)		445,864
Net change in unrealized appreciation (depreciation)		(95,604,595	)		79,639,634			(8,172,391	)		11,110,255			19,352,009			(5,270,268	)
Net increase (decrease) in net assets resulting from operations		38,122,039			150,531,811			(7,102,747	)		25,903,315			13,159,881			(1,642,556	)
Distributions to shareholders:
Net investment income:
Class A		(480,894	)		(493,242	)		(1,031,639	)		(5,052,223	)		(18,976	)		(8,906	)
Class C		(28,994	)		(20,663	)		(294,976	)		(1,295,021	)		(5,547	)		(6,643	)
Class I		(58,537	)		(71,747	)		(5,192,081	)		(13,439,260	)		(14,731	)		(5,913	)
Class I2		(13,755,087	)		(20,888,189	)		(2,040,635	)		(12,705,101	)		(2,932,835	)		(2,879,766	)
Total distributions from net investment income		(14,323,512	)		(21,473,841	)		(8,559,331	)		(32,491,605	)		(2,972,089	)		(2,901,228	)
Net realized gains:
Class A		(2,041,457	)		(11,141	)		—			—			—			—
Class C		(176,625	)		(11,903	)		—			—			—			—
Class I		(221,274	)		(13,662	)		—			—			—			—
Class I2		(46,758,415	)		(7,935,194	)		—			—			—			—
Total distributions from net realized gains		(49,197,771	)		(7,971,900	)		—			—			—			—
Total distributions to shareholders		(63,521,283	)		(29,445,741	)		(8,559,331	)		(32,491,605	)		(2,972,089	)		(2,901,228	)
Capital share transactions:
Proceeds from shares sold:
Class A		13,028,528			66,769,358			41,087,863			60,824,303			562,871			778,984
Class C		1,820,438			3,252,271			3,148,700			9,291,107			750,458			657,282
Class I		1,225,831			4,453,396			178,557,532			286,885,850			216,681			839,074
Class I2		96,764,912			426,493,950			1,481,598			21,901,688			146,424,713			77,941,637
		112,839,709			500,968,975			224,275,693			378,902,948			147,954,723			80,216,977
Dividends and distributions reinvested:
Class A		2,519,785			503,571			960,947			4,781,683			17,064			8,906
Class C		204,318			32,324		��	258,247			1,095,269			5,393			6,643
Class I		279,811			85,409			4,832,501			12,019,253			14,731			5,913
Class I2		60,512,558			28,823,383			2,040,634			12,705,101			2,932,835			2,879,766
		63,516,472			29,444,687			8,092,329			30,601,306			2,970,023			2,901,228
Cost of shares redeemed:
Class A		(25,662,716	)		(7,127,885	)		(28,002,399	)		(111,939,621	)		(180,094	)		(86,240	)
Class C		(1,292,531	)		(424,806	)		(6,023,693	)		(13,334,411	)		(82,412	)		(137,805	)
Class I		(1,841,325	)		(360,262	)		(62,906,669	)		(94,626,856	)		(111,638	)		(196,245	)
Class I2		(648,726,964	)		(194,004,001	)		(16,649,299	)		(224,316,463	)		(38,243,502	)		(54,917,222	)
		(677,523,536	)		(201,916,954	)		(113,582,060	)		(444,217,351	)		(38,617,646	)		(55,337,512	)
Net increase (decrease) in net assets resulting from capital share transactions		(501,167,355	)		328,496,708			118,785,962			(34,713,097	)		112,307,100			27,780,693
Net increase (decrease) in net assets		(526,566,599	)		449,582,778			103,123,884			(41,301,387	)		122,494,892			23,236,909
Net assets:
Beginning of period/year		1,477,107,607			1,027,524,829			592,466,250			633,767,637			245,724,251			222,487,342
End of period/year	$	950,541,008		$	1,477,107,607		$	695,590,134		$	592,466,250		$	368,219,143		$	245,724,251
Undistributed (distributions in excess of) net investment income (loss)	$	498,652		$	1,836,793		$	10,929,800		$	1,196,143		$	16,438		$	2,971,376
Capital share transactions - shares:
Shares issued:
Class A		988,696			5,170,553			4,046,540			5,638,083			56,407			76,170
Class C		136,231			254,246			306,193			861,404			74,516			65,101
Class I		91,709			351,499			17,459,088			26,961,333			21,479			82,256
Class I2		7,238,573			32,725,036			143,955			2,075,401			14,103,211			7,618,026
		8,455,209			38,501,334			21,955,776			35,536,221			14,255,613			7,841,553
Shares reinvested:
Class A		189,530			38,326			94,807			450,089			1,736			912
Class C		15,411			2,564			25,569			103,284			551			683
Class I		21,051			6,656			475,707			1,117,980			1,494			605
Class I2		4,552,822			2,275,426			201,066			1,199,994			297,448			294,455
		4,778,814			2,322,972			797,149			2,871,347			301,229			296,655

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    174

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Dividend Focused						Transamerica Emerging Markets Debt						Transamerica Emerging Markets Equity
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Shares redeemed:
Class A		(1,984,565	)		(547,282	)		(2,742,741	)		(10,479,621	)		(18,141	)		(8,637	)
Class C		(98,413	)		(33,410	)		(593,206	)		(1,256,970	)		(7,998	)		(14,097	)
Class I		(138,938	)		(28,569	)		(6,145,489	)		(8,831,612	)		(11,200	)		(19,906	)
Class I2		(49,496,050	)		(15,373,793	)		(1,602,719	)		(21,283,435	)		(3,825,968	)		(5,559,277	)
		(51,717,966	)		(15,983,054	)		(11,084,155	)		(41,851,638	)		(3,863,307	)		(5,601,917	)
Net increase (decrease) in shares outstanding:
Class A		(806,339	)		4,661,597			1,398,606			(4,391,449	)		40,002			68,445
Class C		53,229			223,400			(261,444	)		(292,282	)		67,069			51,687
Class I		(26,178	)		329,586			11,789,306			19,247,701			11,773			62,955
Class I2		(37,704,655	)		19,626,669			(1,257,698	)		(18,008,040	)		10,574,691			2,353,204
		(38,483,943	)		24,841,252			11,668,770			(3,444,070	)		10,693,535			2,536,291

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    175

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Enhanced Muni						Transamerica Flexible Income						Transamerica Floating Rate
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)
From operations:
Net investment income (loss)	$	918,499		$	752,904		$	11,667,771		$	17,532,405		$	4,386,371		$	5,152,739
Net realized gain (loss)		1,280,118			1,020,734			1,016,761			2,614,424			(165,179	)		401,399
Net change in unrealized appreciation (depreciation)		(521,115	)		1,491,584			(1,424,697	)		2,718,199			2,167,759			(2,055,611	)
Net increase (decrease) in net assets resulting from operations		1,677,502			3,265,222			11,259,835			22,865,028			6,388,951			3,498,527
Distributions to shareholders:
Net investment income:
Class A		(467,657	)		(319,114	)		(1,075,915	)		(2,421,358	)		(16,828	)		(19,867	)
Class B		—			—			(33,942	)		(92,856	)		—			—
Class C		(87,883	)		(98,787	)		(763,889	)		(1,634,737	)		(30,937	)		(33,524	)
Class I		(350,665	)		(338,642	)		(736,678	)		(1,179,920	)		(8,119	)		(12,877	)
Class I2		—			—			(9,267,732	)		(12,828,125	)		(4,352,126	)		(5,194,388	)
Total distributions from net investment income		(906,205	)		(756,543	)		(11,878,156	)		(18,156,996	)		(4,408,010	)		(5,260,656	)
Net realized gains:
Class A		(541,063	)		—			—			—			(989	)		—
Class C		(157,597	)		—			—			—			(3,168	)		—
Class I		(327,944	)		—			—			—			(583	)		—
Class I2		—			—			—			—			(315,100	)		—
Total distributions from net realized gains		(1,026,604	)		—			—			—			(319,840	)		—
Total distributions to shareholders		(1,932,809	)		(756,543	)		(11,878,156	)		(18,156,996	)		(4,727,850	)		(5,260,656	)
Capital share transactions:
Proceeds from shares sold:
Class A		44,190,537			31,755,448			10,833,682			23,918,469			3,611,275			2,147,440
Class B		—			—			365,381			413,004			—			—
Class C		12,516,150			8,303,538			7,187,706			18,506,389			2,151,336			4,365,683
Class I		49,040,538			15,829,734			14,943,379			25,618,926			102,950			490,725
Class I2		—			—			36,237,169			473,052,249			47,587,597			228,824,215
		105,747,225			55,888,720			69,567,317			541,509,037			53,453,158			235,828,063
Dividends and distributions reinvested:
Class A		958,959			304,764			954,371			2,179,071			17,209			16,171
Class B		—			—			31,410			85,077			—			—
Class C		231,636			83,295			536,674			1,081,313			31,834			29,180
Class I		661,657			334,660			551,556			798,837			7,778			10,110
Class I2		—			—			9,267,732			12,828,125			4,690,749			5,108,435
		1,852,252			722,719			11,341,743			16,972,423			4,747,570			5,163,896
Cost of shares redeemed:
Class A		(4,620,920	)		(3,292,547	)		(11,145,064	)		(32,107,888	)		(51,560	)		(1,516,370	)
Class B		—			—			(480,324	)		(1,122,028	)		—			—
Class C		(940,696	)		(660,265	)		(8,275,965	)		(23,191,557	)		(179,036	)		(2,683,838	)
Class I		(2,633,706	)		(1,876,940	)		(8,058,364	)		(17,104,535	)		(17,423	)		(84,815	)
Class I2		—			—			(17,134,392	)		(4,777,343	)		(25,322	)		(18,747,145	)
		(8,195,322	)		(5,829,752	)		(45,094,109	)		(78,303,351	)		(273,341	)		(23,032,168	)
Automatic conversions:
Class A		—			—			390,240			588,405			—			—
Class B		—			—			(390,240	)		(588,405	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		99,404,155			50,781,687			35,814,951			480,178,109			57,927,387			217,959,791
Net increase (decrease) in net assets		99,148,848			53,290,366			35,196,630			484,886,141			59,588,488			216,197,662
Net assets:
Beginning of period/year		67,941,196			14,650,830			729,365,648			244,479,507			216,197,662			—
End of period/year	$	167,090,044		$	67,941,196		$	764,562,278		$	729,365,648		$	275,786,150		$	216,197,662
Undistributed (distributions in excess of) net investment income (loss)	$	15,040		$	2,746		$	(119,156	)	$	91,229		$	(26,676	)	$	(5,037	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    176

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Enhanced Muni						Transamerica Flexible Income						Transamerica Floating Rate
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)
Capital share transactions - shares:
Shares issued:
Class A		3,948,159			2,901,035			1,146,761			2,542,481			361,844			214,137
Class B		—			—			38,536			43,617			—			—
Class C		1,120,968			775,285			766,334			1,972,695			216,103			435,093
Class I		4,356,760			1,470,585			1,579,602			2,704,896			10,355			48,936
Class I2		—			—			3,839,652			50,209,721			4,791,414			22,879,633
		9,425,887			5,146,905			7,370,885			57,473,410			5,379,716			23,577,799
Shares reinvested:
Class A		86,431			28,072			101,106			231,211			1,733			1,616
Class B		—			—			3,326			9,029			—			—
Class C		20,949			7,691			57,216			115,443			3,213			2,918
Class I		59,360			30,850			58,348			84,560			784			1,009
Class I2		—			—			980,272			1,355,549			473,351			510,146
		166,740			66,613			1,200,268			1,795,792			479,081			515,689
Shares redeemed:
Class A		(412,899	)		(306,165	)		(1,179,866	)		(3,399,515	)		(5,203	)		(151,984	)
Class B		—			—			(50,819	)		(118,755	)		—			—
Class C		(84,141	)		(60,300	)		(882,643	)		(2,475,726	)		(18,106	)		(269,451	)
Class I		(234,435	)		(173,520	)		(851,507	)		(1,815,002	)		(1,756	)		(8,457	)
Class I2		—			—			(1,808,312	)		(504,831	)		(2,550	)		(1,866,254	)
		(731,475	)		(539,985	)		(4,773,147	)		(8,313,829	)		(27,615	)		(2,296,146	)
Automatic conversions:
Class A		—			—			41,365			62,396			—			—
Class B		—			—			(41,343	)		(62,396	)		—			—
		—			—			22			—			—			—
Net increase (decrease) in shares outstanding:
Class A		3,621,691			2,622,942			109,366			(563,427	)		358,374			63,769
Class B		—			—			(50,300	)		(128,505	)		—			—
Class C		1,057,776			722,676			(59,093	)		(387,588	)		201,210			168,560
Class I		4,181,685			1,327,915			786,443			974,454			9,383			41,488
Class I2		—			—			3,011,612			51,060,439			5,262,215			21,523,525
		8,861,152			4,673,533			3,798,028			50,955,373			5,831,182			21,797,342

^(A)  Commenced operations on October 31, 2013.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    177

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Global Bond						Transamerica Global Equity						Transamerica Growth Opportunities
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	2,395,856		$	2,083,287		$	872,935		$	2,610,071		$	(2,145,313	)	$	134,544
Net realized gain (loss)		(19,783,028	)		(2,127,421	)		(6,466,866	)		37,982,191			10,496,747			79,396,216
Net change in unrealized appreciation (depreciation)		6,853,061			(9,773,681	)		15,310,769			(39,171,248	)		4,447,989			(8,064,410	)
Net increase (decrease) in net assets resulting from operations		(10,534,111	)		(9,817,815	)		9,716,838			1,421,014			12,799,423			71,466,350
Distributions to shareholders:
Net investment income:
Class A		(1,097	)		(2,194	)		—			(1,148,000	)		—			—
Class B		—			—			—			(56,120	)		—			—
Class C		(292	)		(1,240	)		—			(612,675	)		—			—
Class I		(1,452	)		(2,934	)		—			(580,821	)		—			—
Class I2		(1,079,077	)		(703,399	)		—			—			(586,285	)		—
Total distributions from net investment income		(1,081,918	)		(709,767	)		—			(2,397,616	)		(586,285	)		—
Net realized gains:
Class A		—			—			—			—			(11,148,928	)		(4,376,857	)
Class B		—			—			—			—			(483,562	)		(251,719	)
Class C		—			—			—			—			(1,618,720	)		(616,095	)
Class I		—			—			—			—			(6,597,502	)		(2,708,792	)
Class I2		—			—			—			—			(59,751,141	)		(20,801,283	)
Total distributions from net realized gains		—			—			—			—			(79,599,853	)		(28,754,746	)
Total distributions to shareholders		(1,081,918	)		(709,767	)		—			(2,397,616	)		(80,186,138	)		(28,754,746	)
Capital share transactions:
Proceeds from shares sold:
Class A		14,802			303,746			6,386,056			7,966,644			1,459,402			6,599,125
Class B		—			—			9,007			55,549			8,875			41,149
Class C		8,544			280,962			2,272,263			4,052,645			532,568			1,931,246
Class I		10,000			328,198			11,429,775			14,551,208			1,421,490			5,817,121
Class I2		—			250,466,458			15,009,750			130,168,115			47,067,540			66,586,657
		33,346			251,379,364			35,106,851			156,794,161			50,489,875			80,975,298
Dividends and distributions reinvested:
Class A		1,097			2,194			—			1,101,850			11,019,702			4,325,183
Class B		—			—			—			50,131			480,471			247,546
Class C		292			1,240			—			479,502			1,575,790			601,654
Class I		1,452			2,934			—			345,993			6,547,917			2,693,411
Class I2		1,079,077			703,399			—			—			60,337,320			20,801,283
		1,081,918			709,767			—			1,977,476			79,961,200			28,669,077
Cost of shares redeemed:
Class A		(9,671	)		—			(12,347,100	)		(37,266,990	)		(8,749,378	)		(17,789,106	)
Class B		—			—			(876,327	)		(1,462,767	)		(259,762	)		(679,353	)
Class C		(2,000	)		(23,424	)		(10,211,887	)		(19,262,089	)		(1,328,118	)		(2,794,857	)
Class I		—			(1,269	)		(7,849,679	)		(14,623,326	)		(7,606,730	)		(15,067,251	)
Class I2		(178,135,815	)		(1,852,509	)		(61,274	)		—			(103,060,414	)		(56,271,968	)
		(178,147,486	)		(1,877,202	)		(31,346,267	)		(72,615,172	)		(121,004,402	)		(92,602,535	)
Automatic conversions:
Class A		—			—			870,883			1,480,765			695,941			1,201,990
Class B		—			—			(870,883	)		(1,480,765	)		(695,941	)		(1,201,990	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(177,032,222	)		250,211,929			3,760,584			86,156,465			9,446,673			17,041,840
Net increase (decrease) in net assets		(188,648,251	)		239,684,347			13,477,422			85,179,863			(57,940,042	)		59,753,444
Net assets:
Beginning of period/year		239,684,347			—			298,540,195			213,360,332			781,561,674			721,808,230
End of period/year	$	51,036,096		$	239,684,347		$	312,017,617		$	298,540,195		$	723,621,632		$	781,561,674
Undistributed (distributions in excess of) net investment income (loss)	$	1,394,592		$	80,654		$	(469,934	)	$	(1,342,869	)	$	(2,146,969	)	$	584,629

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    178

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Global Bond						Transamerica Global Equity						Transamerica Growth Opportunities
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Capital share transactions - shares:
Shares issued:
Class A		1,554			30,273			573,446			725,367			141,623			593,671
Class B		—			—			811			5,060			942			4,356
Class C		909			28,011			206,134			370,940			60,083			196,063
Class I		1,069			32,687			1,019,466			1,311,464			126,282			493,398
Class I2		—			24,365,726			1,355,874			11,510,053			4,226,880			5,563,306
		3,532			24,456,697			3,155,731			13,922,884			4,555,810			6,850,794
Shares reinvested:
Class A		115			214			—			100,442			1,109,738			397,170
Class B		—			—			—			4,570			56,995			26,058
Class C		30			121			—			43,790			185,387			62,935
Class I		152			287			—			31,684			616,565			233,802
Class I2		112,756			68,747			—			—			5,623,236			1,790,128
		113,053			69,369			—			180,486			7,591,921			2,510,093
Shares redeemed:
Class A		(1,013	)		—			(1,113,924	)		(3,370,560	)		(845,079	)		(1,618,205	)
Class B		—			—			(79,187	)		(133,502	)		(29,741	)		(70,777	)
Class C		(210	)		(2,279	)		(919,371	)		(1,762,053	)		(149,362	)		(290,370	)
Class I		—			(123	)		(702,292	)		(1,337,942	)		(687,632	)		(1,302,409	)
Class I2		(19,044,285	)		(185,560	)		(5,408	)		—			(9,103,188	)		(4,712,809	)
		(19,045,508	)		(187,962	)		(2,820,182	)		(6,604,057	)		(10,815,002	)		(7,994,570	)
Automatic conversions:
Class A		—			—			78,579			132,416			68,989			110,393
Class B		—			—			(79,223	)		(132,907	)		(81,042	)		(126,758	)
		—			—			(644	)		(491	)		(12,053	)		(16,365	)
Net increase (decrease) in shares outstanding:
Class A		656			30,487			(461,899	)		(2,412,335	)		475,271			(516,971	)
Class B		—			—			(157,599	)		(256,779	)		(52,846	)		(167,121	)
Class C		729			25,853			(713,237	)		(1,347,323	)		96,108			(31,372	)
Class I		1,221			32,851			317,174			5,206			55,215			(575,209	)
Class I2		(18,931,529	)		24,248,913			1,350,466			11,510,053			746,928			2,640,625
		(18,928,923	)		24,338,104			334,905			7,498,822			1,320,676			1,349,952

^(A)  Commenced operations on March 1, 2014.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    179

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Yield Bond						Transamerica High Yield Muni						Transamerica Income & Growth
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	34,509,998		$	64,965,546		$	247,146		$	220,983		$	18,286,045		$	38,168,188
Net realized gain (loss)		(407,161	)		16,963,379			258,477			404,969			(5,163,047	)		(20,390,275	)
Net change in unrealized appreciation (depreciation)		(10,006,169	)		(11,634,145	)		(89,008	)		339,358			(2,388,585	)		(1,052,708	)
Net increase (decrease) in net assets resulting from operations		24,096,668			70,294,780			416,615			965,310			10,734,413			16,725,205
Distributions to shareholders:
Net investment income:
Class A		(3,934,883	)		(16,889,594	)		(108,860	)		(69,308	)		(1,205,554	)		(2,555,008	)
Class B		(126,813	)		(319,025	)		—			—			—			—
Class C		(1,443,692	)		(3,188,615	)		(25,272	)		(31,759	)		(1,479,994	)		(2,599,791	)
Class I		(6,482,145	)		(8,267,762	)		(111,493	)		(118,686	)		(1,491,832	)		(2,130,508	)
Class I2		(22,379,977	)		(36,588,053	)		—			—			(11,963,749	)		(21,087,158	)
Total distributions from net investment income		(34,367,510	)		(65,253,049	)		(245,625	)		(219,753	)		(16,141,129	)		(28,372,465	)
Net realized gains:
Class A		(1,686,828	)		(5,006,583	)		(181,320	)		(2,293	)		—			—
Class B		(79,485	)		(101,279	)		—			—			—			—
Class C		(865,505	)		(948,563	)		(56,775	)		(1,015	)		—			—
Class I		(3,594,493	)		(1,147,640	)		(169,446	)		(2,999	)		—			—
Class I2		(10,708,487	)		(7,045,094	)		—			—			—			—
Total distributions from net realized gains		(16,934,798	)		(14,249,159	)		(407,541	)		(6,307	)		—			—
Return of capital:
Class A		—			—			—			—			—			(618,631	)
Class C		—			—			—			—			—			(629,473	)
Class I		—			—			—			—			—			(515,848	)
Class I2		—			—			—			—			—			(5,105,721	)
Total distributions from return of capital		—			—			—			—			—			(6,869,673	)
Total distributions to shareholders		(51,302,308	)		(79,502,208	)		(653,166	)		(226,060	)		(16,141,129	)		(35,242,138	)
Capital share transactions:
Proceeds from shares sold:
Class A		92,389,841			173,219,462			10,018,968			17,289,106			21,181,376			50,752,561
Class B		71,078			229,560			—			—			—			—
Class C		10,499,745			19,391,683			1,742,370			1,953,129			28,239,755			65,243,983
Class I		174,214,567			314,041,552			13,616,610			4,680,828			26,838,726			68,572,697
Class I2		136,829,036			228,808,324			—			—			10,000,000			344,403,248
		414,004,267			735,690,581			25,377,948			23,923,063			86,259,857			528,972,489
Dividends and distributions reinvested:
Class A		5,216,532			20,649,402			226,185			65,812			987,498			2,583,875
Class B		199,171			397,829			—			—			—			—
Class C		2,066,390			3,673,005			81,750			31,859			1,263,799			2,649,604
Class I		9,532,539			8,319,790			280,939			121,685			1,285,109			2,223,963
Class I2		33,088,464			43,633,147			—			—			11,962,278			26,192,879
		50,103,096			76,673,173			588,874			219,356			15,498,684			33,650,321
Cost of shares redeemed:
Class A		(59,535,344	)		(460,050,845	)		(2,508,736	)		(13,397,989	)		(19,218,282	)		(25,521,972	)
Class B		(755,137	)		(1,863,045	)		—			—			—			—
Class C		(13,893,663	)		(28,889,093	)		(430,289	)		(1,195,759	)		(10,198,001	)		(14,718,432	)
Class I		(334,542,548	)		(98,492,364	)		(5,942,841	)		(371,970	)		(19,696,093	)		(24,292,029	)
Class I2		(145,860,986	)		(27,435,858	)		—			—			(196,108,112	)		(56,807,612	)
		(554,587,678	)		(616,731,205	)		(8,881,866	)		(14,965,718	)		(245,220,488	)		(121,340,045	)
Automatic conversions:
Class A		193,989			510,808			—			—			—			—
Class B		(193,989	)		(510,808	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(90,480,315	)		195,632,549			17,084,956			9,176,701			(143,461,947	)		441,282,765
Net increase (decrease) in net assets		(117,685,955	)		186,425,121			16,848,405			9,915,951			(148,868,663	)		422,765,832
Net assets:
Beginning of period/year		1,323,305,845			1,136,880,724			10,932,313			1,016,362			893,614,013			470,848,181
End of period/year	$	1,205,619,890		$	1,323,305,845		$	27,780,718		$	10,932,313		$	744,745,350		$	893,614,013
Undistributed (distributions in excess of) net investment income (loss)	$	153,704		$	11,216		$	3,835		$	2,314		$	10,050,264		$	7,905,348

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    180

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Yield Bond						Transamerica High Yield Muni						Transamerica Income & Growth
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Capital share transactions - shares:
Shares issued:
Class A		9,796,086			17,772,383			877,540			1,553,279			1,971,535			4,631,575
Class B		7,531			23,470			—			—			—			—
Class C		1,114,661			1,998,850			152,445			174,609			2,634,655			5,997,856
Class I		18,307,634			32,162,394			1,193,694			436,493			2,486,525			6,243,996
Class I2		14,391,162			23,365,813			—			—			913,242			30,782,763
		43,617,074			75,322,910			2,223,679			2,164,381			8,005,957			47,656,190
Shares reinvested:
Class A		554,737			2,127,398			20,105			5,958			92,471			237,549
Class B		21,180			41,010			—			—			—			—
Class C		220,871			380,287			7,277			2,907			118,833			244,534
Class I		1,007,142			851,764			24,942			11,074			120,149			204,334
Class I2		3,487,300			4,456,417			—			—			1,117,788			2,406,073
		5,291,230			7,856,876			52,324			19,939			1,449,241			3,092,490
Shares redeemed:
Class A		(6,278,052	)		(47,409,587	)		(220,835	)		(1,192,888	)		(1,792,031	)		(2,321,202	)
Class B		(79,841	)		(191,247	)		—			—			—			—
Class C		(1,478,817	)		(2,981,084	)		(37,921	)		(104,179	)		(953,086	)		(1,345,017	)
Class I		(35,159,523	)		(10,046,652	)		(523,344	)		(33,310	)		(1,823,005	)		(2,225,072	)
Class I2		(15,299,175	)		(2,793,377	)		—			—			(18,152,797	)		(5,178,998	)
		(58,295,408	)		(63,421,947	)		(782,100	)		(1,330,377	)		(22,720,919	)		(11,070,289	)
Automatic conversions:
Class A		20,552			52,379			—			—			—			—
Class B		(20,552	)		(52,364	)		—			—			—			—
		—			15			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		4,093,323			(27,457,427	)		676,810			366,349			271,975			2,547,922
Class B		(71,682	)		(179,131	)		—			—			—			—
Class C		(143,285	)		(601,947	)		121,801			73,337			1,800,402			4,897,373
Class I		(15,844,747	)		22,967,506			695,292			414,257			783,669			4,223,258
Class I2		2,579,287			25,028,853			—			—			(16,121,767	)		28,009,838
		(9,387,104	)		19,757,854			1,493,903			853,943			(13,265,721	)		39,678,391

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    181

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Inflation Opportunities						Transamerica International Equity						Transamerica International Small Cap Value
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	(1,907,518	)	$	2,249,493		$	15,291,780		$	24,382,247		$	7,033,457		$	10,094,171
Net realized gain (loss)		790,736			110,027			23,093,335			21,447,099			7,575,957			5,764,883
Net change in unrealized appreciation (depreciation)		638,385			(3,743,143	)		79,236,483			(66,098,281	)		68,622,585			(42,098,093	)
Net increase (decrease) in net assets resulting from operations		(478,397	)		(1,383,623	)		117,621,598			(20,268,935	)		83,231,999			(26,239,039	)
Distributions to shareholders:
Net investment income:
Class A		(749	)		(3,891	)		(2,282,829	)		(509,161	)		—			—
Class C		(436	)		(3,021	)		(337,761	)		(320,275	)		—			—
Class I		(868	)		(4,477	)		(11,479,675	)		(4,077,344	)		(4,376,955	)		(291,215	)
Class I2		(828,024	)		(2,172,857	)		(10,145,805	)		(9,899,226	)		(7,820,800	)		(4,135,115	)
Total distributions from net investment income		(830,077	)		(2,184,246	)		(24,246,070	)		(14,806,006	)		(12,197,755	)		(4,426,330	)
Net realized gains:
Class A		(295	)		—			(2,190,966	)		(578,921	)		—			—
Class C		(385	)		—			(608,013	)		(472,334	)		—			—
Class I		(273	)		—			(10,166,976	)		(4,322,315	)		(2,279,816	)		(171,973	)
Class I2		(241,694	)		—			(8,725,708	)		(10,118,807	)		(3,974,087	)		(2,415,423	)
Total distributions from net realized gains		(242,647	)		—			(21,691,663	)		(15,492,377	)		(6,253,903	)		(2,587,396	)
Total distributions to shareholders		(1,072,724	)		(2,184,246	)		(45,937,733	)		(30,298,383	)		(18,451,658	)		(7,013,726	)
Capital share transactions:
Proceeds from shares sold:
Class A		151,831			302,911			144,622,868			67,709,185			—			—
Class C		12,121			383,107			13,310,306			24,934,132			—			—
Class I		—			274,798			383,215,694			546,077,678			147,409,446			264,608,512
Class I2		10,685,972			251,277,397			5,335,903			426,676,921			1,048,421			384,457,693
		10,849,924			252,238,213			546,484,771			1,065,397,916			148,457,867			649,066,205
Dividends and distributions reinvested:
Class A		1,044			3,891			4,355,695			1,017,592			—			—
Class C		821			3,021			606,869			442,217			—			—
Class I		1,141			4,477			20,240,425			7,337,963			6,398,531			463,188
Class I2		1,069,718			2,172,857			18,871,513			20,018,033			11,794,887			6,550,538
		1,072,724			2,184,246			44,074,502			28,815,805			18,193,418			7,013,726
Cost of shares redeemed:
Class A		(33,996	)		(6,266	)		(19,703,450	)		(26,206,694	)		—			—
Class C		(36,754	)		(2,150	)		(6,238,542	)		(4,501,629	)		—			—
Class I		(9,991	)		(1,349	)		(182,037,158	)		(138,522,124	)		(66,631,484	)		(48,105,231	)
Class I2		(11,676,722	)		(4,174,278	)		(67,049,034	)		(100,047,281	)		(45,177,019	)		(39,248,795	)
		(11,757,463	)		(4,184,043	)		(275,028,184	)		(269,277,728	)		(111,808,503	)		(87,354,026	)
Net increase (decrease) in net assets resulting from capital share transactions		165,185			250,238,416			315,531,089			824,935,993			54,842,782			568,725,905
Net increase (decrease) in net assets		(1,385,936	)		246,670,547			387,214,954			774,368,675			119,623,123			535,473,140
Net assets:
Beginning of period/year		246,670,547			—			1,261,442,028			487,073,353			747,227,653			211,754,513
End of period/year	$	245,284,611		$	246,670,547		$	1,648,656,982		$	1,261,442,028		$	866,850,776		$	747,227,653
Undistributed (distributions in excess of) net investment income (loss)	$	(2,813,467	)	$	(75,872	)	$	9,182,485		$	18,136,775		$	3,959,095		$	9,123,393
Capital share transactions - shares:
Shares issued:
Class A		15,437			30,278			8,329,629			3,737,658			—			—
Class C		1,237			38,166			767,159			1,391,756			—			—
Class I		—			27,477			21,882,028			30,237,856			12,820,092			21,850,113
Class I2		1,084,107			24,882,709			300,347			22,757,183			89,234			30,906,352
		1,100,781			24,978,630			31,279,163			58,124,453			12,909,326			52,756,465
Shares reinvested:
Class A		107			386			258,039			57,752			—			—
Class C		84			299			36,296			25,342			—			—
Class I		116			444			1,187,818			413,174			563,747			38,154
Class I2		108,870			215,125			1,106,834			1,127,777			1,038,282			539,139
		109,177			216,254			2,588,987			1,624,045			1,602,029			577,293

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    182

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Inflation Opportunities						Transamerica International Equity						Transamerica International Small Cap Value
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Shares redeemed:
Class A		(3,469	)		(628	)		(1,136,101	)		(1,443,769	)		—			—
Class C		(3,761	)		(215	)		(364,084	)		(253,620	)		—			—
Class I		(1,019	)		(133	)		(10,591,577	)		(7,854,178	)		(5,865,939	)		(4,093,338	)
Class I2		(1,185,770	)		(416,246	)		(3,831,633	)		(5,463,528	)		(3,860,899	)		(3,311,693	)
		(1,194,019	)		(417,222	)		(15,923,395	)		(15,015,095	)		(9,726,838	)		(7,405,031	)
Net increase (decrease) in shares outstanding:
Class A		12,075			30,036			7,451,567			2,351,641			—			—
Class C		(2,440	)		38,250			439,371			1,163,478			—			—
Class I		(903	)		27,788			12,478,269			22,796,852			7,517,900			17,794,929
Class I2		7,207			24,681,588			(2,424,452	)		18,421,432			(2,733,383	)		28,133,798
		15,939			24,777,662			17,944,755			44,733,403			4,784,517			45,928,727

^(A)  Commenced operations on March 1, 2014.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    183

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Large Cap Value						Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014 (B)
From operations:
Net investment income (loss)	$	13,678,159		$	25,369,180		$	679,049		$	(120,572	)	$	2,551,222		$	1,182,748
Net realized gain (loss)		170,711,359			153,216,347			6,316,649			228,530			4,396,130			1,533,662
Net change in unrealized appreciation (depreciation)		(71,902,526	)		5,638,963			8,340,402			4,930,020			12,943,678			6,776,053
Net increase (decrease) in net assets resulting from operations		112,486,992			184,224,490			15,336,100			5,037,978			19,891,030			9,492,463
Distributions to shareholders:
Net investment income:
Class A		(142,131	)		(238,893	)		(2,182	)		—			(7,809	)		(2,161	)
Class C		(17,220	)		(53,303	)		—			—			(343	)		(1,287	)
Class I		(82,603	)		(236,054	)		(1,966	)		(20	)		(25,996	)		(18,055	)
Class I2		(12,941,839	)		(24,537,425	)		(795,551	)		(4,000	)		(923,304	)		(1,129,378	)
Total distributions from net investment income		(13,183,793	)		(25,065,675	)		(799,699	)		(4,020	)		(957,452	)		(1,150,881	)
Net realized gains:
Class A		(2,592,085	)		(1,670,557	)		(551	)		—			(16,836	)		—
Class C		(796,138	)		(1,440,024	)		(337	)		—			(2,227	)		—
Class I		(1,106,899	)		(2,462,234	)		(343	)		—			(56,881	)		—
Class I2		(151,428,785	)		(231,982,105	)		(119,002	)		—			(1,885,185	)		—
Total distributions from net realized gains		(155,923,907	)		(237,554,920	)		(120,233	)		—			(1,961,129	)		—
Total distributions to shareholders		(169,107,700	)		(262,620,595	)		(919,932	)		(4,020	)		(2,918,581	)		(1,150,881	)
Capital share transactions:
Proceeds from shares sold:
Class A		4,211,242			32,832,975			234,802			469,950			7,748,635			740,044
Class C		2,721,229			5,714,167			306,467			392,688			459,533			278,569
Class I		2,485,586			10,399,652			80,103			319,750			6,155,821			5,896,131
Class I2		58,383,055			362,993,691			193,326,988			50,276,548			274,483,804			158,849,070
		67,801,112			411,940,485			193,948,360			51,458,936			288,847,793			165,763,814
Dividends and distributions reinvested:
Class A		2,650,921			1,776,069			2,733			—			24,645			2,161
Class C		462,293			1,132,600			337			—			2,571			1,287
Class I		620,118			1,924,149			2,309			20			77,908			18,055
Class I2		164,370,625			256,519,530			914,553			4,000			2,808,489			1,129,378
		168,103,957			261,352,348			919,932			4,020			2,913,613			1,150,881
Cost of shares redeemed:
Class A		(13,654,255	)		(11,641,071	)		(56,519	)		(6,718	)		(704,948	)		(67,117	)
Class C		(1,664,672	)		(4,776,962	)		(30	)		(84,185	)		(32,039	)		(19,175	)
Class I		(3,788,691	)		(15,090,961	)		—			(7,652	)		(642,493	)		(67,213	)
Class I2		(86,815,572	)		(307,852,586	)		(58,584	)		(151,644	)		(6,031,157	)		(1,973,042	)
		(105,923,190	)		(339,361,580	)		(115,133	)		(250,199	)		(7,410,637	)		(2,126,547	)
Net increase (decrease) in net assets resulting from capital share transactions		129,981,879			333,931,253			194,753,159			51,212,757			284,350,769			164,788,148
Net increase (decrease) in net assets		73,361,171			255,535,148			209,169,327			56,246,715			301,323,218			173,129,730
Net assets:
Beginning of period/year		1,793,898,518			1,538,363,370			56,246,715			—			173,129,730			—
End of period/year	$	1,867,259,689		$	1,793,898,518		$	265,416,042		$	56,246,715		$	474,452,948		$	173,129,730
Undistributed (distributions in excess of) net investment income (loss)	$	982,552		$	488,186		$	(120,650	)	$	—		$	1,681,055		$	87,285
Capital share transactions - shares:
Shares issued:
Class A		326,903			2,552,312			20,122			45,511			696,416			71,952
Class C		211,940			439,719			25,746			38,172			41,210			27,721
Class I		194,099			799,260			6,739			31,589			562,421			563,893
Class I2		4,300,230			27,372,842			16,544,398			5,025,215			24,862,063			15,627,496
		5,033,172			31,164,133			16,597,005			5,140,487			26,162,110			16,291,062
Shares reinvested:
Class A		210,472			141,442			240			—			2,253			208
Class C		36,769			90,673			30			—			235			123
Class I		48,997			153,085			203			2			7,115			1,749
Class I2		13,004,589			20,412,760			80,365			387			256,483			108,717
		13,300,827			20,797,960			80,838			389			266,086			110,797

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    184

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Large Cap Value						Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014 (B)
Shares redeemed:
Class A		(1,083,704	)		(915,902	)		(4,820	)		(633	)		(62,890	)		(6,316	)
Class C		(129,111	)		(369,278	)		(2	)		(7,837	)		(2,860	)		(1,829	)
Class I		(297,214	)		(1,129,338	)		—			(706	)		(58,379	)		(6,318	)
Class I2		(6,722,334	)		(22,857,927	)		(4,894	)		(14,276	)		(547,367	)		(189,851	)
		(8,232,363	)		(25,272,445	)		(9,716	)		(23,452	)		(671,496	)		(204,314	)
Net increase (decrease) in shares outstanding:
Class A		(546,329	)		1,777,852			15,542			44,878			635,779			65,844
Class C		119,598			161,114			25,774			30,335			38,585			26,015
Class I		(54,118	)		(176,993	)		6,942			30,885			511,157			559,324
Class I2		10,582,485			24,927,675			16,619,869			5,011,326			24,571,179			15,546,362
		10,101,636			26,689,648			16,668,127			5,117,424			25,756,700			16,197,545

^(A)  Commenced operations on October 31, 2013.

^(B)  Commenced operations on April 30, 2014

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    185

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica MLP & Energy Income						Transamerica Money Market						Transamerica Multi-Managed Balanced
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	9,814,451		$	9,763,521		$	4,144		$	29,483		$	2,457,256		$	4,311,920
Net realized gain (loss)		(34,048,332	)		9,773,353			—			—			8,013,623			24,127,504
Net change in unrealized appreciation (depreciation)		4,798,872			27,011,855			—			—			3,674,137			23,683,647
Net increase (decrease) in net assets resulting from operations		(19,435,009	)		46,548,729			4,144			29,483			14,145,016			52,123,071
Distributions to shareholders:
Net investment income:
Class A		(717,385	)		(1,039,676	)		(8,792	)		(3,351	)		(908,547	)		(2,060,730	)
Class B		—			—			(378	)		(204	)		(2,029	)		(26,864	)
Class C		(408,839	)		(515,361	)		(2,621	)		(1,198	)		(286,680	)		(727,673	)
Class I		(1,310,209	)		(1,577,053	)		(2,640	)		(2,751	)		(1,205,763	)		(2,762,577	)
Class I2		(6,557,426	)		(6,809,315	)		(5,317	)		(6,639	)		—			—
Total distributions from net investment income		(8,993,859	)		(9,941,405	)		(19,748	)		(14,143	)		(2,403,019	)		(5,577,844	)
Net realized gains:
Class A		(408,686	)		(93,935	)		—			—			(8,043,419	)		(6,969,184	)
Class B		—			—			—			—			(296,077	)		(362,006	)
Class C		(337,331	)		(34,226	)		—			—			(6,369,742	)		(4,537,375	)
Class I		(681,287	)		(58,215	)		—			—			(8,141,857	)		(8,000,079	)
Class I2		(3,381,510	)		(969,227	)		—			—			—			—
Total distributions from net realized gains		(4,808,814	)		(1,155,603	)		—			—			(22,851,095	)		(19,868,644	)
Total distributions to shareholders		(13,802,673	)		(11,097,008	)		(19,748	)		(14,143	)		(25,254,114	)		(25,446,488	)
Capital share transactions:
Proceeds from shares sold:
Class A		25,975,452			73,681,339			24,741,647			73,169,752			38,785,077			32,938,100
Class B		—			—			472,949			1,188,265			634,066			367,903
Class C		10,886,609			48,548,339			6,168,904			14,219,481			51,353,836			40,695,782
Class I		36,390,947			115,454,149			1,857,783			4,608,232			45,992,629			16,152,567
Class I2		134,279,929			239,551,414			16,940,717			14,874,587			—			—
		207,532,937			477,235,241			50,182,000			108,060,317			136,765,608			90,154,352
Dividends and distributions reinvested:
Class A		970,143			1,015,112			8,166			3,270			8,631,108			8,698,595
Class B		—			—			350			195			288,774			378,038
Class C		485,267			382,065			2,395			1,156			6,113,774			4,882,590
Class I		1,197,965			925,964			2,578			2,736			9,098,953			10,640,277
Class I2		9,938,936			7,778,542			5,321			30,915			—			—
		12,592,311			10,101,683			18,810			38,272			24,132,609			24,599,500
Cost of shares redeemed:
Class A		(19,476,238	)		(30,496,397	)		(51,565,783	)		(64,258,662	)		(20,169,058	)		(30,909,489	)
Class B		—			—			(867,777	)	��	(2,593,616	)		(282,258	)		(738,849	)
Class C		(6,424,184	)		(2,489,880	)		(10,344,876	)		(20,238,646	)		(12,369,115	)		(15,522,013	)
Class I		(43,800,660	)		(17,488,490	)		(2,983,561	)		(7,592,493	)		(21,362,725	)		(34,795,613	)
Class I2		(84,192,207	)		(16,007,052	)		(15,525,838	)		(113,918,131	)		—			—
		(153,893,289	)		(66,481,819	)		(81,287,835	)		(208,601,548	)		(54,183,156	)		(81,965,964	)
Automatic conversions:
Class A		—			—			458,132			964,155			860,617			1,980,927
Class B		—			—			(458,132	)		(964,155	)		(860,617	)		(1,980,927	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		66,231,959			420,855,105			(31,087,025	)		(100,502,959	)		106,715,061			32,787,888
Net increase (decrease) in net assets		32,994,277			456,306,826			(31,102,629	)		(100,487,619	)		95,605,963			59,464,471
Net assets:
Beginning of period/year		693,983,726			237,676,900			179,156,834			279,644,453			490,535,826			431,071,355
End of period/year	$	726,978,003		$	693,983,726		$	148,054,205		$	179,156,834		$	586,141,789		$	490,535,826
Undistributed (distributions in excess of) net investment income (loss)	$	6,599,818		$	5,779,226		$	459		$	16,063		$	61,151		$	6,914

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    186

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica MLP & Energy Income						Transamerica Money Market						Transamerica Multi-Managed Balanced
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Capital share transactions - shares:
Shares issued:
Class A		2,428,424			6,444,024			24,741,647			73,169,752			1,539,739			1,349,190
Class B		—			—			472,949			1,188,264			25,313			15,119
Class C		1,018,637			4,285,354			6,168,904			14,219,481			2,072,523			1,684,944
Class I		3,430,941			10,214,886			1,857,783			4,608,233			1,826,090			655,266
Class I2		12,603,234			20,474,978			16,940,717			14,874,587			—			—
		19,481,236			41,419,242			50,182,000			108,060,317			5,463,665			3,704,519
Shares reinvested:
Class A		92,192			89,499			8,166			3,270			345,851			366,264
Class B		—			—			350			195			11,644			16,108
Class C		46,293			33,671			2,395			1,156			248,965			209,287
Class I		113,721			80,333			2,578			2,736			363,229			446,156
Class I2		943,471			697,300			5,321			30,915			—			—
		1,195,677			900,803			18,810			38,272			969,689			1,037,815
Shares redeemed:
Class A		(1,858,099	)		(2,596,064	)		(51,565,783	)		(64,258,662	)		(800,578	)		(1,258,739	)
Class B		—			—			(867,777	)		(2,593,615	)		(11,275	)		(30,556	)
Class C		(614,294	)		(219,332	)		(10,344,876	)		(20,238,645	)		(498,361	)		(642,080	)
Class I		(4,130,382	)		(1,523,506	)		(2,983,561	)		(7,592,493	)		(847,851	)		(1,421,276	)
Class I2		(7,867,899	)		(1,395,001	)		(15,525,838	)		(113,918,131	)		—			—
		(14,470,674	)		(5,733,903	)		(81,287,835	)		(208,601,546	)		(2,158,065	)		(3,352,651	)
Automatic conversions:
Class A		—			—			458,132			964,155			34,347			81,480
Class B		—			—			(458,132	)		(964,155	)		(34,566	)		(82,000	)
		—			—			—			—			(219	)		(520	)
Net increase (decrease) in shares outstanding:
Class A		662,517			3,937,459			(26,357,838	)		9,878,515			1,119,359			538,195
Class B		—			—			(852,610	)		(2,369,311	)		(8,884	)		(81,329	)
Class C		450,636			4,099,693			(4,173,577	)		(6,018,008	)		1,823,127			1,252,151
Class I		(585,720	)		8,771,713			(1,123,200	)		(2,981,524	)		1,341,468			(319,854	)
Class I2		5,678,806			19,777,277			1,420,200			(99,012,629	)		—			—
		6,206,239			36,586,142			(31,087,025	)		(100,502,957	)		4,275,070			1,389,163

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    187

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Opportunistic Allocation						Transamerica Short-Term Bond						Transamerica Small Cap Core
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)
From operations:
Net investment income (loss)	$	41,999		$	67,941		$	38,780,415		$	80,846,165		$	1,252,175		$	1,155,624
Net realized gain (loss)		5,277			(48,558	)		(144,596	)		12,855,711			2,665,972			4,401,372
Net change in unrealized appreciation (depreciation)		(1,381	)		23,564			(13,139,585	)		(18,994,708	)		(2,880,327	)		4,937,099
Net increase (decrease) in net assets resulting from operations		45,895			42,947			25,496,234			74,707,168			1,037,820			10,494,095
Distributions to shareholders:
Net investment income:
Class A		(6,544	)		(16,186	)		(10,355,706	)		(21,792,309	)		(1,275	)		(443	)
Class C		(5,331	)		(14,271	)		(5,340,673	)		(12,151,962	)		—			(148	)
Class I		(13,523	)		(33,668	)		(9,049,364	)		(14,819,641	)		(4,391	)		(570	)
Class I2		—			—			(15,956,128	)		(36,362,344	)		(1,421,661	)		(212,400	)
Total distributions from net investment income		(25,398	)		(64,125	)		(40,701,871	)		(85,126,256	)		(1,427,327	)		(213,561	)
Net realized gains:
Class A		—			—			(2,212,685	)		(5,375,671	)		(7,159	)		—
Class C		—			—			(1,794,239	)		(4,773,809	)		(9,590	)		—
Class I		—			—			(1,776,307	)		(2,858,306	)		(15,428	)		—
Class I2		—			—			(3,124,732	)		(8,468,483	)		(4,435,892	)		—
Total distributions from net realized gains		—			—			(8,907,963	)		(21,476,269	)		(4,468,069	)		—
Total distributions to shareholders		(25,398	)		(64,125	)		(49,609,834	)		(106,602,525	)		(5,895,396	)		(213,561	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			257,678			190,816,851			487,562,162			57,029			320,881
Class C		—			250,000			56,776,898			195,646,184			94,206			386,364
Class I		800			508,346			244,344,998			624,083,494			74,061			658,168
Class I2		—			—			116,169,991			115,908,574			50,065,868			236,237,390
		800			1,016,024			608,108,738			1,423,200,414			50,291,164			237,602,803
Dividends and distributions reinvested:
Class A		6,544			16,186			11,297,491			24,497,042			8,434			443
Class C		5,331			14,271			6,152,456			14,459,422			9,590			148
Class I		13,523			33,668			8,349,155			13,036,726			19,819			570
Class I2		—			—			19,167,452			44,865,067			5,857,553			212,400
		25,398			64,125			44,966,554			96,858,257			5,895,396			213,561
Cost of shares redeemed:
Class A		—			—			(220,411,997	)		(444,326,310	)		(36,380	)		(12,012	)
Class C		—			—			(124,431,244	)		(223,138,513	)		(87,609	)		(29,345	)
Class I		(7,825	)		(1,247	)		(273,880,990	)		(313,121,163	)		(49,105	)		(1,000	)
Class I2		—			—			(288,630,075	)		(310,472,462	)		(2,475,876	)		(35,833,902	)
		(7,825	)		(1,247	)		(907,354,306	)		(1,291,058,448	)		(2,648,970	)		(35,876,259	)
Net increase (decrease) in net assets resulting from capital share transactions		18,373			1,078,902			(254,279,014	)		229,000,223			53,537,590			201,940,105
Net increase (decrease) in net assets		38,870			1,057,724			(278,392,614	)		197,104,866			48,680,014			212,220,639
Net assets:
Beginning of period/year		1,057,724			—			4,064,649,811			3,867,544,945			212,220,639			—
End of period/year	$	1,096,594		$	1,057,724		$	3,786,257,197		$	4,064,649,811		$	260,900,653		$	212,220,639
Undistributed (distributions in excess of) net investment income (loss)	$	16,601		$	—		$	(2,334,714	)	$	(413,258	)	$	711,761		$	886,913
Capital share transactions - shares:
Shares issued:
Class A		—			25,720			18,510,750			46,830,522			5,366			31,850
Class C		—			25,000			5,519,226			18,823,269			9,015			38,194
Class I		80			50,806			24,129,038			61,010,639			6,927			63,324
Class I2		—			—			11,486,643			11,329,795			4,657,313			22,743,486
		80			101,526			59,645,657			137,994,225			4,678,621			22,876,854
Shares reinvested:
Class A		656			1,583			1,097,292			2,355,593			796			43
Class C		533			1,397			598,854			1,393,177			908			14
Class I		1,355			3,291			825,319			1,275,695			1,870			55
Class I2		—			—			1,895,190			4,390,838			552,599			20,522
		2,544			6,271			4,416,655			9,415,303			556,173			20,634

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    188

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Opportunistic Allocation						Transamerica Short-Term Bond						Transamerica Small Cap Core
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014 (A)
Shares redeemed:
Class A		—			—			(21,393,698	)		(42,693,290	)		(3,499	)		(1,106	)
Class C		—			—			(12,096,003	)		(21,470,005	)		(8,169	)		(2,778	)
Class I		(775	)		(117	)		(27,047,495	)		(30,622,087	)		(4,800	)		(93	)
Class I2		—			—			(28,580,356	)		(30,329,868	)		(232,328	)		(3,290,278	)
		(775	)		(117	)		(89,117,552	)		(125,115,250	)		(248,796	)		(3,294,255	)
Net increase (decrease) in shares outstanding:
Class A		656			27,303			(1,785,656	)		6,492,825			2,663			30,787
Class C		533			26,397			(5,977,923	)		(1,253,559	)		1,754			35,430
Class I		660			53,980			(2,093,138	)		31,664,247			3,997			63,286
Class I2		—			—			(15,198,523	)		(14,609,235	)		4,977,584			19,473,730
		1,849			107,680			(25,055,240	)		22,294,278			4,985,998			19,603,233

^(A)  Commenced operations on October 31, 2013.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    189

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small Cap Growth						Transamerica Small Cap Value						Transamerica Small/Mid Cap Value
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	1,787,978		$	(2,309,837	)	$	4,269,532		$	7,725,007		$	1,142,572		$	1,062,572
Net realized gain (loss)		28,007,595			51,767,223			38,517,289			57,211,344			51,184,505			102,933,969
Net change in unrealized appreciation (depreciation)		4,886,688			(27,025,684	)		(33,517,318	)		(28,631,716	)		(19,444,804	)		(22,145,371	)
Net increase (decrease) in net assets resulting from operations		34,682,261			22,431,702			9,269,503			36,304,635			32,882,273			81,851,170
Distributions to shareholders:
Net investment income:
Class A		—			—			(6,784	)		(6,970	)		(538,330	)		(1,823,340	)
Class B		—			—			—			—			—			—
Class C		—			—			(1,112	)		(1,449	)		—			(203	)
Class I		—			—			(6,654	)		(6,211	)		(1,179,567	)		(1,237,227	)
Class I2		—			(13,380	)		(7,453,689	)		(6,672,269	)		(130,262	)		(164,899	)
Total distributions from net investment income		—			(13,380	)		(7,468,239	)		(6,686,899	)		(1,848,159	)		(3,225,669	)
Net realized gains:
Class A		(70,203	)		—			(85,908	)		(67,507	)		(44,311,576	)		(41,137,010	)
Class B		—			—			—			—			(2,648,701	)		(2,688,264	)
Class C		(50,005	)		—			(81,364	)		(43,009	)		(32,287,551	)		(25,079,326	)
Class I		(41,225	)		—			(58,777	)		(44,883	)		(21,671,799	)		(14,269,028	)
Class I2		(40,468,544	)		—			(58,359,000	)		(43,683,172	)		(2,043,198	)		(1,690,758	)
Total distributions from net realized gains		(40,629,977	)		—			(58,585,049	)		(43,838,571	)		(102,962,825	)		(84,864,386	)
Total distributions to shareholders		(40,629,977	)		(13,380	)		(66,053,288	)		(50,525,470	)		(104,810,984	)		(88,090,055	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,624,305			358,402			40,098			431,439			29,883,455			87,652,676
Class B		—			—			—			—			327,763			706,194
Class C		222,330			245,586			172,432			364,868			21,058,875			57,877,052
Class I		2,176,071			121,382			12,000			62,650			25,955,937			121,395,417
Class I2		12,099,425			58,927,253			2,281,161			92,994,125			229,369			1,055,255
		16,122,131			59,652,623			2,505,691			93,853,082			77,455,399			268,686,594
Dividends and distributions reinvested:
Class A		68,727			—			92,692			74,130			43,177,629			41,378,601
Class B		—			—			—			—			2,271,555			2,240,828
Class C		50,005			—			82,440			44,298			27,789,752			21,380,464
Class I		41,225			—			65,431			51,094			17,390,119			10,657,939
Class I2		40,468,544			13,380			65,812,689			50,355,441			2,173,460			1,855,657
		40,628,501			13,380			66,053,252			50,524,963			92,802,515			77,513,489
Cost of shares redeemed:
Class A		(1,277,769	)		(116,509	)		(33,601	)		(522,416	)		(68,636,614	)		(175,013,075	)
Class B		—			—			—			—			(3,802,032	)		(5,904,431	)
Class C		(62,614	)		(34,898	)		(129,046	)		(106,250	)		(36,208,052	)		(48,837,255	)
Class I		(42,867	)		(124,762	)		(51,202	)		(154,279	)		(52,005,818	)		(76,056,692	)
Class I2		(39,149,486	)		(115,172,585	)		(186,060,661	)		(187,601,274	)		(3,111,491	)		(2,284,369	)
		(40,532,736	)		(115,448,754	)		(186,274,510	)		(188,384,219	)		(163,764,007	)		(308,095,822	)
Automatic conversions:
Class A		—			—			—			—			663,147			1,856,060
Class B		—			—			—			—			(663,147	)		(1,856,060	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		16,217,896			(55,782,751	)		(117,715,567	)		(44,006,174	)		6,493,907			38,104,261
Net increase (decrease) in net assets		10,270,180			(33,364,429	)		(174,499,352	)		(58,227,009	)		(65,434,804	)		31,865,376
Net assets:
Beginning of period/year		530,890,970			564,255,399			681,372,919			739,599,928			1,073,353,112			1,041,487,736
End of period/year	$	541,161,150		$	530,890,970		$	506,873,567		$	681,372,919		$	1,007,918,308		$	1,073,353,112
Undistributed (distributions in excess of) net investment income (loss)	$	(136,190	)	$	(1,924,168	)	$	2,239,404		$	5,438,111		$	(560,960	)	$	144,627

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    190

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small Cap Growth						Transamerica Small Cap Value						Transamerica Small/Mid Cap Value
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Capital share transactions - shares:
Shares issued:
Class A		129,609			28,724			3,303			33,285			1,090,541			3,086,404
Class B		—			—			—			—			13,322			26,773
Class C		17,334			19,510			14,605			28,348			851,702			2,213,351
Class I		165,327			9,950			1,007			4,786			926,214			4,130,014
Class I2		950,966			4,712,855			184,866			7,192,651			8,147			35,971
		1,263,236			4,771,039			203,781			7,259,070			2,889,926			9,492,513
Shares reinvested:
Class A		5,708			—			7,744			5,801			1,625,052			1,497,055
Class B		—			—			—			—			92,792			86,753
Class C		4,220			—			6,899			3,469			1,148,337			836,809
Class I		3,402			—			5,448			3,989			638,638			377,005
Class I2		3,330,744			1,054			5,479,824			3,930,947			79,760			65,594
		3,344,074			1,054			5,499,915			3,944,206			3,584,579			2,863,216
Shares redeemed:
Class A		(101,123	)		(9,604	)		(2,755	)		(40,730	)		(2,510,825	)		(6,130,690	)
Class B		—			—			—			—			(149,946	)		(222,732	)
Class C		(4,916	)		(2,914	)		(10,574	)		(8,574	)		(1,452,608	)		(1,870,301	)
Class I		(3,272	)		(10,082	)		(4,270	)		(12,677	)		(1,875,846	)		(2,618,525	)
Class I2		(2,998,568	)		(9,282,608	)		(15,294,618	)		(14,626,262	)		(111,142	)		(79,242	)
		(3,107,879	)		(9,305,208	)		(15,312,217	)		(14,688,243	)		(6,100,367	)		(10,921,490	)
Automatic conversions:
Class A		—			—			—			—			24,548			65,165
Class B		—			—			—			—			(26,613	)		(69,867	)
		—			—			—			—			(2,065	)		(4,702	)
Net increase (decrease) in shares outstanding:
Class A		34,194			19,120			8,292			(1,644	)		229,316			(1,482,066	)
Class B		—			—			—			—			(70,445	)		(179,073	)
Class C		16,638			16,596			10,930			23,243			547,431			1,179,859
Class I		165,457			(132	)		2,185			(3,902	)		(310,994	)		1,888,494
Class I2		1,283,142			(4,568,699	)		(9,629,928	)		(3,502,664	)		(23,235	)		22,323
		1,499,431			(4,533,115	)		(9,608,521	)		(3,484,967	)		372,073			1,429,537

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    191

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Strategic High Income						Transamerica Tactical Allocation						Transamerica Tactical Income
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	666,475		$	860,248		$	72,642		$	202,587		$	11,385,138		$	32,746,450
Net realized gain (loss)		498,057			427,743			105,967			593,953			17,570,962			46,787,395
Net change in unrealized appreciation (depreciation)		(147,064	)		252,550			239,508			(497,837	)		(14,804,453	)		(20,881,142	)
Net increase (decrease) in net assets resulting from operations		1,017,468			1,540,541			418,117			298,703			14,151,647			58,652,703
Distributions to shareholders:
Net investment income:
Class A		(30,112	)		(21,932	)		(42,916	)		(116,188	)		(4,072,214	)		(9,387,251	)
Class C		(19,195	)		(14,963	)		(25,407	)		(111,628	)		(4,930,963	)		(10,079,093	)
Class I		(461,352	)		(220,447	)		(7,588	)		(27,765	)		(4,087,365	)		(8,025,504	)
Class I2		(210,074	)		(530,495	)		—			—			—			—
Total distributions from net investment income		(720,733	)		(787,837	)		(75,911	)		(255,581	)		(13,090,542	)		(27,491,848	)
Net realized gains:
Class A		(13,156	)		—			(202,903	)		(6,626	)		(4,162,900	)		—
Class C		(11,123	)		—			(241,345	)		(10,192	)		(6,427,415	)		—
Class I		(174,339	)		—			(30,876	)		(2,523	)		(3,875,409	)		—
Class I2		(234,686	)		—			—			—			—			—
Total distributions from net realized gains		(433,304	)		—			(475,124	)		(19,341	)		(14,465,724	)		—
Total distributions to shareholders		(1,154,037	)		(787,837	)		(551,035	)		(274,922	)		(27,556,266	)		(27,491,848	)
Capital share transactions:
Proceeds from shares sold:
Class A		441,389			1,153,243			550,660			2,033,070			17,880,699			48,021,688
Class C		40,000			1,066,569			495,569			2,120,963			20,812,093			52,497,261
Class I		10,241,182			14,025,078			20,257			148,863			27,558,792			82,956,484
Class I2		11,189			32,956,154			—			—			—			—
		10,733,760			49,201,044			1,066,486			4,302,896			66,251,584			183,475,433
Dividends and distributions reinvested:
Class A		43,268			21,932			245,080			122,191			7,664,767			8,694,710
Class C		29,894			14,963			266,711			121,209			10,232,725			8,941,478
Class I		597,706			205,018			37,009			26,003			6,692,950			6,550,437
Class I2		444,760			530,495			—			—			—			—
		1,115,628			772,408			548,800			269,403			24,590,442			24,186,625
Cost of shares redeemed:
Class A		(82,779	)		(725	)		(584,149	)		(777,688	)		(42,028,009	)		(149,952,578	)
Class C		(4,237	)		(35,357	)		(1,150,931	)		(1,801,486	)		(48,707,551	)		(139,234,720	)
Class I		(90,132	)		(390,084	)		(175,023	)		(841,328	)		(53,662,606	)		(124,650,121	)
Class I2		(22,902,213	)		(11,512,327	)		—			—			—			—
		(23,079,361	)		(11,938,493	)		(1,910,103	)		(3,420,502	)		(144,398,166	)		(413,837,419	)
Net increase (decrease) in net assets resulting from capital share transactions		(11,229,973	)		38,034,959			(294,817	)		1,151,797			(53,556,140	)		(206,175,361	)
Net increase (decrease) in net assets		(11,366,542	)		38,787,663			(427,735	)		1,175,578			(66,960,759	)		(175,014,506	)
Net assets:
Beginning of period/year		38,787,663			—			12,667,517			11,491,939			902,193,201			1,077,207,707
End of period/year	$	27,421,121		$	38,787,663		$	12,239,782		$	12,667,517		$	835,232,442		$	902,193,201
Undistributed (distributions in excess of) net investment income (loss)	$	30,699		$	84,957		$	(3,269	)	$	—		$	1,862,773		$	3,568,177
Capital share transactions - shares:
Shares issued:
Class A		42,554			114,409			54,023			196,312			1,725,913			4,654,071
Class C		3,903			106,121			48,879			206,858			2,020,064			5,103,509
Class I		999,789			1,365,979			2,052			14,577			2,669,148			7,976,112
Class I2		1,088			3,252,437			—			—			—			—
		1,047,334			4,838,946			104,954			417,747			6,415,125			17,733,692
Shares reinvested:
Class A		4,244			2,137			24,642			11,839			744,895			841,151
Class C		2,933			1,458			27,039			11,834			998,838			867,629
Class I		58,656			19,988			3,748			2,544			650,345			633,166
Class I2		43,647			51,602			—			—			—			—
		109,480			75,185			55,429			26,217			2,394,078			2,341,946

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    192

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Strategic High Income						Transamerica Tactical Allocation						Transamerica Tactical Income
	April 30, 2015 (unaudited)			October 31, 2014 (A)			April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited)			October 31, 2014
Shares redeemed:
Class A		(8,122	)		(71	)		(57,720	)		(75,538	)		(4,066,240	)		(14,461,409	)
Class C		(410	)		(3,407	)		(114,597	)		(176,194	)		(4,728,469	)		(13,535,177	)
Class I		(8,865	)		(37,495	)		(17,348	)		(81,886	)		(5,185,744	)		(12,085,747	)
Class I2		(2,241,077	)		(1,107,696	)		—			—			—			—
		(2,258,474	)		(1,148,669	)		(189,665	)		(333,618	)		(13,980,453	)		(40,082,333	)
Net increase (decrease) in shares outstanding:
Class A		38,676			116,475			20,945			132,613			(1,595,432	)		(8,966,187	)
Class C		6,426			104,172			(38,679	)		42,498			(1,709,567	)		(7,564,039	)
Class I		1,049,580			1,348,472			(11,548	)		(64,765	)		(1,866,251	)		(3,476,469	)
Class I2		(2,196,342	)		2,196,343			—			—			—			—
		(1,101,660	)		3,765,462			(29,282	)		110,346			(5,171,250	)		(20,006,695	)

^(A)  Commenced operations on March 1, 2014.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    193

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Tactical Rotation						Transamerica Unconstrained Bond			Transamerica US Growth
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited) (A)			April 30, 2015 (unaudited)			October 31, 2014
From operations:
Net investment income (loss)	$	39,658		$	99,556		$	607,120		$	1,815,189		$	4,702,928
Net realized gain (loss)		995,037			859,488			181,263			31,219,795			417,554,925
Net change in unrealized appreciation (depreciation)		(25,978	)		106,774			532,562			60,731,112			(243,809,615	)
Net increase (decrease) in net assets resulting from operations		1,008,717			1,065,818			1,320,945			93,766,096			178,448,238
Distributions to shareholders:
Net investment income:
Class A		(115,282	)		(35,784	)		—			(520,412	)		(3,465,587	)
Class B		—			—			—			—			—
Class C		(23,149	)		(7,089	)		—			(881	)		(26,540	)
Class I		(43,984	)		(17,768	)		(2,948	)		(883,080	)		(2,870,434	)
Class I2		—			—			(595,702	)		(2,222,771	)		(6,480,546	)
Class T		—			—			—			(184,264	)		(482,132	)
Total distributions from net investment income		(182,415	)		(60,641	)		(598,650	)		(3,811,408	)		(13,325,239	)
Net realized gains:
Class A		(650,313	)		(21,960	)		—			(87,284,697	)		—
Class B		—			—			—			(3,078,492	)		—
Class C		(396,800	)		(13,300	)		—			(9,631,368	)		—
Class I		(200,624	)		(8,367	)		—			(36,732,769	)		—
Class I2		—			—			—			(69,775,749	)		—
Class T		—			—			—			(8,896,400	)		—
Total distributions from net realized gains		(1,247,737	)		(43,627	)		—			(215,399,475	)		—
Total distributions to shareholders		(1,430,152	)		(104,268	)		(598,650	)		(219,210,883	)		(13,325,239	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,072,728			6,072,181			—			6,111,637			9,117,367
Class B		—			—			—			58,810			118,596
Class C		886,465			4,349,824			—			2,611,153			2,861,175
Class I		461,259			1,770,288			250,000			3,714,958			9,138,705
Class I2		—			—			50,621,889			4,642,631			18,392,356
Class T		—			—			—			415,985			1,012,958
		2,420,452			12,192,293			50,871,889			17,555,174			40,641,157
Dividends and distributions reinvested:
Class A		752,891			57,698			—			86,360,394			3,398,566
Class B		—			—			—			3,062,063			—
Class C		419,949			20,390			—			9,282,968			25,660
Class I		244,608			26,135			2,948			36,905,857			2,833,632
Class I2		—			—			595,702			71,900,449			6,470,353
Class T		—			—			—			8,869,390			474,365
		1,417,448			104,223			598,650			216,381,121			13,202,576
Cost of shares redeemed:
Class A		(2,177,895	)		(976,776	)		—			(34,237,130	)		(61,755,721	)
Class B		—			—			—			(938,503	)		(1,902,375	)
Class C		(1,340,266	)		(1,218,130	)		—			(4,790,979	)		(7,265,117	)
Class I		(294,009	)		(1,280,840	)		—			(36,389,415	)		(78,094,564	)
Class I2		—			—			—			(31,021,214	)		(266,711,312	)
Class T		—			—			—			(4,091,382	)		(8,367,204	)
		(3,812,170	)		(3,475,746	)		—			(111,468,623	)		(424,096,293	)
Automatic conversions:
Class A		—			—			—			3,592,780			3,709,838
Class B		—			—			—			(3,592,780	)		(3,709,838	)
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		25,730			8,820,770			51,470,539			122,467,672			(370,252,560	)
Net increase (decrease) in net assets		(395,705	)		9,782,320			52,192,834			(2,977,115	)		(205,129,561	)
Net assets:
Beginning of period/year		22,901,872			13,119,552			—			1,209,194,788			1,414,324,349
End of period/year	$	22,506,167		$	22,901,872		$	52,192,834		$	1,206,217,673		$	1,209,194,788
Undistributed (distributions in excess of) net investment income (loss)	$	(96,405	)	$	46,352		$	8,470		$	1,089,200		$	3,085,419

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    194

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Tactical Rotation						Transamerica Unconstrained Bond		Transamerica US Growth
	April 30, 2015 (unaudited)			October 31, 2014			April 30, 2015 (unaudited) (A)		April 30, 2015 (unaudited)			October 31, 2014
Capital share transactions - shares:
Shares issued:
Class A		93,827			532,540			—		354,795			505,770
Class B		—			—			—		3,407			6,713
Class C		77,829			383,593			—		152,648			159,743
Class I		40,096			155,900			25,000		209,085			494,219
Class I2		—			—			5,061,634		258,495			993,024
Class T		—			—			—		10,152			26,058
		211,752			1,072,033			5,086,634		988,582			2,185,527
Shares reinvested:
Class A		67,524			5,152			—		5,317,758			193,430
Class B		—			—			—		193,312			—
Class C		37,867			1,827			—		586,787			1,481
Class I		22,017			2,342			293		2,242,154			159,552
Class I2		—			—			59,175		4,378,833			365,145
Class T		—			—			—		225,169			12,533
		127,408			9,321			59,468		12,944,013			732,141
Shares redeemed:
Class A		(190,891	)		(85,107	)		—		(1,996,649	)		(3,402,414	)
Class B		—			—			—		(56,118	)		(107,475	)
Class C		(119,191	)		(106,790	)		—		(284,326	)		(409,264	)
Class I		(26,288	)		(112,192	)		—		(1,989,766	)		(4,262,368	)
Class I2		—			—			—		(1,787,412	)		(14,668,763	)
Class T		—			—			—		(100,273	)		(213,712	)
		(336,370	)		(304,089	)		—		(6,214,544	)		(23,063,996	)
Automatic conversions:
Class A		—			—			—		219,433			205,841
Class B		—			—			—		(224,960	)		(209,143	)
		—			—			—		(5,527	)		(3,302	)
Net increase (decrease) in shares outstanding:
Class A		(29,540	)		452,585			—		3,895,337			(2,497,373	)
Class B		—			—			—		(84,359	)		(309,905	)
Class C		(3,495	)		278,630			—		455,109			(248,040	)
Class I		35,825			46,050			25,293		461,473			(3,608,597	)
Class I2		—			—			5,120,809		2,849,916			(13,310,594	)
Class T		—			—			—		135,048			(175,121	)
		2,790			777,265			5,146,102		7,712,524			(20,149,630	)

^(A)  Commenced operations on December 8, 2014.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    195

FINANCIAL HIGHLIGHTS

For a share outstanding during the periods and years indicated:	Transamerica Capital Growth
	Class A
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010 (A)
Net asset value, beginning of period/year	$	24.40		$	21.40		$	15.34		$	15.47		$	13.78		$	11.77
Investment operations:
Net investment income (loss) (B)		(0.08	)		(0.15	)		(0.07	)		—	(C)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		1.69			3.64			6.49			0.32			1.81			2.12
Total investment operations		1.61			3.49			6.42			0.32			1.69			2.03
Distributions:
Net investment income		—			—			—			—			—			(0.02	)
Net realized gains		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			—
Total distributions		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			(0.02	)
Net asset value, end of period/year	$	25.35		$	24.40		$	21.40		$	15.34		$	15.47		$	13.78
Total return (D)		6.81	%(E)		16.52	%		42.74	%		2.38	%		12.34	%		17.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	133,793		$	124,413		$	88,843		$	65,782		$	66,058		$	48,547
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%(F)		1.26	%		1.41	%		1.47	%		1.63	%		1.78	%(F)
Including waiver and/or reimbursement and recapture		1.21	%(F)		1.26	%		1.48	%		1.52	%		1.55	%		1.55	%(F)
Net investment income (loss) to average net assets		(0.65	)%(F)		(0.63	)%		(0.38	)%		0.01	%		(0.76	)%		(0.75	)%(F)
Portfolio turnover rate		11	%(E)		30	%		29	%		52	%		90	%		57	%(E)

^(A)  Commenced operations on November 13, 2009.

^(B)  Calculated 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.

For a share outstanding during the periods and years indicated:	Transamerica Capital Growth
	Class B
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,    2010 (A)
Net asset value, beginning of period/year	$	21.76		$	19.31		$	13.96		$	14.22		$	12.75		$	10.95
Investment operations:
Net investment income (loss) (B)		(0.18	)		(0.32	)		(0.17	)		(0.10	)		(0.20	)		(0.15	)
Net realized and unrealized gain (loss)		1.50			3.26			5.88			0.29			1.67			1.96
Total investment operations		1.32			2.94			5.71			0.19			1.47			1.81
Distributions:
Net investment income		—			—			—			—	(C)		—			(0.01	)
Net realized gains		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			—
Total distributions		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			(0.01	)
Net asset value, end of period/year	$	22.42		$	21.76		$	19.31		$	13.96		$	14.22		$	12.75
Total return (D)		6.34	%(E)		15.44	%		41.86	%		1.65	%		11.61	%		16.51	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,264		$	4,932		$	6,020		$	5,596		$	7,786		$	9,916
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.14	%(F)		2.16	%		2.28	%		2.33	%		2.45	%		2.51	%(F)
Including waiver and/or reimbursement and recapture		2.20	%(F)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%(F)
Net investment income (loss) to average net assets		(1.63	)%(F)		(1.54	)%		(1.07	)%		(0.73	)%		(1.41	)%		(1.36	)%(F)
Portfolio turnover rate		11	%(E)		30	%		29	%		52	%		90	%		57	%(E)

^(A)  Commenced operations on November 13, 2009.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    196

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Capital Growth
	Class C
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,    2010 (A)
Net asset value, beginning of period/year	$	21.84		$	19.33		$	13.96		$	14.20		$	12.74		$	10.94
Investment operations:
Net investment income (loss) (B)		(0.15	)		(0.28	)		(0.15	)		(0.08	)		(0.20	)		(0.15	)
Net realized and unrealized gain (loss)		1.51			3.28			5.88			0.29			1.66			1.96
Total investment operations		1.36			3.00			5.73			0.21			1.46			1.81
Distributions:
Net investment income		—			—			—			—	(C)		—			(0.01	)
Net realized gains		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			—
Total distributions		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			(0.01	)
Net asset value, end of period/year	$	22.54		$	21.84		$	19.33		$	13.96		$	14.20		$	12.74
Total return (D)		6.45	%(E)		15.74	%		42.01	%		1.80	%		11.62	%		16.53	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	55,607		$	50,879		$	27,535		$	19,809		$	16,252		$	12,814
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.92	%(F)		1.95	%		2.04	%		2.06	%		2.18	%		2.26	%(F)
Including waiver and/or reimbursement and recapture		1.92	%(F)		1.95	%		2.04	%		2.08	%		2.20	%		2.20	%(F)
Net investment income (loss) to average net assets		(1.36	)%(F)		(1.34	)%		(0.95	)%		(0.54	)%		(1.41	)%		(1.39	)%(F)
Portfolio turnover rate		11	%(E)		30	%		29	%		52	%		90	%		57	%(E)

^(A)  Commenced operations on November 13, 2009.

^(B)  Calculated 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.

For a share outstanding during the periods and years indicated:	Transamerica Capital Growth
	Class I
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,    2010 (A)
Net asset value, beginning of period/year	$	24.92		$	21.78		$	15.61		$	15.66		$	13.89		$	11.64
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.07	)		0.02			0.11			(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		1.73			3.70			6.59			0.30			1.83			2.33
Total investment operations		1.69			3.63			6.61			0.41			1.77			2.27
Distributions:
Net investment income		—			—			(0.08	)		(0.01	)		—			(0.02	)
Net realized gains		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—			—
Total distributions		(0.66	)		(0.49	)		(0.44	)		(0.46	)		—			(0.02	)
Net asset value, end of period/year	$	25.95		$	24.92		$	21.78		$	15.61		$	15.66		$	13.89
Total return (C)		6.99	%(D)		16.88	%		43.45	%		2.96	%		12.81	%		19.58	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	161,648		$	161,858		$	105,747		$	80,083		$	11,767		$	434
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%(E)		0.95	%		0.99	%		0.94	%		1.10	%		1.85	%(E)
Including waiver and/or reimbursement and recapture		0.92	%(E)		0.95	%		0.99	%		0.94	%		1.13	%		1.20	%(E)
Net investment income (loss) to average net assets		(0.36	)%(E)		(0.31	)%		0.11	%		0.66	%		(0.37	)%		(0.51	)%(E)
Portfolio turnover rate		11	%(D)		30	%		29	%		52	%		90	%		57	%(D)

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

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    197

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Capital Growth
	Class I2
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31,   2011 (A)
Net asset value, beginning of period/year	$	16.88		$	14.88		$	10.80		$	10.96		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.03	)		0.04			0.07			—	(C)
Net realized and unrealized gain (loss)		1.16			2.52			4.50			0.22			0.96
Total investment operations		1.14			2.49			4.54			0.29			0.96
Distributions:
Net investment income		—			—			(0.10	)		—	(C)		—
Net realized gains		(0.66	)		(0.49	)		(0.36	)		(0.45	)		—
Total distributions		(0.66	)		(0.49	)		(0.46	)		(0.45	)		—
Net asset value, end of period/year	$	17.36		$	16.88		$	14.88		$	10.80		$	10.96
Total return (D)		7.06	%(E)		17.05	%		43.65	%		3.11	%		9.70	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	988,821		$	836,984		$	509,700		$	545,635		$	407,302
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(F)		0.81	%		0.84	%		0.84	%		1.09	%(F)
Including waiver and/or reimbursement and recapture		0.79	%(F)		0.81	%		0.84	%		0.84	%		1.09	%(F)
Net investment income (loss) to average net assets		(0.24	)%(F)		(0.20	)%		0.32	%		0.67	%		(0.48	)%(F)
Portfolio turnover rate		11	%(E)		30	%		29	%		52	%		90	%(E)

^(A)  Commenced operations on September 30, 2011.

^(B)  Calculated 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.

For a share outstanding during the periods indicated:	Transamerica Concentrated Growth
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	16.22		$	15.57
Investment operations:
Net investment income (loss) (B)		0.02			—	(C)
Net realized and unrealized gain (loss)		1.01			0.65
Total investment operations		1.03			0.65
Distributions:
Net realized gains		(0.04	)		—
Net asset value, end of period	$	17.21		$	16.22
Total return (D)		6.34	%(E)		4.17	%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	544		$	444
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(F)		1.18	%(F)
Including waiver and/or reimbursement and recapture		1.03	%(F)		1.18	%(F)
Net investment income (loss) to average net assets		0.22	%(F)		0.03	%(F)
Portfolio turnover rate		13	%(E)		18	%(E)

^(A)  Commenced operations on March 1, 2014.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    198

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Concentrated Growth
	Class C
	April 30, 2015   (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	16.14		$	15.57
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss)		0.99			0.64
Total investment operations		0.95			0.57
Distributions:
Net realized gains		(0.04	)		—
Net asset value, end of period	$	17.05		$	16.14
Total return (C)		5.87	%(D)		3.66	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	370		$	274
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.76	%(E)		1.93	%(E)
Including waiver and/or reimbursement and recapture		1.76	%(E)		1.93	%(E)
Net investment income (loss) to average net assets		(0.52	)%(E)		(0.67	)%(E)
Portfolio turnover rate		13	%(D)		18	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Concentrated Growth
	Class I (A)
	April 30, 2015   (unaudited)			October 31,   2014 (B)			December 31, 2013			December 31,  2012			December 31, 2011			December 31, 2010 (C)
Net asset value, beginning of period/year	$	16.09		$	15.76		$	12.240		$	10.220		$	10.000		$	10.000
Investment operations:
Net investment income (loss) (D)		0.03			0.02			(0.003	)		0.009	(E)		0.003			0.000
Net realized and unrealized gain (loss)		0.99			0.76			3.869			2.064			0.221	(F)		0.000
Total investment operations		1.02			0.78			3.866			2.073			0.224			0.000
Distributions:
Net investment income		(0.02	)		—			(0.004	)		(0.006	)		(0.002	)		0.000
Net realized gains		(0.04	)		(0.45	)		(0.342	)		(0.047	)		(0.002	)		—
Total distributions		(0.06	)		(0.45	)		(0.346	)		(0.053	)		(0.004	)		0.000
Net asset value, end of period/year	$	17.05		$	16.09		$	15.76		$	12.24		$	10.22		$	10.00
Total return (G)		6.32	%(H)		6.13	%(H)		31.84	%		20.28	%		2.23	%		0.00	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,680		$	19,643		$	13,761		$	10,320		$	2,801		$	100
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%(I)		1.08	%(I)		2.18	%		3.68	%		5.90	%		0.00	%
Including waiver and/or reimbursement and recapture		0.94	%(I)		1.00	%(I)		1.25	%		1.25	%		1.25	%		0.00	%
Net investment income (loss) to average net assets		0.32	%(I)		0.16	%(I)		(0.02	)%		0.08	%(E)		0.03	%		0.00	%
Portfolio turnover rate		13	%(H)		18	%(H)		14.84	%		21.76	%		22.35	%		0.00	%

^(A)  Prior to February 28, 2014, information provided in previous periods reflects The Torray Resolute Fund, which is the accounting survivor pursuant to a Plan of Reorganization. Prior to January 1, 2014, the financial highlights were audited by another independent registered public accounting firm.

^(B)  Effective at the close of business on February 28, 2014, the fiscal year end of the Fund changed to October 31. The Financial Highlights represent activity for the ten months of January 1, 2014 - October 31, 2014. Refer to the notes to the financial statements for details.

^(C)  Commenced operations on December 31, 2010.

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

^(E)  For the year ended December 31, 2012, investment income per share reflects a special dividend which amounted to $0.01 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been (0.01)%.

^(F)  The amount of net gains on securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

^(H)  Not annualized.

^(I)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    199

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Concentrated Growth
	Class I2
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	16.26		$	15.57
Investment operations:
Net investment income (loss) (B)		0.04			0.04
Net realized and unrealized gain (loss)		1.01			0.65
Total investment operations		1.05			0.69
Distributions:
Net investment income		(0.04	)		—
Net realized gains		(0.04	)		—
Total distributions		(0.08	)		—
Net asset value, end of period	$	17.23		$	16.26
Total return (C)		6.46	%(D)		4.43	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	429,595		$	353,480
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(E)		0.77	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(E)		0.77	%(E)
Net investment income (loss) to average net assets		0.51	%(E)		0.42	%(E)
Portfolio turnover rate		13	%(D)		18	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and year indicated:	Transamerica Dividend Focused
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	13.35		$	11.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.20			0.14
Net realized and unrealized gain (loss)		0.26			1.47			1.97
Total investment operations		0.37			1.67			2.11
Distributions:
Net investment income		(0.11	)		(0.20	)		(0.13	)
Net realized gains		(0.43	)		(0.10	)		—
Total distributions		(0.54	)		(0.30	)		(0.13	)
Net asset value, end of period/year	$	13.18		$	13.35		$	11.98
Total return (C)		2.80	%(D)		14.14	%		21.25	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,186		$	63,639		$	1,245
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.96	%(E)		0.96	%		1.07	%(E)
Including waiver and/or reimbursement and recapture		0.96	%(E)		0.96	%		1.07	%(E)
Net investment income (loss) to average net assets		1.62	%(E)		1.55	%		1.47	%(E)
Portfolio turnover rate		9	%(D)		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    200

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica Dividend Focused
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	13.32		$	11.96		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			0.09			0.08
Net realized and unrealized gain (loss)		0.26			1.49			1.96
Total investment operations		0.31			1.58			2.04
Distributions:
Net investment income		(0.07	)		(0.12	)		(0.08	)
Net realized gains		(0.43	)		(0.10	)		—
Total distributions		(0.50	)		(0.22	)		(0.08	)
Net asset value, end of period/year	$	13.13		$	13.32		$	11.96
Total return (C)		2.31	%(D)		13.30	%		20.50	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,056		$	4,419		$	1,297
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%(E)		1.81	%		1.78	%(E)
Including waiver and/or reimbursement and recapture		1.79	%(E)		1.81	%		1.78	%(E)
Net investment income (loss) to average net assets		0.78	%(E)		0.74	%		0.83	%(E)
Portfolio turnover rate		9	%(D)		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and year indicated:	Transamerica Dividend Focused
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	13.35		$	11.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.23			0.17
Net realized and unrealized gain (loss)		0.26			1.47			1.96
Total investment operations		0.38			1.70			2.13
Distributions:
Net investment income		(0.12	)		(0.23	)		(0.15	)
Net realized gains		(0.43	)		(0.10	)		—
Total distributions		(0.55	)		(0.33	)		(0.15	)
Net asset value, end of period/year	$	13.18		$	13.35		$	11.98
Total return (C)		2.88	%(D)		14.37	%		21.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,885		$	6,311		$	1,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%(E)		0.80	%		0.82	%(E)
Including waiver and/or reimbursement and recapture		0.80	%(E)		0.80	%		0.82	%(E)
Net investment income (loss) to average net assets		1.76	%(E)		1.80	%		1.82	%(E)
Portfolio turnover rate		9	%(D)		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    201

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica Dividend Focused
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31,   2013 (A)
Net asset value, beginning of period/year	$	13.36		$	11.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.24			0.17
Net realized and unrealized gain (loss)		0.27			1.48			1.97
Total investment operations		0.39			1.72			2.14
Distributions:
Net investment income		(0.13	)		(0.24	)		(0.16	)
Net realized gains		(0.43	)		(0.10	)		—
Total distributions		(0.56	)		(0.34	)		(0.16	)
Net asset value, end of period/year	$	13.19		$	13.36		$	11.98
Total return (C)		2.94	%(D)		14.56	%		21.49	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	887,414		$	1,402,739		$	1,023,268
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(E)		0.70	%		0.71	%(E)
Including waiver and/or reimbursement and recapture		0.70	%(E)		0.70	%		0.71	%(E)
Net investment income (loss) to average net assets		1.88	%(E)		1.88	%		1.91	%(E)
Portfolio turnover rate		9	%(D)		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Debt
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	10.75		$	10.83		$	11.54		$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.30			0.61			0.56			0.59			0.08
Net realized and unrealized gain (loss)		(0.49	)		(0.11	)		(0.55	)		1.45			(0.08	)
Total investment operations		(0.19	)		0.50			0.01			2.04			—
Distributions:
Net investment income		(0.14	)		(0.58	)		(0.47	)		(0.50	)		—	(C)
Net realized gains		—			—			(0.25	)		—			—
Total distributions		(0.14	)		(0.58	)		(0.72	)		(0.50	)		—	(C)
Net asset value, end of period/year	$	10.42		$	10.75		$	10.83		$	11.54		$	10.00
Total return (D)		(1.73	)%(E)		4.81	%		(0.07	)%		21.07	%		0.04	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	93,708		$	81,684		$	129,805		$	60,754		$	2,247
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%(F)		1.18	%		1.11	%		1.19	%		1.65	%(F)
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.18	%		1.11	%		1.21	%		1.35	%(F)
Net investment income (loss) to average net assets		5.86	%(F)		5.68	%		5.02	%		5.47	%		5.24	%(F)
Portfolio turnover rate		129	%(E)		321	%		326	%		305	%		31	%(E)

^(A)  Commenced operations on August 31, 2011.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    202

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Debt
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	10.72		$	10.80		$	11.51		$	9.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.26			0.54			0.48			0.52			0.07
Net realized and unrealized gain (loss)		(0.49	)		(0.11	)		(0.54	)		1.44			(0.08	)
Total investment operations		(0.23	)		0.43			(0.06	)		1.96			(0.01	)
Distributions:
Net investment income		(0.12	)		(0.51	)		(0.40	)		(0.44	)		—	(C)
Net realized gains		—			—			(0.25	)		—			—
Total distributions		(0.12	)		(0.51	)		(0.65	)		(0.44	)		—	(C)
Net asset value, end of period/year	$	10.37		$	10.72		$	10.80		$	11.51		$	9.99
Total return (D)		(2.14	)%(E)		4.12	%		(0.69	)%		20.24	%		(0.08	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,604		$	27,202		$	30,547		$	10,543		$	1,025
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%(F)		1.84	%		1.81	%		1.86	%		2.29	%(F)
Including waiver and/or reimbursement and recapture		1.83	%(F)		1.84	%		1.81	%		1.87	%		2.00	%(F)
Net investment income (loss) to average net assets		5.17	%(F)		5.02	%		4.36	%		4.87	%		4.35	%(F)
Portfolio turnover rate		129	%(E)		321	%		326	%		305	%		31	%(E)

^(A)  Commenced operations on August 31, 2011.

^(B)  Calculated 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.

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Debt
	Class I
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	10.78		$	10.85		$	11.56		$	10.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.32			0.65			0.60			0.63			0.09
Net realized and unrealized gain (loss)		(0.50	)		(0.10	)		(0.56	)		1.44			(0.08	)
Total investment operations		(0.18	)		0.55			0.04			2.07			0.01
Distributions:
Net investment income		(0.16	)		(0.62	)		(0.50	)		(0.52	)		—	(C)
Net realized gains		—			—			(0.25	)		—			—
Total distributions		(0.16	)		(0.62	)		(0.75	)		(0.52	)		—	(C)
Net asset value, end of period/year	$	10.44		$	10.78		$	10.85		$	11.56		$	10.01
Total return (D)		(1.63	)%(E)		5.30	%		0.23	%		21.40	%		0.14	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	452,426		$	340,068		$	133,449		$	46,190		$	2,064
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%(F)		0.81	%		0.79	%		0.84	%		1.34	%(F)
Including waiver and/or reimbursement and recapture		0.80	%(F)		0.81	%		0.79	%		0.86	%		1.00	%(F)
Net investment income (loss) to average net assets		6.22	%(F)		6.00	%		5.38	%		5.68	%		5.46	%(F)
Portfolio turnover rate		129	%(E)		321	%		326	%		305	%		31	%(E)

^(A)  Commenced operations on August 31, 2011.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    203

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Debt
	Class I2
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	10.78		$	10.85		$	11.56		$	10.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.32			0.66			0.61			0.63			0.07
Net realized and unrealized gain (loss)		(0.50	)		(0.10	)		(0.56	)		1.45			(0.06	)
Total investment operations		(0.18	)		0.56			0.05			2.08			0.01
Distributions:
Net investment income		(0.16	)		(0.63	)		(0.51	)		(0.53	)		—	(C)
Net realized gains		—			—			(0.25	)		—			—
Total distributions		(0.16	)		(0.63	)		(0.76	)		(0.53	)		—	(C)
Net asset value, end of period/year	$	10.44		$	10.78		$	10.85		$	11.56		$	10.01
Total return (D)		(1.58	)%(E)		5.39	%		0.33	%		21.50	%		0.14	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	125,852		$	143,512		$	339,967		$	505,629		$	95,233
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(F)		0.71	%		0.69	%		0.74	%		1.23	%(F)
Including waiver and/or reimbursement and recapture		0.70	%(F)		0.71	%		0.69	%		0.76	%		1.00	%(F)
Net investment income (loss) to average net assets		6.20	%(F)		6.16	%		5.38	%		5.82	%		4.63	%(F)
Portfolio turnover rate		129	%(E)		321	%		326	%		305	%		31	%(E)

^(A)  Commenced operations on August 31, 2011.

^(B)  Calculated 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.

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Equity
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.25		$	10.40		$	9.42		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.02	)		0.11			0.12			0.09
Net realized and unrealized gain (loss)		0.49			(0.16	)		0.88			(0.67	)
Total investment operations		0.47			(0.05	)		1.00			(0.58	)
Distributions:
Net investment income		(0.11	)		(0.10	)		(0.02	)		—
Net asset value, end of period/year	$	10.61		$	10.25		$	10.40		$	9.42
Total return (C)		4.64	%(D)		(0.40	)%		10.68	%		(5.80	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,972		$	1,495		$	805		$	302
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.56	%(E)		1.62	%		1.60	%		1.85	%(E)
Including waiver and/or reimbursement and recapture		1.56	%(E)		1.62	%		1.60	%		1.85	%(E)
Net investment income (loss) to average net assets		(0.38	)%(E)		1.05	%		1.19	%		1.97	%(E)
Portfolio turnover rate		34	%(D)		69	%		63	%		76	%(D)

^(A)  Commenced operations on April 30, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    204

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Equity
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.14		$	10.32		$	9.39		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.05	)		0.04			0.06			0.07
Net realized and unrealized gain (loss)		0.49			(0.15	)		0.87			(0.68	)
Total investment operations		0.44			(0.11	)		0.93			(0.61	)
Distributions:
Net investment income		(0.04	)		(0.07	)		—			—
Net asset value, end of period/year	$	10.54		$	10.14		$	10.32		$	9.39
Total return (C)		4.36	%(D)		(1.05	)%		9.90	%		(6.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,186		$	1,424		$	916		$	253
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.27	%(E)		2.29	%		2.23	%		2.52	%(E)
Including waiver and/or reimbursement and recapture		2.27	%(E)		2.29	%		2.23	%		2.52	%(E)
Net investment income (loss) to average net assets		(1.07	)%(E)		0.36	%		0.57	%		1.43	%(E)
Portfolio turnover rate		34	%(D)		69	%		63	%		76	%(D)

^(A)  Commenced operations on April 30, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Equity
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.30		$	10.43		$	9.43		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)		0.12			0.17			0.11
Net realized and unrealized gain (loss)		0.48			(0.13	)		0.87			(0.68	)
Total investment operations		0.48			(0.01	)		1.04			(0.57	)
Distributions:
Net investment income		(0.13	)		(0.12	)		(0.04	)		—
Net asset value, end of period/year	$	10.65		$	10.30		$	10.43		$	9.43
Total return (D)		4.77	%(E)		(0.04	)%		11.03	%		(5.70	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,313		$	1,147		$	505		$	302
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%(F)		1.29	%		1.26	%		1.60	%(F)
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.29	%		1.26	%		1.60	%(F)
Net investment income (loss) to average net assets		(0.08	)%(F)		1.22	%		1.74	%		2.26	%(F)
Portfolio turnover rate		34	%(E)		69	%		63	%		76	%(E)

^(A)  Commenced operations on April 30, 2012.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    205

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Equity
	Class I2
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31,   2012 (A)
Net asset value, beginning of period/year	$	10.30		$	10.44		$	9.44		$	10.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.15			0.16			0.10
Net realized and unrealized gain (loss)		0.50			(0.16	)		0.88			(0.66	)
Total investment operations		0.50			(0.01	)		1.04			(0.56	)
Distributions:
Net investment income		(0.14	)		(0.13	)		(0.04	)		—
Net asset value, end of period/year	$	10.66		$	10.30		$	10.44		$	9.44
Total return (D)		4.93	%(E)		(0.02	)%		11.09	%		(5.60	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	362,748		$	241,658		$	220,261		$	107,183
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.14	%(F)		1.17	%		1.15	%		1.49	%(F)
Including waiver and/or reimbursement and recapture		1.14	%(F)		1.17	%		1.15	%		1.49	%(F)
Net investment income (loss) to average net assets		0.02	%(F)		1.44	%		1.66	%		2.06	%(F)
Portfolio turnover rate		34	%(E)		69	%		63	%		76	%(E)

^(A)  Commenced operations on April 30, 2012.

^(B)  Calculated 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.

For a share outstanding during the period and years indicated:	Transamerica Enhanced Muni
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.16		$	10.37		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.10			0.25			0.22
Net realized and unrealized gain (loss)		0.15			0.78			0.38	(D)
Total investment operations		0.25			1.03			0.60
Distributions:
Net investment income		(0.10	)		(0.24	)		(0.23	)
Net realized gains		(0.15	)		—			—
Total distributions		(0.25	)		(0.24	)		(0.23	)
Net asset value, end of period/year	$	11.16		$	11.16		$	10.37
Total return (E)		2.20	%(F)		10.05	%		6.05	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	76,435		$	35,974		$	6,241
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.92	%(H)		1.12	%		2.36	%
Including waiver and/or reimbursement and recapture		0.86	%(H)		0.86	%		0.86	%
Net investment income (loss) to average net assets (C)		1.82	%(H)		2.27	%		2.12	%
Portfolio turnover rate (I)		42	%(F)		107	%		111	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the period.

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

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    206

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Enhanced Muni
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.14		$	10.36		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.07			0.18			0.15
Net realized and unrealized gain (loss)		0.15			0.78			0.39	(D)
Total investment operations		0.22			0.96			0.54
Distributions:
Net investment income		(0.07	)		(0.18	)		(0.18	)
Net realized gains		(0.15	)		—			—
Total distributions		(0.22	)		(0.18	)		(0.18	)
Net asset value, end of period/year	$	11.14		$	11.14		$	10.36
Total return (E)		1.92	%(F)		9.35	%		5.42	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	21,751		$	9,960		$	1,778
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.67	%(H)		1.87	%		3.08	%
Including waiver and/or reimbursement and recapture		1.46	%(H)		1.46	%		1.46	%
Net investment income (loss) to average net assets (C)		1.23	%(H)		1.69	%		1.47	%
Portfolio turnover rate (I)		42	%(F)		107	%		111	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the period.

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

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    207

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Enhanced Muni
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.20		$	10.41		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.11			0.26			0.23
Net realized and unrealized gain (loss)		0.15			0.78			0.38	(D)
Total investment operations		0.26			1.04			0.61
Distributions:
Net investment income		(0.10	)		(0.25	)		(0.20	)
Net realized gains		(0.15	)		—			—
Total distributions		(0.25	)		(0.25	)		(0.20	)
Net asset value, end of period/year	$	11.21		$	11.20		$	10.41
Total return (E)		2.36	%(F)		10.16	%		6.10	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	68,904		$	22,007		$	6,632
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.73	%(H)		0.92	%		2.12	%
Including waiver and/or reimbursement and recapture		0.71	%(H)		0.71	%		0.71	%
Net investment income (loss) to average net assets (C)		1.97	%(H)		2.44	%		2.21	%
Portfolio turnover rate (I)		42	%(F)		107	%		111	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the period.

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

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Flexible Income
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010
Net asset value, beginning of period/year	$	9.46		$	9.38		$	9.37		$	8.83		$	8.99		$	8.33
Investment operations:
Net investment income (loss) (A)		0.14			0.29			0.41			0.45			0.51			0.50
Net realized and unrealized gain (loss)		(0.01	)		0.08			0.03			0.55			(0.16	)		0.70
Total investment operations		0.13			0.37			0.44			1.00			0.35			1.20
Distributions:
Net investment income		(0.14	)		(0.29	)		(0.43	)		(0.46	)		(0.51	)		(0.54	)
Net asset value, end of period/year	$	9.45		$	9.46		$	9.38		$	9.37		$	8.83		$	8.99
Total return (B)		1.36	%(C)		3.98	%		4.85	%		11.60	%		3.93	%		14.89	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	74,785		$	73,829		$	78,512		$	77,291		$	65,393		$	55,103
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%(D)		0.91	%		1.00	%		1.01	%		1.07	%		1.15	%(E)
Including waiver and/or reimbursement and recapture		0.88	%(D)		0.89	%		0.95	%		0.95	%		0.97	%		1.07	%(E)
Net investment income (loss) to average net assets		2.90	%(D)		3.04	%		4.32	%		4.95	%		5.70	%		5.79	%
Portfolio turnover rate		11	%(C)		26	%		32	%		35	%		42	%		120	%

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

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

^(C)  Not annualized.

^(D)  Annualized.

^(E)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    208

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Flexible Income
	Class B
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	9.46		$	9.39		$	9.37		$	8.83		$	9.00		$	8.34
Investment operations:
Net investment income (loss) (A)		0.10			0.21			0.32			0.37			0.44			0.43
Net realized and unrealized gain (loss)		(0.01	)		0.07			0.05			0.55			(0.18	)		0.71
Total investment operations		0.09			0.28			0.37			0.92			0.26			1.14
Distributions:
Net investment income		(0.10	)		(0.21	)		(0.35	)		(0.38	)		(0.43	)		(0.48	)
Net asset value, end of period/year	$	9.45		$	9.46		$	9.39		$	9.37		$	8.83		$	9.00
Total return (B)		0.94	%(C)		2.98	%		4.00	%		10.69	%		2.96	%		14.02	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,164		$	3,644		$	4,819		$	6,641		$	7,066		$	10,614
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.73	%(D)		1.72	%		1.85	%		1.79	%		1.82	%		1.88	%(E)
Including waiver and/or reimbursement and recapture		1.73	%(D)		1.72	%		1.85	%		1.79	%		1.82	%		1.88	%(E)
Net investment income (loss) to average net assets		2.04	%(D)		2.24	%		3.42	%		4.13	%		4.87	%		4.97	%
Portfolio turnover rate		11	%(C)		26	%		32	%		35	%		42	%		120	%

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

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

^(C)  Not annualized.

^(D)  Annualized.

^(E)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Flexible Income
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,  2010
Net asset value, beginning of period/year	$	9.40		$	9.32		$	9.31		$	8.79		$	8.96		$	8.31
Investment operations:
Net investment income (loss) (A)		0.10			0.22			0.34			0.38			0.45			0.44
Net realized and unrealized gain (loss)		(0.00	)(B)		0.08			0.04			0.54			(0.17	)		0.70
Total investment operations		0.10			0.30			0.38			0.92			0.28			1.14
Distributions:
Net investment income		(0.11	)		(0.22	)		(0.37	)		(0.40	)		(0.45	)		(0.49	)
Net asset value, end of period/year	$	9.39		$	9.40		$	9.32		$	9.31		$	8.79		$	8.96
Total return (C)		1.02	%(D)		3.26	%		4.10	%		10.71	%		3.21	%		14.15	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	67,994		$	68,629		$	71,692		$	81,874		$	50,314		$	36,264
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.59	%(E)		1.60	%		1.67	%		1.65	%		1.68	%		1.74	%(F)
Including waiver and/or reimbursement and recapture		1.59	%(E)		1.60	%		1.67	%		1.65	%		1.68	%		1.74	%(F)
Net investment income (loss) to average net assets		2.19	%(E)		2.33	%		3.60	%		4.22	%		4.98	%		5.14	%
Portfolio turnover rate		11	%(D)		26	%		32	%		35	%		42	%		120	%

^(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)  Not annualized.

^(E)  Annualized.

^(F)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    209

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Flexible Income
	Class I
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010 (A)
Net asset value, beginning of period/year	$	9.47		$	9.39		$	9.38		$	8.85		$	9.02		$	8.48
Investment operations:
Net investment income (loss) (B)		0.15			0.31			0.43			0.47			0.53			0.50
Net realized and unrealized gain (loss)		(0.01	)		0.08			0.04			0.55			(0.16	)		0.57
Total investment operations		0.14			0.39			0.47			1.02			0.37			1.07
Distributions:
Net investment income		(0.15	)		(0.31	)		(0.46	)		(0.49	)		(0.54	)		(0.53	)
Net asset value, end of period/year	$	9.46		$	9.47		$	9.39		$	9.38		$	8.85		$	9.02
Total return (C)		1.50	%(D)		4.25	%		5.13	%		11.87	%		4.19	%		13.10	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	49,944		$	42,545		$	33,036		$	31,480		$	19,992		$	9,787
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.61	%(E)		0.62	%		0.68	%		0.67	%		0.69	%		0.76	%(E)(F)
Including waiver and/or reimbursement and recapture		0.61	%(E)		0.62	%		0.68	%		0.67	%		0.69	%		0.76	%(E)(F)
Net investment income (loss) to average net assets		3.18	%(E)		3.29	%		4.58	%		5.20	%		5.93	%		6.25	%(E)
Portfolio turnover rate		11	%(D)		26	%		32	%		35	%		42	%		120	%(D)

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

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

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

^(D)  Not annualized.

^(E)  Annualized.

^(F)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Flexible Income
	Class I2
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	9.48		$	9.40		$	9.38		$	8.86		$	9.03		$	8.37
Investment operations:
Net investment income (loss) (B)		0.15			0.31			0.44			0.48			0.55			0.53
Net realized and unrealized gain (loss)		(0.00	)(C)		0.09			0.05			0.54			(0.17	)		0.71
Total investment operations		0.15			0.40			0.49			1.02			0.38			1.24
Distributions:
Net investment income		(0.16	)		(0.32	)		(0.47	)		(0.50	)		(0.55	)		(0.58	)
Net asset value, end of period/year	$	9.47		$	9.48		$	9.40		$	9.38		$	8.86		$	9.03
Total return (D)		1.55	%(E)		4.35	%		5.35	%		11.85	%		4.31	%		15.39	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	568,675		$	540,719		$	56,421		$	128,284		$	109,052		$	146,631
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.51	%(F)		0.52	%		0.58	%		0.57	%		0.58	%		0.64	%(G)
Including waiver and/or reimbursement and recapture		0.51	%(F)		0.52	%		0.58	%		0.57	%		0.58	%		0.64	%(G)
Net investment income (loss) to average net assets		3.27	%(F)		3.26	%		4.65	%		5.32	%		6.10	%		6.18	%
Portfolio turnover rate		11	%(E)		26	%		32	%		35	%		42	%		120	%

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

^(B)  Calculated 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 extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    210

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Floating Rate
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.17			0.31
Net realized and unrealized gain (loss)		0.08			(0.10	)
Total investment operations		0.25			0.21
Distributions:
Net investment income		(0.18	)		(0.29	)
Net realized gains		(0.01	)		—
Total distributions		(0.19	)		(0.29	)
Net asset value, end of period/year	$	9.98		$	9.92
Total return (D)		2.57	%(E)		2.17	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,214		$	633
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.13	%(G)		1.21	%
Including waiver and/or reimbursement and recapture		1.05	%(G)		1.06	%
Net investment income (loss) to average net assets (C)		3.48	%(G)		3.08	%
Portfolio turnover rate (H)		18	%(E)		73	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Floating Rate
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.14			0.24
Net realized and unrealized gain (loss)		0.07			(0.10	)
Total investment operations		0.21			0.14
Distributions:
Net investment income		(0.14	)		(0.22	)
Net realized gains		(0.01	)		—
Total distributions		(0.15	)		(0.22	)
Net asset value, end of period/year	$	9.98		$	9.92
Total return (D)		2.30	%(E)		1.43	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,692		$	1,672
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.89	%(G)		1.97	%
Including waiver and/or reimbursement and recapture		1.80	%(G)		1.80	%
Net investment income (loss) to average net assets (C)		2.87	%(G)		2.45	%
Portfolio turnover rate (H)		18	%(E)		73	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    211

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Floating Rate
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19			0.33
Net realized and unrealized gain (loss)		0.07			(0.09	)
Total investment operations		0.26			0.24
Distributions:
Net investment income		(0.19	)		(0.32	)
Net realized gains		(0.01	)		—
Total distributions		(0.20	)		(0.32	)
Net asset value, end of period/year	$	9.98		$	9.92
Total return (D)		2.70	%(E)		2.45	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	508		$	412
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.90	%(G)		0.97	%
Including waiver and/or reimbursement and recapture		0.80	%(G)		0.80	%
Net investment income (loss) to average net assets (C)		3.85	%(G)		3.27	%
Portfolio turnover rate (H)		18	%(E)		73	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Floating Rate
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19			0.34
Net realized and unrealized gain (loss)		0.07			(0.10	)
Total investment operations		0.26			0.24
Distributions:
Net investment income		(0.19	)		(0.32	)
Net realized gains		(0.01	)		—
Total distributions		(0.20	)		(0.32	)
Net asset value, end of period/year	$	9.98		$	9.92
Total return (D)		2.70	%(E)		2.47	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	267,372		$	213,481
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.80	%(G)		0.87	%
Including waiver and/or reimbursement and recapture		0.80	%(G)		0.80	%
Net investment income (loss) to average net assets (C)		3.85	%(G)		3.37	%
Portfolio turnover rate (H)		18	%(E)		73	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    212

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Global Bond
	Class A
	April 30, 2015    (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.15
Net realized and unrealized gain (loss)		(0.44	)		(0.23	)
Total investment operations		(0.38	)		(0.08	)
Distributions:
Net investment income		(0.04	)		(0.08	)
Net asset value, end of period	$	9.42		$	9.84
Total return (C)		(3.91	)%(D)		(0.82	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	293		$	300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%(E)		1.09	%(E)
Including waiver and/or reimbursement and recapture		1.00	%(E)		1.00	%(E)
Net investment income (loss) to average net assets		1.30	%(E)		2.15	%(E)
Portfolio turnover rate		112	%(D)		138	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods indicated:	Transamerica Global Bond
	Class C
	April 30, 2015 (unaudited)			October 31,  2014 (A)
Net asset value, beginning of period	$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02			0.09
Net realized and unrealized gain (loss)		(0.44	)		(0.22	)
Total investment operations		(0.42	)		(0.13	)
Distributions:
Net investment income		(0.01	)		(0.05	)
Net asset value, end of period	$	9.39		$	9.82
Total return (C)		(4.27	)%(D)		(1.34	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	250		$	254
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.84	%(E)		1.81	%(E)
Including waiver and/or reimbursement and recapture		1.75	%(E)		1.75	%(E)
Net investment income (loss) to average net assets		0.50	%(E)		1.39	%(E)
Portfolio turnover rate		112	%(D)		138	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    213

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Global Bond
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.16
Net realized and unrealized gain (loss)		(0.44	)		(0.23	)
Total investment operations		(0.37	)		(0.07	)
Distributions:
Net investment income		(0.04	)		(0.09	)
Net asset value, end of period	$	9.43		$	9.84
Total return (C)		(3.72	)%(D)		(0.71	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	321		$	323
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.89	%(E)		0.91	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(E)		0.75	%(E)
Net investment income (loss) to average net assets		1.56	%(E)		2.42	%(E)
Portfolio turnover rate		112	%(D)		138	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods indicated:	Transamerica Global Bond
	Class I2
	April 30, 2015 (unaudited)			October 31,   2014 (A)
Net asset value, beginning of period	$	9.85		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.15
Net realized and unrealized gain (loss)		(0.48	)		(0.21	)
Total investment operations		(0.37	)		(0.06	)
Distributions:
Net investment income		(0.04	)		(0.09	)
Net asset value, end of period	$	9.44		$	9.85
Total return (C)		(3.72	)%(D)		(0.61	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	50,172		$	238,807
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(E)		0.79	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(E)		0.75	%(E)
Net investment income (loss) to average net assets		2.38	%(E)		2.23	%(E)
Portfolio turnover rate		112	%(D)		138	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    214

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	11.08		$	10.96		$	9.22		$	9.09		$	9.84		$	8.53
Investment operations:
Net investment income (loss) (A) (B)		0.03			0.18			0.11			0.16			0.08			0.09
Net realized and unrealized gain (loss)		0.32			0.10			1.73			0.22			(0.75	)		1.33
Total investment operations		0.35			0.28			1.84			0.38			(0.67	)		1.42
Distributions:
Net investment income		—			(0.16	)		(0.10	)		(0.25	)		(0.08	)		(0.11	)
Net asset value, end of period/year	$	11.43		$	11.08		$	10.96		$	9.22		$	9.09		$	9.84
Total return (C)		3.16	%(D)		2.54	%		20.08	%		4.65	%		(6.90	)%		16.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	53,188		$	56,663		$	82,534		$	86,834		$	118,070		$	135,479
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.38	%(F)		0.75	%		0.69	%		0.68	%		0.67	%		0.70	%
Including waiver and/or reimbursement and recapture		1.35	%(F)		0.74	%		0.69	%		0.68	%		0.67	%		0.70	%
Net investment income (loss) to average net assets (B)		0.52	%(F)		1.64	%		1.09	%		1.79	%		0.77	%		1.04	%
Portfolio turnover rate (G)		27	%(D)		150	%		18	%		41	%		13	%		11	%

^(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 investment companies and/or ETFs 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)  Not annualized.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Annualized.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class B
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	11.00		$	10.89		$	9.16		$	9.00		$	9.74		$	8.45
Investment operations:
Net investment income (loss) (A) (B)		(0.01	)		0.10			0.04			0.09			0.01			0.02
Net realized and unrealized gain (loss)		0.32			0.08			1.71			0.24			(0.75	)		1.32
Total investment operations		0.31			0.18			1.75			0.33			(0.74	)		1.34
Distributions:
Net investment income		—			(0.07	)		(0.02	)		(0.17	)		—	(C)		(0.05	)
Net asset value, end of period/year	$	11.31		$	11.00		$	10.89		$	9.16		$	9.00		$	9.74
Total return (D)		2.82	%(E)		1.64	%		19.11	%		3.92	%		(7.59	)%		15.95	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,858		$	6,460		$	9,191		$	9,847		$	13,373		$	18,432
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		2.29	%(G)		1.63	%		1.54	%		1.54	%		1.48	%		1.49	%
Including waiver and/or reimbursement and recapture		2.10	%(G)		1.53	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss) to average net assets (B)		(0.24	)%(G)		0.95	%		0.37	%		1.05	%		0.11	%		0.19	%
Portfolio turnover rate (H)		27	%(E)		150	%		18	%		41	%		13	%		11	%

^(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 investment companies and/or ETFs in which the Fund invests.

^(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)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    215

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	10.99		$	10.88		$	9.15		$	9.01		$	9.75		$	8.45
Investment operations:
Net investment income (loss) (A) (B)		(0.01	)		0.09			0.04			0.09			0.02			0.02
Net realized and unrealized gain (loss)		0.32			0.10			1.72			0.23			(0.74	)		1.33
Total investment operations		0.31			0.19			1.76			0.32			(0.72	)		1.35
Distributions:
Net investment income		—			(0.08	)		(0.03	)		(0.18	)		(0.02	)		(0.05	)
Net asset value, end of period/year	$	11.30		$	10.99		$	10.88		$	9.15		$	9.01		$	9.75
Total return (C)		2.82	%(D)		1.73	%		19.26	%		3.87	%		(7.42	)%		16.10	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	68,812		$	74,772		$	88,681		$	92,050		$	117,858		$	144,849
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.10	%(F)		1.49	%		1.40	%		1.38	%		1.34	%		1.36	%
Including waiver and/or reimbursement and recapture		2.10	%(F)		1.47	%		1.40	%		1.38	%		1.34	%		1.36	%
Net investment income (loss) to average net assets (B)		(0.23	)%(F)		0.87	%		0.40	%		1.07	%		0.16	%		0.27	%
Portfolio turnover rate (G)		27	%(D)		150	%		18	%		41	%		13	%		11	%

^(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 investment companies and/or ETFs 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)  Not annualized.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Annualized.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,     2010 (A)
Net asset value, beginning of period/year	$	11.06		$	10.96		$	9.23		$	9.11		$	9.86		$	8.84
Investment operations:
Net investment income (loss) (B) (C)		0.05			0.21			0.14			0.16			0.11			(0.02	)
Net realized and unrealized gain (loss)		0.32			0.09			1.73			0.25			(0.74	)		1.19
Total investment operations		0.37			0.30			1.87			0.41			(0.63	)		1.17
Distributions:
Net investment income		—			(0.20	)		(0.14	)		(0.29	)		(0.12	)		(0.15	)
Net asset value, end of period/year	$	11.43		$	11.06		$	10.96		$	9.23		$	9.11		$	9.86
Total return (D)		3.35	%(E)		2.75	%		20.53	%		5.07	%		(6.49	)%		13.41	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,067		$	33,329		$	32,954		$	28,450		$	28,748		$	28,047
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.03	%(G)		0.46	%		0.31	%		0.28	%		0.29	%		0.34	%(G)
Including waiver and/or reimbursement and recapture		1.05	%(G)		0.44	%		0.31	%		0.28	%		0.29	%		0.34	%(G)
Net investment income (loss) to average net assets (C)		0.84	%(G)		1.88	%		1.39	%		1.87	%		1.12	%		(0.21	)%(G)
Portfolio turnover rate (H)		27	%(E)		150	%		18	%		41	%		13	%		11	%(E)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    216

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Global Equity
	Class I2
	April 30, 2015   (unaudited)			October 31,     2014 (A)
Net asset value, beginning of period	$	11.06		$	11.31
Investment operations:
Net investment income (loss) (B) (C)		0.05			—	(D)
Net realized and unrealized gain (loss)		0.33			(0.25	)
Total investment operations		0.38			(0.25	)
Net asset value, end of period	$	11.44		$	11.06
Total return (E)		3.44	%(F)		(2.21	)%(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	147,093		$	127,316
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.93	%(H)		1.08	%(H)
Including waiver and/or reimbursement and recapture		0.93	%(H)		1.08	%(H)
Net investment income (loss) to average net assets		0.95	%(H)		0.07	%(H)
Portfolio turnover rate (I)		27	%(F)		150	%(F)

^(A)  Commenced operations on September 4, 2014.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

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

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Growth Opportunities
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	11.29		$	10.73		$	8.15		$	10.93		$	9.82		$	7.54
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.04	)		(0.03	)		0.01			(0.10	)		(0.05	)
Net realized and unrealized gain (loss)		0.15			1.05			2.71			(0.55	)		1.21			2.33
Total investment operations		0.10			1.01			2.68			(0.54	)		1.11			2.28
Distributions:
Net investment income		—			—			(0.02	)		—	(B)		—			—
Net realized gains		(1.22	)		(0.45	)		(0.08	)		(2.24	)		—			—
Total distributions		(1.22	)		(0.45	)		(0.10	)		(2.24	)		—			—
Net asset value, end of period/year	$	10.17		$	11.29		$	10.73		$	8.15		$	10.93		$	9.82
Total return (C)		1.18	%(D)		9.57	%		33.31	%		(3.79	)%		11.30	%		30.41	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	99,375		$	104,933		$	105,245		$	91,110		$	103,177		$	59,685
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.34	%(E)		1.37	%		1.46	%		1.54	%		1.64	%		1.98	%
Including waiver and/or reimbursement and recapture		1.34	%(E)		1.37	%		1.46	%		1.67	%		1.75	%		1.75	%
Net investment income (loss) to average net assets		(0.97	)%(E)		(0.39	)%		(0.27	)%		0.10	%		(0.83	)%		(0.56	)%
Portfolio turnover rate		14	%(D)		53	%		45	%		38	%		125	%		63	%

^(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)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    217

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Growth Opportunities
	Class B
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	9.78		$	9.43		$	7.21		$	10.01		$	9.05		$	6.99
Investment operations:
Net investment income (loss) (A)		(0.08	)		(0.12	)		(0.09	)		(0.04	)		(0.15	)		(0.10	)
Net realized and unrealized gain (loss)		0.12			0.92			2.39			(0.52	)		1.11			2.16
Total investment operations		0.04			0.80			2.30			(0.56	)		0.96			2.06
Distributions:
Net investment income		—			—			—			—	(B)		—			—
Net realized gains		(1.22	)		(0.45	)		(0.08	)		(2.24	)		—			—
Total distributions		(1.22	)		(0.45	)		(0.08	)		(2.24	)		—			—
Net asset value, end of period/year	$	8.60		$	9.78		$	9.43		$	7.21		$	10.01		$	9.05
Total return (C)		0.69	%(D)		8.63	%		32.23	%		(4.47	)%		10.61	%		29.47	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,134		$	4,079		$	5,507		$	5,582		$	9,636		$	12,406
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.29	%(E)		2.23	%		2.27	%		2.31	%		2.29	%		2.41	%
Including waiver and/or reimbursement and recapture		2.29	%(E)		2.23	%		2.27	%		2.32	%		2.40	%		2.40	%
Net investment income (loss) to average net assets		(1.92	)%(E)		(1.27	)%		(1.06	)%		(0.56	)%		(1.40	)%		(1.21	)%
Portfolio turnover rate		14	%(D)		53	%		45	%		38	%		125	%		63	%

^(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)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Growth Opportunities
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	9.85		$	9.48		$	7.25		$	10.05		$	9.08		$	7.01
Investment operations:
Net investment income (loss) (A)		(0.08	)		(0.11	)		(0.09	)		(0.04	)		(0.15	)		(0.10	)
Net realized and unrealized gain (loss)		0.13			0.93			2.40			(0.52	)		1.12			2.17
Total investment operations		0.05			0.82			2.31			(0.56	)		0.97			2.07
Distributions:
Net realized gains		(1.22	)		(0.45	)		(0.08	)		(2.24	)		—			—
Net asset value, end of period/year	$	8.68		$	9.85		$	9.48		$	7.25		$	10.05		$	9.08
Total return (B)		0.80	%(C)		8.80	%		32.19	%		(4.46	)%		10.68	%		29.53	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,549		$	13,296		$	13,099		$	10,943		$	14,288		$	12,781
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.14	%(D)		2.14	%		2.25	%		2.28	%		2.28	%		2.41	%
Including waiver and/or reimbursement and recapture		2.14	%(D)		2.14	%		2.25	%		2.28	%		2.40	%		2.40	%
Net investment income (loss) to average net assets		(1.77	)%(D)		(1.16	)%		(1.06	)%		(0.51	)%		(1.43	)%		(1.21	)%
Portfolio turnover rate		14	%(C)		53	%		45	%		38	%		125	%		63	%

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

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

^(C) Not annualized.

^(D) Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    218

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Growth Opportunities
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010 (A)
Net asset value, beginning of period/year	$	11.98		$	11.32		$	8.61		$	11.37		$	10.19		$	8.04
Investment operations:
Net investment income (loss) (B)		(0.03	)		—	(C)		0.02			0.08			(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		0.16			1.11			2.85			(0.58	)		1.24			2.17
Total investment operations		0.13			1.11			2.87			(0.50	)		1.22			2.15
Distributions:
Net investment income		—			—			(0.08	)		(0.02	)		(0.04	)		—
Net realized gains		(1.22	)		(0.45	)		(0.08	)		(2.24	)		—			—
Total distributions		(1.22	)		(0.45	)		(0.16	)		(2.26	)		(0.04	)		—
Net asset value, end of period/year	$	10.89		$	11.98		$	11.32		$	8.61		$	11.37		$	10.19
Total return (D)		1.37	%(E)		9.97	%		33.87	%		(3.16	)%		12.01	%		26.74	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	60,365		$	65,747		$	68,609		$	80,359		$	9,954		$	815
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.98	%(F)		0.99	%		1.01	%		0.99	%		1.08	%		1.48	%(F)
Including waiver and/or reimbursement and recapture		0.98	%(F)		0.99	%		1.01	%		0.99	%		1.08	%		1.40	%(F)
Net investment income (loss) to average net assets		(0.61	)%(F)		(0.02	)%		0.22	%		0.90	%		(0.20	)%		(0.23	)%(F)
Portfolio turnover rate		14	%(E)		53	%		45	%		38	%		125	%		63	%(E)

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

^(B)  Calculated 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.

For a share outstanding during the period and years indicated:	Transamerica Growth Opportunities
	Class I2
	April 30, 2015   (unaudited)				October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	12.10			$	11.41		$	8.68		$	11.43		$	10.23		$	7.78
Investment operations:
Net investment income (loss) (B)		(0.02	)			0.02			0.03			0.09			0.01			0.03
Net realized and unrealized gain (loss)		0.16				1.12			2.87			(0.58	)		1.25			2.42
Total investment operations		0.14				1.14			2.90			(0.49	)		1.26			2.45
Distributions:
Net investment income		(0.01	)			—			(0.09	)		(0.02	)		(0.06	)		—
Net realized gains		(1.22	)			(0.45	)		(0.08	)		(2.24	)		—			—
Total distributions		(1.23	)			(0.45	)		(0.17	)		(2.26	)		(0.06	)		—
Net asset value, end of period/year	$	11.01			$	12.10		$	11.41		$	8.68		$	11.43		$	10.23
Total return (C)		1.47	%(D)	��		10.16	%		34.04	%		(2.97	)%		12.28	%		31.49	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	548,199			$	593,507		$	529,348		$	397,945		$	113,057		$	106,970
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(E)			0.83	%		0.84	%		0.85	%		0.89	%		0.88	%
Including waiver and/or reimbursement and recapture		0.82	%(E)			0.83	%		0.84	%		0.85	%		0.89	%		0.88	%
Net investment income (loss) to average net assets		(0.44	)%(E)			0.14	%		0.32	%		0.99	%		0.09	%		0.32	%
Portfolio turnover rate		14	%(D)			53	%		45	%		38	%		125	%		63	%

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    219

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	9.68		$	9.75		$	9.59		$	8.95		$	9.16		$	8.45
Investment operations:
Net investment income (loss) (A)		0.24			0.50			0.54			0.59			0.61			0.66
Net realized and unrealized gain (loss)		(0.08	)		0.05			0.17			0.67			(0.21	)		0.73
Total investment operations		0.16			0.55			0.71			1.26			0.40			1.39
Distributions:
Net investment income		(0.24	)		(0.49	)		(0.55	)		(0.62	)		(0.61	)		(0.68	)
Net realized gains		(0.12	)		(0.13	)		—			—			—			—
Total distributions		(0.36	)		(0.62	)		(0.55	)		(0.62	)		(0.61	)		(0.68	)
Net asset value, end of period/year	$	9.48		$	9.68		$	9.75		$	9.59		$	8.95		$	9.16
Total return (B)		1.74	%(C)		5.85	%		7.58	%		14.57	%		4.41	%		17.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	171,136		$	135,250		$	404,077		$	256,099		$	228,920		$	193,332
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%(D)		0.97	%		1.04	%		1.06	%		1.17	%		1.15	%
Including waiver and/or reimbursement and recapture		0.99	%(D)		0.97	%		1.04	%		1.06	%		1.17	%		1.15	%
Net investment income (loss) to average net assets		5.05	%(D)		5.10	%		5.49	%		6.44	%		6.65	%		7.52	%
Portfolio turnover rate		35	%(C)		48	%		64	%		78	%		93	%		91	%

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

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

^(C)  Not annualized.

^(D)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class B
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	9.69		$	9.76		$	9.60		$	8.95		$	9.15		$	8.44
Investment operations:
Net investment income (loss) (A)		0.20			0.42			0.46			0.52			0.55			0.61
Net realized and unrealized gain (loss)		(0.09	)		0.05			0.17			0.67			(0.21	)		0.72
Total investment operations		0.11			0.47			0.63			1.19			0.34			1.33
Distributions:
Net investment income		(0.20	)		(0.41	)		(0.47	)		(0.54	)		(0.54	)		(0.62	)
Net realized gains		(0.12	)		(0.13	)		—			—			—			—
Total distributions		(0.32	)		(0.54	)		(0.47	)		(0.54	)		(0.54	)		(0.62	)
Net asset value, end of period/year	$	9.48		$	9.69		$	9.76		$	9.60		$	8.95		$	9.15
Total return (B)		1.22	%(C)		4.99	%		6.69	%		13.77	%		3.81	%		16.38	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,618		$	6,435		$	8,234		$	9,236		$	9,431		$	13,887
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%(D)		1.80	%		1.83	%		1.83	%		1.84	%		1.83	%
Including waiver and/or reimbursement and recapture		1.80	%(D)		1.80	%		1.83	%		1.84	%		1.83	%		1.83	%
Net investment income (loss) to average net assets		4.20	%(D)		4.28	%		4.72	%		5.69	%		5.99	%		6.93	%
Portfolio turnover rate		35	%(C)		48	%		64	%		78	%		93	%		91	%

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

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

^(C)  Not annualized.

^(D)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    220

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	9.64		$	9.72		$	9.56		$	8.92		$	9.13		$	8.42
Investment operations:
Net investment income (loss) (A)		0.20			0.42			0.47			0.53			0.55			0.61
Net realized and unrealized gain (loss)		(0.08	)		0.05			0.17			0.66			(0.21	)		0.73
Total investment operations		0.12			0.47			0.64			1.19			0.34			1.34
Distributions:
Net investment income		(0.21	)		(0.42	)		(0.48	)		(0.55	)		(0.55	)		(0.63	)
Net realized gains		(0.12	)		(0.13	)		—			—			—			—
Total distributions		(0.33	)		(0.55	)		(0.48	)		(0.55	)		(0.55	)		(0.63	)
Net asset value, end of period/year	$	9.43		$	9.64		$	9.72		$	9.56		$	8.92		$	9.13
Total return (B)		1.27	%(C)		4.98	%		6.80	%		13.81	%		3.84	%		16.54	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	66,349		$	69,198		$	75,630		$	76,995		$	48,789		$	41,810
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.73	%(D)		1.74	%		1.77	%		1.77	%		1.76	%		1.77	%
Including waiver and/or reimbursement and recapture		1.73	%(D)		1.74	%		1.77	%		1.77	%		1.76	%		1.77	%
Net investment income (loss) to average net assets		4.28	%(D)		4.33	%		4.78	%		5.73	%		6.07	%		6.96	%
Portfolio turnover rate		35	%(C)		48	%		64	%		78	%		93	%		91	%

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

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

^(C)  Not annualized.

^(D)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010 (A)
Net asset value, beginning of period/year	$	9.74		$	9.82		$	9.66		$	9.00		$	9.20		$	8.55
Investment operations:
Net investment income (loss) (B)		0.25			0.52			0.57			0.62			0.65			0.63
Net realized and unrealized gain (loss)		(0.08	)		0.05			0.17			0.68			(0.21	)		0.68
Total investment operations		0.17			0.57			0.74			1.30			0.44			1.31
Distributions:
Net investment income		(0.25	)		(0.52	)		(0.58	)		(0.64	)		(0.64	)		(0.66	)
Net realized gains		(0.12	)		(0.13	)		—			—			—			—
Total distributions		(0.37	)		(0.65	)		(0.58	)		(0.64	)		(0.64	)		(0.66	)
Net asset value, end of period/year	$	9.54		$	9.74		$	9.82		$	9.66		$	9.00		$	9.20
Total return (C)		1.84	%(D)		5.95	%		7.80	%		15.05	%		4.95	%		15.92	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	148,472		$	305,992		$	82,840		$	103,181		$	82,736		$	27,057
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(E)		0.75	%		0.79	%		0.78	%		0.78	%		0.83	%(E)
Including waiver and/or reimbursement and recapture		0.73	%(E)		0.75	%		0.79	%		0.78	%		0.77	%		0.83	%(E)
Net investment income (loss) to average net assets		5.25	%(E)		5.32	%		5.78	%		6.64	%		7.09	%		7.71	%(E)
Portfolio turnover rate		35	%(D)		48	%		64	%		78	%		93	%		91	%(D)

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

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    221

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	9.77		$	9.84		$	9.67		$	9.02		$	9.22		$	8.50
Investment operations:
Net investment income (loss) (B)		0.25			0.53			0.57			0.64			0.66			0.71
Net realized and unrealized gain (loss)		(0.08	)		0.06			0.19			0.66			(0.21	)		0.73
Total investment operations		0.17			0.59			0.76			1.30			0.45			1.44
Distributions:
Net investment income		(0.26	)		(0.53	)		(0.59	)		(0.65	)		(0.65	)		(0.72	)
Net realized gains		(0.12	)		(0.13	)		—			—			—			—
Total distributions		(0.38	)		(0.66	)		(0.59	)		(0.65	)		(0.65	)		(0.72	)
Net asset value, end of period/year	$	9.56		$	9.77		$	9.84		$	9.67		$	9.02		$	9.22
Total return (C)		1.80	%(D)		6.16	%		8.03	%		15.01	%		5.06	%		17.74	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	814,045		$	806,431		$	566,100		$	250,912		$	388,633		$	408,505
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%(E)		0.65	%		0.67	%		0.67	%		0.66	%		0.66	%
Including waiver and/or reimbursement and recapture		0.63	%(E)		0.65	%		0.67	%		0.67	%		0.66	%		0.66	%
Net investment income (loss) to average net assets		5.38	%(E)		5.43	%		5.83	%		6.88	%		7.16	%		8.11	%
Portfolio turnover rate		35	%(D)		48	%		64	%		78	%		93	%		91	%

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and year indicated:	Transamerica High Yield Muni
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.46		$	10.21		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.17			0.34			0.09
Net realized and unrealized gain (loss)		0.23			1.31			0.21
Total investment operations		0.40			1.65			0.30
Distributions:
Net investment income		(0.16	)		(0.38	)		(0.09	)
Net realized gains		(0.36	)		(0.02	)		—
Total distributions		(0.52	)		(0.40	)		(0.09	)
Net asset value, end of period/year	$	11.34		$	11.46		$	10.21
Total return (D)		3.56	%(E)		16.49	%		2.96	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,125		$	4,492		$	262
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.38	%(G)		2.27	%		43.10	%(G)
Including waiver and/or reimbursement and recapture		0.91	%(G)		0.91	%		0.91	%(G)
Net investment income (loss) to average net assets (C)		2.94	%(G)		3.11	%		3.50	%(G)
Portfolio turnover rate (H)		56	%(E)		266	%		52	%(E)

^(A)  Commenced operations on July 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    222

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica High Yield Muni
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.47		$	10.21		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.13			0.34			0.07
Net realized and unrealized gain (loss)		0.24			1.26			0.21
Total investment operations		0.37			1.60			0.28
Distributions:
Net investment income		(0.13	)		(0.32	)		(0.07	)
Net realized gains		(0.36	)		(0.02	)		—
Total distributions		(0.49	)		(0.34	)		(0.07	)
Net asset value, end of period/year	$	11.35		$	11.47		$	10.21
Total return (D)		3.27	%(E)		15.94	%		2.83	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,767		$	1,398		$	496
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		2.13	%(G)		2.98	%		43.79	%(G)
Including waiver and/or reimbursement and recapture		1.51	%(G)		1.51	%		1.51	%(G)
Net investment income (loss) to average net assets (C)		2.36	%(G)		3.08	%		2.88	%(G)
Portfolio turnover rate (H)		56	%(E)		266	%		52	%(E)

^(A)  Commenced operations on July 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the periods and year indicated:	Transamerica High Yield Muni
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.47		$	10.21		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.17			0.43			0.09
Net realized and unrealized gain (loss)		0.25			1.25			0.21
Total investment operations		0.42			1.68			0.30
Distributions:
Net investment income		(0.17	)		(0.40	)		(0.09	)
Net realized gains		(0.36	)		(0.02	)		—
Total distributions		(0.53	)		(0.42	)		(0.09	)
Net asset value, end of period/year	$	11.36		$	11.47		$	10.21
Total return (D)		3.62	%(E)		16.76	%		3.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,889		$	5,042		$	258
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.17	%(G)		2.04	%		42.89	%(G)
Including waiver and/or reimbursement and recapture		0.76	%(G)		0.76	%		0.76	%(G)
Net investment income (loss) to average net assets (C)		3.06	%(G)		3.91	%		3.64	%(G)
Portfolio turnover rate (H)		56	%(E)		266	%		52	%(E)

^(A)  Commenced operations on July 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    223

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Income & Growth
	Class A
	April 30, 2015  (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.85		$	11.04		$	10.00
Investment operations:
Net investment income (loss) (B)		0.21			0.65			0.40
Net realized and unrealized gain (loss)		(0.09	)		(0.30	)		1.03
Total investment operations		0.12			0.35			1.43
Distributions:
Net investment income		(0.19	)		(0.43	)		(0.30	)
Return of capital		—			(0.11	)		(0.09	)
Total distributions		(0.19	)		(0.54	)		(0.39	)
Net asset value, end of period/year	$	10.78		$	10.85		$	11.04
Total return (C)		1.11	%(D)		3.29	%		14.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	72,731		$	70,223		$	43,345
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%(E)		1.10	%		1.19	%
Including waiver and/or reimbursement and recapture		1.10	%(E)		1.10	%		1.19	%
Net investment income (loss) to average net assets		3.97	%(E)		5.29	%		3.73	%
Portfolio turnover rate		17	%(D)		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Income & Growth
	Class C
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.80		$	11.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.17			0.56			0.32
Net realized and unrealized gain (loss)		(0.09	)		(0.29	)		1.02
Total investment operations		0.08			0.27			1.34
Distributions:
Net investment income		(0.15	)		(0.38	)		(0.26	)
Return of capital		—			(0.09	)		(0.08	)
Total distributions		(0.15	)		(0.47	)		(0.34	)
Net asset value, end of period/year	$	10.73		$	10.80		$	11.00
Total return (C)		0.77	%(D)		2.55	%		13.67	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	111,798		$	93,062		$	40,924
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%(E)		1.84	%		1.88	%
Including waiver and/or reimbursement and recapture		1.83	%(E)		1.84	%		1.88	%
Net investment income (loss) to average net assets		3.25	%(E)		5.16	%		3.05	%
Portfolio turnover rate		17	%(D)		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    224

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Income & Growth
	Class I
	April 30, 2015  (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.87		$	11.06		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23			0.65			0.48
Net realized and unrealized gain (loss)		(0.10	)		(0.27	)		0.98
Total investment operations		0.13			0.38			1.46
Distributions:
Net investment income		(0.20	)		(0.46	)		(0.31	)
Return of capital		—			(0.11	)		(0.09	)
Total distributions		(0.20	)		(0.57	)		(0.40	)
Net asset value, end of period/year	$	10.80		$	10.87		$	11.06
Total return (C)		1.24	%(D)		3.54	%		14.86	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	80,584		$	72,556		$	27,139
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(E)		0.85	%		0.90	%
Including waiver and/or reimbursement and recapture		0.85	%(E)		0.85	%		0.90	%
Net investment income (loss) to average net assets		4.22	%(E)		5.94	%		4.55	%
Portfolio turnover rate		17	%(D)		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Income & Growth
	Class I2
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.87		$	11.06		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23			0.65			0.51
Net realized and unrealized gain (loss)		(0.09	)		(0.26	)		0.95
Total investment operations		0.14			0.39			1.46
Distributions:
Net investment income		(0.21	)		(0.47	)		(0.31	)
Return of capital		—			(0.11	)		(0.09	)
Total distributions		(0.21	)		(0.58	)		(0.40	)
Net asset value, end of period/year	$	10.80		$	10.87		$	11.06
Total return (C)		1.28	%(D)		3.63	%		14.95	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	479,632		$	657,773		$	359,440
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(E)		0.75	%		0.79	%
Including waiver and/or reimbursement and recapture		0.74	%(E)		0.75	%		0.79	%
Net investment income (loss) to average net assets		4.30	%(E)		5.95	%		4.81	%
Portfolio turnover rate		17	%(D)		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    225

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Inflation Opportunities
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	9.95		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.10	)		0.16
Net realized and unrealized gain (loss)		0.06			(0.06	)
Total investment operations		(0.04	)		0.10
Distributions:
Net investment income		(0.02	)		(0.15	)
Net realized gains		(0.01	)		—
Total distributions		(0.03	)		(0.15	)
Net asset value, end of period	$	9.88		$	9.95
Total return (C)		(0.35	)%(D)		1.01	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	416		$	299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(E)		1.01	%(E)
Including waiver and/or reimbursement and recapture		1.00	%(E)		1.00	%(E)
Net investment income (loss) to average net assets		(2.06	)%(E)		2.30	%(E)
Portfolio turnover rate		17	%(D)		57	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods indicated:	Transamerica Inflation Opportunities
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	9.94		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.13	)		0.09
Net realized and unrealized gain (loss)		0.06			(0.04	)
Total investment operations		(0.07	)		0.05
Distributions:
Net investment income		(0.01	)		(0.11	)
Net realized gains		(0.01	)		—
Total distributions		(0.02	)		(0.11	)
Net asset value, end of period	$	9.85		$	9.94
Total return (C)		(0.69	)%(D)		0.52	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	353		$	380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%(E)		1.77	%(E)
Including waiver and/or reimbursement and recapture		1.75	%(E)		1.75	%(E)
Net investment income (loss) to average net assets		(2.76	)%(E)		1.39	%(E)
Portfolio turnover rate		17	%(D)		57	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    226

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Inflation Opportunities
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	9.95		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.09	)		0.18
Net realized and unrealized gain (loss)		0.07			(0.06	)
Total investment operations		(0.02	)		0.12
Distributions:
Net investment income		(0.03	)		(0.17	)
Net realized gains		(0.01	)		—
Total distributions		(0.04	)		(0.17	)
Net asset value, end of period	$	9.89		$	9.95
Total return (C)		(0.19	)%(D)		1.16	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	266		$	277
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%(E)		0.84	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(E)		0.75	%(E)
Net investment income (loss) to average net assets		(1.83	)%(E)		2.67	%(E)
Portfolio turnover rate		17	%(D)		57	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods indicated:	Transamerica Inflation Opportunities
	Class I2
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	9.96		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.08	)		0.14
Net realized and unrealized gain (loss)		0.05			(0.01	)
Total investment operations		(0.03	)		0.13
Distributions:
Net investment income		(0.03	)		(0.17	)
Net realized gains		(0.01	)		—
Total distributions		(0.04	)		(0.17	)
Net asset value, end of period	$	9.89		$	9.96
Total return (C)		(0.26	)%(D)		1.26	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	244,250		$	245,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(E)		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.68	%(E)		0.72	%(E)
Net investment income (loss) to average net assets		(1.58	)%(E)		2.11	%(E)
Portfolio turnover rate		17	%(D)		57	%(D)

^(A)  Commenced operations on March 1, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    227

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class A
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	17.61		$	18.44		$	14.57		$	13.47		$	15.03
Investment operations:
Net investment income (loss) (B)		0.17			0.48			0.30			0.24			0.15
Net realized and unrealized gain (loss)		1.17			(0.58	)		3.81			1.19			(1.71	)
Total investment operations		1.34			(0.10	)		4.11			1.43			(1.56	)
Distributions:
Net investment income		(0.29	)		(0.34	)		(0.24	)		(0.33	)		—
Net realized gains		(0.28	)		(0.39	)		—			—			—
Total distributions		(0.57	)		(0.73	)		(0.24	)		(0.33	)		—
Net asset value, end of period/year	$	18.38		$	17.61		$	18.44		$	14.57		$	13.47
Total return (C)		7.86	%(D)		(0.51	)%		28.61	%		11.10	%		(10.38	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	201,190		$	61,566		$	21,102		$	2,999		$	490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.37	%(E)		1.29	%		1.42	%		1.51	%		1.52	%(E)
Including waiver and/or reimbursement and recapture		1.26	%(E)		1.29	%		1.42	%		1.46	%		1.50	%(E)
Net investment income (loss) to average net assets		1.97	%(E)		2.62	%		1.82	%		1.76	%		1.56	%(E)
Portfolio turnover rate		14	%(D)		19	%		34	%		33	%		16	%(D)

^(A)  Commenced operations on March 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)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class C
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	17.34		$	18.21		$	14.45		$	13.40		$	15.03
Investment operations:
Net investment income (loss) (B)		0.10			0.33			0.22			0.11			0.16
Net realized and unrealized gain (loss)		1.15			(0.54	)		3.76			1.24			(1.79	)
Total investment operations		1.25			(0.21	)		3.98			1.35			(1.63	)
Distributions:
Net investment income		(0.15	)		(0.27	)		(0.22	)		(0.30	)		—
Net realized gains		(0.28	)		(0.39	)		—			—			—
Total distributions		(0.43	)		(0.66	)		(0.22	)		(0.30	)		—
Net asset value, end of period/year	$	18.16		$	17.34		$	18.21		$	14.45		$	13.40
Total return (C)		7.42	%(D)		(1.19	)%		27.87	%		10.49	%		(10.84	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	46,600		$	36,867		$	17,537		$	4,886		$	113
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%(E)		1.98	%		2.06	%		2.04	%		2.14	%(E)
Including waiver and/or reimbursement and recapture		1.96	%(E)		1.98	%		2.06	%		2.04	%		2.14	%(E)
Net investment income (loss) to average net assets		1.14	%(E)		1.82	%		1.35	%		0.82	%		1.64	%(E)
Portfolio turnover rate		14	%(D)		19	%		34	%		33	%		16	%(D)

^(A)  Commenced operations on March 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)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    228

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I (A)
	April 30, 2015     (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	17.80		$	18.60		$	14.65		$	13.50		$	13.97		$	12.55
Investment operations:
Net investment income (loss) (B)		0.19			0.48			0.40			0.33			0.40			0.22
Net realized and unrealized gain (loss)		1.18			(0.52	)		3.81			1.17			(0.68	)		1.36
Total investment operations		1.37			(0.04	)		4.21			1.50			(0.28	)		1.58
Distributions:
Net investment income		(0.31	)		(0.37	)		(0.26	)		(0.35	)		(0.19	)		(0.16	)
Net realized gains		(0.28	)		(0.39	)		—			—			—			—
Total distributions		(0.59	)		(0.76	)		(0.26	)		(0.35	)		(0.19	)		(0.16	)
Net asset value, end of period/year	$	18.58		$	17.80		$	18.60		$	14.65		$	13.50		$	13.97
Total return (C)		7.99	%(D)		(0.20	)%		29.14	%		11.58	%		(2.05	)%		12.73	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	824,039		$	567,267		$	168,782		$	90,012		$	78,738		$	75,271
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%(E)		0.95	%		1.02	%		1.05	%		1.16	%		1.43	%
Including waiver and/or reimbursement and recapture		0.94	%(E)		0.95	%		1.02	%		1.05	%		1.16	%		1.43	%
Net investment income (loss) to average net assets		2.20	%(E)		2.63	%		2.40	%		2.39	%		2.79	%		1.76	%
Portfolio turnover rate		14	%(D)		19	%		34	%		33	%		16	%		43	%

^(A)  Prior to March 1, 2011, 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.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class I2
	April 30, 2015     (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31,  2011 (A)
Net asset value, beginning of period/year	$	17.81		$	18.60		$	14.65		$	13.51		$	15.03
Investment operations:
Net investment income (loss) (B)		0.19			0.52			0.43			0.36			0.29
Net realized and unrealized gain (loss)		1.19			(0.54	)		3.79			1.14			(1.81	)
Total investment operations		1.38			(0.02	)		4.22			1.50			(1.52	)
Distributions:
Net investment income		(0.32	)		(0.38	)		(0.27	)		(0.36	)		—
Net realized gains		(0.28	)		(0.39	)		—			—			—
Total distributions		(0.60	)		(0.77	)		(0.27	)		(0.36	)		—
Net asset value, end of period/year	$	18.59		$	17.81		$	18.60		$	14.65		$	13.51
Total return (C)		8.04	%(D)		(0.07	)%		29.26	%		11.64	%		(10.11	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	576,828		$	595,742		$	279,652		$	166,085		$	46,313
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%(E)		0.85	%		0.91	%		0.95	%		1.02	%(E)
Including waiver and/or reimbursement and recapture		0.84	%(E)		0.85	%		0.91	%		0.95	%		1.02	%(E)
Net investment income (loss) to average net assets		2.19	%(E)		2.83	%		2.63	%		2.62	%		3.07	%(E)
Portfolio turnover rate		14	%(D)		19	%		34	%		33	%		16	%(D)

^(A)  Commenced operations on March 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)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    229

��

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica International Small Cap Value
	Class I
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.81		$	12.24		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10			0.25			0.20
Net realized and unrealized gain (loss)		1.10			(0.44	)		2.04
Total investment operations		1.20			(0.19	)		2.24
Distributions:
Net investment income		(0.18	)		(0.15	)		—
Net realized gains		(0.09	)		(0.09	)		—
Total distributions		(0.27	)		(0.24	)		—
Net asset value, end of period/year	$	12.74		$	11.81		$	12.24
Total return (C)		10.47	%(D)		(1.67	)%		22.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	326,733		$	214,170		$	4,186
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.14	%(E)		1.15	%		1.23	%(E)
Including waiver and/or reimbursement and recapture		1.14	%(E)		1.15	%		1.22	%(E)
Net investment income (loss) to average net assets		1.78	%(E)		2.03	%		2.16	%(E)
Portfolio turnover rate		15	%(D)		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and year indicated:	Transamerica International Small Cap Value
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.82		$	12.25		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.24			0.24
Net realized and unrealized gain (loss)		1.09			(0.43	)		2.01
Total investment operations		1.20			(0.19	)		2.25
Distributions:
Net investment income		(0.18	)		(0.15	)		—
Net realized gains		(0.09	)		(0.09	)		—
Total distributions		(0.27	)		(0.24	)		—
Net asset value, end of period/year	$	12.75		$	11.82		$	12.25
Total return (C)		10.51	%(D)		(1.66	)%		22.50	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	540,118		$	533,058		$	207,569
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%(E)		1.05	%		1.12	%(E)
Including waiver and/or reimbursement and recapture		1.04	%(E)		1.05	%		1.12	%(E)
Net investment income (loss) to average net assets		1.80	%(E)		1.91	%		2.63	%(E)
Portfolio turnover rate		15	%(D)		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    230

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Cap Value
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	13.30		$	14.24		$	11.77		$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.15			0.17			0.16			0.11
Net realized and unrealized gain (loss)		0.70			1.40			3.13			1.51			0.28
Total investment operations		0.78			1.55			3.30			1.67			0.39
Distributions:
Net investment income		(0.07	)		(0.17	)		(0.19	)		(0.20	)		(0.09	)
Net realized gains		(1.14	)		(2.32	)		(0.64	)		—			—
Total distributions		(1.21	)		(2.49	)		(0.83	)		(0.20	)		(0.09	)
Net asset value, end of period/year	$	12.87		$	13.30		$	14.24		$	11.77		$	10.30
Total return (C)		6.05	%(D)		12.09	%		29.74	%		16.40	%		3.94	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,627		$	31,677		$	8,605		$	1,949		$	1,021
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%(E)		1.07	%		1.13	%		1.26	%		1.32	%(E)
Including waiver and/or reimbursement and recapture		1.05	%(E)		1.07	%		1.13	%		1.26	%		1.32	%(E)
Net investment income (loss) to average net assets		1.20	%(E)		1.13	%		1.32	%		1.45	%		1.09	%(E)
Portfolio turnover rate		67	%(D)		87	%		121	%		117	%		35	%(D)

^(A)  Commenced operations on November 15, 2010.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Large Cap Value
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	13.26		$	14.20		$	11.76		$	10.29		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02			0.06			0.09			0.10			0.06
Net realized and unrealized gain (loss)		0.71			1.39			3.12			1.50			0.28
Total investment operations		0.73			1.45			3.21			1.60			0.34
Distributions:
Net investment income		(0.02	)		(0.07	)		(0.13	)		(0.13	)		(0.05	)
Net realized gains		(1.14	)		(2.32	)		(0.64	)		—			—
Total distributions		(1.16	)		(2.39	)		(0.77	)		(0.13	)		(0.05	)
Net asset value, end of period/year	$	12.83		$	13.26		$	14.20		$	11.76		$	10.29
Total return (C)		5.69	%(D)		11.30	%		28.86	%		15.64	%		3.38	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,631		$	9,402		$	7,783		$	1,716		$	1,752
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%(E)		1.79	%		1.79	%		1.87	%		1.91	%(E)
Including waiver and/or reimbursement and recapture		1.80	%(E)		1.79	%		1.79	%		1.87	%		1.91	%(E)
Net investment income (loss) to average net assets		0.36	%(E)		0.49	%		0.68	%		0.90	%		0.49	%(E)
Portfolio turnover rate		67	%(D)		87	%		121	%		117	%		35	%(D)

^(A) Commenced operations on November 15, 2010.

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

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

^(D) Not annualized.

^(E) Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    231

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Cap Value
	Class I
	April 30, 2015     (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011 (A)
Net asset value, beginning of period/year	$	13.35		$	14.28		$	11.81		$	10.31		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09			0.20			0.22			0.22			0.13
Net realized and unrealized gain (loss)		0.72			1.39			3.13			1.51			0.30
Total investment operations		0.81			1.59			3.35			1.73			0.43
Distributions:
Net investment income		(0.09	)		(0.20	)		(0.24	)		(0.23	)		(0.12	)
Net realized gains		(1.14	)		(2.32	)		(0.64	)		—			—
Total distributions		(1.23	)		(2.52	)		(0.88	)		(0.23	)		(0.12	)
Net asset value, end of period/year	$	12.93		$	13.35		$	14.28		$	11.81		$	10.31
Total return (C)		6.25	%(D)		12.40	%		30.11	%		17.00	%		4.31	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,225		$	13,348		$	16,805		$	3,550		$	7,855
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.79	%		0.79	%		0.83	%		0.95	%(E)
Including waiver and/or reimbursement and recapture		0.78	%(E)		0.79	%		0.79	%		0.83	%		0.95	%(E)
Net investment income (loss) to average net assets		1.42	%(E)		1.55	%		1.64	%		2.01	%		1.38	%(E)
Portfolio turnover rate		67	%(D)		87	%		121	%		117	%		35	%(D)

^(A)  Commenced operations on November 15, 2010.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Large Cap Value
	Class I2
	April 30, 2015     (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31,   2011 (A)
Net asset value, beginning of period/year	$	13.34		$	14.27		$	11.80		$	10.32		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10			0.21			0.24			0.23			0.16
Net realized and unrealized gain (loss)		0.71			1.39			3.12			1.49			0.30
Total investment operations		0.81			1.60			3.36			1.72			0.46
Distributions:
Net investment income		(0.09	)		(0.21	)		(0.25	)		(0.24	)		(0.14	)
Net realized gains		(1.14	)		(2.32	)		(0.64	)		—			—
Total distributions		(1.23	)		(2.53	)		(0.89	)		(0.24	)		(0.14	)
Net asset value, end of period/year	$	12.92		$	13.34		$	14.27		$	11.80		$	10.32
Total return (C)		6.31	%(D)		12.53	%		30.25	%		16.90	%		4.60	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,820,777		$	1,739,472		$	1,505,170		$	1,320,011		$	1,328,468
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(E)		0.69	%		0.69	%		0.73	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.68	%(E)		0.69	%		0.69	%		0.73	%		0.76	%(E)
Net investment income (loss) to average net assets		1.49	%(E)		1.59	%		1.89	%		2.04	%		1.61	%(E)
Portfolio turnover rate		67	%(D)		87	%		121	%		117	%		35	%(D)

^(A)  Commenced operations on November 15, 2010.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    232

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.96		$	10.00
Investment operations:
Net investment income (loss) (B)		0.03			(0.06	)
Net realized and unrealized gain (loss)		1.21			1.02
Total investment operations		1.24			0.96
Distributions:
Net investment income		(0.04	)		—
Net realized gains		(0.01	)		—
Total distributions		(0.05	)		—
Net asset value, end of period/year	$	12.15		$	10.96
Total return (C)		11.48	%(D)		9.60	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	734		$	492
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.24	%(E)		1.33	%
Including waiver and/or reimbursement and recapture		1.26	%(E)		1.31	%
Net investment income (loss) to average net assets		0.60	%(E)		(0.55	)%
Portfolio turnover rate		37	%(D)		67	%

^(A)  Commenced operations on October 31, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.88		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.14	)
Net realized and unrealized gain (loss)		1.21			1.02
Total investment operations		1.20			0.88
Distributions:
Net realized gains		(0.01	)		—
Net asset value, end of period/year	$	12.07		$	10.88
Total return (C)		11.04	%(D)		8.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	677		$	330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.90	%(E)		2.05	%
Including waiver and/or reimbursement and recapture		1.90	%(E)		2.05	%
Net investment income (loss) to average net assets		(0.19	)%(E)		(1.28	)%
Portfolio turnover rate		37	%(D)		67	%

^(A)  Commenced operations on October 31, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    233

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			(0.03	)
Net realized and unrealized gain (loss)		1.22			1.01
Total investment operations		1.27			0.98
Distributions:
Net investment income		(0.06	)		—	(C)
Net realized gains		(0.01	)		—
Total distributions		(0.07	)		—	(C)
Net asset value, end of period/year	$	12.18		$	10.98
Total return (D)		11.64	%(E)		9.81	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	461		$	339
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%(F)		1.10	%
Including waiver and/or reimbursement and recapture		1.02	%(F)		1.05	%
Net investment income (loss) to average net assets		0.83	%(F)		(0.29	)%
Portfolio turnover rate		37	%(E)		67	%

^(A)  Commenced operations on October 31, 2013.

^(B)  Calculated 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.

For a share outstanding during the period and year indicated:	Transamerica Mid Cap Growth
	Class I2
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			(0.02	)
Net realized and unrealized gain (loss)		1.22			1.01
Total investment operations		1.27			0.99
Distributions:
Net investment income		(0.07	)		—	(C)
Net realized gains		(0.01	)		—
Total distributions		(0.08	)		—	(C)
Net asset value, end of period/year	$	12.18		$	10.99
Total return (D)		11.64	%(E)		9.91	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	263,544		$	55,086
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(F)		0.99	%
Including waiver and/or reimbursement and recapture		0.82	%(F)		0.99	%
Net investment income (loss) to average net assets		0.84	%(F)		(0.22	)%
Portfolio turnover rate		37	%(E)		67	%

^(A)  Commenced operations on October 31, 2013.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    234

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.07
Net realized and unrealized gain (loss)		0.66			0.69
Total investment operations		0.72			0.76
Distributions:
Net investment income		(0.04	)		(0.08	)
Net realized gains		(0.07	)		—
Total distributions		(0.11	)		(0.08	)
Net asset value, end of period	$	11.29		$	10.68
Total return (C)		6.75	%(D)		7.62	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	7,919		$	703
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%(E)		1.18	%(E)
Including waiver and/or reimbursement and recapture		1.05	%(E)		1.18	%(E)
Net investment income (loss) to average net assets		1.19	%(E)		1.38	%(E)
Portfolio turnover rate		14	%(D)		23	%(D)

^(A)  Commenced operations on April 30, 2014

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02			0.04
Net realized and unrealized gain (loss)		0.64			0.69
Total investment operations		0.66			0.73
Distributions:
Net investment income		(0.01	)		(0.05	)
Net realized gains		(0.07	)		—
Total distributions		(0.08	)		(0.05	)
Net asset value, end of period	$	11.26		$	10.68
Total return (C)		6.25	%(D)		7.29	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	728		$	278
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%(E)		1.93	%(E)
Including waiver and/or reimbursement and recapture		1.79	%(E)		1.93	%(E)
Net investment income (loss) to average net assets		0.44	%(E)		0.71	%(E)
Portfolio turnover rate		14	%(D)		23	%(D)

^(A)  Commenced operations on April 30, 2014

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    235

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.69		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.06
Net realized and unrealized gain (loss)		0.65			0.72
Total investment operations		0.73			0.78
Distributions:
Net investment income		(0.04	)		(0.09	)
Net realized gains		(0.07	)		—
Total distributions		(0.11	)		(0.09	)
Net asset value, end of period	$	11.31		$	10.69
Total return (C)		6.83	%(D)		7.83	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	12,104		$	5,979
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(E)		0.96	%(E)
Including waiver and/or reimbursement and recapture		0.85	%(E)		0.95	%(E)
Net investment income (loss) to average net assets		1.40	%(E)		1.13	%(E)
Portfolio turnover rate		14	%(D)		23	%(D)

^(A)  Commenced operations on April 30, 2014

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.69		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.09
Net realized and unrealized gain (loss)		0.65			0.69
Total investment operations		0.73			0.78
Distributions:
Net investment income		(0.04	)		(0.09	)
Net realized gains		(0.07	)		—
Total distributions		(0.11	)		(0.09	)
Net asset value, end of period	$	11.31		$	10.69
Total return (C)		6.85	%(D)		7.86	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	453,702		$	166,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(E)		0.86	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(E)		0.86	%(E)
Net investment income (loss) to average net assets		1.51	%(E)		1.71	%(E)
Portfolio turnover rate		14	%(D)		23	%(D)

^(A)  Commenced operations on April 30, 2014

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    236

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica MLP & Energy Income
	Class A
	April 30, 2015    (unaudited)			October 31, 2014			October 31,   2013 (A)
Net asset value, beginning of period/year	$	11.62		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.26			0.13
Net realized and unrealized gain (loss)		(0.55	)		1.40			0.20
Total investment operations		(0.41	)		1.66			0.33
Distributions:
Net investment income		(0.12	)		(0.27	)		(0.05	)
Net realized gains		(0.07	)		(0.05	)		—
Total distributions		(0.19	)		(0.32	)		(0.05	)
Net asset value, end of period/year	$	11.02		$	11.62		$	10.28
Total return (C)		(3.42	)%(D)		16.36	%		3.35	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	68,328		$	64,300		$	16,419
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.49	%(E)		1.54	%		1.65	%(E)
Including waiver and/or reimbursement and recapture		1.49	%(E)		1.54	%		1.65	%(E)
Net investment income (loss) to average net assets		2.59	%(E)		2.24	%		2.67	%(E)
Portfolio turnover rate		28	%(D)		46	%		28	%(D)

^(A)  Commenced operations on April 30, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and year indicated:	Transamerica MLP & Energy Income
	Class C
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.57		$	10.25		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10			0.17			0.09
Net realized and unrealized gain (loss)		(0.55	)		1.41			0.20
Total investment operations		(0.45	)		1.58			0.29
Distributions:
Net investment income		(0.08	)		(0.21	)		(0.04	)
Net realized gains		(0.07	)		(0.05	)		—
Total distributions		(0.15	)		(0.26	)		(0.04	)
Net asset value, end of period/year	$	10.97		$	11.57		$	10.25
Total return (C)		(3.69	)%(D)		15.59	%		2.90	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	55,298		$	53,064		$	5,008
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.23	%(E)		2.26	%		2.39	%(E)
Including waiver and/or reimbursement and recapture		2.23	%(E)		2.26	%		2.35	%(E)
Net investment income (loss) to average net assets		1.86	%(E)		1.47	%		1.71	%(E)
Portfolio turnover rate		28	%(D)		46	%		28	%(D)

^(A)  Commenced operations on April 30, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    237

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica MLP & Energy Income
	Class I
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.63		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B)		0.15			0.29			0.14
Net realized and unrealized gain (loss)		(0.54	)		1.41			0.20
Total investment operations		(0.39	)		1.70			0.34
Distributions:
Net investment income		(0.14	)		(0.30	)		(0.06	)
Net realized gains		(0.07	)		(0.05	)		—
Total distributions		(0.21	)		(0.35	)		(0.06	)
Net asset value, end of period/year	$	11.03		$	11.63		$	10.28
Total return (C)		(3.27	)%(D)		16.69	%		3.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	100,606		$	112,833		$	9,582
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.22	%(E)		1.27	%		1.42	%(E)
Including waiver and/or reimbursement and recapture		1.22	%(E)		1.27	%		1.35	%(E)
Net investment income (loss) to average net assets		2.83	%(E)		2.52	%		2.82	%(E)
Portfolio turnover rate		28	%(D)		46	%		28	%(D)

^(A)  Commenced operations on April 30, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and year indicated:	Transamerica MLP & Energy Income
	Class I2
	April 30, 2015      (unaudited)			October 31, 2014			October 31,    2013 (A)
Net asset value, beginning of period/year	$	11.63		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.31			0.12
Net realized and unrealized gain (loss)		(0.54	)		1.40			0.22
Total investment operations		(0.38	)		1.71			0.34
Distributions:
Net investment income		(0.14	)		(0.31	)		(0.06	)
Net realized gains		(0.07	)		(0.05	)		—
Total distributions		(0.21	)		(0.36	)		(0.06	)
Net asset value, end of period/year	$	11.04		$	11.63		$	10.28
Total return (C)		(3.13	)%(D)		16.79	%		3.42	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	502,746		$	463,787		$	206,668
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.13	%(E)		1.17	%		1.29	%(E)
Including waiver and/or reimbursement and recapture		1.13	%(E)		1.17	%		1.29	%(E)
Net investment income (loss) to average net assets		2.96	%(E)		2.73	%		2.29	%(E)
Portfolio turnover rate		28	%(D)		46	%		28	%(D)

^(A)  Commenced operations on April 30, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    238

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Money Market
	Class A
	April 30, 2015     (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net realized and unrealized gain (loss)		—			—			—			—			—			—	(B)
Total investment operations		0.00	(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net equalization credits and charges		—			—			—			—			—			—	(B)
Distributions:
Net investment income		(0.00	)(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (C)		0.01	%(D)		0.01	%		0.01	%		0.01	%		—	%(E)		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	73,944		$	100,310		$	90,423		$	95,801		$	112,490		$	119,744
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.13	%(F)		1.09	%		1.09	%		1.17	%		1.26	%		1.19	%
Including waiver and/or reimbursement and recapture (G)		0.25	%(F)		0.22	%		0.24	%		0.27	%		0.20	%		0.22	%
Net investment income (loss) to average net assets		—	%(E)(F)		0.01	%		—	%(E)		—	%(E)		—	%(E)		—	%(E)

^(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)  Not annualized.

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

^(F)  Annualized.

^(G)  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.

For a share outstanding during the period and years indicated:	Transamerica Money Market
	Class B
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net realized and unrealized gain (loss)		—			—			—			—			—			—	(B)
Total investment operations		0.00	(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net equalization credits and charges		—			—			—			—			—			—	(B)
Distributions:
Net investment income		(0.00	)(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (C)		0.01	%(D)		0.01	%		0.01	%		0.01	%		—	%(E)		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,967		$	3,820		$	6,189		$	9,289		$	15,318		$	19,442
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.90	%(F)		1.86	%		1.82	%		1.84	%		1.89	%		1.81	%
Including waiver and/or reimbursement and recapture (G)		0.25	%(F)		0.22	%		0.24	%		0.27	%		0.20	%		0.21	%
Net investment income (loss) to average net assets		0.01	%(F)		0.01	%		—	%(E)		—	%(E)		—	%(E)		—	%(E)

^(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)  Not annualized.

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

^(F)  Annualized.

^(G)  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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    239

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Money Market
	Class C
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net realized and unrealized gain (loss)		—			—			—			—			—			—	(B)
Total investment operations		0.00	(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net equalization credits and charges		—			—			—			—			—			—	(B)
Distributions:
Net investment income		(0.00	)(B)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (C)		0.01	%(D)		0.01	%		0.01	%		—	%(E)		—	%(E)		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20,004		$	24,180		$	30,196		$	31,391		$	36,078		$	33,800
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.71	%(F)		1.67	%		1.64	%		1.67	%		1.73	%		1.66	%
Including waiver and/or reimbursement and recapture (G)		0.25	%(F)		0.22	%		0.24	%		0.27	%		0.20	%		0.22	%
Net investment income (loss) to average net assets		—	%(E)(F)		0.01	%		—	%(E)		—	%(E)		—	%(E)		—	%(E)

^(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)  Not annualized.

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

^(F)  Annualized.

^(G)  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.

For a share outstanding during the periods and years indicated:	Transamerica Money Market
	Class I
	April 30, 2015    (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)
Net realized and unrealized gain (loss)		—			—			—			—			—			—	(C)
Total investment operations		0.00	(C)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)
Net equalization credits and charges		—			—			—			—			—			—	(C)
Distributions:
Net investment income		(0.00	)(C)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		0.01	%(E)		0.01	%		0.04	%		0.02	%		0.01	%		0.01	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	18,200		$	19,325		$	22,305		$	25,460		$	55		$	55
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(F)		0.77	%		0.71	%		0.72	%		3.60	%		3.17	%(F)
Including waiver and/or reimbursement and recapture (G)		0.25	%(F)		0.21	%		0.21	%		0.26	%		0.19	%		0.22	%(F)
Net investment income (loss) to average net assets		0.01	%(F)		0.02	%		0.04	%		0.02	%		0.02	%		0.01	%(F)

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

^(B)  Calculated 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)  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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    240

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Money Market
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)
Net realized and unrealized gain (loss)		—			—			—			—			—			—	(C)
Total investment operations		0.00	(C)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)
Net equalization credits and charges		—			—			—			—			—			—	(C)
Distributions:
Net investment income		(0.00	)(C)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		0.01	%(E)		0.01	%		0.04	%		0.03	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32,939		$	31,522		$	130,531		$	652,465		$	17,612		$	21,773
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%(F)		0.53	%		0.49	%		0.50	%		0.55	%		0.50	%
Including waiver and/or reimbursement and recapture (G)		0.24	%(F)		0.21	%		0.21	%		0.25	%		0.19	%		0.21	%
Net investment income (loss) to average net assets		0.01	%(F)		0.02	%		0.03	%		0.03	%		0.02	%		0.01	%

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

^(B)  Calculated 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)  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.

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010
Net asset value, beginning of period/year	$	25.61		$	24.23		$	22.15		$	23.34		$	21.40		$	17.85
Investment operations:
Net investment income (loss) (A)		0.13			0.24	(B)		0.23	(B)		0.26	(B)		0.25	(B)		0.52	(B)
Net realized and unrealized gain (loss)		0.58			2.57			2.88			1.94			1.94			3.55
Total investment operations		0.71			2.81			3.11			2.20			2.19			4.07
Distributions:
Net investment income		(0.12	)		(0.31	)		(0.25	)		(0.31	)		(0.25	)		(0.52	)
Net realized gains		(1.15	)		(1.12	)		(0.78	)		(3.08	)		—			—
Total distributions		(1.27	)		(1.43	)		(1.03	)		(3.39	)		(0.25	)		(0.52	)
Net asset value, end of period/year	$	25.05		$	25.61		$	24.23		$	22.15		$	23.34		$	21.40
Total return (C)		2.83	%(D)		12.11	%		14.61	%		11.27	%		10.26	%		23.08	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	199,025		$	174,817		$	152,382		$	125,266		$	107,146		$	95,258
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.14	%(E)		1.23	%(F)		1.36	%(F)		1.43	%(F)		1.49	%(F)		1.56	%(F)(G)
Including waiver and/or reimbursement and recapture		1.14	%(E)		1.23	%(F)		1.36	%(F)		1.47	%(F)		1.46	%(F)		1.56	%(F)(G)
Net investment income (loss) to average net assets		1.03	%(E)		1.00	%(B)		0.99	%(B)		1.20	%(B)		1.09	%(B)		2.67	%(B)
Portfolio turnover rate		19	%(D)		102	%(H)		126	%(H)		153	%(H)		263	%(H)		99	%(H)

^(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 investment companies and/or ETFs 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)  Not annualized.

^(E)  Annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    241

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class B
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	25.45		$	24.09		$	22.01		$	23.23		$	21.34		$	17.79
Investment operations:
Net investment income (loss) (A)		0.01			0.02	(B)		0.03	(B)		0.08	(B)		0.06	(B)		0.33	(B)
Net realized and unrealized gain (loss)		0.58			2.55			2.87			1.92			1.92			3.58
Total investment operations		0.59			2.57			2.90			2.00			1.98			3.91
Distributions:
Net investment income		(0.01	)		(0.09	)		(0.04	)		(0.14	)		(0.09	)		(0.36	)
Net realized gains		(1.15	)		(1.12	)		(0.78	)		(3.08	)		—			—
Total distributions		(1.16	)		(1.21	)		(0.82	)		(3.22	)		(0.09	)		(0.36	)
Net asset value, end of period/year	$	24.88		$	25.45		$	24.09		$	22.01		$	23.23		$	21.34
Total return (C)		2.33	%(D)		11.07	%		13.66	%		10.30	%		9.33	%		22.15	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,211		$	6,579		$	8,186		$	9,074		$	9,996		$	14,658
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.09	%(E)		2.15	%(F)		2.24	%(F)		2.29	%(F)		2.32	%(F)		2.34	%(F)(G)
Including waiver and/or reimbursement and recapture		2.09	%(E)		2.15	%(F)		2.24	%(F)		2.33	%(F)		2.29	%(F)		2.34	%(F)(G)
Net investment income (loss) to average net assets		0.10	%(E)		0.10	%(B)		0.13	%(B)		0.36	%(B)		0.25	%(B)		1.73	%(B)
Portfolio turnover rate		19	%(D)		102	%(H)		126	%(H)		153	%(H)		263	%(H)		99	%(H)

^(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 investment companies and/or ETFs 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)  Not annualized.

^(E)  Annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class C
	April 30, 2015   (unaudited)				October 31,   2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,     2010
Net asset value, beginning of period/year	$	25.21			$	23.88		$	21.85		$	23.09		$	21.20		$	17.69
Investment operations:
Net investment income (loss) (A)		0.04				0.08	(B)		0.08	(B)		0.13	(B)		0.13	(B)		0.40	(B)
Net realized and unrealized gain (loss)		0.58				2.53			2.85			1.92			1.91			3.53
Total investment operations		0.62				2.61			2.93			2.05			2.04			3.93
Distributions:
Net investment income		(0.05	)			(0.16	)		(0.12	)		(0.21	)		(0.15	)		(0.42	)
Net realized gains		(1.15	)			(1.12	)		(0.78	)		(3.08	)		—			—
Total distributions		(1.20	)			(1.28	)		(0.90	)		(3.29	)		(0.15	)		(0.42	)
Net asset value, end of period/year	$	24.63			$	25.21		$	23.88		$	21.85		$	23.09		$	21.20
Total return (C)		2.48	%(D)			11.38	%		13.90	%		10.63	%		9.63	%		22.43	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	174,339			$	132,473		$	95,601		$	62,789		$	38,868		$	24,194
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.82	%(E)			1.90	%(F)		1.98	%(F)		2.01	%(F)		2.05	%(F)		2.11	%(F)(G)
Including waiver and/or reimbursement and recapture		1.82	%(E)	��		1.90	%(F)		1.98	%(F)		2.04	%(F)		2.03	%(F)		2.11	%(F)(G)
Net investment income (loss) to average net assets		0.33	%(E)			0.32	%(B)		0.36	%(B)		0.61	%(B)		0.55	%(B)		2.09	%(B)
Portfolio turnover rate		19	%(D)			102	%(H)		126	%(H)		153	%(H)		263	%(H)		99	%(H)

^(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 investment companies and/or ETFs 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)  Not annualized.

^(E)  Annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    242

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Multi-Managed Balanced
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,     2010 (A)
Net asset value, beginning of period/year	$	25.70		$	24.31		$	22.22		$	23.40		$	21.46		$	18.49
Investment operations:
Net investment income (loss) (B)		0.16			0.33	(C)		0.32	(C)		0.36	(C)		0.38	(C)		0.57	(C)
Net realized and unrealized gain (loss)		0.59			2.57			2.89			1.94			1.91			2.98
Total investment operations		0.75			2.90			3.21			2.30			2.29			3.55
Distributions:
Net investment income		(0.16	)		(0.39	)		(0.34	)		(0.40	)		(0.35	)		(0.58	)
Net realized gains		(1.15	)		(1.12	)		(0.78	)		(3.08	)		—			—
Total distributions		(1.31	)		1.51			(1.12	)		(3.48	)		(0.35	)		(0.58	)
Net asset value, end of period/year	$	25.14		$	25.70		$	24.31		$	22.22		$	23.40		$	21.46
Total return (D)		2.96	%(E)		12.46	%		15.07	%		11.76	%		10.70	%		19.52	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	206,567		$	176,667		$	174,902		$	176,788		$	12,086		$	265
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(F)		0.92	%(G)		0.98	%(G)		0.96	%(G)		1.01	%(G)		2.01	%(F)(G)(H)
Including waiver and/or reimbursement and recapture		0.86	%(F)		0.92	%(G)		0.98	%(G)		0.99	%(G)		1.00	%(G)		1.46	%(F)(G)(H)
Net investment income (loss) to average net assets		1.31	%(F)		1.32	%(C)		1.39	%(C)		1.63	%(C)		1.61	%(C)		3.15	%(C)(F)
Portfolio turnover rate		19	%(E)		102	%(I)		126	%(I)		153	%(I)		263	%(I)		99	%(E)(I)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Opportunistic Allocation
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.39			0.66
Net realized and unrealized gain (loss)		0.04			(0.21	)
Total investment operations		0.43			0.45
Distributions:
Net investment income		(0.24	)		(0.63	)
Net asset value, end of period/year	$	10.01		$	9.82
Total return (D)		4.38	%(E)		4.38	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	280		$	268
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		6.49	%(G)		9.64	%
Including waiver and/or reimbursement and recapture		1.20	%(G)		1.22	%
Net investment income (loss) to average net assets (C)		7.85	%(G)		6.41	%
Portfolio turnover rate (H)		35	%(E)		118	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    243

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Opportunistic Allocation
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.35			0.58
Net realized and unrealized gain (loss)		0.04			(0.20	)
Total investment operations		0.39			0.38
Distributions:
Net investment income		(0.20	)		(0.56	)
Net asset value, end of period/year	$	10.01		$	9.82
Total return (D)		4.00	%(E)		3.69	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	270		$	259
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		7.24	%(G)		10.37	%
Including waiver and/or reimbursement and recapture		1.95	%(G)		1.95	%
Net investment income (loss) to average net assets (C)		7.10	%(G)		5.68	%
Portfolio turnover rate (H)		35	%(E)		118	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Opportunistic Allocation
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.40			0.69
Net realized and unrealized gain (loss)		0.03			(0.21	)
Total investment operations		0.43			0.48
Distributions:
Net investment income		(0.25	)		(0.65	)
Net asset value, end of period/year	$	10.01		$	9.83
Total return (D)		4.41	%(E)		4.74	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	547		$	531
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		6.33	%(G)		9.47	%
Including waiver and/or reimbursement and recapture		0.95	%(G)		0.95	%
Net investment income (loss) to average net assets (C)		8.09	%(G)		6.67	%
Portfolio turnover rate (H)		35	%(E)		118	%

^(A)  Commenced operations on October 31, 2013.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    244

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	10.37		$	10.45		$	10.51		$	10.33		$	10.53		$	10.26
Investment operations:
Net investment income (loss) (A)		0.10			0.21			0.25			0.33			0.37			0.43
Net realized and unrealized gain (loss)		(0.03	)		—	(B)		0.01			0.27			(0.16	)		0.29
Total investment operations		0.07			0.21			0.26			0.60			0.21			0.72
Distributions:
Net investment income		(0.11	)		(0.23	)		(0.27	)		(0.35	)		(0.39	)		(0.45	)
Net realized gains		(0.02	)		(0.06	)		(0.05	)		(0.07	)		(0.02	)		—
Total distributions		(0.13	)		(0.29	)		(0.32	)		(0.42	)		(0.41	)		(0.45	)
Net asset value, end of period/year	$	10.31		$	10.37		$	10.45		$	10.51		$	10.33		$	10.53
Total return (C)		0.67	%(D)		1.97	%		2.46	%		5.95	%		2.01	%		7.15	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	988,546		$	1,012,764		$	953,044		$	793,493		$	779,041		$	856,959
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%(E)		0.86	%		0.88	%		0.89	%		0.92	%		0.97	%
Including waiver and/or reimbursement and recapture		0.84	%(E)		0.84	%		0.83	%		0.83	%		0.82	%		0.83	%
Net investment income (loss) to average net assets		1.98	%(E)		2.05	%		2.38	%		3.22	%		3.58	%		4.16	%
Portfolio turnover rate		27	%(D)		52	%		73	%		61	%		51	%		54	%

^(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)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	10.35		$	10.43		$	10.49		$	10.31		$	10.51		$	10.24
Investment operations:
Net investment income (loss) (A)		0.06			0.14			0.17			0.25			0.29			0.36
Net realized and unrealized gain (loss)		(0.03	)		(0.01	)		0.01			0.27			(0.17	)		0.28
Total investment operations		0.03			0.13			0.18			0.52			0.12			0.64
Distributions:
Net investment income		(0.07	)		(0.15	)		(0.19	)		(0.27	)		(0.30	)		(0.37	)
Net realized gains		(0.02	)		(0.06	)		(0.05	)		(0.07	)		(0.02	)		—
Total distributions		(0.09	)		(0.21	)		(0.24	)		(0.34	)		(0.32	)		(0.37	)
Net asset value, end of period/year	$	10.29		$	10.35		$	10.43		$	10.49		$	10.31		$	10.51
Total return (B)		0.29	%(C)		1.20	%		1.67	%		5.15	%		1.23	%		6.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	781,025		$	847,407		$	867,319		$	837,435		$	846,464		$	834,859
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.59	%(D)		1.59	%		1.60	%		1.59	%		1.59	%		1.63	%
Including waiver and/or reimbursement and recapture		1.59	%(D)		1.59	%		1.60	%		1.59	%		1.59	%		1.59	%
Net investment income (loss) to average net assets		1.23	%(D)		1.30	%		1.63	%		2.46	%		2.81	%		3.40	%
Portfolio turnover rate		27	%(C)		52	%		73	%		61	%		51	%		54	%

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

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

^(C)  Not annualized.

^(D)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    245

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Short-Term Bond
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	10.19		$	10.27		$	10.33		$	10.15		$	10.35		$	10.14
Investment operations:
Net investment income (loss) (B)		0.11			0.23			0.26			0.35			0.38			0.39
Net realized and unrealized gain (loss)		(0.03	)		(0.01	)		0.01			0.26			(0.16	)		0.24
Total investment operations		0.08			0.22			0.27			0.61			0.22			0.63
Distributions:
Net investment income		(0.12	)		(0.24	)		(0.28	)		(0.36	)		(0.40	)		(0.42	)
Net realized gains		(0.02	)		(0.06	)		(0.05	)		(0.07	)		(0.02	)		—
Total distributions		(0.14	)		(0.30	)		(0.33	)		(0.43	)		(0.42	)		(0.42	)
Net asset value, end of period/year	$	10.13		$	10.19		$	10.27		$	10.33		$	10.15		$	10.35
Total return (C)		0.77	%(D)		2.18	%		2.66	%		6.21	%		2.16	%		6.34	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	778,159		$	804,004		$	485,299		$	368,296		$	270,667		$	198,461
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.62	%(E)		0.63	%		0.63	%		0.63	%		0.64	%		0.67	%(E)
Including waiver and/or reimbursement and recapture		0.62	%(E)		0.63	%		0.63	%		0.63	%		0.64	%		0.65	%(E)
Net investment income (loss) to average net assets		2.19	%(E)		2.25	%		2.58	%		3.40	%		3.75	%		4.17	%(E)
Portfolio turnover rate		27	%(D)		52	%		73	%		61	%		51	%		54	%(D)

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

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	10.18		$	10.27		$	10.32		$	10.14		$	10.34		$	10.08
Investment operations:
Net investment income (loss) (B)		0.11			0.24			0.28			0.36			0.40			0.46
Net realized and unrealized gain (loss)		(0.02	)		(0.02	)		0.01			0.26			(0.17	)		0.27
Total investment operations		0.09			0.22			0.29			0.62			0.23			0.73
Distributions:
Net investment income		(0.12	)		(0.25	)		(0.29	)		(0.37	)		(0.41	)		(0.47	)
Net realized gains		(0.02	)		(0.06	)		(0.05	)		(0.07	)		(0.02	)		—
Total distributions		(0.14	)		(0.31	)		(0.34	)		(0.44	)		(0.43	)		(0.47	)
Net asset value, end of period/year	$	10.13		$	10.18		$	10.27		$	10.32		$	10.14		$	10.34
Total return (C)		0.92	%(D)		2.18	%		2.86	%		6.31	%		2.28	%		7.37	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,238,527		$	1,400,475		$	1,561,883		$	1,521,804		$	924,917		$	999,064
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.53	%(E)		0.53	%		0.53	%		0.53	%		0.53	%		0.58	%
Including waiver and/or reimbursement and recapture		0.53	%(E)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income (loss) to average net assets		2.29	%(E)		2.37	%		2.71	%		3.50	%		3.87	%		4.52	%
Portfolio turnover rate		27	%(D)		52	%		73	%		61	%		51	%		54	%

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    246

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.80		$	10.00
Investment operations:
Net investment income (loss) (B)		0.04			0.06
Net realized and unrealized gain (loss)		0.03			0.76
Total investment operations		0.07			0.82
Distributions:
Net investment income		(0.04	)		(0.02	)
Net realized gains		(0.23	)		—
Total distributions		(0.27	)		(0.02	)
Net asset value, end of period/year	$	10.60		$	10.80
Total return (C)		0.64	%(D)		8.18	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	355		$	333
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%(E)		1.32	%
Including waiver and/or reimbursement and recapture		1.20	%(E)		1.32	%
Net investment income (loss) to average net assets		0.81	%(E)		0.55	%
Portfolio turnover rate		73	%(D)		140	%

^(A)  Commenced operations on October 31, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.73		$	10.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		(0.02	)
Net realized and unrealized gain (loss)		0.02			0.76
Total investment operations		0.02			0.74
Distributions:
Net investment income		(0.00	)(C)		(0.01	)
Net realized gains		(0.23	)		—
Total distributions		(0.23	)		(0.01	)
Net asset value, end of period/year	$	10.52		$	10.73
Total return (D)		0.16	%(E)		7.36	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	391		$	380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.97	%(F)		2.06	%
Including waiver and/or reimbursement and recapture		1.98	%(F)		2.05	%
Net investment income (loss) to average net assets		0.03	%(F)		(0.20	)%
Portfolio turnover rate		73	%(E)		140	%

^(A)  Commenced operations on October 31, 2013.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    247

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			0.08
Net realized and unrealized gain (loss)		0.03			0.76
Total investment operations		0.08			0.84
Distributions:
Net investment income		(0.07	)		(0.02	)
Net realized gains		(0.23	)		—
Total distributions		(0.30	)		(0.02	)
Net asset value, end of period/year	$	10.60		$	10.82
Total return (C)		0.68	%(D)		8.44	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	714		$	685
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(E)		1.08	%
Including waiver and/or reimbursement and recapture		1.05	%(E)		1.05	%
Net investment income (loss) to average net assets		0.97	%(E)		0.79	%
Portfolio turnover rate		73	%(D)		140	%

^(A)  Commenced operations on October 31, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and year indicated:	Transamerica Small Cap Core
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.10
Net realized and unrealized gain (loss)		0.02			0.75
Total investment operations		0.08			0.85
Distributions:
Net investment income		(0.07	)		(0.02	)
Net realized gains		(0.23	)		—
Total distributions		(0.30	)		(0.02	)
Net asset value, end of period/year	$	10.61		$	10.83
Total return (C)		0.76	%(D)		8.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	259,441		$	210,823
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.91	%(E)		0.97	%
Including waiver and/or reimbursement and recapture		0.91	%(E)		0.97	%
Net investment income (loss) to average net assets		1.11	%(E)		0.93	%
Portfolio turnover rate		73	%(D)		140	%

^(A)  Commenced operations on October 31, 2013.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    248

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.87		$	12.37		$	9.38		$	10.00
Investment operations:
Net investment income (loss) (B)		0.04			(0.11	)		(0.08	)		(0.02	)
Net realized and unrealized gain (loss)		0.76			0.61			3.07			(0.60	)
Total investment operations		0.80			0.50			2.99			(0.62	)
Distributions:
Net investment income		—			—			—	(C)		—
Net realized gains		(1.05	)		—			—			—
Total distributions		(1.05	)		—			—	(C)		—
Net asset value, end of period/year	$	12.62		$	12.87		$	12.37		$	9.38
Total return (D)		6.58	%(E)		4.04	%		31.90	%		(6.20	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,276		$	862		$	591		$	236
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%(F)		1.35	%		1.29	%		1.52	%(F)
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.35	%		1.29	%		1.45	%(F)
Net investment income (loss) to average net assets		0.66	%(F)		(0.87	)%		(0.70	)%		(1.17	)%(F)
Portfolio turnover rate		32	%(E)		73	%		74	%		11	%(E)

^(A)  Commenced operations on August 31, 2012.

^(B)  Calculated 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.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.70		$	12.28		$	9.37		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.19	)		(0.14	)		(0.03	)
Net realized and unrealized gain (loss)		0.77			0.61			3.05			(0.60	)
Total investment operations		0.74			0.42			2.91			(0.63	)
Distributions:
Net realized gains		(1.05	)		—			—			—
Net asset value, end of period/year	$	12.39		$	12.70		$	12.28		$	9.37
Total return (C)		6.17	%(D)		3.42	%		31.06	%		(6.30	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	820		$	628		$	404		$	234
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.99	%(E)		1.99	%		1.95	%		2.21	%(E)
Including waiver and/or reimbursement and recapture		1.99	%(E)		1.99	%		1.95	%		2.15	%(E)
Net investment income (loss) to average net assets		(0.42	)%(E)		(1.51	)%		(1.32	)%		(1.89	)%(E)
Portfolio turnover rate		32	%(D)		73	%		74	%		11	%(D)

^(A)  Commenced operations on August 31, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    249

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.94		$	12.39		$	9.39		$	10.00
Investment operations:
Net investment income (loss) (B)		0.01			(0.07	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.81			0.62			3.05			(0.60	)
Total investment operations		0.82			0.55			3.01			(0.61	)
Distributions:
Net investment income		—			—			(0.01	)		—
Net realized gains		(1.05	)		—			—			—
Total distributions		(1.05	)		—			(0.01	)		—
Net asset value, end of period/year	$	12.71		$	12.94		$	12.39		$	9.39
Total return (C)		6.70	%(D)		4.44	%		32.08	%		(6.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,604		$	510		$	490		$	235
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%(E)		1.03	%		1.02	%		1.31	%(E)
Including waiver and/or reimbursement and recapture		1.01	%(E)		1.03	%		1.04	%		1.15	%(E)
Net investment income (loss) to average net assets		0.08	%(E)		(0.54	)%		(0.41	)%		(0.89	)%(E)
Portfolio turnover rate		32	%(D)		73	%		74	%		11	%(D)

^(A)  Commenced operations on August 31, 2012.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31,   2012 (A)
Net asset value, beginning of period/year	$	12.97		$	12.41		$	9.39		$	10.00
Investment operations:
Net investment income (loss) (B)		0.04			(0.05	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.79			0.61			3.07			(0.60	)
Total investment operations		0.83			0.56			3.03			(0.61	)
Distributions:
Net investment income		—			—	(C)		(0.01	)		—
Net realized gains		(1.05	)		—			—			—
Total distributions		(1.05	)		—	(C)		(0.01	)		—
Net asset value, end of period/year	$	12.75		$	12.97		$	12.41		$	9.39
Total return (D)		6.77	%(E)		4.51	%		32.32	%		(6.10	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	536,461		$	528,891		$	562,770		$	239,395
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.89	%(F)		0.89	%		0.90	%		1.21	%(F)
Including waiver and/or reimbursement and recapture		0.89	%(F)		0.89	%		0.91	%		1.15	%(F)
Net investment income (loss) to average net assets		0.68	%(F)		(0.41	)%		(0.33	)%		(0.87	)%(F)
Portfolio turnover rate		32	%(E)		73	%		74	%		11	%(E)

^(A)  Commenced operations on August 31, 2012.

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    250

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.95		$	13.21		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.08	(C)		0.06	(C)		0.04	(C)
Net realized and unrealized gain (loss)		0.08			0.56			3.39			(0.21	)
Total investment operations		0.14			0.64			3.45			(0.17	)
Distributions:
Net investment income		(0.09	)		(0.08	)		(0.07	)		—
Net realized gains		(1.17	)		(0.82	)		—	(D)		—
Total distributions		(1.26	)		(0.90	)		(0.07	)		—
Net asset value, end of period/year	$	11.83		$	12.95		$	13.21		$	9.83
Total return (E)		1.00	%(F)		4.99	%		35.30	%		(1.70	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	971		$	955		$	996		$	268
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%(G)		1.38	%(H)		1.37	%(H)		1.36	%(G)(H)
Including waiver and/or reimbursement and recapture		1.31	%(G)		1.38	%(H)		1.37	%(H)		1.36	%(G)(H)
Net investment income (loss) to average net assets		0.97	%(G)		0.61	%(C)		0.50	%(C)		0.91	%(C)(G)
Portfolio turnover rate		28	%(F)		37	%(I)		49	%(I)		22	%(F)(I)

^(A)  Commenced operations on April 30, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

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

^(F)  Not annualized.

^(G)  Annualized.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.87		$	13.15		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02			(0.01	)(C)		—	(C)(D)		0.01	(C)
Net realized and unrealized gain (loss)		0.08			0.58			3.38			(0.22	)
Total investment operations		0.10			0.57			3.38			(0.21	)
Distributions:
Net investment income		(0.02	)		(0.03	)		(0.02	)		—
Net realized gains		(1.17	)		(0.82	)		—	(D)		—
Total distributions		(1.19	)		(0.85	)		(0.02	)		—
Net asset value, end of period/year	$	11.78		$	12.87		$	13.15		$	9.79
Total return (E)		0.62	%(F)		4.39	%		34.65	%		(2.10	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	972		$	921		$	635		$	251
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.00	%(G)		1.99	%(H)		1.98	%(H)		2.04	%(G)(H)
Including waiver and/or reimbursement and recapture		2.00	%(G)		1.99	%(H)		1.98	%(H)		2.04	%(G)(H)
Net investment income (loss) to average net assets		0.29	%(G)		(0.05	)%(C)		—	%(C)(I)		0.24	%(C)(G)
Portfolio turnover rate		28	%(F)		37	%(J)		49	%(J)		22	%(F)(J)

^(A)  Commenced operations on April 30, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

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

^(F)  Not annualized.

^(G)  Annualized.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

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

^(J)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    251

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I
	April 30, 2015 (unaudited)			October 31,   2014			October 31,   2013			October 31,     2012 (A)
Net asset value, beginning of period/year	$	13.02		$	13.26		$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.12	(C)		0.12	(C)		0.06	(C)
Net realized and unrealized gain (loss)		0.09			0.57			3.38			(0.22	)
Total investment operations		0.16			0.69			3.50			(0.16	)
Distributions:
Net investment income		(0.13	)		(0.11	)		(0.08	)		—
Net realized gains		(1.17	)		(0.82	)		—	(D)		—
Total distributions		(1.30	)		(0.93	)		(0.08	)		—
Net asset value, end of period/year	$	11.88		$	13.02		$	13.26		$	9.84
Total return (E)		1.15	%(F)		5.37	%		35.87	%		(1.60	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	624		$	655		$	719		$	371
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%(G)		1.04	%(H)		1.03	%(H)		1.12	%(G)(H)
Including waiver and/or reimbursement and recapture		1.05	%(G)		1.04	%(H)		1.03	%(H)		1.12	%(G)(H)
Net investment income (loss) to average net assets		1.24	%(G)		0.93	%(C)		1.01	%(C)		1.17	%(C)(G)
Portfolio turnover rate		28	%(F)		37	%(I)		49	%(I)		22	%(F)(I)

^(A)  Commenced operations on April 30, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

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

^(F)  Not annualized.

^(G)  Annualized.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I2
	April 30, 2015   (unaudited)			October 31,   2014			October 31,   2013			October 31,     2012 (A)
Net asset value, beginning of period/year	$	13.04		$	13.27		$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.14	(C)		0.12	(C)		0.06	(C)
Net realized and unrealized gain (loss)		0.09			0.58			3.40			(0.22	)
Total investment operations		0.17			0.72			3.52			(0.16	)
Distributions:
Net investment income		(0.15	)		(0.13	)		(0.09	)		—
Net realized gains		(1.17	)		(0.82	)		—	(D)		—
Total distributions		(1.32	)		(0.95	)		(0.09	)		—
Net asset value, end of period/year	$	11.89		$	13.04		$	13.27		$	9.84
Total return (E)		1.21	%(F)		5.54	%		36.06	%		(1.60	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	504,307		$	678,842		$	737,250		$	288,664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%(G)		0.92	%(H)		0.92	%(H)		1.01	%(G)(H)
Including waiver and/or reimbursement and recapture		0.92	%(G)		0.92	%(H)		0.92	%(H)		1.01	%(G)(H)
Net investment income (loss) to average net assets		1.35	%(G)		1.07	%(C)		1.06	%(C)		1.30	%(C)(G)
Portfolio turnover rate		28	%(F)		37	%(I)		49	%(I)		22	%(F)(I)

^(A)  Commenced operations on April 30, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

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

^(F)  Not annualized.

^(G)  Annualized.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    252

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31,  2011			October 31, 2010
Net asset value, beginning of period/year	$	28.88		$	29.05		$	21.86		$	20.65		$	18.89		$	14.72
Investment operations:
Net investment income (loss) (A)		0.05			0.07			0.11			0.11			(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		0.85			2.18			7.18			2.24			1.82			4.19
Total investment operations		0.90			2.25			7.29			2.35			1.76			4.17
Distributions:
Net investment income		(0.03	)		(0.10	)		(0.10	)		—	(B)		—			—
Net realized gains		(2.76	)		(2.32	)		—			(1.14	)		—			—
Total distributions		(2.79	)		(2.42	)		(0.10	)		(1.14	)		—			—
Net asset value, end of period/year	$	26.99		$	28.88		$	29.05		$	21.86		$	20.65		$	18.89
Total return (C)		3.27	%(D)		8.13	%		33.47	%		12.28	%		9.32	%		28.33	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	448,724		$	473,644		$	519,376		$	332,085		$	323,147		$	283,240
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%(E)		1.30	%		1.38	%		1.41	%		1.43	%		1.47	%
Including waiver and/or reimbursement and recapture		1.31	%(E)		1.30	%		1.38	%		1.41	%		1.43	%		1.47	%
Net investment income (loss) to average net assets		0.35	%(E)		0.24	%		0.44	%		0.50	%		(0.27	)%		(0.12	)%
Portfolio turnover rate		35	%(D)		96	%		97	%		74	%		174	%		57	%

^(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)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class B
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010
Net asset value, beginning of period/year	$	26.83		$	27.23		$	20.55		$	19.60		$	18.05		$	14.16
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.12	)		(0.05	)		(0.03	)		(0.20	)		(0.12	)
Net realized and unrealized gain (loss)		0.78			2.04			6.73			2.12			1.75			4.01
Total investment operations		0.74			1.92			6.68			2.09			1.55			3.89
Distributions:
Net investment income		—			—			—			—	(B)		—			—
Net realized gains		(2.76	)		(2.32	)		—			(1.14	)		—			—
Total distributions		(2.76	)		(2.32	)		—			(1.14	)		—			—
Net asset value, end of period/year	$	24.81		$	26.83		$	27.23		$	20.55		$	19.60		$	18.05
Total return (C)		2.88	%(D)		7.38	%		32.51	%		11.58	%		8.59	%		27.47	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,227		$	27,010		$	32,286		$	29,615		$	33,830		$	38,355
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%(E)		2.01	%		2.08	%		2.08	%		2.09	%		2.12	%
Including waiver and/or reimbursement and recapture		2.02	%(E)		2.01	%		2.08	%		2.08	%		2.09	%		2.12	%
Net investment income (loss) to average net assets		(0.36	)%(E)		(0.47	)%		(0.22	)%		(0.16	)%		(0.95	)%		(0.74	)%
Portfolio turnover rate		35	%(D)		96	%		97	%		74	%		174	%		57	%

^(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)  Not annualized.

^(E)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    253

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2015   (unaudited)			October 31,  2014			October 31,  2013			October 31,  2012			October 31,  2011			October 31, 2010
Net asset value, beginning of period/year	$	26.54		$	26.95		$	20.33		$	19.40		$	17.86		$	14.00
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.12	)		(0.05	)		(0.02	)		(0.18	)		(0.12	)
Net realized and unrealized gain (loss)		0.78			2.03			6.67			2.09			1.72			3.98
Total investment operations		0.74			1.91			6.62			2.07			1.54			3.86
Distributions:
Net investment income		—			—	(B)		—			—	(B)		—			—
Net realized gains		(2.76	)		(2.32	)		—			(1.14	)		—			—
Total distributions		(2.76	)		(2.32	)		—			(1.14	)		—			—
Net asset value, end of period/year	$	24.52		$	26.54		$	26.95		$	20.33		$	19.40		$	17.86
Total return (C)		2.91	%(D)		7.42	%		32.56	%		11.60	%		8.62	%		27.57	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	304,413		$	314,999		$	288,038		$	198,356		$	181,765		$	169,903
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.98	%(E)		1.97	%		2.03	%		2.04	%		2.05	%		2.07	%
Including waiver and/or reimbursement and recapture		1.98	%(E)		1.97	%		2.03	%		2.04	%		2.05	%		2.07	%
Net investment income (loss) to average net assets		(0.32	)%(E)		(0.44	)%		(0.20	)%		(0.13	)%		(0.89	)%		(0.73	)%
Portfolio turnover rate		35	%(D)		96	%		97	%		74	%		174	%		57	%

^(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)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small/Mid Cap Value
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	29.63		$	29.74		$	22.38		$	21.03		$	19.15		$	15.44
Investment operations:
Net investment income (loss) (B)		0.10			0.17			0.22			0.20			0.05			(0.02	)
Net realized and unrealized gain (loss)		0.87			2.24			7.34			2.29			1.83			3.73
Total investment operations		0.97			2.41			7.56			2.49			1.88			3.71
Distributions:
Net investment income		(0.15	)		(0.20	)		(0.20	)		—	(C)		—			—
Net realized gains		(2.76	)		(2.32	)		—			(1.14	)		—			—
Total distributions		(2.91	)		(2.52	)		(0.20	)		(1.14	)		—			—
Net asset value, end of period/year	$	27.69		$	29.63		$	29.74		$	22.38		$	21.03		$	19.15
Total return (D)		3.43	%(E)		8.51	%		34.02	%		12.75	%		9.82	%		24.03	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	211,382		$	235,418		$	180,096		$	105,664		$	68,499		$	40,346
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%(F)		0.96	%		0.98	%		0.97	%		1.00	%		1.04	%(F)
Including waiver and/or reimbursement and recapture		0.95	%(F)		0.96	%		0.98	%		0.97	%		1.00	%		1.04	%(F)
Net investment income (loss) to average net assets		0.71	%(F)		0.57	%		0.84	%		0.93	%		0.24	%		(0.11	)%(F)
Portfolio turnover rate		35	%(E)		96	%		97	%		74	%		174	%		57	%(E)

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

^(B)  Calculated 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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    254

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	29.68		$	29.78		$	22.41		$	21.03		$	19.13		$	14.82
Investment operations:
Net investment income (loss) (B)		0.11			0.20			0.25			0.22			0.06			0.08
Net realized and unrealized gain (loss)		0.87			2.25			7.34			2.30			1.84			4.23
Total investment operations		0.98			2.45			7.59			2.52			1.90			4.31
Distributions:
Net investment income		(0.18	)		(0.23	)		(0.22	)		—	(C)		—			—
Net realized gains		(2.76	)		(2.32	)		—			(1.14	)		—			—
Total distributions		(2.94	)		(2.55	)		(0.22	)		(1.14	)		—			—
Net asset value, end of period/year	$	27.72		$	29.68		$	29.78		$	22.41		$	21.03		$	19.13
Total return (D)		3.48	%(E)		8.63	%		34.14	%		12.90	%		9.93	%		29.00	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20,172		$	22,282		$	21,692		$	15,545		$	12,935		$	15,893
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(F)		0.85	%		0.87	%		0.87	%		0.88	%		0.88	%
Including waiver and/or reimbursement and recapture		0.85	%(F)		0.85	%		0.87	%		0.87	%		0.88	%		0.88	%
Net investment income (loss) to average net assets		0.81	%(F)		0.68	%		0.96	%		1.03	%		0.26	%		0.47	%
Portfolio turnover rate		35	%(E)		96	%		97	%		74	%		174	%		57	%

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

^(B)  Calculated 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.

For a share outstanding during the periods indicated:	Transamerica Strategic High Income
	Class A
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19			0.24
Net realized and unrealized gain (loss)		0.13			0.26
Total investment operations		0.32			0.50
Distributions:
Net investment income		(0.22	)		(0.20	)
Net realized gains		(0.11	)		—
Total distributions		(0.33	)		(0.20	)
Net asset value, end of period	$	10.29		$	10.30
Total return (D)		3.10	%(E)		4.99	%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	1,597		$	1,200
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.25	%(G)		1.40	%(G)
Including waiver and/or reimbursement and recapture		1.20	%(G)		1.20	%(G)
Net investment income (loss) to average net assets (C)		3.73	%(G)		3.43	%(G)
Portfolio turnover rate (H)		26	%(E)		61	%(E)

^(A)  Commenced operations on March 1, 2014.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    255

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Strategic High Income
	Class C
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.29		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15			0.18
Net realized and unrealized gain (loss)		0.13			0.26
Total investment operations		0.28			0.44
Distributions:
Net investment income		(0.18	)		(0.15	)
Net realized gains		(0.11	)		—
Total distributions		(0.29	)		(0.15	)
Net asset value, end of period	$	10.28		$	10.29
Total return (D)		2.72	%(E)		4.46	%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	1,137		$	1,073
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.98	%(G)		2.14	%(G)
Including waiver and/or reimbursement and recapture		1.95	%(G)		1.95	%(G)
Net investment income (loss) to average net assets (C)		3.01	%(G)		2.66	%(G)
Portfolio turnover rate (H)		26	%(E)		61	%(E)

^(A)  Commenced operations on March 1, 2014.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the periods indicated:	Transamerica Strategic High Income
	Class I
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.31		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.20			0.26
Net realized and unrealized gain (loss)		0.12			0.26
Total investment operations		0.32			0.52
Distributions:
Net investment income		(0.23	)		(0.21	)
Net realized gains		(0.11	)		—
Total distributions		(0.34	)		(0.21	)
Net asset value, end of period	$	10.29		$	10.31
Total return (D)		3.12	%(E)		5.24	%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	24,687		$	13,897
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.07	%(G)		1.23	%(G)
Including waiver and/or reimbursement and recapture		0.95	%(G)		0.95	%(G)
Net investment income (loss) to average net assets (C)		4.00	%(G)		3.80	%(G)
Portfolio turnover rate (H)		26	%(E)		61	%(E)

^(A)  Commenced operations on March 1, 2014.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    256

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Strategic High Income
	Class I2
	April 30, 2015 (unaudited)			October 31, 2014 (A)
Net asset value, beginning of period	$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.21			0.26
Net realized and unrealized gain (loss)		0.04			0.25
Total investment operations		0.25			0.51
Distributions:
Net investment income		(0.10	)		(0.21	)
Net realized gains		(0.11	)		—
Total distributions		(0.21	)		(0.21	)
Net asset value, end of period	$	10.34		$	10.30
Total return (D)		2.38	%(E)		5.14	%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	0	(F)	$	22,618
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.97	%(H)		1.13	%(H)
Including waiver and/or reimbursement and recapture		0.95	%(H)		0.95	%(H)
Net investment income (loss) to average net assets (C)		4.02	%(H)		3.82	%(H)
Portfolio turnover rate (I)		26	%(E)		61	%(E)

^(A)  Commenced operations on March 1, 2014.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Not annualized.

^(F)  Rounds to less than $1,000.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Tactical Allocation
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.32		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.08			0.21			0.13
Net realized and unrealized gain (loss)		0.28			0.10			0.54
Total investment operations		0.36			0.31			0.67
Distributions:
Net investment income		(0.08	)		(0.25	)		(0.39	)
Net realized gains		(0.39	)		(0.02	)		—
Total distributions		(0.47	)		(0.27	)		(0.39	)
Net asset value, end of period/year	$	10.21		$	10.32		$	10.28
Total return (D)		3.63	%(E)		3.05	%		6.91	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,589		$	5,432		$	4,050
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.61	%(G)		1.49	%		3.06	%
Including waiver and/or reimbursement and recapture		1.10	%(G)		1.11	%		1.15	%
Net investment income (loss) to average net assets (C)		1.52	%(G)		1.99	%		1.33	%
Portfolio turnover rate (H)		104	%(E)		228	%		425	%

^(A)  Commenced operations on October 31, 2012.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    257

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Tactical Allocation
	Class C
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.23		$	10.20		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.04			0.13			0.04
Net realized and unrealized gain (loss)		0.29			0.10			0.56
Total investment operations		0.33			0.23			0.60
Distributions:
Net investment income		(0.04	)		(0.18	)		(0.40	)
Net realized gains		(0.39	)		(0.02	)		—
Total distributions		(0.43	)		(0.20	)		(0.40	)
Net asset value, end of period/year	$	10.13		$	10.23		$	10.20
Total return (D)		3.35	%(E)		2.24	%		6.18	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,904		$	6,362		$	5,909
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		2.28	%(G)		2.21	%		3.72	%
Including waiver and/or reimbursement and recapture		1.85	%(G)		1.85	%		1.85	%
Net investment income (loss) to average net assets (C)		0.81	%(G)		1.30	%		0.43	%
Portfolio turnover rate (H)		104	%(E)		228	%		425	%

^(A)  Commenced operations on October 31, 2012.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Tactical Allocation
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	10.25		$	10.22		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.09			0.24			0.14
Net realized and unrealized gain (loss)		0.28			0.09			0.56
Total investment operations		0.37			0.33			0.70
Distributions:
Net investment income		(0.09	)		(0.28	)		(0.48	)
Net realized gains		(0.39	)		(0.02	)		—
Total distributions		(0.48	)		(0.30	)		(0.48	)
Net asset value, end of period/year	$	10.14		$	10.25		$	10.22
Total return (D)		3.78	%(E)		3.25	%		7.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	747		$	874		$	1,533
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.29	%(G)		1.21	%		2.73	%
Including waiver and/or reimbursement and recapture		0.85	%(G)		0.85	%		0.85	%
Net investment income (loss) to average net assets (C)		1.77	%(G)		2.37	%		1.36	%
Portfolio turnover rate (H)		104	%(E)		228	%		425	%

^(A)  Commenced operations on October 31, 2012.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    258

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Tactical Income
	Class A
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.48		$	10.16		$	10.25		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15			0.38			0.34			0.33
Net realized and unrealized gain (loss)		0.03			0.26			0.10			0.45
Total investment operations		0.18			0.64			0.44			0.78
Distributions:
Net investment income		(0.17	)		(0.32	)		(0.47	)		(0.53	)
Net realized gains		(0.17	)		—			(0.04	)		—
Return of capital		—			—			(0.02	)		—
Total distributions		(0.34	)		(0.32	)		(0.53	)		(0.53	)
Net asset value, end of period/year	$	10.32		$	10.48		$	10.16		$	10.25
Total return (D)		1.77	%(E)		6.39	%		4.49	%		8.02	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	238,972		$	259,348		$	342,367		$	254,763
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.90	%(G)		0.89	%		0.93	%		0.98	%
Including waiver and/or reimbursement and recapture		0.90	%(G)		0.87	%		0.88	%		0.92	%
Net investment income (loss) to average net assets (C)		2.92	%(G)		3.63	%		3.32	%		3.27	%
Portfolio turnover rate (H)		66	%(E)		102	%		237	%		142	%

^(A)  Commenced operations on October 31, 2011.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Tactical Income
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.44		$	10.12		$	10.22		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.11			0.29			0.25			0.25
Net realized and unrealized gain (loss)		0.03			0.27			0.11			0.46
Total investment operations		0.14			0.56			0.36			0.71
Distributions:
Net investment income		(0.13	)		(0.24	)		(0.40	)		(0.49	)
Net realized gains		(0.17	)		—			(0.04	)		—
Return of capital		—			—			(0.02	)		—
Total distributions		(0.30	)		(0.24	)		(0.46	)		(0.49	)
Net asset value, end of period/year	$	10.28		$	10.44		$	10.12		$	10.22
Total return (D)		1.40	%(E)		5.61	%		3.63	%		7.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	376,485		$	400,142		$	464,339		$	279,728
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.65	%(G)		1.63	%		1.63	%		1.68	%
Including waiver and/or reimbursement and recapture		1.65	%(G)		1.63	%		1.63	%		1.67	%
Net investment income (loss) to average net assets (C)		2.15	%(G)		2.86	%		2.54	%		2.48	%
Portfolio turnover rate (H)		66	%(E)		102	%		237	%		142	%

^(A)  Commenced operations on October 31, 2011.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    259

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Tactical Income
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.48		$	10.16		$	10.26		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.16			0.40			0.36			0.37
Net realized and unrealized gain (loss)		0.03			0.26			0.10			0.44
Total investment operations		0.19			0.66			0.46			0.81
Distributions:
Net investment income		(0.18	)		(0.34	)		(0.50	)		(0.55	)
Net realized gains		(0.17	)		—			(0.04	)		—
Return of capital		—			—			(0.02	)		—
Total distributions		(0.35	)		(0.34	)		(0.56	)		(0.55	)
Net asset value, end of period/year	$	10.32		$	10.48		$	10.16		$	10.26
Total return (D)		1.89	%(E)		6.64	%		4.62	%		8.35	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	219,775		$	242,703		$	270,502		$	240,339
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.66	%(G)		0.64	%		0.65	%		0.72	%
Including waiver and/or reimbursement and recapture		0.66	%(G)		0.64	%		0.67	%		0.67	%
Net investment income (loss) to average net assets (C)		3.14	%(G)		3.83	%		3.57	%		3.61	%
Portfolio turnover rate (H)		66	%(E)		102	%		237	%		142	%

^(A)  Commenced operations on October 31, 2011.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Tactical Rotation
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.73		$	11.12		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.03			0.08			0.05
Net realized and unrealized gain (loss)		0.48			0.61			1.56
Total investment operations		0.51			0.69			1.61
Distributions:
Net investment income		(0.11	)		(0.05	)		(0.49	)
Net realized gains		(0.63	)		(0.03	)		—
Total distributions		(0.74	)		(0.08	)		(0.49	)
Net asset value, end of period/year	$	11.50		$	11.73		$	11.12
Total return (D)		4.55	%(E)		6.31	%		16.86	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,543		$	12,115		$	6,456
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.30	%(G)		1.32	%		3.94	%
Including waiver and/or reimbursement and recapture		1.10	%(G)		1.11	%		1.15	%
Net investment income (loss) to average net assets (C)		0.53	%(G)		0.70	%		0.45	%
Portfolio turnover rate (H)		194	%(E)		194	%		301	%

^(A)  Commenced operations on October 31, 2012.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    260

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Tactical Rotation
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.60		$	11.05		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		(0.01	)		—	(D)		(0.03	)
Net realized and unrealized gain (loss)		0.49			0.60			1.56
Total investment operations		0.48			0.60			1.53
Distributions:
Net investment income		(0.04	)		(0.02	)		(0.48	)
Net realized gains		(0.63	)		(0.03	)		—
Total distributions		(0.67	)		(0.05	)		(0.48	)
Net asset value, end of period/year	$	11.41		$	11.60		$	11.05
Total return (E)		4.27	%(F)		5.46	%		16.03	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,103		$	7,266		$	3,840
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		2.07	%(H)		2.09	%		4.69	%
Including waiver and/or reimbursement and recapture		1.85	%(H)		1.85	%		1.85	%
Net investment income (loss) to average net assets (C)		(0.19	)%(H)		(0.03	)%		(0.28	)%
Portfolio turnover rate (I)		194	%(F)		194	%		301	%

^(A)  Commenced operations on October 31, 2012.

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

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

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

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

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Tactical Rotation
	Class I
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.71		$	11.09		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.04			0.11			0.07
Net realized and unrealized gain (loss)		0.49			0.61			1.57
Total investment operations		0.53			0.72			1.64
Distributions:
Net investment income		(0.14	)		(0.07	)		(0.55	)
Net realized gains		(0.63	)		(0.03	)		—
Total distributions		(0.77	)		(0.10	)		(0.55	)
Net asset value, end of period/year	$	11.47		$	11.71		$	11.09
Total return (D)		4.71	%(E)		6.57	%		17.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,860		$	3,521		$	2,824
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.03	%(G)		1.03	%		3.63	%
Including waiver and/or reimbursement and recapture		0.85	%(G)		0.85	%		0.85	%
Net investment income (loss) to average net assets (C)		0.77	%(G)		0.98	%		0.67	%
Portfolio turnover rate (H)		194	%(E)		194	%		301	%

^(A)  Commenced operations on October 31, 2012.

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

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

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

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    261

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Unconstrained Bond
	Class I			Class I2
	April 30, 2015 (unaudited) (A)			April 30, 2015 (unaudited) (A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.12
Net realized and unrealized gain (loss)		0.14			0.14
Total investment operations		0.26			0.26
Distributions:
Net investment income		(0.12	)		(0.12	)
Net asset value, end of period	$	10.14		$	10.14
Total return (C)		2.59	%(D)		2.59	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	257		$	51,936
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%(E)		1.20	%(E)
Including waiver and/or reimbursement and recapture		0.95	%(E)		0.95	%(E)
Net investment income (loss) to average net assets		3.04	%(E)		3.07	%(E)
Portfolio turnover rate		29	%(D)		29	%(D)

^(A)  Commenced operations on December 8, 2014.

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

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

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica US Growth
	Class A
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	19.22		$	16.95		$	13.41		$	14.63		$	14.29		$	12.85
Investment operations:
Net investment income (loss) (B)		0.01			0.02			0.07			0.01			(0.06	)		0.15
Net realized and unrealized gain (loss)		1.37			2.38			3.50			0.76	(C)		0.56			1.31
Total investment operations		1.38			2.40			3.57			0.77			0.50			1.46
Distributions:
Net investment income		(0.02	)		(0.13	)		(0.03	)		—			(0.16	)		(0.02	)
Net realized gains		(3.70	)		—			—			(1.99	)		—			—
Total distributions		(3.72	)		(0.13	)		(0.03	)		(1.99	)		(0.16	)		(0.02	)
Net asset value, end of period/year	$	16.88		$	19.22		$	16.95		$	13.41		$	14.63		$	14.29
Total return (D)		7.94	%(E)		14.25	%		26.62	%		7.04	%(C)		3.44	%		11.32	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	469,343		$	459,677		$	447,645		$	420,504		$	77,197		$	83,766
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%(F)		1.27	%		1.36	%		1.39	%		1.66	%		1.72	%(F)
Including waiver and/or reimbursement and recapture		1.20	%(F)		1.27	%		1.36	%		1.47	%		1.52	%		1.52	%(F)
Net investment income (loss) to average net assets		0.11	%(F)		0.13	%		0.49	%		0.08	%		(0.42	)%		1.14	%(F)
Portfolio turnover rate		19	%(E)		111	%		55	%		80	%		141	%		79	%(E)

^(A)  Commenced operations on November 13, 2009.

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

^(C)  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.

^(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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    262

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica US Growth
	Class B
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	18.85		$	16.64		$	13.25		$	14.57		$	14.22		$	12.85
Investment operations:
Net investment income (loss) (B)		(0.07	)		(0.13	)		(0.05	)		(0.09	)		(0.16	)		0.06
Net realized and unrealized gain (loss)		1.33			2.34			3.44			0.76	(C)		0.55			1.32
Total investment operations		1.26			2.21			3.39			0.67			0.39			1.38
Distributions:
Net investment income		—			—			—			—	(D)		(0.04	)		(0.01	)
Net realized gains		(3.70	)		—			—			(1.99	)		—			—
Total distributions		(3.70	)		—			—			(1.99	)		(0.04	)		(0.01	)
Net asset value, end of period/year	$	16.41		$	18.85		$	16.64		$	13.25		$	14.57		$	14.22
Total return (E)		7.38	%(F)		13.28	%		25.59	%		6.29	%(C)		2.71	%		10.68	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,915		$	16,421		$	19,658		$	20,668		$	5,420		$	7,375
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.11	%(G)		2.11	%		2.17	%		2.19	%		2.30	%		2.44	%(G)
Including waiver and/or reimbursement and recapture		2.15	%(G)		2.17	%		2.17	%		2.17	%		2.17	%		2.17	%(G)
Net investment income (loss) to average net assets		(0.83	)%(G)		(0.76	)%		(0.31	)%		(0.63	)%		(1.07	)%		0.40	%(G)
Portfolio turnover rate		19	%(F)		111	%		55	%		80	%		141	%		79	%(F)

^(A)  Commenced operations on November 13, 2009.

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

^(C)  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.

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

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

^(F)  Not annualized.

^(G)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica US Growth
	Class C
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	18.82		$	16.61		$	13.22		$	14.55		$	14.22		$	12.85
Investment operations:
Net investment income (loss) (B)		(0.06	)		(0.12	)		(0.05	)		(0.08	)		(0.16	)		0.06
Net realized and unrealized gain (loss)		1.34			2.34			3.44			0.74	(C)		0.55			1.32
Total investment operations		1.28			2.22			3.39			0.66			0.39			1.38
Distributions:
Net investment income		—			(0.01	)		—			—	(D)		(0.06	)		(0.01	)
Net realized gains		(3.70	)		—			—			(1.99	)		—			—
Total distributions		(3.70	)		(0.01	)		—			(1.99	)		(0.06	)		(0.01	)
Net asset value, end of period/year	$	16.40		$	18.82		$	16.61		$	13.22		$	14.55		$	14.22
Total return (E)		7.51	%(F)		13.37	%		25.64	%		6.22	%(C)		2.72	%		10.68	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	50,190		$	49,041		$	47,397		$	42,637		$	13,393		$	15,013
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.99	%(G)		2.05	%		2.14	%		2.16	%		2.25	%		2.31	%(G)
Including waiver and/or reimbursement and recapture		1.99	%(G)		2.05	%		2.16	%		2.17	%		2.17	%		2.17	%(G)
Net investment income (loss) to average net assets		(0.68	)%(G)		(0.65	)%		(0.32	)%		(0.63	)%		(1.07	)%		0.48	%(G)
Portfolio turnover rate		19	%(F)		111	%		55	%		80	%		141	%		79	%(F)

^(A)  Commenced operations on November 13, 2009.

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

^(C)  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.

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

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

^(F)  Not annualized.

^(G)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    263

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica US Growth
	Class I
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value, beginning of period/year	$	19.49		$	17.19		$	13.60		$	14.74		$	14.41		$	12.65
Investment operations:
Net investment income (loss) (B)		0.04			0.09			0.15			0.09			—	(C)		0.26
Net realized and unrealized gain (loss)		1.39			2.41			3.54			0.76	(D)		0.56			1.53
Total investment operations		1.43			2.50			3.69			0.85			0.56			1.79
Distributions:
Net investment income		(0.09	)		(0.20	)		(0.10	)		—			(0.23	)		(0.03	)
Net realized gains		(3.70	)		—			—			(1.99	)		—			—
Total distributions		(3.79	)		(0.20	)		(0.10	)		(1.99	)		(0.23	)		(0.03	)
Net asset value, end of period/year	$	17.13		$	19.49		$	17.19		$	13.60		$	14.74		$	14.41
Total return (E)		8.11	%(F)		14.67	%		27.16	%		7.62	%(D)		3.82	%		14.16	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	194,958		$	212,866		$	249,718		$	310,170		$	1,127		$	421
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(G)		0.90	%		0.91	%		0.90	%		1.15	%		1.81	%(G)
Including waiver and/or reimbursement and recapture		0.86	%(G)		0.90	%		0.91	%		0.90	%		1.17	%		1.17	%(G)
Net investment income (loss) to average net assets		0.45	%(G)		0.51	%		0.97	%		0.67	%		0.01	%		2.14	%(G)
Portfolio turnover rate		19	%(F)		111	%		55	%		80	%		141	%		79	%(F)

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

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

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

^(D)  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.

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

^(F)  Not annualized.

^(G)  Annualized.

For a share outstanding during the periods and years indicated:	Transamerica US Growth
	Class I2
	April 30, 2015   (unaudited)			October 31, 2014			October 31, 2013			October 31, 2012			October 31, 2011			October 31,   2010 (A) (B)
Net asset value, beginning of period/year	$	19.48		$	17.17		$	13.59		$	14.73		$	14.38		$	12.85
Investment operations:
Net investment income (loss) (C)		0.05			0.12			0.16			0.10			0.04			0.26
Net realized and unrealized gain (loss)		1.38			2.42			3.54			0.77	(D)		0.57			1.30
Total investment operations		1.43			2.54			3.70			0.87			0.61			1.56
Distributions:
Net investment income		(0.12	)		(0.23	)		(0.12	)		(0.02	)		(0.26	)		(0.03	)
Net realized gains		(3.70	)		—			—			(1.99	)		—			—
Total distributions		(3.82	)		(0.23	)		(0.12	)		(2.01	)		(0.26	)		(0.03	)
Net asset value, end of period/year	$	17.09		$	19.48		$	17.17		$	13.59		$	14.73		$	14.38
Total return (E)		8.12	%(F)		14.91	%		27.26	%		7.79	%(D)		4.19	%		12.12	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	373,599		$	370,161		$	555,040		$	577,540		$	291,409		$	358,714
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(G)		0.77	%		0.79	%		0.78	%		0.80	%		0.81	%(G)
Including waiver and/or reimbursement and recapture		0.73	%(G)		0.77	%		0.79	%		0.78	%		0.80	%		0.81	%(G)
Net investment income (loss) to average net assets		0.58	%(G)		0.66	%		1.08	%		0.75	%		0.30	%		2.02	%(G)
Portfolio turnover rate		19	%(F)		111	%		55	%		80	%		141	%		79	%(F)

^(A)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

^(B)  Commenced operations on November 13, 2009.

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

^(D)  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.

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

^(F)  Not annualized.

^(G)  Annualized.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    264

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica US Growth
	Class T
	April 30, 2015 (unaudited)			October 31, 2014			October 31, 2013			October 31,       2012  (A)
Net asset value, beginning of period/year	$	41.55		$	36.39		$	28.69		$	28.70
Investment operations:
Net investment income (loss) (B)		0.10			0.21			0.30			0.14
Net realized and unrealized gain (loss)		3.12			5.14			7.49			(0.15	)(C)
Total investment operations		3.22			5.35			7.79			(0.01	)
Distributions:
Net investment income		(0.08	)		(0.19	)		(0.09	)		—
Net realized gains		(3.70	)		—			—			—
Total distributions		(3.78	)		(0.19	)		(0.09	)		—
Net asset value, end of period/year	$	40.99		$	41.55		$	36.39		$	28.69
Total return (D)		8.11	%(E)		14.74	%		27.16	%		(0.04	)%(C),(E)
Ratios and supplemental data:
Net assets end of period/year (000’s)	$	105,213		$	101,029		$	94,866		$	81,976
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(F)		0.87	%		0.91	%		0.90	%(F)
Including waiver and/or reimbursement and recapture		0.82	%(F)		0.87	%		0.91	%		0.90	%(F)
Net investment income (loss) to average net assets		0.49	%(F)		0.53	%		0.93	%		0.65	%(F)
Portfolio turnover rate		19	%(E)		111	%		55	%		80	%(E)

^(A)  Commenced operations on February 10, 2012.

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

^(C)  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.

^(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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2015

Page    265

NOTES TO FINANCIAL STATEMENTS

At April 30, 2015

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are a series of the Trust and are listed below. 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 November 1, 2013, Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment.

Fund	Class
Transamerica Capital Growth	A,B,C,I,I2
Transamerica Concentrated Growth	A,C,I,I2
Transamerica Dividend Focused	A,C,I,I2
Transamerica Emerging Markets Debt	A,C,I,I2
Transamerica Emerging Markets Equity	A,C,I,I2
Transamerica Enhanced Muni	A,C,I
Transamerica Flexible Income	A,B,C,I,I2
Transamerica Floating Rate	A,C,I,I2
Transamerica Global Bond	A,C,I,I2
Transamerica Global Equity	A,B,C,I,I2
Transamerica Growth Opportunities	A,B,C,I,I2
Transamerica High Yield Bond	A,B,C,I,I2
Transamerica High Yield Muni	A,C,I
Transamerica Income & Growth	A,C,I,I2
Transamerica Inflation Opportunities	A,C,I,I2
Transamerica International Equity	A,C,I,I2
Transamerica International Small Cap Value (A)	I,I2
Transamerica Large Cap Value	A,C,I,I2
Transamerica Mid Cap Growth	A,C,I,I2
Transamerica Mid Cap Value Opportunities	A,C,I,I2
Transamerica MLP & Energy Income	A,C,I,I2
Transamerica Money Market	A,B,C,I,I2
Transamerica Multi-Managed Balanced	A,B,C,I
Transamerica Opportunistic Allocation	A,C,I
Transamerica Short-Term Bond	A,C,I,I2
Transamerica Small Cap Core	A,C,I,I2
Transamerica Small Cap Growth	A,C,I,I2
Transamerica Small Cap Value	A,C,I,I2
Transamerica Small/Mid Cap Value	A,B,C,I,I2
Transamerica Strategic High Income	A,C,I,I2
Transamerica Tactical Allocation	A,C,I
Transamerica Tactical Income	A,C,I
Transamerica Tactical Rotation	A,C,I
Transamerica Unconstrained Bond (B)	I,I2
Transamerica US Growth	A,B,C,I,I2,T

^(A)  Fund closed to new investors on November 28, 2014.

^(B)  Fund commenced operations on December 8, 2014.

Transamerica Emerging Markets Debt, Transamerica High Yield Muni and Transamerica MLP & Energy Income are “non-diversified” Funds, as defined under the 1940 Act.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) provides continuous and regular investment advisory services to the Funds. TAM acts as a manager of managers, providing advisory services that include, without limitation, the design and development of each Fund and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each Fund employing a combination of

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At April 30, 2015

(unaudited)

NOTE 1. (continued)

quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending and implementing fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Funds’ investments; regular review of sub-adviser performance and holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation of portfolio holdings; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and filings; and oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent registered public accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations for the Funds; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment advisory services. Where TAM employs sub-advisers, the sub-advisers carry out and effectuate the investment strategy designed for the Funds by TAM and are responsible, subject to TAM’s and the Board’s oversight, among other things, for making decisions to buy, hold or sell a particular security.

Transamerica Fund Services, Inc. (“TFS”) provides supervisory and administrative services to each Fund. TFS’s supervisory and administrative services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided for the Funds by State Street Bank and Trust Company (“State Street”), to whom TFS has outsourced the provision of certain services as described below; to the extent agreed upon by TFS and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Value (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of each Fund’s investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and their dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of the Board and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TFS to perform supervisory and administrative services to the Funds. State Street performs back office services to support TFS, including furnishing financial and performance information about the Funds for inclusion in regulatory filings and trustees’ and shareholder reports; preparing drafts of regulatory filings, trustees’ materials, tax returns, expenses and budgeting; tax compliance testing; and maintaining books and records. TFS pays all expenses it incurs in connection with providing these services in the Amended and Restated Administrative Services Agreement with the exception of the costs of certain services specifically assumed by the Funds, as numerated within the Statements of Operations.

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 its 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 Generally Accepted Accounting Principles (“GAAP”) in the United States of America, 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. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 1. (continued)

The value of loaned securities and related collateral outstanding at April 30, 2015, if any, are shown on a gross basis in the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. 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.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and its counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected in the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2015.

Open repurchase agreements at April 30, 2015, if any, are included within the Schedule of Investments.

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 based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. 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, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and 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 or unrealized, 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.

Cash overdraft: Throughout the period, 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, if any, from U.S. cash overdrafts and foreign cash overdrafts are reflected in Custody fees and Interest income within the Statements of Operations, respectively.

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. Forward foreign currency contracts are traded in the over-the-counter (“OTC”) inter-bank currency dealer market. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 1. (continued)

Open forward foreign currency contracts at April 30, 2015, if any, are listed in the Schedule 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. The 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 price 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. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. 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 exposure to the underlying investment. Writing put options tends to increase exposure to the underlying investment. When the Funds write a covered call or put option, the premium received is recorded as a liability in the Statements 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, the Funds bear 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 Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Foreign currency options: The Funds may purchase or write foreign currency options. Purchasing foreign currency options gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date. These options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Open option contracts at April 30, 2015, if any, are included within the Schedule of Investments.

Transactions in written options at April 30, 2015 are as follows:

	Call Options
Transamerica MLP & Energy Income	Amount of Premiums			Number of Contracts
Balance at October 31, 2014	$	82,292			675
Options written		691,067			6,150
Options closed		(308,259	)		(2,750	)
Options expired		(257,301	)		(1,750	)
Options exercised		(135,521	)		(1,175	)
Balance at April 30, 2015	$	72,278			1,150

Futures contracts: The Funds are subject to equity and commodity 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, 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, depending on

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 1. (continued)

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. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at April 30, 2015, if any, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is shown on the Statements of Assets and Liabilities.

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, with the exception of Money Market, 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.

Unfunded commitments represent the remaining obligation of the Funds to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. These unfunded amounts are marked-to-market and any unrealized gains and losses are recorded in the Statements of Assets and Liabilities.

At April 30, 2015, the following Fund had unfunded loan commitments which could be extended at the option of the borrower:

Transamerica Floating Rate	Commitment		Unrealized Appreciation (Depreciation)
Peninsula Gaming LLC	$	5,678	$	16

Open loan participations and assignments at April 30, 2015, if any, are included within the Schedule of Investments.

To be announced (“TBA”) commitments: TBA commitments are entered into to purchase or sell 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, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuation.

TBA commitments held at April 30, 2015, if any, are identified in the Schedule of Investments. Open balances at April 30, 2015, if any, are included in the payable or receivable for investments purchased or sold in the Statements of Assets and Liabilities.

When-Issued, forward delivery securities and delayed-delivery settlements: The Funds may purchase or sell securities on a when-issued, forward (delayed) delivery basis or delayed settlement. When-issued and forward delivery transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward delivery transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 1. (continued)

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

When-issued securities or delayed-delivery securities held at April 30, 2015, if any, are identified in the Schedule of Investments. Open trades, if any, are reflected as When-issued securities purchased in the Statements of Assets and Liabilities.

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS. TIPS are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of a TIPS will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at April 30, 2015, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations with a corresponding adjustment to cost.

Payment in-kind securities (“PIKs”): PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. 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.

PIKs held at April 30, 2015, if any, are identified in the Schedule of Investments.

Restricted and illiquid securities: The Funds may invest in unregulated 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 under the Securities Act of 1933. 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.

Restricted and illiquid securities held at April 30, 2015, if any, are identified in the Schedule 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 1. (continued)

Commissions recaptured for the period ended April 30, 2015, are included in Net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund	Commissions Recaptured
Transamerica Capital Growth	$	3,550
Transamerica Concentrated Growth		26,863
Transamerica Dividend Focused		16,918
Transamerica Growth Opportunities		12,340
Transamerica International Equity		1,463
Transamerica International Small Cap Value		55
Transamerica Large Cap Value		7,735
Transamerica Mid Cap Value Opportunities		15,080
Transamerica MLP & Energy Income		263
Transamerica Multi-Managed Balanced		1,405
Transamerica Small Cap Growth		8,498
Transamerica Small Cap Value		90,467
Transamerica Small/Mid Cap Value		123,042
Transamerica Strategic High Income		774
Transamerica US Growth		3,161

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 trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Dividend income related to a REIT is recorded at management’s estimate of the income and capital gains 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, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2015, if any, are identified in the Schedule of Investments.

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily 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 VALUATION

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 4:00 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, which 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 2. (continued)

Level 3—Unobservable inputs, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) 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 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. The hierarchy classification of inputs used to value the Funds’ investments, at April 30, 2015, is disclosed in the Security Valuation section of each Fund’s Schedule of Investments.

Under supervision of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. 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, 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 in 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 Board reviews Valuation Committee determinations at its regularly scheduled meetings.

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, the 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.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Investment companies and exchange-traded funds: Investment companies are valued at the NAV of the underlying funds. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds (“ETF”) 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 in Level 3 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

Transamerica Funds Semi-Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 2. (continued)

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, ETF, and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock 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 NAV of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are traded on inactive markets or valued by reference to similar instruments and are generally categorized in Level 2.

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models based that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in 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.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee under the supervision of the Funds’ Board. 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 2. (continued)

Derivative instruments: Centrally cleared or 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. 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.

NOTE 3. RELATED PARTY TRANSACTIONS

TAM, the Funds’ investment adviser, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

As of April 30, 2015, Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Transamerica Flexible Income, Transamerica Floating Rate, Transamerica High Yield Bond, Transamerica Money Market, Transamerica Multi-Managed Balanced, Transamerica Opportunistic Allocation, Transamerica Short-Term Bond, Transamerica Tactical Allocation, Transamerica Tactical Income, and Transamerica Tactical Rotation.

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, AUIM, TFS, and TCI. No interested trustee, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Funds.

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2015:

Transamerica Capital Growth	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	24,321,501		1.81	%
Transamerica Asset Allocation – Conservative VP		34,096,521		2.54
Transamerica Asset Allocation – Growth Portfolio		94,248,292		7.01
Transamerica Asset Allocation – Growth VP		125,098,265		9.31
Transamerica Asset Allocation – Moderate Growth Portfolio		140,464,730		10.45
Transamerica Asset Allocation – Moderate Growth VP		285,417,289		21.23
Transamerica Asset Allocation – Moderate Portfolio		65,315,847		4.86
Transamerica Asset Allocation – Moderate VP		198,588,113		14.78
Transamerica Voya Balanced Allocation VP		392,697		0.03
Transamerica Voya Conservative Allocation VP		189,319		0.01
Transamerica Voya Moderate Growth Allocation VP		1,062,094		0.08
Total	$	969,194,668		72.11	%
Transamerica Concentrated Growth
Transamerica Asset Allocation – Conservative Portfolio	$	23,950,184		5.28	%
Transamerica Asset Allocation – Conservative VP		68,037,042		15.01
Transamerica Asset Allocation – Growth Portfolio		87,277,388		19.26
Transamerica Asset Allocation – Moderate Growth Portfolio		128,356,782		28.32
Transamerica Asset Allocation – Moderate Portfolio		66,475,254		14.67
Transamerica Asset Allocation – Moderate VP		38,919,761		8.59
Transamerica Voya Balanced Allocation VP		73,199		0.02
Transamerica Voya Conservative Allocation VP		8,182		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		38,041		0.01
Total	$	413,135,833		91.16	%

Transamerica Funds Semi-Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Transamerica Dividend Focused	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	56,972,013		5.99	%
Transamerica Asset Allocation – Growth Portfolio		223,410,371		23.50
Transamerica Asset Allocation – Moderate Growth Portfolio		324,026,344		34.09
Transamerica Asset Allocation – Moderate Growth VP		40,252,251		4.24
Transamerica Asset Allocation – Moderate Portfolio		155,105,579		16.32
Total	$	799,766,558		84.14	%
Transamerica Emerging Markets Debt
Transamerica Asset Allocation – Conservative Portfolio	$	13,499,103		1.94	%
Transamerica Asset Allocation – Moderate Growth Portfolio		15,496,462		2.23
Transamerica Asset Allocation – Moderate Growth VP		51,996,678		7.48
Transamerica Asset Allocation – Moderate Portfolio		27,296,310		3.92
Transamerica Multi-Manager Alternative Strategies Portfolio		10,233,313		1.47
Transamerica Multi-Manager Alternative Strategies VP		31,724		0.00	(A)
Total	$	118,553,590		17.04	%
Transamerica Emerging Markets Equity
Transamerica Asset Allocation – Conservative Portfolio	$	6,477,487		1.76	%
Transamerica Asset Allocation – Conservative VP		15,639,340		4.25
Transamerica Asset Allocation – Growth Portfolio		39,946,869		10.85
Transamerica Asset Allocation – Growth VP		44,989,958		12.22
Transamerica Asset Allocation – Moderate Growth Portfolio		54,191,636		14.72
Transamerica Asset Allocation – Moderate Growth VP		88,206,775		23.95
Transamerica Asset Allocation – Moderate Portfolio		28,089,419		7.63
Transamerica Asset Allocation – Moderate VP		58,127,789		15.78
Transamerica International Moderate Growth VP		18,618,866		5.05
Transamerica Voya Balanced Allocation VP		253,992		0.07
Transamerica Voya Conservative Allocation VP		65,382		0.02
Transamerica Voya Moderate Growth Allocation VP		216,425		0.06
Total	$	354,823,938		96.36	%
Transamerica Flexible Income
Transamerica Asset Allocation – Conservative Portfolio	$	20,225,268		2.65	%
Transamerica Asset Allocation – Conservative VP		60,989,998		7.97
Transamerica Asset Allocation – Moderate Growth Portfolio		49,394,211		6.46
Transamerica Asset Allocation – Moderate Growth VP		133,197,650		17.42
Transamerica Asset Allocation – Moderate Portfolio		62,240,132		8.14
Transamerica Asset Allocation – Moderate VP		235,394,057		30.79
Transamerica Voya Balanced Allocation VP		98,619		0.01
Transamerica Voya Conservative Allocation VP		14,842		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		38,419		0.01
Total	$	561,593,196		73.45	%
Transamerica Floating Rate
Transamerica Asset Allocation – Conservative Portfolio	$	4,787,123		1.74	%
Transamerica Asset Allocation – Conservative VP		27,232,689		9.87
Transamerica Asset Allocation – Moderate Growth Portfolio		7,630,465		2.77
Transamerica Asset Allocation – Moderate Growth VP		72,643,710		26.34
Transamerica Asset Allocation – Moderate Portfolio		8,016,154		2.91
Transamerica Asset Allocation – Moderate VP		135,218,429		49.03
Transamerica International Moderate Growth VP		9,365,246		3.39
Transamerica Voya Balanced Allocation VP		209,782		0.08
Transamerica Voya Conservative Allocation VP		26,437		0.01
Transamerica Voya Moderate Growth Allocation VP		108,913		0.04
Total	$	265,238,948		96.18	%

Transamerica Funds Semi-Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Transamerica Global Bond	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Moderate Growth VP	$	50,196,097		98.35	%
Total	$	50,196,097		98.35	%
Transamerica Global Equity
Transamerica Asset Allocation – Moderate Growth VP	$	55,632,184		17.83	%
Transamerica Asset Allocation – Moderate VP		61,701,149		19.78
Transamerica International Moderate Growth VP		29,662,275		9.51
Transamerica Voya Balanced Allocation VP		73,996		0.02
Transamerica Voya Conservative Allocation VP		9,845		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		44,876		0.01
Total	$	147,124,325		47.15	%
Transamerica Growth Opportunities
Transamerica Asset Allocation – Conservative Portfolio	$	16,787,684		2.32	%
Transamerica Asset Allocation – Conservative VP		16,940,824		2.34
Transamerica Asset Allocation – Growth Portfolio		56,117,789		7.76
Transamerica Asset Allocation – Growth VP		57,714,631		7.98
Transamerica Asset Allocation – Moderate Growth Portfolio		101,474,438		14.02
Transamerica Asset Allocation – Moderate Growth VP		139,648,340		19.30
Transamerica Asset Allocation – Moderate Portfolio		51,691,251		7.14
Transamerica Asset Allocation – Moderate VP		98,628,827		13.63
Transamerica Voya Balanced Allocation VP		142,393		0.02
Transamerica Voya Conservative Allocation VP		17,471		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		74,134		0.01
Total	$	539,237,782		74.52	%
Transamerica High Yield Bond
Transamerica Asset Allocation – Conservative Portfolio	$	21,487,729		1.78	%
Transamerica Asset Allocation – Conservative VP		47,795,695		3.97
Transamerica Asset Allocation – Growth VP		68,807,778		5.71
Transamerica Asset Allocation – Moderate Growth Portfolio		38,969,819		3.23
Transamerica Asset Allocation – Moderate Growth VP		303,210,820		25.15
Transamerica Asset Allocation – Moderate Portfolio		32,261,461		2.68
Transamerica Asset Allocation – Moderate VP		202,114,898		16.76
Transamerica International Moderate Growth VP		40,900,362		3.39
Transamerica Multi-Manager Alternative Strategies Portfolio		12,497,502		1.04
Transamerica Multi-Manager Alternative Strategies VP		43,147		0.00	(A)
Transamerica Voya Balanced Allocation VP		209,234		0.02
Transamerica Voya Conservative Allocation VP		26,328		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		108,870		0.01
Total	$	768,433,643		63.74	%
Transamerica Income & Growth
Transamerica Asset Allocation – Conservative VP	$	22,127,023		2.97	%
Transamerica Asset Allocation – Moderate Growth VP		118,850,738		15.96
Transamerica Asset Allocation – Moderate VP		285,186,830		38.29
Transamerica International Moderate Growth VP		53,247,217		7.15
Total	$	479,411,808		64.37	%
Transamerica Inflation Opportunities
Transamerica Asset Allocation – Conservative Portfolio	$	44,940,891		18.32	%
Transamerica Asset Allocation – Moderate Growth Portfolio		55,287,267		22.54
Transamerica Asset Allocation – Moderate Portfolio		60,842,255		24.80
Transamerica Asset Allocation – Moderate VP		50,495,729		20.59
Transamerica Multi-Manager Alternative Strategies Portfolio		4,024,942		1.64
Transamerica Multi-Manager Alternative Strategies VP		12,578		0.01
Total	$	215,603,662		87.90	%

Transamerica Funds Semi-Annual Report 2015

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Transamerica International Equity	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	12,395,450		0.75	%
Transamerica Asset Allocation – Conservative VP		16,141,316		0.98
Transamerica Asset Allocation – Growth Portfolio		63,363,201		3.84
Transamerica Asset Allocation – Growth VP		21,728,738		1.32
Transamerica Asset Allocation – Moderate Growth Portfolio		79,895,201		4.85
Transamerica Asset Allocation – Moderate Growth VP		138,925,179		8.43
Transamerica Asset Allocation – Moderate Portfolio		47,074,340		2.85
Transamerica Asset Allocation – Moderate VP		119,213,457		7.23
Transamerica International Moderate Growth VP		61,781,244		3.75
Total	$	560,518,126		34.00	%
Transamerica International Small Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	4,357,815		0.50	%
Transamerica Asset Allocation – Conservative VP		23,325,695		2.69
Transamerica Asset Allocation – Growth Portfolio		18,271,877		2.11
Transamerica Asset Allocation – Growth VP		18,654,688		2.15
Transamerica Asset Allocation – Moderate Growth Portfolio		33,896,460		3.91
Transamerica Asset Allocation – Moderate Growth VP		182,848,176		21.10
Transamerica Asset Allocation – Moderate Portfolio		14,323,392		1.65
Transamerica Asset Allocation – Moderate VP		153,069,107		17.66
Transamerica International Moderate Growth VP		85,910,991		9.91
Total	$	534,658,201		61.68	%
Transamerica Large Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	58,045,567		3.11	%
Transamerica Asset Allocation – Conservative VP		90,377,870		4.84
Transamerica Asset Allocation – Growth Portfolio		231,197,453		12.38
Transamerica Asset Allocation – Growth VP		96,959,257		5.19
Transamerica Asset Allocation – Moderate Growth Portfolio		330,183,968		17.69
Transamerica Asset Allocation – Moderate Growth VP		408,211,346		21.86
Transamerica Asset Allocation – Moderate Portfolio		156,637,936		8.39
Transamerica Asset Allocation – Moderate VP		403,744,095		21.62
Transamerica Voya Balanced Allocation VP		78,141		0.01
Transamerica Voya Conservative Allocation VP		10,442		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		41,225		0.00	(A)
Total	$	1,775,487,300		95.09	%
Transamerica Mid Cap Growth
Transamerica Asset Allocation – Conservative VP	$	30,475,396		11.48	%
Transamerica Asset Allocation – Growth VP		60,499,480		22.79
Transamerica Asset Allocation – Moderate Growth VP		69,075,687		26.03
Transamerica Asset Allocation – Moderate VP		101,982,782		38.42
Transamerica Voya Balanced Allocation VP		740,658		0.28
Transamerica Voya Conservative Allocation VP		43,473		0.02
Transamerica Voya Moderate Growth Allocation VP		650,474		0.25
Total	$	263,467,950		99.27	%

Transamerica Funds Semi-Annual Report 2015

Page    278

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Transamerica Mid Cap Value Opportunities	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	4,596,733		0.97	%
Transamerica Asset Allocation – Conservative VP		15,133,809		3.19
Transamerica Asset Allocation – Growth Portfolio		32,597,119		6.87
Transamerica Asset Allocation – Growth VP		79,738,655		16.81
Transamerica Asset Allocation – Moderate Growth Portfolio		50,907,934		10.73
Transamerica Asset Allocation – Moderate Growth VP		142,605,664		30.06
Transamerica Asset Allocation – Moderate Portfolio		23,248,554		4.90
Transamerica Asset Allocation – Moderate VP		97,982,143		20.65
Transamerica Voya Balanced Allocation VP		72,320		0.01
Transamerica Voya Conservative Allocation VP		9,676		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		37,624		0.01
Total	$	446,930,231		94.20	%
Transamerica MLP & Energy Income
Transamerica Asset Allocation – Conservative VP	$	2,743,140		0.38	%
Transamerica Asset Allocation – Growth VP		15,262,782		2.10
Transamerica Asset Allocation – Moderate Growth VP		197,344,588		27.15
Transamerica Asset Allocation – Moderate VP		240,424,835		33.07
Transamerica Multi-Manager Alternative Strategies Portfolio		47,024,059		6.47
Transamerica Multi-Manager Alternative Strategies VP		160,341		0.02
Total	$	502,959,745		69.19	%
Transamerica Money Market
Transamerica Asset Allocation – Conservative VP	$	473,164		0.32	%
Transamerica Asset Allocation – Growth Portfolio		60,301		0.04
Transamerica Asset Allocation – Moderate Growth VP		32,216		0.02
Transamerica Asset Allocation – Moderate VP		23,556,903		15.91
Transamerica International Moderate Growth VP		21,073		0.02
Total	$	24,143,657		16.31	%
Transamerica Short-Term Bond
Transamerica Asset Allocation – Conservative Portfolio	$	71,425,388		1.89	%
Transamerica Asset Allocation – Conservative VP		228,658,576		6.04
Transamerica Asset Allocation – Moderate Growth Portfolio		61,644,844		1.63
Transamerica Asset Allocation – Moderate Growth VP		591,585		0.02
Transamerica Asset Allocation – Moderate Portfolio		99,863,435		2.64
Transamerica Asset Allocation – Moderate VP		666,104,889		17.59
Transamerica BlackRock Tactical Allocation VP		23,930,228		0.63
Transamerica International Moderate Growth VP		26,255,414		0.69
Transamerica Madison Balanced Allocation VP		3,950,689		0.11
Transamerica Madison Conservative Allocation VP		3,375,520		0.09
Transamerica Multi-Manager Alternative Strategies Portfolio		22,860,903		0.60
Transamerica Multi-Manager Alternative Strategies VP		78,164		0.00	(A)
Transamerica Voya Balanced Allocation VP		97,804		0.00	(A)
Transamerica Voya Conservative Allocation VP		14,743		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		44,846		0.00	(A)
Total	$	1,208,897,028		31.93	%

Transamerica Funds Semi-Annual Report 2015

Page    279

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Transamerica Small Cap Core	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	5,489,474		2.10	%
Transamerica Asset Allocation – Conservative VP		11,183,333		4.29
Transamerica Asset Allocation – Growth Portfolio		4,690,141		1.80
Transamerica Asset Allocation – Growth VP		18,332,101		7.03
Transamerica Asset Allocation – Moderate Growth Portfolio		19,477,209		7.47
Transamerica Asset Allocation – Moderate Growth VP		87,999,069		33.73
Transamerica Asset Allocation – Moderate Portfolio		10,931,883		4.19
Transamerica Asset Allocation – Moderate VP		101,207,610		38.79
Transamerica Voya Balanced Allocation VP		72,051		0.03
Transamerica Voya Conservative Allocation VP		8,012		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		37,555		0.01
Total	$	259,428,438		99.44	%
Transamerica Small Cap Growth
Transamerica Asset Allocation – Conservative Portfolio	$	6,880,313		1.27	%
Transamerica Asset Allocation – Conservative VP		36,484,454		6.74
Transamerica Asset Allocation – Growth Portfolio		35,078,331		6.48
Transamerica Asset Allocation – Growth VP		28,547,110		5.28
Transamerica Asset Allocation – Moderate Growth Portfolio		25,495,840		4.71
Transamerica Asset Allocation – Moderate Growth VP		182,676,700		33.76
Transamerica Asset Allocation – Moderate Portfolio		15,560,499		2.88
Transamerica Asset Allocation – Moderate VP		196,606,782		36.33
Transamerica Voya Balanced Allocation VP		72,052		0.01
Transamerica Voya Conservative Allocation VP		7,987		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		37,986		0.01
Total	$	527,448,054		97.47	%
Transamerica Small Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	847,811		0.17	%
Transamerica Asset Allocation – Conservative VP		27,736,258		5.47
Transamerica Asset Allocation – Growth Portfolio		35,066,292		6.92
Transamerica Asset Allocation – Moderate Growth Portfolio		27,785,774		5.48
Transamerica Asset Allocation – Moderate Growth VP		177,663,700		35.05
Transamerica Asset Allocation – Moderate Portfolio		14,908,609		2.94
Transamerica Asset Allocation – Moderate VP		211,090,218		41.65
Transamerica Voya Balanced Allocation VP		73,019		0.01
Transamerica Voya Conservative Allocation VP		8,091		0.00	(A)
Transamerica Voya Moderate Growth Allocation VP		38,224		0.01
Total	$	495,217,996		97.70	%
Transamerica Unconstrained Bond
Transamerica Asset Allocation – Moderate VP	$	51,293,809		98.28	%
Transamerica Voya Balanced Allocation VP		480,738		0.92
Transamerica Voya Conservative Allocation VP		105,556		0.20
Transamerica Voya Moderate Growth Allocation VP		44,888		0.09
Total	$	51,924,991		99.49	%
Transamerica US Growth
Transamerica Asset Allocation – Conservative Portfolio	$	26,106,306		2.16	%
Transamerica Asset Allocation – Growth Portfolio		100,975,813		8.37
Transamerica Asset Allocation – Moderate Growth Portfolio		150,633,622		12.49
Transamerica Asset Allocation – Moderate Portfolio		68,629,203		5.69
Total	$	346,344,944		28.71	%

^(A)  Percentage rounds to less than 0.01%.

Transamerica Funds Semi-Annual Report 2015

Page    280

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Investment advisory fees: The Funds pay management fees to TAM based on daily Average Net Assets (“ANA”) at the following breakpoints and rates:

Fund	Rate
Transamerica Capital Growth
First $500 million		0.8000	%
Over $500 million		0.6750
Transamerica Concentrated Growth
First $650 million		0.6500
Over $650 million up to $1.15 billion		0.6300
Over $1.15 billion		0.5750
Transamerica Dividend Focused
First $200 million		0.7500
Over $200 million up to $500 million		0.6500
Over $500 million		0.6000
Transamerica Emerging Markets Debt
First $400 million		0.6000
Over $400 million		0.5800
Transamerica Emerging Markets Equity
First $250 million		0.9500
Over $250 million up to $500 million		0.9300
Over $500 million		0.9000
Transamerica Enhanced Muni
First $150 million		0.4400
Over $150 million up to $350 million		0.4200
Over $350 million up to $650 million		0.4100
Over $650 million up to $1 billion		0.3900
Over $1 billion		0.3600
Transamerica Flexible Income
First $250 million		0.4750
Over $250 million up to $350 million		0.4250
Over $350 million		0.4000
Transamerica Floating Rate
First $1 billion		0.6100
Over $1 billion up to $1.5 billion		0.5900
Over $1.5 billion up to $2 billion		0.5700
Over $2 billion		0.5600
Transamerica Global Bond
First $750 million		0.5400
Over $750 million up to $1.5 billion		0.5200
Over $1.5 billion		0.5100
Transamerica Global Equity
First $250 million		0.8100
Over $250 million up to $500 million		0.8000
Over $500 million up to $1 billion		0.7900
Over $1 billion up to $2 billion		0.7800
Over $2 billion up to $2.5 billion		0.7650
Over $2.5 billion		0.7600
Transamerica Growth Opportunities
First $250 million		0.8000
Over $250 million up to $500 million		0.7500
Over $500 million		0.7000

Transamerica Funds Semi-Annual Report 2015

Page    281

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Fund	Rate
Transamerica High Yield Bond
First $1.25 billion		0.5500	%
Over $1.25 billion up to $2 billion		0.5250
Over $2 billion		0.5000
Transamerica High Yield Muni
First $500 million		0.5100
Over $500 million up to $1 billion		0.5000
Over $1 billion		0.4700
Transamerica Income & Growth
First $500 million		0.6700
Over $500 million up to $1 billion		0.6500
Over $1 billion up to $1.5 billion		0.6300
Over $1.5 billion		0.6000
Transamerica Inflation Opportunities
First $200 million		0.5500
Over $200 million up to $500 million		0.5400
Over $500 million		0.5100
Transamerica International Equity
First $500 million		0.7400
Over $500 million up to $1 billion		0.7200
Over $1 billion up to $2 billion		0.6900
Over $2 billion		0.6600
Transamerica International Small Cap Value
First $300 million		0.9250
Over $300 million up to $750 million		0.9000
Over $750 million		0.8500
Transamerica Large Cap Value
First $750 million		0.6500
Over $750 million up to $1 billion		0.6200
Over $1 billion		0.6000
Transamerica Mid Cap Growth
First $1 billion		0.7200
Over $1 billion		0.7000
Transamerica Mid Cap Value Opportunities
First $750 million		0.6700
Over $750 million up to $1.5 billion		0.6650
Over $1.5 billion up to $2 billion		0.6550
Over $2 billion		0.6475
Transamerica MLP & Energy Income
First $250 million		1.1000
Over $250 million up to $500 million		1.0500
Over $500 million up to $1 billion		0.9800
Over $1 billion up to $2 billion		0.8800
Over $2 billion		0.8200
Transamerica Money Market		0.4000
Transamerica Multi-Managed Balanced
First $1 billion		0.6500
Over $1 billion		0.6000
Transamerica Opportunistic Allocation
First $250 million		0.4200
Over $250 million up to $1 billion		0.4000
Over $1 billion		0.3800

Transamerica Funds Semi-Annual Report 2015

Page    282

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Fund	Rate
Transamerica Short-Term Bond
First $250 million		0.5500	%
Over $250 million up to $500 million		0.5000
Over $500 million up to $1 billion		0.4750
Over $1 billion		0.4500
Transamerica Small Cap Core
First $300 million		0.8000
Over $300 million		0.7700
Transamerica Small Cap Growth
First $300 million		0.8400
Over $300 million		0.8000
Transamerica Small Cap Value
First $250 million		0.8600
Over $250 million		0.8400
Transamerica Small/Mid Cap Value
First $500 million		0.8000
Over $500 million		0.7500
Transamerica Strategic High Income
First $600 million		0.6600
Over $600 million up to $1 billion		0.6300
Over $1 billion up to $2 billion		0.6000
Over $2 billion		0.5850
Transamerica Tactical Allocation
First $250 million		0.5500
Over $250 million up to $500 million		0.5400
Over $500 million up to $1.5 billion		0.5300
Over $1.5 billion up to $2.5 billion		0.5200
Over $2.5 billion		0.5100
Transamerica Tactical Income
First $1 billion		0.4700
Over $1 billion up to $2 billion		0.4500
Over $2 billion		0.4300
Transamerica Tactical Rotation
First $250 million		0.5500
Over $250 million up to $500 million		0.5400
Over $500 million up to $1.5 billion		0.5300
Over $1.5 billion up to $2.5 billion		0.5200
Over $2.5 billion		0.5100
Transamerica Unconstrained Bond
First $1 billion		0.6400
Over $1 billion up to $2 billion		0.6250
Over $2 billion		0.6200
Transamerica US Growth
First $150 million		0.7000
Over $150 million up to $650 million		0.6700
Over $650 million up to $1.15 billion		0.6500
Over $1.15 billion up to $2 billion		0.6250
Over $2 billion up to $3 billion		0.6100
Over $3 billion up to $4 billion		0.6000
Over $4 billion		0.5800

Transamerica Funds Semi-Annual Report 2015

Page    283

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total 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	Operating Expense Limit			Operating Expense Limit Effective Through
Transamerica Capital Growth		1.20	%	March 1, 2016
Transamerica Concentrated Growth		0.95		March 1, 2016
Transamerica Dividend Focused		0.90		March 1, 2016
Transamerica Emerging Markets Debt		1.00		March 1, 2016
Transamerica Emerging Markets Equity
Effective March 1, 2015		1.50		March 1, 2016
Prior to March 1, 2015		1.60
Transamerica Enhanced Muni		0.71		March 1, 2016
Transamerica Flexible Income
Effective March 1, 2015		0.85		March 1, 2016
Prior to March 1, 2015		1.00
Transamerica Floating Rate		0.80		March 1, 2016
Transamerica Global Bond		0.75		March 1, 2016
Transamerica Global Equity		1.10		March 1, 2016
Transamerica Growth Opportunities		1.40		March 1, 2016
Transamerica High Yield Bond		0.95		March 1, 2016
Transamerica High Yield Muni		0.76		March 1, 2016
Transamerica Income & Growth		0.93		March 1, 2016
Transamerica Inflation Opportunities		0.75		March 1, 2016
Transamerica International Equity
Effective March 1, 2015		1.10		March 1, 2016
Prior to March 1, 2015		1.15
Transamerica International Small Cap Value		1.22		March 1, 2016
Transamerica Large Cap Value
Effective March 1, 2015		0.95		March 1, 2016
Prior to March 1, 2015		1.00
Transamerica Mid Cap Growth		1.05		March 1, 2016
Transamerica Mid Cap Value Opportunities		0.95		March 1, 2016
Transamerica MLP & Energy Income		1.35		March 1, 2016
Transamerica Money Market		0.48		March 1, 2016
Transamerica Multi-Managed Balanced		1.20		March 1, 2016
Transamerica Opportunistic Allocation		0.95		March 1, 2016
Transamerica Short-Term Bond		0.80		March 1, 2016
Transamerica Small Cap Core		1.05		March 1, 2016
Transamerica Small Cap Growth		1.15		March 1, 2016
Transamerica Small Cap Value		1.15		March 1, 2016
Transamerica Small/Mid Cap Value
Effective March 1, 2015		1.15		March 1, 2016
Prior to March 1, 2015		1.25
Transamerica Strategic High Income		0.95		March 1, 2016
Transamerica Tactical Allocation		0.85		March 1, 2016
Transamerica Tactical Income		0.67		March 1, 2016
Transamerica Tactical Rotation		0.85		March 1, 2016
Transamerica Unconstrained Bond		0.95		March 1, 2016
Transamerica US Growth		1.17		March 1, 2016

TAM is entitled to recapture expenses paid by the Fund for fees waived and/or reimbursed 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 for the period ended April 30, 2015 are disclosed within the Statements of Operations.

Transamerica Funds Semi-Annual Report 2015

Page    284

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

As of April 30, 2015, the balances available for recapture by TAM for each Fund were as follows:

	Amounts Available from Fiscal Years
Fund	2012		2013		2014		2015		Total
Transamerica Capital Growth
Class B	$	2,148	$	6,046	$	179	$	47	$	8,420
Transamerica Enhanced Muni
Fund Level		—		107,150		36,025		—		143,175
Class A		—		—		11,275		8,748		20,023
Class C		—		—		4,718		2,300		7,018
Class I		—		853		18,466		5,396		24,715
Transamerica Floating Rate
Fund Level		—		—		80,819		—		80,819
Class A		—		—		456		451		907
Class C		—		—		1,269		983		2,252
Class I		—		—		436		218		654
Class I2		—		—		—		17,646		17,646
Transamerica Global Bond
Fund Level		—		—		3,719		6,630		10,349
Class A		—		—		—		280		280
Class C		—		—		—		213		213
Class I		—		—		72		396		468
Class I2		—		—		—		44,791		44,791
Transamerica Global Equity
Class A		—		—		9,245		11,261		20,506
Class B		5,474		10,329		7,366		5,283		28,452
Class C		—		—		—		15,225		15,225
Transamerica High Yield Muni
Fund Level		—		61,184		74,946		25,938		162,068
Class A		—		—		6,932		2,281		9,213
Class C		—		—		4,902		688		5,590
Class I		—		—		14,035		3,996		18,031
Transamerica Inflation Opportunities
Class A		—		—		—		59		59
Class C		—		—		—		183		183
Class I		—		—		159		69		228
Transamerica International Equity
Class A		—		—		—		82,383		82,383
Transamerica Opportunistic Allocation
Fund Level		—		—		89,855		28,414		118,269
Class A		—		—		40		34		74
Class C		—		—		37		26		63
Class I		—		—		614		323		937
Transamerica Small Cap Core
Class I		—		—		36		13		49
Transamerica Strategic High Income
Fund Level		—		—		22,809		1,815		24,624
Class A		—		—		—		1,724		1,724
Class C		—		—		—		1,307		1,307
Class I		—		—		—		25,130		25,130
Class I2		—		—		—		6,888		6,888

Transamerica Funds Semi-Annual Report 2015

Page    285

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

	Amounts Available from Fiscal Years
Fund	2012		2013		2014		2015		Total
Transamerica Tactical Allocation
Fund Level	$	—	$	124,285	$	30,320	$	19,625	$	174,230
Class A		—		1,830		7,244		5,117		14,191
Class C		—		—		11,218		3,369		14,587
Class I		—		1,149		2,441		490		4,080
Transamerica Tactical Rotation
Fund Level		—		134,248		13,272		7,948		155,468
Class A		—		2,118		14,290		7,674		24,082
Class C		—		716		11,573		5,310		17,599
Class I		—		—		5,035		2,051		7,086
Transamerica Unconstrained Bond
Fund Level		—		—		—		48,622		48,622
Class I		—		—		—		113		113
Class I2		—		—		—		1,478		1,478

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 (waived/reimbursed) recaptured. For the period ended April 30, 2015 and year ended October 31, 2014, the amounts waived were as follows:

Fund/Class	2015 Amount Waived		2015 Percentage Waived			2014 Amount Waived		2014 Percentage Waived
Fund Level	$	184,404		0.24	%	$	520,745		0.27	%
Class A		96,592		0.24			232,884		0.26
Class B		15,993		0.99			48,467		0.99
Class C		108,614		0.99			255,779		0.99

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:

Class (A)	Rate
Class A		0.25	%
Class B		1.00
Class C		1.00

^(A)  12b-1 fees are not applicable for Class I, Class I2, and Class T.

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following rates:

Fund	Class A Waiver			Class C Waiver			12b-1 Expense Waiver Effective Through
Transamerica Enhanced Muni		0.10	%		0.25	%		March 1, 2016
Transamerica High Yield Muni		0.10			0.25			March 1, 2016

Transamerica Funds Semi-Annual Report 2015

Page    286

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

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 period ended April 30, 2015, the underwriter commissions were as follows:

Fund	Received by Underwriter		Retained by Underwriter		Contingent Deferred Sales Charge
Transamerica Capital Growth	$	246,740	$	38,858	$	7,869
Transamerica Concentrated Growth		2,015		284		—
Transamerica Dividend Focused		39,704		6,673		148
Transamerica Emerging Markets Debt		41,284		6,826		27,899
Transamerica Emerging Markets Equity		5,560		853		18
Transamerica Enhanced Muni		111,853		25,156		1,347
Transamerica Flexible Income		43,482		8,088		7,544
Transamerica Floating Rate		2,150		416		676
Transamerica Global Bond		284		59		—
Transamerica Global Equity		62,056		9,906		3,266
Transamerica Growth Opportunities		23,534		3,584		3,042
Transamerica High Yield Bond		100,211		18,978		28,675
Transamerica High Yield Muni		45,079		10,956		230
Transamerica Income & Growth		377,540		61,033		8,956
Transamerica Inflation Opportunities		56		10		100
Transamerica International Equity		196,444		29,530		4,665
Transamerica Large Cap Value		31,851		4,997		1,029
Transamerica Mid Cap Growth		4,540		657		—
Transamerica Mid Cap Value Opportunities		2,348		381		—
Transamerica MLP & Energy Income		354,597		55,849		10,859
Transamerica Money Market		—		—		5,838
Transamerica Multi-Managed Balanced		693,038		107,896		9,888
Transamerica Short-Term Bond		244,419		45,429		112,470
Transamerica Small Cap Growth		3,009		423		—
Transamerica Small Cap Value		1,898		291		—
Transamerica Small/Mid Cap Value		207,678		31,959		14,813
Transamerica Strategic High Income		2,895		421		—
Transamerica Tactical Allocation		8,397		1,338		108
Transamerica Tactical Income		220,716		42,293		15,864
Transamerica Tactical Rotation		32,050		4,816		790
Transamerica US Growth		120,580		18,630		5,833

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. The Funds pay TFS at an annual fee of 0.025% on daily ANA. The Legal fees on the Statements 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 services based on the number of classes, accounts and transactions relating to each Fund. The amounts reflected within Transfer agent fees on the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

Transamerica Funds Semi-Annual Report 2015

Page    287

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 3. (continued)

Transfer agent fees paid and the amounts due to TFS for the period ended April 30, 2015 are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Transamerica Capital Growth	$	110,605	$	19,104
Transamerica Concentrated Growth		26,153		4,580
Transamerica Dividend Focused		52,778		6,088
Transamerica Emerging Markets Debt		184,181		36,937
Transamerica Emerging Markets Equity		9,803		1,990
Transamerica Enhanced Muni		17,697		4,661
Transamerica Flexible Income		43,414		7,594
Transamerica Floating Rate		8,644		1,544
Transamerica Global Bond		7,676		344
Transamerica Global Equity		23,068		4,115
Transamerica Growth Opportunities		53,703		9,041
Transamerica High Yield Bond		161,963		16,806
Transamerica High Yield Muni		3,710		1,050
Transamerica Income & Growth		63,067		10,178
Transamerica Inflation Opportunities		9,162		1,524
Transamerica International Equity		361,189		69,085
Transamerica International Small Cap Value		159,861		29,596
Transamerica Large Cap Value		73,528		12,397
Transamerica Mid Cap Growth		6,250		1,668
Transamerica Mid Cap Value Opportunities		16,948		3,794
Transamerica MLP & Energy Income		68,878		11,590
Transamerica Money Market		10,679		1,727
Transamerica Multi-Managed Balanced		95,425		17,028
Transamerica Opportunistic Allocation		270		45
Transamerica Short-Term Bond		446,037		72,025
Transamerica Small Cap Core		8,779		1,704
Transamerica Small Cap Growth		20,190		3,665
Transamerica Small Cap Value		23,901		3,690
Transamerica Small/Mid Cap Value		112,862		18,245
Transamerica Strategic High Income		10,245		1,997
Transamerica Tactical Allocation		407		62
Transamerica Tactical Income		115,489		18,329
Transamerica Tactical Rotation		1,859		317
Transamerica Unconstrained Bond		1,577		340
Transamerica US Growth		113,520		18,618

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, 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 the investment option, as elected by the trustee.

Brokerage commissions: The Funds incurred brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser for the period ended April 30, 2015 as follows:

Fund	Commissions
Transamerica Capital Growth	$	208
Transamerica Growth Opportunities		511

Transamerica Funds Semi-Annual Report 2015

Page    288

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 4. PURCHASES AND SALES OF SECURITIES

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2015 were as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Transamerica Capital Growth	$	205,083,723	$	—	$	128,960,653	$	—
Transamerica Concentrated Growth		112,539,207		—		56,481,271		—
Transamerica Dividend Focused		113,078,417		—		616,112,958		—
Transamerica Emerging Markets Debt		839,972,279		—		723,473,656		—
Transamerica Emerging Markets Equity		192,447,002		—		87,234,639		—
Transamerica Enhanced Muni		141,883,320		—		42,885,462		—
Transamerica Flexible Income		119,459,116		2,193,542		48,791,962		28,675,904
Transamerica Floating Rate		94,766,069		—		41,734,058		—
Transamerica Global Bond		116,219,086		73,071,928		275,305,593		66,335,779
Transamerica Global Equity		89,772,820		—		82,883,695		—
Transamerica Growth Opportunities		102,331,746		—		160,649,782		—
Transamerica High Yield Bond		439,218,605		—		562,918,844		—
Transamerica High Yield Muni		24,747,211		—		8,907,450		—
Transamerica Income & Growth		148,180,067		—		318,193,366		—
Transamerica Inflation Opportunities		31,961,198		7,859,810		22,707,809		18,579,519
Transamerica International Equity		468,130,649		—		189,374,272		—
Transamerica International Small Cap Value		161,457,718		—		113,342,545		—
Transamerica Large Cap Value		1,191,962,318		—		1,239,052,489		—
Transamerica Mid Cap Growth		249,827,699		—		56,741,204		—
Transamerica Mid Cap Value Opportunities		311,753,480		—		44,717,879		—
Transamerica MLP & Energy Income		281,241,946		—		186,979,825		—
Transamerica Multi-Managed Balanced		138,930,012		29,219,428		80,021,115		13,150,893
Transamerica Opportunistic Allocation		395,677		—		367,442		—
Transamerica Short-Term Bond		1,055,744,020		—		1,292,351,587		7,894
Transamerica Small Cap Core		213,123,742		—		162,865,087		—
Transamerica Small Cap Growth		162,699,680		—		183,301,144		—
Transamerica Small Cap Value		165,585,651		—		347,392,542		—
Transamerica Small/Mid Cap Value		357,227,015		—		447,782,657		—
Transamerica Strategic High Income		8,346,709		—		20,610,669		—
Transamerica Tactical Allocation		12,788,128		—		13,891,623		—
Transamerica Tactical Income		566,010,735		—		633,294,346		—
Transamerica Tactical Rotation		43,834,053		—		45,544,409		—
Transamerica Unconstrained Bond		55,084,109		2,345,940		9,608,099		1,790,350
Transamerica US Growth		223,634,582		—		325,195,672		—

NOTE 5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

Transamerica Capital Growth:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Purchased options and swaptions		2		2		2

^(A)  Calculated based on positions held at each month end during the current period.

Transamerica Funds Semi-Annual Report 2015

Page    289

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts		Total
Asset derivatives
Purchased options and swaptions (A)	$	178,028	$	178,028
Total gross amount of assets (B)	$	178,028	$	178,028

^(A)  Included within Investments, at value on the Statements of Assets and Liabilities.

^(B)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Purchased options and swaptions (A)	$	(773,785	)	$	(773,785	)
Net change in unrealized appreciation (depreciation) on:
Purchased options and swaptions (B)		173,514			173,514
Total	$	(600,271	)	$	(600,271	)

^(A) Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations.

^(B) Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations.

Transamerica Emerging Markets Debt:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Futures contracts		1		—		1	(B)
Forward foreign currency contracts		17		42		23

^(A)  Calculated based on positions held at each month end during the current period.

^(B)  There were no open positions at the beginning and/or the end of the period, however the Fund periodically invested in this type of derivative instrument during the period.

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts			Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	1,616,938		$	1,616,938
Total gross amount of assets (A)	$	1,616,938		$	1,616,938
Liability derivatives
Unrealized depreciation on forward foreign currency contracts	$	(1,744,931	)	$	(1,744,931	)
Total gross amount of liabilities (A)	$	(1,744,931	)	$	(1,744,931	)

^(A)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

Transamerica Funds Semi-Annual Report 2015

Page    290

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Futures contracts	$	(468,680	)	$	—		$	(468,680	)
Forward foreign currency contracts (A)		—			4,461,851			4,461,851
Total Net realized gain (loss)		(468,680	)		4,461,851			3,993,171
Net change in unrealized appreciation (depreciation) on:
Futures contracts		103,211			—			103,211
Forward foreign currency contracts (B)		—			(764,277	)		(764,277	)
Total Net change in unrealized appreciation (depreciation)		103,211			(764,277	)		(661,066	)
Total	$	(365,469	)	$	3,697,574		$	3,332,105

^(A)  Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations.

^(B)  Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations.

Transamerica Global Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Forward foreign currency contracts		22		34		23

^(A)  Calculated based on positions held at each month end during the current period.

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts			Total
Unrealized appreciation on forward foreign currency contracts	$	178,454		$	178,454
Total gross amount of assets (A)	$	178,454		$	178,454
Liability derivatives
Unrealized depreciation on forward foreign currency contracts	$	(215,608	)	$	(215,608	)
Total gross amount of liabilities (A)	$	(215,608	)	$	(215,608	)

^(A)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts		Total
Net realized gain (loss) on:
Forward foreign currency contracts (A)	$	1,869,101	$	1,869,101
Net change in unrealized appreciation (depreciation) on:
Forward foreign currency contracts (B)		532,493		532,493
Total	$	2,401,594	$	2,401,594

^(A)  Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations.

^(B)  Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations.

Transamerica Funds Semi-Annual Report 2015

Page    291

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

Transamerica Growth Opportunities:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Purchased options and swaptions		2		2		2

^(A)  Calculated based on positions held at each month end during the current period.

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts		Total
Asset derivatives
Purchased options and swaptions (A)	$	117,704	$	117,704
Total gross amount of assets (B)	$	117,704	$	117,704

^(A)  Included within Investments, at value on the Statements of Assets and Liabilities.

^(B)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Purchased options and swaptions (A)	$	(745,639	)	$	(745,639	)
Net change in unrealized appreciation (depreciation) on:
Purchased options and swaptions (B)		332,268			332,268
Total	$	(413,371	)	$	(413,371	)

^(A)  Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations.

^(B)  Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations.

Transamerica Inflation Opportunities:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Futures contracts		1		2		1
Forward foreign currency contracts		6		17		12

^(A)  Calculated based on positions held at each month end during the current period.

Transamerica Funds Semi-Annual Report 2015

Page    292

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives
Net unrealized appreciation on futures contracts (A) (B)	$	16,969		$	—		$	16,969
Unrealized appreciation on forward foreign currency contracts		—			198,347			198,347
Total gross amount of assets (C)	$	16,969		$	198,347		$	215,316
Liability derivatives
Net unrealized depreciation on futures contracts (A) (B)	$	(131,016	)	$	—		$	(131,016	)
Unrealized depreciation on forward foreign currency contracts		—			(867,979	)		(867,979	)
Total gross amount of liabilities (C)	$	(131,016	)	$	(867,979	)	$	(998,995	)

^(A)  May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(B)  Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(C)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Futures contracts	$	(352,952	)	$	—		$	(352,952	)
Forward foreign currency contracts (A)		—			1,834,064			1,834,064
Total Net realized gain (loss)		(352,952	)		1,834,064			1,481,112
Net change in unrealized appreciation (depreciation) on:
Futures contracts		86,034			—			86,034
Forward foreign currency contracts (B)		—			(974,194	)		(974,194	)
Total Net change in unrealized appreciation (depreciation)		86,034			(974,194	)		(888,160	)
Total	$	(266,918	)	$	859,870		$	592,952

^(A)  Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations.

^(B)  Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations.

Transamerica MLP & Energy Income:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Written options and swaptions		4		5		3

^(A)  Calculated based on positions held at each month end during the current period.

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Equity Contracts			Total
Liability derivatives
Written options and swaptions, at value (A)	$	(59,950	)	$	(59,950	)
Total gross amount of liabilities (B)	$	(59,950	)	$	(59,950	)

^(A)  May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(B)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

Transamerica Funds Semi-Annual Report 2015

Page    293

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

The Fund’s derivatives are not subject to a master netting arrangement, or another similar arrangement.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Equity Contracts		Total
Net realized gain (loss) on:
Written options and swaptions	$	534,865	$	534,865
Net change in unrealized appreciation (depreciation) on:
Written options and swaptions		150,911		150,911
Total	$	685,776	$	685,776

Transamerica Multi-Managed Balanced:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at October 31, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Futures contracts		1		1		1

^(A)  Calculated based on positions held at each month end during the current period.

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Equity Contracts			Total
Liability derivatives
Net unrealized depreciation on futures contracts (A) (B)	$	(17,457	)	$	(17,457	)
Total gross amount of liabilities (C)	$	(17,457	)	$	(17,457	)

^(A)  May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(B)  Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(C)  The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

The Fund’s derivatives are not subject to a master netting arrangement, or another similar arrangement.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Equity Contracts			Total
Net realized gain (loss) on:
Futures contracts	$	175,899		$	175,899
Net change in unrealized appreciation (depreciation) on:
Futures contracts		(162,049	)		(162,049	)
Total	$	13,850		$	13,850

Transamerica Funds Semi-Annual Report 2015

Page    294

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

Transamerica Unconstrained Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the period:

	Beginning number of positions at December 8, 2014		Ending number of positions at April 30, 2015		Average number of positions (A)
Futures contracts		—		1		1 (B	)

^(A)  Calculated based on positions held at each month end during the current period.

^(B)  There were no open positions at the beginning and/or the end of the period, however the Fund periodically invested in this type of derivative instrument during the period.

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of April 30, 2015:

Derivatives not accounted for as hedging instruments	Interest Rate Contracts		Total
Asset derivatives
Net unrealized appreciation on futures contracts (A) (B)	$	52,852	$	52,852
Total gross amount of assets (C)	$	52,852	$	52,852

^(A)  May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(B) Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(C) The Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

The Fund’s derivatives are not subject to a master netting arrangement, or another similar arrangement.

Effect of Derivative Instruments in the Statements of Operations for the period ended April 30, 2015:

Derivatives not accounted for as hedging instruments	Interest Rate Contracts		Total
Net realized gain (loss) on:
Futures contracts	$	15,331	$	15,331
Net change in unrealized appreciation (depreciation) on:
Futures contracts		52,852		52,852
Total	$	68,183	$	68,183

The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

Transamerica Funds Semi-Annual Report 2015

Page    295

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 5. (continued)

Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (futures contracts, exchange traded options, and exchange traded swap agreements) while collateral terms are contract specific for OTC traded derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Funds may be required to post collateral on derivatives if the Funds are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Funds fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of April 30, 2015. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

			Gross Amounts Not Offset in the Statements of Assets and Liabilities										Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (A)		Financial Instruments			Collateral Received (B)			Net Amount		Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (A)		Financial Instruments			Collateral Pledged (B)		Net Amount
	Assets										Liabilities
Transamerica Capital Growth
Royal Bank of Scotland PLC	$	178,028	$	—		$	(178,028	)	$	—	$	—	$	—		$	—	$	—
Total	$	178,028	$	—		$	(178,028	)	$	—	$	—	$	—		$	—	$	—
Transamerica Emerging Markets Debt
HSBC Securities (USA), Inc.	$	29,718	$	(29,718	)	$	—		$	—	$	292,554	$	(29,718	)	$	—	$	262,836
Other Derivatives(C)		1,587,220		—			—			1,587,220		1,452,377		—			—		1,452,377
Total	$	1,616,938	$	(29,718	)	$	—		$	1,587,220	$	1,744,931	$	(29,718	)	$	—	$	1,715,213
Transamerica Global Bond
HSBC Securities (USA), Inc.	$	2,208	$	(2,208	)	$	—		$	—	$	47,902	$	(2,208	)	$	—	$	45,694
Other Derivatives(C)		176,246		—			—			176,246		167,706		—			—		167,706
Total	$	178,454	$	(2,208	)	$	—		$	176,246	$	215,608	$	(2,208	)	$	—	$	213,400
Transamerica Growth Opportunities
Royal Bank of Scotland PLC	$	117,704	$	—		$	(117,704	)	$	—	$	—	$	—		$	—	$	—
Total	$	117,704	$	—		$	(117,704	)	$	—	$	—	$	—		$	—	$	—
Transamerica Inflation Opportunities
Goldman Sachs & Co.	$	19,306	$	(19,306	)	$	—		$	—	$	526,049	$	(19,306	)	$	—	$	506,743
J.P. Morgan Securities LLC		179,041		(179,041	)		—			—		341,930		(179,041	)		—		162,889
Other Derivatives(C)		16,969		—			—			16,969		131,016		—			—		131,016
Total	$	215,316	$	(198,347	)	$	—		$	16,969	$	998,995	$	(198,347	)	$	—	$	800,648

^(A)  Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

^(B)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(C)  Other Derivatives are not subject to a master netting arrangement or another similar arrangement.

NOTE 6. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

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 regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, 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.

Transamerica Funds Semi-Annual Report 2015

Page    296

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-11, “Transfers and Servicing, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. The guidance changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The guidance is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

In July 2014, the Securities and Exchange Commission voted to amend Rule 2a-7, which governs money market funds. A significant change resulting from these amendments is a requirement that institutional prime and institutional municipal money market funds transact fund shares based on a market-based NAV. Government, treasury, retail prime and retail municipal money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). The amendments have staggered compliance dates; however, the majority of these amendments will be effective on October 14, 2016, two years after the effective date for the rule amendments. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact to the Funds’ financial statements.

In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities that Calculate NAV per Share (or its Equivalent)”. The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Sufficient information must be provided to permit reconciliation of the fair value of assets categorized within the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The guidance is required to be presented for annual periods beginning after December 15, 2015, and for interim periods within those fiscal years. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

NOTE 8. REORGANIZATION

Transamerica Concentrated Growth

Following the close of business on February 28, 2014, Class I of Transamerica Concentrated Growth assumed all of the assets and liabilities of The Torray Resolute Fund. The shareholders of The Torray Resolute Fund received an aggregate net asset value equal to the aggregate net asset value of their shares in Class I of Transamerica Concentrated Growth immediately prior to the reorganization. The reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of Transamerica Concentrated Growth reflects the historical basis of the assets of The Torray Resolute Fund as of the date of the reorganization. For financial reporting purposes, the Torray Resolute Fund’s operating history prior to the reorganization is reflected in Class I of Transamerica Concentrated Growth’s financial statements and financial highlights.

The purpose of the transaction was to provide an additional large cap growth fund with unique distribution opportunities. The acquisition was accomplished by a tax-free exchange of 861,025 shares of Transamerica Concentrated Growth for 861,025 shares of The Torray Resolute Fund outstanding on February 28, 2014. Transamerica Concentrated Growth’s net assets at that date were $500,010, which were combined with those of The Torray Resolute Fund. The aggregate net assets of Transamerica Concentrated Growth were $500,010; the combined net assets of Transamerica Concentrated Growth immediately after the acquisition were $13,903,438.

NOTE 9. SUBSEQUENT EVENTS

The Board approved a new investment sub-advisory agreement with QS Investors LLC, pursuant to which QS Investors LLC would serve as sub-adviser to Transamerica Tactical Allocation, Transamerica Tactical Income and Transamerica Tactical Rotation effective on or about May 1, 2015. Transamerica Tactical Allocation, Transamerica Tactical Income and Transamerica Tactical Rotation will be renamed to Transamerica Dynamic Allocation II, Transamerica Dynamic Income and Transamerica Dynamic Allocation, respectively.

The Board has approved a reorganization pursuant to which the assets of Transamerica Tactical Allocation (the “Target Fund”) would be acquired, and its liabilities would be assumed, by Transamerica Tactical Rotation (the “Acquiring Fund”) in exchange for shares of the Acquiring Fund on or about July 1, 2015. The Target Fund would then be liquidated, and shares of the Acquiring Fund would be distributed to Target Fund shareholders.

Transamerica Funds Semi-Annual Report 2015

Page    297

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2015

(unaudited)

NOTE 9. (continued)

Under the reorganization, Target Fund shareholders would receive shares of the Acquiring Fund with the same aggregate net asset value as their shares of the Target Fund. It is anticipated that no gain or loss for Federal income tax purposes would be recognized by Target Fund shareholders as a result of the reorganization.

The Board approved the registration of R1 and R6 share classes for Transamerica Capital Growth, Transamerica Concentrated Growth, Transamerica Dividend Focused, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Flexible Income, Transamerica Floating Rate, Transamerica Global Bond, Transamerica Global Equity, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Income & Growth, Transamerica Inflation Opportunities, Transamerica International Equity, Transamerica Large Cap Value, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Core, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Strategic High Income and Transamerica US Growth. Class R1 and R6 shares, are intended to meet the needs and expectations of retirement plan participants and plan sponsors, and may be purchased by participants in certain retirement plans such as 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans and IRAs. Certain Funds will commence launching the new classes of shares on or about May 29, 2015. TAM would have discretion to launch the new share classes for the remainder of the funds at a later date.

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

Transamerica Funds Semi-Annual Report 2015

Page    298

TRANSAMERICA GLOBAL EQUITY

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on March 19 and 20, 2014, the Board considered the approval of an Amended Advisory Agreement between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds on behalf of Transamerica Global Equity (“the Fund”).

Following their review and consideration, the Board Members determined that the terms of the Amended Advisory Agreement between TAM and the Fund are reasonable and that the approval of the Amended Advisory Agreement is in the best interests of the Fund and its shareholders. The Board, including the Independent Board Members, unanimously approved the Amended Advisory Agreement.

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

Among other matters, the Board considered:

(a)        that TAM advised the Board Members that the restructuring of the Fund will not result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b)        that the proposed responsibilities of TAM for the Fund and the services contemplated by the Amended Advisory Agreement to be provided by TAM to the Fund are identical to the Current Advisory Agreement, although TAM would operate the Fund under a “manager of managers” structure following the restructuring;

(c)        that advisory fees paid by the Fund to TAM would increase but TAM expects that the total annual operating expenses would be lower;

(d)        that the proposed advisory fees to be paid by the Fund to TAM are reasonable in light of the services to be provided; and

(e)        that TAM would bear the costs of obtaining shareholder approval of the Amended Advisory Agreement.

Further, the Board Members, including a majority of the Independent Board Members, found that the change from a fund of funds to a manager of managers structure is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage.

A discussion followed that included 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, quality and extent of the services to be provided by TAM under the Amended Advisory Agreement, the Board Members considered, among other things, that there were no differences between the Amended Advisory Agreement and the Current Advisory Agreement, except for the advisory fee rate, and that, while the operational structure of the Fund will be different following the restructuring, there would not be any diminution in the nature, quality and extent of services provided to the Fund and its shareholders and that it is expected that TAM will continue to provide high quality advisory services under the Amended Advisory Agreement. The Board considered the services provided by TAM for the advisory fee it will receive, after payment of the Fund’s sub-advisory fee, including oversight of the services provided by the Fund’s administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the Fund, as well as the “manager of managers” services TAM will provide. The Board Members also considered that they had performed a full review of the Current Advisory Agreement at its June 12 and 13, 2013, and January 22 and 23, 2014, Board meetings and it had determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

Based on their review of the materials provided and the assurances they received from TAM, the Board Members determined that if the Amended Advisory Agreement is adopted, TAM will continue to provide advisory services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs. In this regard, the Board received information about the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; and TAM’s management oversight process.

Transamerica Funds Semi-Annual Report 2015

Page    299

TRANSAMERICA GLOBAL EQUITY

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

Investment Performance

The Board Members considered the performance results of the Fund. The Board Members noted that they had considered the performance of the Fund over various time periods in connection with the consideration of the Current Advisory Agreement in June 2013. Based on this information, the Board Members determined that TAM continues to be capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and that the restructuring is not likely to impact TAM’s abilities in this regard.

Advisory Fee, Cost of Services Provided and Profitability

The Board considered that the advisory fee rate in the Amended Advisory Agreement would increase up to 71 basis points from the Current Advisory Agreement at certain asset levels but that it was in line with the median pricing in the Fund’s peer group. The Board also took note that the Fund is currently subject to acquired fund fees and expenses of underlying Transamerica Funds and that the Fund would no longer pay these expenses at the same level after the restructuring of the Fund from a fund of funds to a “manager of managers” structure. The Board noted that TAM expects that the Fund’s total expense ratio for each class would be lower, although it is possible that operating expenses may increase in the future.

The Board Members considered information provided by TAM regarding the profitability of TAM with respect to the advisory services it provides to the Fund. The Board considered that in June 2013 it had reviewed profitability information about TAM’s costs of providing fund management services as well as the costs of providing administration, transfer agency and other services to the Fund. The Board Members determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

On the basis of these considerations, the Board Members determined that the benefits to the Fund and its shareholders from the change from a fund of funds to a manager of managers structure support the advisory fees to be received by TAM under the Amended Advisory Agreement. The Board Members concluded that the advisory fees continue to be reasonable in light of the fees charged by other funds in the Fund’s peer group and the services provided by TAM. They also noted that the Fund’s total expense ratio for each class is below that of each class’s peer group median as of December 31, 2013, and is not expected to increase as a result of the restructuring.

Economies of Scale

The Board Members considered information on the advisory fees to be paid by the Fund, taking into account the proposed breakpoint fee structure to account for economies of scale, and concluded that the proposed fee structure reflects economies of scale. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the Fund has achieved economies of scale and the appropriateness of advisory fees payable to TAM.

Fall-Out Benefits

The Board Members took into consideration the character of any incidental benefits to TAM from its relationship with the Fund. The Board Members noted that TAM is not expected to realize “soft dollar” benefits from its relationship with the Fund. The Board Members considered that the costs, nature, scope and quality of administrative and other services provided to the Fund by affiliates of TAM will not change as a result of approval of the Amended Advisory Agreement.

Conclusion

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, determined that the change from a fund of funds structure to a manager of managers structure was in the best interests of the Fund and its shareholders. In this regard, the Board Members noted that the Fund’s total expense ratio for each class is below that of its peer group median as of December 31, 2013, and is not expected to increase as a result of the restructuring. They concluded that the change in the advisory fee rate in the Amended Advisory Agreement is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage.

In addition, the Board Members 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 continue to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board Members favorably considered the procedures and policies to promote compliance with applicable laws and regulations and oversee the portfolio management activities of the sub-adviser.

Transamerica Funds Semi-Annual Report 2015

Page    300

TRANSAMERICA GLOBAL EQUITY

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

Board Considerations

Also, at a meeting of the Board held on March 19 and 20, 2014, the Board considered the approval of the New Sub-Advisory Agreement for the Fund between TAM and Rockefeller & Co., Inc., (“Rockefeller”), the Fund’s proposed new sub-adviser.

Following their review and consideration, the Board Members determined that the terms of the New Sub-Advisory Agreement between TAM and Rockefeller with respect to the Fund are reasonable and that the approval of the New Sub-Advisory Agreement is in the best interests of the Fund and its shareholders. The Board, including the Independent Board Members, unanimously approved the New Sub-Advisory Agreement for an initial two-year period.

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

Among other matters, the Board considered:

(a)        that TAM advised the Board Members that the appointment of Rockefeller 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 Rockefeller is an experienced and respected asset management firm, and that TAM believes that Rockefeller has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund;

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

(d)        the fact that the sub-advisory fees will be paid by TAM and not the Fund;

(e)        that the proposed sub-advisory fees to be paid by TAM to Rockefeller are reasonable in light of the services to be provided; and,

(f)         that TAM would bear the costs of obtaining shareholder approval of the New Sub-Advisory Agreement.

Further, the Board Members, including a majority of the independent Board Members, found that the approval of Rockefeller as sub-adviser for the Fund is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM or its affiliates derive an inappropriate advantage.

A discussion followed that included 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 Rockefeller under the New Sub-Advisory Agreement, the Board considered, among other things, information provided by TAM and Rockefeller regarding Rockefeller’s operations (including research and trading), facilities, organization and personnel of Rockefeller, Rockefeller’s ability to use its resources effectively in performing its duties under the New Sub-Advisory Agreement, and Rockefeller’s capabilities in implementing the investment strategies of the Fund. The Board considered that TAM has advised the Board that the appointment of Rockefeller as sub-adviser 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 Rockefeller is an experienced and respected asset management firm and that TAM believes that Rockefeller 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 Rockefeller can provide sub-advisory services that are appropriate in scope and extent in light of the investment program for the Fund and that Rockefeller’s appointment as sub-adviser is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Transamerica Funds Semi-Annual Report 2015

Page    301

TRANSAMERICA GLOBAL EQUITY

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

Investment Performance

The Board Members considered historical performance of the strategy to be employed by Rockefeller. The historical performance contained one-, three-, five-, and seven-year performance periods of the strategy, as compared to the Fund’s peer group median and benchmark index. The Board Members noted that the historical performance of the strategy generally compared favorably to that of the benchmark and peer group median for the periods shown, while exhibiting better risk-adjusted returns.

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 Rockefeller, the Board Members concluded that Rockefeller is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objective, policies and strategies.

Sub-Advisory Fee, Cost of Services Provided and Profitability

The Board considered the proposed sub-advisory fee schedule in the New Sub-Advisory Agreement with Rockefeller. The Board Members noted that the Fund will 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 Rockefeller under the New Sub-Advisory Agreement is reasonable in light of the services to be provided.

Economies of Scale

The Board considered the sub-advisory fee schedule for the Fund, noting breakpoints at certain asset levels. 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 advisory fees payable by the Fund to TAM and fees payable by TAM to Rockefeller, in the future.

Fall-Out Benefits

The Board considered any incidental benefits expected to be derived by Rockefeller from its relationship with the Fund. The Board noted that TAM would not realize “soft dollar” benefits from its relationship with Rockefeller, and that Rockefeller 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, found that the addition of Rockefeller as a sub-adviser is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM or its affiliates derive an inappropriate advantage. The Board, including all of the Independent Board Members, concluded that the approval of the New Sub-Advisory Agreement is in the best interest of the Fund and its shareholders and voted to approve the New Sub-Advisory Agreement. In the event that shareholders do not approve the Proposal, the Board will determine the appropriate course of action with respect to the management of the Fund.

Transamerica Funds Semi-Annual Report 2015

Page    302

TRANSAMERICA UNCONSTRAINED BOND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on September 18 & 19, 2014, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Unconstrained Bond (“Unconstrained Bond”) as a new series of Transamerica Funds. The Board also reviewed and considered the proposed investment advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds on behalf of Unconstrained Bond, and the proposed sub-advisory agreement with PineBridge Investments, LLC (“PineBridge”) for Unconstrained Bond to determine whether each such agreement should be approved for an initial two-year period.

Following its review and consideration, the Board, including the Independent Board Members, unanimously approved the advisory and sub-advisory agreements. In approaching this matter, the Board Members requested and received from TAM and PineBridge such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of the investment advisory and sub-advisory agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and/or their own business judgment, to be relevant. The Board Members based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and PineBridge. The Board considered the proposed investment approach for Unconstrained Bond; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and PineBridge; TAM’s management oversight process; and the professional qualifications of the portfolio management team of PineBridge. The Board also considered the investment advisory and other services to be provided by TAM for the portion of the investment advisory fee it will retain after payment of the sub-advisory fee for Unconstrained Bond. The Board noted that these services would include the design, development and ongoing review and evaluation of Unconstrained Bond and its investment strategy; the selection, oversight and monitoring of PineBridge to perform certain duties with respect to Unconstrained Bond; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Unconstrained Bond’s investments; design, development, implementation and ongoing review and evaluation of a compliance program for Unconstrained Bond; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and rights to consent to corporate action for Unconstrained Bond’s investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of Unconstrained Bond’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings; and ongoing cash management services. The Board also noted that TAM, as part of the investment advisory services it provides to all Transamerica mutual funds, oversees the services provided by the administrator, custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the Transamerica mutual funds.

Based on these considerations, the Board Members determined that TAM and PineBridge could provide investment and related services that are appropriate in scope and extent in light of Unconstrained Bond’s operations, the competitive landscape of the investment company business, and investor needs.

The investment performance of Unconstrained Bond. The Board recognized that Unconstrained Bond was not yet in existence and therefore had no historical performance for the Board to review. However, the Board Members considered historical performance of the fixed income portion of a discretionary account managed by PineBridge with substantially similar investment objectives and strategies as Unconstrained Bond. The historical performance covered one-, three-, five-, and seven-year performance periods for the strategy, as compared to returns of peers and benchmarks. The Board Members noted that the historical performance of the accounts generally compared favorably to that of the benchmark and peer group medians for the periods shown. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the services to be provided or procured by TAM and PineBridge, the Board Members concluded that TAM and PineBridge were capable of generating a level of investment performance that is appropriate in light of Unconstrained Bond’s proposed investment objective, policies and strategies.

Investment advisory fees and total expense ratios. The Board considered the proposed investment advisory fee and anticipated total expense ratios of Unconstrained Bond, including information comparing its investment advisory fee and total expense ratios to the investment advisory fees and total expense ratios of other investment companies in peer groups and universes provided by Lipper, Inc. (“Lipper”) and Morningstar, Inc. (“Morningstar”). The Board also considered the fee to be charged by PineBridge for sub-advisory services as well as the portion of Unconstrained Bond’s investment advisory fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that, in total, the advisory fees to be incurred by shareholders were below the Lipper Alternative Credit Focus peer group median and the Morningstar Nontraditional Bond median on an asset-weighted basis. The Board also noted that total expenses were below the medians of the Lipper Alternative Credit Focus and Morningstar Nontraditional Bond peer groups. The Board further noted that TAM proposed to enter into an expense limitation arrangement with Unconstrained Bond, which could result in TAM waiving fees for the benefit of shareholders. On the basis of these and other considerations, together with the other information it considered, the Board determined that the investment advisory and sub-advisory fees to be received by TAM and PineBridge under the investment advisory and sub-advisory agreements were reasonable in light of the services to be provided.

Transamerica Funds Semi-Annual Report 2015

Page    303

TRANSAMERICA UNCONSTRAINED BOND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

The cost of advisory services provided and the level of profitability. The Board recognized that Unconstrained Bond was not yet in existence and therefore no actual 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 Unconstrained Bond by TAM and its affiliates. The Board also noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and PineBridge. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with Unconstrained Bond 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 Unconstrained Bond grows. In evaluating the extent to which the investment advisory fees payable under the new investment advisory and sub-advisory agreements reflect economies of scale or would permit economies of scale to be realized in the future, the Board took note of TAM’s and PineBridge’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 Unconstrained Bond. The Board concluded that the proposed fees and breakpoints may benefit investors by permitting economies of scale in the form of lower investment advisory fees as the level of assets grows for Unconstrained Bond.

The Board Members also noted that, as Unconstrained Bond grows, they would have the opportunity to periodically reexamine the appropriateness of the investment advisory fees payable to TAM and fees payable by TAM to PineBridge and whether Unconstrained Bond has achieved economies of scale.

Benefits to TAM, its affiliates, or PineBridge from their relationship with Unconstrained Bond. The Board considered any other benefits derived by TAM, its affiliates, and PineBridge from their relationships with Unconstrained Bond. The Board noted that TAM would not realize soft dollar benefits from its relationship with Unconstrained Bond, although PineBridge may engage in soft dollar arrangements, and receive such benefits, consistent with applicable law and “best execution” requirements. The Board noted that they would have the opportunity to review the appropriateness of these benefits over time.

Other considerations. The Board considered the investment objective of Unconstrained Bond and its investment strategy and noted that TAM believes that Unconstrained Bond would enhance the Transamerica Funds’ retail product line-up as well as the investment options for the existing asset allocation funds sponsored by TAM. 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 Unconstrained Bond in a professional manner that is consistent with the best interests of Unconstrained Bond 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 PineBridge. The Board Members also noted that TAM had made a significant entrepreneurial commitment to the management and success of Unconstrained Bond.

Transamerica Funds Semi-Annual Report 2015

Page    304

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statements of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’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.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2015

Page    305

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2015

Page    306

4600 S. Syracuse St., Suite 1100

Denver, Colorado 80237

Customer Service 1-888-233-4339

4600 S. Syracuse St., Suite 1100, Denver, CO 80237

Distributor: Transamerica Capital, Inc.