As filed with the SEC on July 6, 2012.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-04556

TRANSAMERICA FUNDS

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

Date of fiscal year end: October 31

Date of reporting period: November 1, 2011 – April 30, 2012

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

Fund of Funds

Semi-Annual Report

April 30, 2012

www.transamericainvestments.com

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to understand market conditions over the last six months in order to provide a context for reading this report. As the period began in November of 2011, the crisis in Europe had already driven most global asset prices down. Investors were gripped by the fear of both a European Sovereign default and a large European bank failure potentially causing a global banking crisis. In December, the European Central Bank responded by making unlimited loans available to troubled European banks. In turn, these European banks used a portion of this money to purchase Sovereign bonds. The combined effect was to significantly reduce market fear and selling pressure.

Then, in January and February of 2012, economic strength in the United States coincided with temporarily improved economic results in Asia and Europe. Relieved investors jumped back into risky assets, and as a result, equity and bond markets across the globe rallied strongly for the first two months of the year. In March and April, economic weakness in Europe and in China reasserted itself, and as a result, global equities gave up a significant portion of their gains. U.S. economics weakened slightly but remained strong relative to the rest of the world allowing U.S. equities to hold their ground. For the six month period ending April 30, 2012, the Standard & Poor’s 500^® Index gained 12.77%, the Morgan Stanley Capital International—Europe, Australasia, Far East Index gained 2.71%, and the Barclays U.S. Aggregate Bond index gained 2.44%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2011 and held for the entire period until April 30, 2012.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses				Hypothetical Expenses (B)
Fund Name	Beginning Account  Value		Ending Account Value		Expenses Paid During Period (A)		Ending  Account Value		Expenses Paid During  Period (A)		Annualized Expense Ratio  (C)
Transamerica Asset Allocation—Conservative Portfolio
Class A	$	1,000.00	$	1,054.00	$	3.06	$	1,021.88	$	3.02		0.60	%
Class B		1,000.00		1,051.50		6.58		1,018.45		6.47		1.29
Class C		1,000.00		1,051.90		6.17		1,018.85		6.07		1.21
Class I		1,000.00		1,056.30		1.33		1,023.57		1.31		0.26
Class R		1,000.00		1,053.20		4.65		1,020.34		4.57		0.91
Transamerica Asset Allocation—Growth Portfolio
Class A		1,000.00		1,096.70		3.44		1,021.58		3.32		0.66
Class B		1,000.00		1,092.50		7.18		1,018.00		6.92		1.38
Class C		1,000.00		1,092.90		6.66		1,018.50		6.42		1.28
Class I		1,000.00		1,098.10		1.36		1,023.57		1.31		0.26
Class R		1,000.00		1,096.50		4.38		1,020.69		4.22		0.84
Transamerica Asset Allocation—Moderate Growth Portfolio
Class A		1,000.00		1,081.20		3.16		1,021.83		3.07		0.61
Class B		1,000.00		1,077.30		6.87		1,018.25		6.67		1.33
Class C		1,000.00		1,077.40		6.46		1,018.65		6.27		1.25
Class I		1,000.00		1,082.10		1.29		1,023.62		1.26		0.25
Class R		1,000.00		1,079.50		3.98		1,021.03		3.87		0.77
Transamerica Asset Allocation—Moderate Portfolio
Class A		1,000.00		1,068.90		3.03		1,021.93		2.97		0.59
Class B		1,000.00		1,063.70		6.72		1,018.35		6.57		1.31
Class C		1,000.00		1,064.60		6.26		1,018.80		6.12		1.22
Class I		1,000.00		1,069.40		1.29		1,023.62		1.26		0.25
Class R		1,000.00		1,067.50		4.22		1,020.79		4.12		0.82
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,024.10		3.67		1,021.23		3.67		0.73
Class C		1,000.00		1,020.90		6.98		1,017.95		6.97		1.39
Class I		1,000.00		1,026.90		1.81		1,023.07		1.81		0.36

Transamerica Funds		Semi-Annual Report 2012
	Page    1

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (B)
Fund Name	Beginning Account  Value		Ending Account Value		Expenses Paid During Period (A)		Ending  Account Value		Expenses Paid During  Period (A)		Annualized Expense Ratio  (C)
Transamerica Multi-Manager International Portfolio
Class A	$	1,000.00	$	1,053.30	$	3.62	$	1,021.33	$	3.57		0.71	%
Class B		1,000.00		1,049.40		7.39		1,017.65		7.27		1.45
Class C		1,000.00		1,049.00		7.03		1,018.00		6.92		1.38
Class I		1,000.00		1,054.10		1.58		1,023.32		1.56		0.31

(A) Expenses are calculated using the funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account values for the period, multiplied by the number of days in the period (182 days), and divided by the number of days in the year (366 days).

(B) 5% return per year before expenses.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    2

Schedules of Investments Composition

At April 30, 2012

(the following charts summarize the Schedules of Investments of the funds by asset type)

(unaudited)

Transamerica Asset Allocation—Conservative Portfolio

	00000000
Fixed Income	56.0	%
U.S. Equity	27.1
Tactical and Specialty	8.3
Inflation-Protected Securities	5.4
Global/International Equity	3.3
Other Assets and Liabilities—Net	(0.1	)
Total	100.0	%

Transamerica Asset Allocation—Growth Portfolio

	00000000
U.S. Equity	79.9	%
Global/International Equity	13.7
Tactical and Specialty	6.6
Fixed Income	0.0	*
Other Assets and Liabilities—Net	(0.2	)
Total	100.0	%

Transamerica Asset Allocation—Moderate Growth Portfolio

	00000000
U.S. Equity	57.9	%
Fixed Income	18.8
Global/International Equity	10.6
Tactical and Specialty	10.0
Inflation-Protected Securities	2.9
Other Assets and Liabilities—Net	(0.2	)
Total	100.0	%

Transamerica Asset Allocation—Moderate Portfolio

	00000000
U.S. Equity	43.5	%
Fixed Income	37.6
Tactical and Specialty	9.1
Global/International Equity	6.4
Inflation-Protected Securities	3.5
Other Assets and Liabilities—Net	(0.1	)
Total	100.0	%

Transamerica Multi-Manager Alternative Strategies Portfolio

	00000000
Tactical and Specialty	65.4	%
Fixed Income	28.7
Inflation-Protected Securities	5.7
Other Assets and Liabilities—Net	0.2
Total	100.0	%

Transamerica Multi-Manager International Portfolio

	00000000
Global/International Equity	90.9	%
Tactical and Specialty	9.3
Other Assets and Liabilities—Net	(0.2	)
Total	100.0	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    3

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.1%p
Fixed Income—56.0%
Transamerica Bond		6,830,352	$	69,465
Transamerica Core Bond		19,459,444		208,800
Transamerica Developing Markets Debt		1,160,521		12,998
Transamerica Emerging Markets Debt		578,475		6,155
Transamerica Flexible Income		1,867,727		17,015
Transamerica High Yield Bond		3,091,892		29,033
Transamerica International Bond		1,106,784		11,455
Transamerica Money Market		5,356,457		5,356
Transamerica Short-Term Bond		9,136,519		93,101
Transamerica Total Return		19,783,123		209,306
Global/International Equity—3.3%
Transamerica Developing Markets Equity		627,615		7,393
Transamerica Emerging Markets		336,666		3,761
Transamerica Emerging Markets Equity ‡		80,000		800
Transamerica International		804,642		7,129
Transamerica International Equity		165,390		2,325
Transamerica International Equity Opportunities		801,582		5,884
Transamerica International Small Cap		646,974		5,279
Transamerica International Value Opportunities		736,805		6,565
Inflation-Protected Securities—5.4%
Transamerica Real Return TIPS		5,712,479		64,551
Tactical and Specialty—8.3%
Transamerica Arbitrage Strategy		2,058,451		21,058
Transamerica Commodity Strategy		1,244,762		12,062
Transamerica Global Allocation		1,993,196		21,806
Transamerica Global Macro ‡		1,740,386		10,007
Transamerica Global Real Estate Securities		80,250		1,002
Transamerica Long/Short Strategy ‡		1,251,702		10,001
Transamerica Managed Futures Strategy		2,438,661		22,923

	Shares		Value (000’s)
U.S. Equity—27.1%
Transamerica Capital Growth		1,357,468	$	15,760
Transamerica Diversified Equity		3,638,858		51,526
Transamerica Growth		3,616,910		51,252
Transamerica Growth Opportunities		1,960,546		18,664
Transamerica Large Cap Growth ‡		320,000		3,200
Transamerica Large Cap Value		4,247,978		41,673
Transamerica Mid Cap Value		623,802		7,698
Transamerica Quality Value		4,877,625		55,410
Transamerica Select Equity		3,632,930		41,270
Transamerica Small- & Mid-Cap Value Select		484,111		4,594
Transamerica Small Cap Value ‡		260,000		2,600
Transamerica Small Company Growth ‡		717,065		8,870
Transamerica Value		858,649		19,010
Total Investment Companies (cost $1,084,423) Õ				1,186,757
Other Assets and Liabilities—Net				(1,218	)
Net Assets			$	1,185,539

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

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

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $1,084,423. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $108,720 and $6,386, respectively. Net unrealized appreciation for tax purposes is $102,334.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	1,186,757	$	—	$	—	$	1,186,757

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2012
	Page    4

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.2% p
Fixed Income—0.0%¥
Transamerica Money Market		60,252	$	60
Global/International Equity—13.7%
Transamerica Developing Markets Equity		6,402,761		75,426
Transamerica Emerging Markets Equity ‡		620,000		6,200
Transamerica Emerging Markets		1,075,993		12,019
Transamerica International		4,179,790		37,033
Transamerica International Equity Opportunities		1,333,401		9,787
Transamerica International Small Cap		3,512,910		28,665
Transamerica International Value		1,427,017		9,689
Transamerica International Value Opportunities		2,569,507		22,894
Tactical and Specialty—6.6%
Transamerica Arbitrage Strategy		298,933		3,058
Transamerica Commodity Strategy		2,232,401		21,632
Transamerica Global Allocation		1,086,901		11,891
Transamerica Global Real Estate Securities		3,134,501		39,149
Transamerica Managed Futures Strategy		2,329,977		21,902

	Shares		Value (000’s)
U.S. Equity—79.9%
Transamerica Capital Growth		6,837,011	$	79,378
Transamerica Diversified Equity		11,817,233		167,333
Transamerica Growth		11,806,525		167,298
Transamerica Growth Opportunities		5,598,985		53,302
Transamerica Large Cap Growth ‡		1,110,000		11,100
Transamerica Large Cap Value		15,912,666		156,103
Transamerica Mid Cap Value		3,914,507		48,305
Transamerica Quality Value		18,368,638		208,667
Transamerica Select Equity		13,941,627		158,377
Transamerica Small- & Mid-Cap Value Select		3,281,886		31,145
Transamerica Small Cap Value ‡		1,640,000		16,400
Transamerica Small Company Growth ‡		2,333,396		28,864
Transamerica Value		2,162,809		47,885
Total Investment Companies (cost $1,222,634) Õ				1,473,562
Other Assets and Liabilities—Net				(2,442	)
Net Assets			$	1,471,120

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

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

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

Õ Aggregate cost for federal income tax purposes is $1,222,634. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $259,996 and $9,068, respectively. Net unrealized appreciation for tax purposes is $250,928.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	1,473,562	$	—	$	—	$	1,473,562

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    5

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.2% p
Fixed Income—18.8%
Transamerica Bond		5,542,054	$	56,363
Transamerica Core Bond		15,896,828		170,573
Transamerica Developing Markets Debt		1,229,545		13,771
Transamerica Emerging Markets Debt		686,289		7,302
Transamerica High Yield Bond		5,432,531		51,011
Transamerica International Bond		2,168,179		22,441
Transamerica Short-Term Bond		6,312		64
Transamerica Total Return		22,801,874		241,244
Global/International Equity—10.6%
Transamerica Developing Markets Equity		5,522,723		65,058
Transamerica Emerging Markets		2,843,280		31,759
Transamerica Emerging Markets Equity ‡		700,000		7,000
Transamerica International		9,017,922		79,898
Transamerica International Equity		1,259,798		17,713
Transamerica International Equity Opportunities		2,603,895		19,113
Transamerica International Small Cap		4,364,470		35,614
Transamerica International Value		2,404,209		16,325
Transamerica International Value Opportunities		5,116,489		45,588
Inflation-Protected Securities—2.9%
Transamerica Real Return TIPS		7,562,085		85,452
Tactical and Specialty—10.0%
Transamerica Arbitrage Strategy		2,937,708		30,053
Transamerica Commodity Strategy		5,703,304		55,265
Transamerica Global Allocation		6,526,933		71,405
Transamerica Global Real Estate Securities		4,374,657		54,639
Transamerica Managed Futures Strategy		9,495,235		89,255

	Shares		Value (000’s)
U.S. Equity—57.9%
Transamerica Capital Growth		8,519,308	$	98,909
Transamerica Diversified Equity		17,541,431		248,387
Transamerica Growth		17,125,447		242,668
Transamerica Growth Opportunities		10,306,137		98,114
Transamerica Large Cap Growth ‡		1,580,000		15,800
Transamerica Large Cap Value		24,319,347		238,573
Transamerica Mid Cap Value		6,728,978		83,036
Transamerica Quality Value		27,777,392		315,551
Transamerica Select Equity		20,587,620		233,875
Transamerica Small- & Mid-Cap Value Select		3,413,631		32,395
Transamerica Small Cap Value ‡		1,930,000		19,300
Transamerica Small Company Growth ‡		2,097,088		25,941
Transamerica Value		3,558,596		78,787
Total Investment Companies (cost $2,608,138) Õ				2,998,242
Other Assets and Liabilities—Net				(4,647	)
Net Assets			$	2,993,595

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

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

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $2,608,138. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $405,355 and $15,251, respectively. Net unrealized appreciation for tax purposes is $390,104.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	2,998,242	$	—	$	—	$	2,998,242

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    6

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.1% p
Fixed Income—37.6%
Transamerica Bond		8,877,409	$	90,284
Transamerica Core Bond		16,600,549		178,124
Transamerica Developing Markets Debt		1,820,444		20,389
Transamerica Emerging Markets Debt		938,558		9,986
Transamerica Flexible Income		4,729,812		43,089
Transamerica High Yield Bond		3,748,516		35,199
Transamerica International Bond		2,612,010		27,034
Transamerica Money Market		3,987,000		3,987
Transamerica Short-Term Bond		14,029,548		142,961
Transamerica Total Return		25,300,365		267,678
Global/International Equity—6.4%
Transamerica Developing Markets Equity		1,915,906		22,569
Transamerica Emerging Markets		1,139,969		12,733
Transamerica Emerging Markets Equity ‡		250,000		2,500
Transamerica International		3,118,274		27,628
Transamerica International Equity		382,863		5,383
Transamerica International Equity Opportunities		2,719,858		19,964
Transamerica International Small Cap		2,346,151		19,145
Transamerica International Value		1,050,405		7,132
Transamerica International Value Opportunities		2,424,675		21,604
Inflation-Protected Securities—3.5%
Transamerica Real Return TIPS		6,837,467		77,263
Tactical and Specialty—9.1%
Transamerica Arbitrage Strategy		3,618,239		37,015
Transamerica Commodity Strategy		3,223,497		31,236
Transamerica Global Allocation		4,028,951		44,077
Transamerica Global Macro ‡		2,380,067		13,685
Transamerica Global Real Estate Securities		1,226,128		15,314
Transamerica Long/Short Strategy ‡		1,825,338		14,584
Transamerica Managed Futures Strategy		4,549,623		42,766

	Shares		Value (000’s)
U.S. Equity—43.5%
Transamerica Capital Growth		4,066,867	$	47,216
Transamerica Diversified Equity		11,487,441		162,662
Transamerica Growth		11,129,679		157,708
Transamerica Growth Opportunities		5,507,832		52,435
Transamerica Large Cap Growth ‡		990,000		9,900
Transamerica Large Cap Value		12,172,049		119,408
Transamerica Mid Cap Value		2,919,130		36,022
Transamerica Quality Value		14,039,835		159,493
Transamerica Select Equity		10,339,387		117,455
Transamerica Small- & Mid-Cap Value Select		2,058,056		19,531
Transamerica Small Cap Value ‡		1,170,000		11,700
Transamerica Small Company Growth ‡		1,308,486		16,186
Transamerica Value		1,718,085		38,038
Total Investment Companies (cost $1,949,464) Õ				2,181,083
Other Assets and Liabilities—Net				(1,717	)
Net Assets			$	2,179,366

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

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

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $1,949,464. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $249,383 and $17,764, respectively. Net unrealized appreciation for tax purposes is $231,619.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	2,181,083	$	—	$	—	$	2,181,083

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    7

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—99.8% p
Fixed Income—28.7%
Transamerica Bond		6,503,620	$	66,143
Transamerica Developing Markets Debt		1,895,718		21,232
Transamerica Emerging Markets Debt		848,085		9,024
Transamerica High Yield Bond		3,576,207		33,580
Transamerica Money Market		2,073,149		2,073
Transamerica Short-Term Bond		36,975		377
Inflation-Protected Securities—5.7%
Transamerica Real Return TIPS		2,323,811		26,259
Tactical and Specialty—65.4%
Transamerica Arbitrage Strategy		4,359,633		44,599
Transamerica Commodity Strategy		3,778,556		36,614
Transamerica Global Allocation		4,622,234		50,567
Transamerica Global Macro ‡		7,389,535		42,490
Transamerica Global Real Estate Securities		2,520,367		31,479
Transamerica Long/Short Strategy ‡		5,600,527		44,748
Transamerica Managed Futures Strategy		5,493,636		51,640
Total Investment Companies (cost $471,802) Õ				460,825
Other Assets and Liabilities—Net				869
Net Assets			$	461,694

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

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

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $471,802. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,615 and $18,592, respectively. Net unrealized depreciation for tax purposes is $10,977.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	460,825	$	—	$	—	$	460,825

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    8

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.2% p
Global/International Equity—90.9%
Transamerica Developing Markets Equity		2,624,148	$	30,912
Transamerica Emerging Markets		1,475,187		16,478
Transamerica Emerging Markets Equity ‡		350,000		3,500
Transamerica International		4,712,525		41,753
Transamerica International Equity		907,792		12,764
Transamerica International Equity Opportunities		5,637,249		41,377
Transamerica International Small Cap		2,411,826		19,681
Transamerica International Value		3,275,183		22,238
Transamerica International Value Opportunities		4,550,328		40,543
Tactical and Specialty—9.3%
Transamerica Global Allocation		1,400,255		15,319
Transamerica Global Real Estate Securities		659,956		8,243
Total Investment Companies (cost $268,868) Õ				252,808
Other Assets and Liabilities—Net				(597	)
Net Assets			$	252,211

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

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

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $268,868. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,376 and $25,436, respectively. Net unrealized depreciation for tax purposes is $16,060.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	252,808	$	—	$	—	$	252,808

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    9

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Asset Allocation— Conservative Portfolio			Transamerica Asset Allocation— Growth Portfolio			Transamerica Asset Allocation— Moderate Growth Portfolio			Transamerica Asset Allocation— Moderate Portfolio			Transamerica Multi-Manager Alternative Strategies Portfolio			Transamerica Multi-Manager International Portfolio
Assets:
Investments in affiliated investment companies, at value	$	1,186,757		$	1,473,562		$	2,998,242		$	2,181,083		$	460,825		$	252,808
Receivables:
Affiliated investment securities sold		7,577			35,262			42,756			24,512			—			3,576
Shares of beneficial interest sold		2,095			2,017			3,719			4,426			2,061			329
Dividends		133			—	(A)		—	(A)		204			—	(A)		—
Prepaid expenses		1			1			2			2			1			—	(A)
	$	1,196,563		$	1,510,842		$	3,044,719		$	2,210,227		$	462,887		$	256,713
Liabilities:
Accounts payable and accrued liabilities:
Affiliated investment securities purchased	$	6,600		$	33,700		$	42,100		$	24,100		$	138		$	3,500
Shares of beneficial interest redeemed		3,411			4,619			6,313			4,885			715			742
Management and advisory fees		100			125			254			184			78			21
Distribution and service fees		692			854			1,784			1,281			165			128
Trustees fees		7			8			17			12			2			1
Transfer agent fees		100			237			342			189			23			39
Administration fees		18			22			44			32			7			4
Other		96			157			270			178			65			67
	$	11,024		$	39,722		$	51,124		$	30,861		$	1,193		$	4,502
Net assets	$	1,185,539		$	1,471,120		$	2,993,595		$	2,179,366		$	461,694		$	252,211
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value		1,092,144			1,440,995			2,868,561			1,994,218			479,229			351,748
Undistributed (accumulated) net investment income (loss)		434			(2,950	)		(326	)		3,599			689			(793	)
Accumulated net realized loss from investments in affiliated investment companies		(9,373	)		(217,853	)		(264,744	)		(50,070	)		(7,247	)		(82,684	)
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		102,334			250,928			390,104			231,619			(10,977	)		(16,060	)
Net assets	$	1,185,539		$	1,471,120		$	2,993,595		$	2,179,366		$	461,694		$	252,211
Net assets by class:
Class A	$	497,356		$	638,107		$	1,226,443		$	898,162		$	166,809		$	104,049
Class B		72,271			127,314			251,614			133,379						12,058
Class C		594,405			685,359			1,479,401			1,108,437			145,083			106,453
Class I		19,263			18,508			30,659			34,685			149,802			29,651
Class R		2,244			1,832			5,478			4,703
Shares outstanding:
Class A		42,899			51,244			99,746			74,009			17,228			11,218
Class B		6,269			10,434			20,430			10,948						1,304
Class C		51,641			56,251			120,717			91,708			15,081			11,527
Class I		1,658			1,486			2,495			2,859			15,465			3,202
Class R		192			148			447			389
Net asset value per share:
Class A	$	11.59		$	12.45		$	12.30		$	12.14		$	9.68		$	9.28
Class B		11.53			12.20			12.32			12.18						9.25
Class C		11.51			12.18			12.26			12.09			9.62			9.24
Class I		11.62			12.45			12.29			12.13			9.69			9.26
Class R		11.67			12.37			12.25			12.09
Maximum offering price per share: (B)
Class A	$	12.26		$	13.17		$	13.02		$	12.85		$	10.24		$	9.82
Investments in affiliated investment companies, at cost	$	1,084,423		$	1,222,634		$	2,608,138		$	1,949,464		$	471,802		$	268,868

^(A)  Amount rounds to less than $1.

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    10

STATEMENTS OF OPERATIONS

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Asset Allocation —Conservative Portfolio		Transamerica Asset Allocation —Growth Portfolio			Transamerica Asset Allocation —Moderate Growth Portfolio			Transamerica Asset Allocation —Moderate Portfolio		Transamerica Multi-Manager Alternative Strategies Portfolio			Transamerica Multi-Manager International Portfolio
Investment income:
Dividend income from affiliated investment companies	$	21,950	$	12,580		$	37,914		$	35,068	$	8,954		$	5,718
Expenses:
Management and advisory		582		718			1,464			1,066		442			128
Distribution and service:
Class A		813		1,021			1,973			1,459		277			178
Class B		375		659			1,314			700					61
Class C		2,909		3,352			7,244			5,399		708			546
Class R		6		8			14			12
Transfer agent:
Class A		313		562			807			512		124			95
Class B		54		157			252			122					23
Class C		208		470			776			441		98			102
Class I		10		10			14			17		75			16
Class R		3		3			4			5
Printing and shareholder reports		40		77			133			82		24			21
Custody		22		25			46			35		8			7
Administration		83		102			208			151		32			18
Legal		19		24			48			35		7			4
Audit and tax		8		9			10			9		8			9
Trustees		11		13			28			20		4			3
Registration		51		53			66			61		28			58
Other		10		13			25			18		4			3
Total expenses		5,517		7,276			14,426			10,144		1,839			1,272
Reimbursement of class expenses Class B		—		—			—			—					(7	)
Total reimbursed expenses		—		—			—			—		—			(7	)
Net expenses		5,517		7,276			14,426			10,144		1,839			1,265
Net investment income		16,433		5,304			23,488			24,924		7,115			4,453
Net realized and unrealized gain (loss) on investments in affiliated investment companies:
Realized gain (loss) from investments in affiliate investment companies		1,169		(10,587	)		(11,655	)		5,603		(1,548	)		(9,262	)
Realized gain distributions from investments in affiliated investment companies		20,300		46,165			78,419			49,672		4,370			20,778
Net realized gain		21,469		35,578			66,764			55,275		2,822			11,516
Increase (decrease) in unrealized appreciation (depreciation) on investments in affiliated investment companies		22,607		89,476			131,702			57,093		721			(4,123	)
Net realized and change in unrealized gain on investments in affiliated investment companies		44,076		125,054			198,466			112,368		3,543			7,393
Net increase in net assets resulting from operations	$	60,509	$	130,358		$	221,954		$	137,292	$	10,658		$	11,846

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

Transamerica Funds		Semi-Annual Report 2012
	Page    11

STATEMENTS OF CHANGES IN NET ASSETS

For the period or year ended:

(all amounts in thousands)

	Transamerica Asset Allocation—						Transamerica Asset Allocation—						Transamerica Asset Allocation—
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	April 30, 2012						April 30, 2012						April 30, 2012
	(unaudited)			October 31, 2011			(unaudited)			October 31, 2011			(unaudited)			October 31, 2011
From operations:
Net investment income	$	16,433		$	27,617		$	5,304		$	3,963		$	23,488		$	39,736
Net realized gain (loss) on investments in affiliated investment companies		21,469			11,302			35,578			(34,168	)		66,764			(57,374	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		22,607			(16,757	)		89,476			57,335			131,702			48,265
Net increase in net assets resulting from operations		60,509			22,162			130,358			27,130			221,954			30,627
Distributions to shareholders:
From net investment income:
Class A		(7,524	)		(12,895	)		(6,830	)		(2,961	)		(16,911	)		(17,502	)
Class B		(977	)		(2,083	)		(369	)		—			(1,425	)		(2,633	)
Class C		(7,626	)		(12,537	)		(3,104	)		—			(10,880	)		(13,326	)
Class I		(260	)		(351	)		(225	)		(118	)		(422	)		(311	)
Class R		(33	)		(70	)		(28	)		(15	)		(65	)		(75	)
		(16,420	)		(27,936	)		(10,556	)		(3,094	)		(29,703	)		(33,847	)
Capital share transactions:
Proceeds from shares sold:
Class A		45,100			120,880			34,134			109,105			58,292			207,685
Class B		1,818			4,193			1,557			4,441			2,263			7,642
Class C		53,306			128,569			27,280			90,581			72,194			220,453
Class I		6,448			8,692			6,166			6,839			9,741			14,825
Class R		526			1,155			367			1,067			1,169			2,072
		107,198			263,489			69,504			212,033			143,659			452,677
Dividends and distributions reinvested:
Class A		7,035			11,905			6,503			2,805			16,007			16,525
Class B		797			1,667			342			—			1,327			2,389
Class C		5,926			9,441			2,625			—			8,889			10,584
Class I		152			124			150			69			270			141
Class R		24			51			24			12			54			54
		13,934			23,188			9,644			2,886			26,547			29,693
Cost of shares redeemed:
Class A		(68,614	)		(142,522	)		(77,385	)		(170,151	)		(139,130	)		(276,893	)
Class B		(7,903	)		(23,572	)		(13,121	)		(35,823	)		(24,805	)		(70,998	)
Class C		(64,912	)		(158,188	)		(84,138	)		(194,816	)		(166,780	)		(367,790	)
Class I		(3,054	)		(4,425	)		(3,750	)		(5,399	)		(4,321	)		(7,575	)
Class R		(820	)		(1,850	)		(2,532	)		(1,180	)		(1,394	)		(2,206	)
		(145,303	)		(330,557	)		(180,926	)		(407,369	)		(336,430	)		(725,462	)
Automatic conversions:
Class A		5,871			15,890			13,617			15,759			28,962			40,728
Class B		(5,871	)		(15,890	)		(13,617	)		(15,759	)		(28,962	)		(40,728	)
		—			—			—			—			—			—
Net decrease in net assets resulting from capital shares transactions		(24,171	)		(43,880	)		(101,778	)		(192,450	)		(166,224	)		(243,092	)
Net increase (decrease) in net assets		19,918			(49,654	)		18,024			(168,414	)		26,027			(246,312	)
Net assets:
Beginning of period/year	$	1,165,621		$	1,215,275		$	1,453,096		$	1,621,510		$	2,967,568		$	3,213,880
End of period/year	$	1,185,539		$	1,165,621		$	1,471,120		$	1,453,096		$	2,993,595		$	2,967,568
Undistributed (accumulated) net investment income (loss)	$	434		$	421		$	(2,950	)	$	2,302		$	(326	)	$	5,889

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

Transamerica Funds		Semi-Annual Report 2012
	Page    12

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period or year ended:

(all amounts in thousands)

	Transamerica Asset Allocation—						Transamerica Asset Allocation—						Transamerica Asset Allocation—
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
Share activity:
Shares issued:
Class A		3,999			10,680			2,880			9,083			4,931			17,330
Class B		163			374			135			378			193			639
Class C		4,769			11,414			2,352			7,687			6,124			18,447
Class I		565			767			515			567			817			1,247
Class R		46			101			31			90			99			173
		9,542			23,336			5,913			17,805			12,164			37,836
Shares issued-reinvested from distributions:
Class A		643			1,065			608			237			1,471			1,409
Class B		73			150			32			—			121			203
Class C		545			850			250			—			818			905
Class I		14			11			14			6			24			12
Class R		2			5			2			1			5			5
		1,277			2,081			906			244			2,439			2,534
Shares redeemed:
Class A		(6,078	)		(12,591	)		(6,549	)		(14,322	)		(11,831	)		(23,275	)
Class B		(705	)		(2,085	)		(1,132	)		(3,055	)		(2,101	)		(5,948	)
Class C		(5,787	)		(14,060	)		(7,306	)		(16,611	)		(14,230	)		(30,978	)
Class I		(268	)		(393	)		(313	)		(454	)		(368	)		(640	)
Class R		(72	)		(161	)		(212	)		(98	)		(119	)		(185	)
		(12,910	)		(29,290	)		(15,512	)		(34,540	)		(28,649	)		(61,026	)
Automatic conversions:
Class A		521			1,400			1,156			1,322			2,463			3,431
Class B		(523	)		(1,407	)		(1,180	)		(1,353	)		(2,462	)		(3,438	)
		(2	)		(7	)		(24	)		(31	)		1			(7	)
Net increase (decrease) in shares outstanding:
Class A		(915	)		554			(1,905	)		(3,680	)		(2,966	)		(1,105	)
Class B		(992	)		(2,968	)		(2,145	)		(4,030	)		(4,249	)		(8,544	)
Class C		(473	)		(1,796	)		(4,704	)		(8,924	)		(7,288	)		(11,626	)
Class I		311			385			216			119			473			619
Class R		(24	)		(55	)		(179	)		(7	)		(15	)		(7	)
		(2,093	)		(3,880	)		(8,717	)		(16,522	)		(14,045	)		(20,663	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    13

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period or year ended:

(all amounts in thousands)

	Transamerica Asset Allocation—						Transamerica Multi-Manager						Transamerica Multi-Manager
	Moderate Portfolio						Alternative Strategies Portfolio						International Portfolio
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income	$	24,924		$	42,880		$	7,115		$	4,715		$	4,453		$	1,659
Net realized gain (loss) on investments in affiliated investment companies		55,275			(12,582	)		2,822			515			11,516			185
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		57,093			10,813			721			(12,134	)		(4,123	)		(24,184	)
Net increase (decrease) in net assets resulting from operations		137,292			41,111			10,658			(6,904	)		11,846			(22,340	)
Distributions to shareholders:
From net investment income:
Class A		(17,705	)		(17,338	)		(3,927	)		(884	)		(3,129	)		(1,063	)
Class B		(1,546	)		(2,599	)								(241	)		(2	)
Class C		(14,760	)		(16,101	)		(2,403	)		(101	)		(2,300	)		(264	)
Class I		(618	)		(434	)		(3,398	)		(428	)		(853	)		(367	)
Class R		(83	)		(83	)
		(34,712	)		(36,555	)		(9,728	)		(1,413	)		(6,523	)		(1,696	)
Capital share transactions:
Proceeds from shares sold:
Class A		60,765			184,563			39,529			108,121			9,237			37,207
Class B		1,552			4,936									134			588
Class C		71,058			200,075			18,504			62,110			4,183			18,319
Class I		11,730			15,868			59,961			118,372			9,977			21,249
Class R		1,883			2,487
		146,988			407,929			117,994			288,603			23,531			77,363
Dividends and distributions reinvested:
Class A		16,590			16,143			3,362			777			2,856			961
Class B		1,400			2,297									209			2
Class C		11,685			12,286			2,026			82			1,783			197
Class I		403			225			2,236			240			315			93
Class R		54			49
		30,132			31,000			7,624			1,099			5,163			1,253
Cost of shares redeemed:
Class A		(113,718	)		(216,548	)		(47,763	)		(62,089	)		(28,414	)		(45,790	)
Class B		(13,107	)		(41,778	)								(1,704	)		(3,842	)
Class C		(116,402	)		(267,702	)		(17,452	)		(32,869	)		(19,975	)		(35,689	)
Class I		(5,139	)		(7,433	)		(33,084	)		(29,816	)		(9,762	)		(18,017	)
Class R		(2,765	)		(1,514	)
		(251,131	)		(534,975	)		(98,299	)		(124,774	)		(59,855	)		(103,338	)
Automatic conversions:
Class A		16,116			35,441			—			—			266			746
Class B		(16,116	)		(35,441	)								(266	)		(746	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(74,011	)		(96,046	)		27,319			164,928			(31,161	)		(24,722	)
Net increase (decrease) in net assets		28,569			(91,490	)		28,249			156,611			(25,838	)		(48,758	)
Net assets:
Beginning of period/year	$	2,150,797		$	2,242,287		$	433,445		$	276,834		$	278,049		$	326,807
End of period/year	$	2,179,366		$	2,150,797		$	461,694		$	433,445		$	252,211		$	278,049
Undistributed (accumulated) net investment income (loss)	$	3,599		$	13,387		$	689		$	3,302		$	(793	)	$	1,277

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

Transamerica Funds		Semi-Annual Report 2012
	Page    14

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period or year ended:

(all amounts in thousands)

	Transamerica Asset Allocation—						Transamerica Multi-Manager						Transamerica Multi-Manager
	Moderate Portfolio						Alternative Strategies Portfolio						International Portfolio
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
Share activity:
Shares issued:
Class A		5,184			15,643			4,128			10,915			1,030			3,714
Class B		132			418									15			60
Class C		6,082			17,023			1,945			6,315			481			1,838
Class I		996			1,341			6,263			11,963			1,110			2,122
Class R		161			214
		12,555			34,639			12,336			29,193			2,636			7,734
Shares issued-reinvested from distributions:
Class A		1,507			1,400			364			79			358			97
Class B		126			198									26			—	(A)
Class C		1,063			1,069			221			9			224			20
Class I		36			19			243			25			40			9
Class R		5			4
		2,737			2,690			828			113			648			126
Shares redeemed:
Class A		(9,708	)		(18,400	)		(4,993	)		(6,308	)		(3,182	)		(4,678	)
Class B		(1,115	)		(3,537	)								(192	)		(393	)
Class C		(9,987	)		(22,830	)		(1,836	)		(3,354	)		(2,263	)		(3,634	)
Class I		(438	)		(633	)		(3,460	)		(3,036	)		(1,104	)		(1,821	)
Class R		(237	)		(129	)
		(21,485	)		(45,529	)		(10,289	)		(12,698	)		(6,741	)		(10,526	)
Automatic conversions:
Class A		1,376			3,007			—			—			30			75
Class B		(1,372	)		(3,007	)								(30	)		(75	)
		4			—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(1,641	)		1,650			(501	)		4,686			(1,764	)		(792	)
Class B		(2,229	)		(5,928	)								(181	)		(408	)
Class C		(2,842	)		(4,738	)		330			2,970			(1,558	)		(1,776	)
Class I		594			727			3,046			8,952			46			310
Class R		(71	)		89
		(6,189	)		(8,200	)		2,875			16,608			(3,457	)		(2,666	)

^(A)  Amount rounds to less than $1.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    15

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica Asset Allocation—Conservative Portfolio
	Class A
For a share outstanding throughout each period	April 30,  2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.17		$	11.22		$	10.42		$	8.99		$	12.40		$	11.76
Investment operations
From net investment income(A),(B)		0.18			0.30			0.35			0.40			0.36			0.38
From net realized and unrealized gain (loss) on affiliated investments		0.41			(0.06	)		0.83			1.46			(3.21	)		0.82
Total from investment operations		0.59			0.24			1.18			1.86			(2.85	)		1.20
Distributions
Net investment income		(0.17	)		(0.29	)		(0.38	)		(0.43	)		(0.32	)		(0.24	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)		(0.32	)
Total distributions		(0.17	)		(0.29	)		(0.38	)		(0.43	)		(0.56	)		(0.56	)
Net asset value
End of period/year	$	11.59		$	11.17		$	11.22		$	10.42		$	8.99		$	12.40
Total return(C)		5.40	%(D)		2.20	%		11.59	%		21.76	%		(23.86	)%		12.06	%
Net assets end of period/year (000’s)	$	497,356		$	489,240		$	485,473		$	360,558		$	268,516		$	242,342
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.60	%(F)		0.62	%		0.63	%		0.65	%		0.62	%		0.62	%
Before reimbursement/recapture		0.60	%(F)		0.62	%		0.63	%		0.65	%		0.62	%		0.62	%
Net investment income, to average net assets(B)		3.18	%(F)		2.63	%		3.28	%		4.27	%		3.22	%		3.18	%
Portfolio turnover rate(G)		13	%(D)		31	%		16	%		27	%		10	%		32	%
	Transamerica Asset Allocation—Conservative Portfolio
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.11		$	11.17		$	10.38		$	8.97		$	12.36		$	11.73
Investment operations
From net investment income(A),(B)		0.14			0.24			0.30			0.35			0.31			0.30
From net realized and unrealized gain (loss) on affiliated investments		0.42			(0.07	)		0.80			1.45			(3.22	)		0.86
Total from investment operations		0.56			0.17			1.10			1.80			(2.91	)		1.16
Distributions
Net investment income		(0.14	)		(0.23	)		(0.31	)		(0.39	)		(0.24	)		(0.21	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)		(0.32	)
Total distributions		(0.14	)		(0.23	)		(0.31	)		(0.39	)		(0.48	)		(0.53	)
Net asset value
End of period/year	$	11.53		$	11.11		$	11.17		$	10.38		$	8.97		$	12.36
Total return(C)		5.15	%(D)		1.50	%		10.82	%		21.01	%		(24.36	)%		11.34	%
Net assets end of period/year (000’s)	$	72,271		$	80,696		$	114,303		$	111,706		$	93,268		$	116,569
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.29	%(F)		1.27	%		1.26	%		1.28	%		1.24	%		1.25	%
Before reimbursement/recapture		1.29	%(F)		1.27	%		1.26	%		1.28	%		1.24	%		1.25	%
Net investment income, to average net assets(B)		2.53	%(F)		2.08	%		2.81	%		3.71	%		2.72	%		2.59	%
Portfolio turnover rate(G)		13	%(D)		31	%		16	%		27	%		10	%		32	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    16

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Conservative Portfolio
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.09		$	11.16		$	10.37		$	8.96		$	12.35		$	11.73
Investment operations
From net investment income(A),(B)		0.14			0.23			0.29			0.34			0.29			0.30
From net realized and unrealized gain (loss) on affiliated investments		0.43			(0.06	)		0.82			1.46			(3.19	)		0.86
Total from investment operations		0.57			0.17			1.11			1.80			(2.90	)		1.16
Distributions
Net investment income		(0.15	)		(0.24	)		(0.32	)		(0.39	)		(0.25	)		(0.22	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)		(0.32	)
Total distributions		(0.15	)		(0.24	)		(0.32	)		(0.39	)		(0.49	)		(0.54	)
Net asset value
End of period/year	$	11.51		$	11.09		$	11.16		$	10.37		$	8.96		$	12.35
Total return(C)		5.19	%(D)		1.50	%		10.92	%		21.09	%		(24.30	)%		11.31	%
Net assets end of period/year (000’s)	$	594,405		$	578,193		$	601,625		$	488,315		$	364,153		$	336,981
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.21	%(F)		1.21	%		1.22	%		1.23	%		1.22	%		1.22	%
Before reimbursement/recapture		1.21	%(F)		1.21	%		1.22	%		1.23	%		1.22	%		1.22	%
Net investment income, to average net assets(B)		2.55	%(F)		2.04	%		2.75	%		3.69	%		2.61	%		2.60	%
Portfolio turnover rate(G)		13	%(D)		31	%		16	%		27	%		10	%		32	%

	Transamerica Asset Allocation—Conservative Portfolio
	Class I
For a share outstanding throughout each period	April 30,  2012 (unaudited)			October 31, 2011			October  31, 2010(H)
Net asset value
Beginning of period/year	$	11.19		$	11.24		$	10.69
Investment operations
From net investment income(A),(B)		0.19			0.32			0.22
From net realized and unrealized gain (loss) on affiliated investments		0.43			(0.04	)		0.75
Total from investment operations		0.62			0.28			0.97
Distributions
Net investment income		(0.19	)		(0.33	)		(0.42	)
Net asset value
End of period/year	$	11.62		$	11.19		$	11.24
Total return(C)		5.63	%(D)		2.52	%		9.39	%(D)
Net assets end of period/year (000’s)	$	19,263		$	15,067		$	10,813
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.26	%(F)		0.26	%		0.28	%(F)
Before reimbursement/recapture		0.26	%(F)		0.26	%		0.28	%(F)
Net investment income, to average net assets(B)		3.38	%(F)		2.83	%		2.24	%(F)
Portfolio turnover rate(G)		13	%(D)		31	%		16	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    17

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Conservative Portfolio
	Class R
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.24		$	11.29		$	10.49		$	9.05		$	12.47		$	11.84
Investment operations
From net investment income(A),(B)		0.17			0.28			0.27			0.37			0.35			0.33
From net realized and unrealized gain (loss) on affiliated investments		0.42			(0.07	)		0.88			1.49			(3.23	)		0.85
Total from investment operations		0.59			0.21			1.15			1.86			(2.88	)		1.18
Distributions
Net investment income		(0.16	)		(0.26	)		(0.35	)		(0.42	)		(0.30	)		(0.23	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)		(0.32	)
Total distributions		(0.16	)		(0.26	)		(0.35	)		(0.42	)		(0.54	)		(0.55	)
Net asset value
End of period/year	$	11.67		$	11.24		$	11.29		$	10.49		$	9.05		$	12.47
Total return(C)		5.32	%(D)		1.90	%		11.23	%		21.59	%		(23.98	)%		11.89	%
Net assets end of period/year (000’s)	$	2,244		$	2,425		$	3,061		$	1,509		$	1,089		$	645
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.91	%(F)		0.90	%		0.88	%		0.89	%		0.82	%		0.86	%
Before reimbursement/recapture		0.91	%(F)		0.90	%		0.88	%		0.89	%		0.82	%		0.86	%
Net investment income, to average net assets(B)		2.95	%(F)		2.50	%		2.56	%		3.97	%		3.14	%		2.71	%
Portfolio turnover rate(G)		13	%(D)		31	%		16	%		27	%		10	%		32	%
	Transamerica Asset Allocation—Growth Portfolio
	Class A
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.49		$	11.36		$	9.92		$	8.87		$	15.46		$	13.44
Investment operations
From net investment income(A),(B)		0.06			0.07			0.05			0.12			0.15			0.23
From net realized and unrealized gain (loss) on affiliated investments		1.03			0.11			1.48			1.12			(6.29	)		2.53
Total from investment operations		1.09			0.18			1.53			1.24			(6.14	)		2.76
Distributions
Net investment income		(0.13	)		(0.05	)		(0.09	)		(0.19	)		(0.02	)		(0.29	)
Net realized gains on affiliated investments		—			—			—			—			(0.43	)		(0.45	)
Total distributions		(0.13	)		(0.05	)		(0.09	)		(0.19	)		(0.45	)		(0.74	)
Net asset value
End of period/year	$	12.45		$	11.49		$	11.36		$	9.92		$	8.87		$	15.46
Total return(C)		9.67	%(D)		1.59	%		15.55	%		14.46	%		(40.75	)%		21.35	%
Net assets end of period/year (000’s)	$	638,107		$	610,951		$	645,459		$	574,500		$	495,257		$	781,872
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.66	%(F)		0.67	%		0.68	%		0.73	%		0.65	%		0.64	%
Before reimbursement/recapture		0.66	%(F)		0.67	%		0.68	%		0.73	%		0.65	%		0.64	%
Net investment income, to average net assets(B)		1.10	%(F)		0.58	%		0.45	%		1.41	%		1.20	%		1.62	%
Portfolio turnover rate(G)		12	%(D)		30	%		10	%		47	%		12	%		18	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    18

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Growth Portfolio
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.20		$	11.09		$	9.70		$	8.63		$	15.13		$	13.17
Investment operations
From net investment income (loss)(A),(B)		0.02			—	(I)		(0.02	)		0.07			0.08			0.14
From net realized and unrealized gain (loss) on affiliated investments		1.01			0.11			1.44			1.10			(6.15	)		2.47
Total from investment operations		1.03			0.11			1.42			1.17			(6.07	)		2.61
Distributions
Net investment income		(0.03	)		—			(0.03	)		(0.10	)		—			(0.20	)
Net realized gains on affiliated investments		—			—			—			—			(0.43	)		(0.45	)
Total distributions		(0.03	)		—			(0.03	)		(0.10	)		(0.43	)		(0.65	)
Net asset value
End of period/year	$	12.20		$	11.20		$	11.09		$	9.70		$	8.63		$	15.13
Total return(C)		9.25	%(D)		0.99	%		14.65	%		13.78	%		(41.15	)%		20.54	%
Net assets end of period/year (000’s)	$	127,314		$	140,909		$	184,263		$	192,054		$	196,817		$	368,186
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.38	%(F)		1.36	%		1.35	%		1.40	%		1.30	%		1.29	%
Before reimbursement/recapture		1.38	%(F)		1.36	%		1.35	%		1.40	%		1.30	%		1.29	%
Net investment income (loss), to average net assets(B)		0.39	%(F)		(0.02	)%		(0.18	)%		0.84	%		0.67	%		1.02	%
Portfolio turnover rate(G)		12	%(D)		30	%		10	%		47	%		12	%		18	%
	Transamerica Asset Allocation—Growth Portfolio
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.20		$	11.09		$	9.69		$	8.64		$	15.13		$	13.18
Investment operations
From net investment income (loss)(A),(B)		0.03			—	(I)		(0.01	)		0.08			0.08			0.14
From net realized and unrealized gain (loss) on affiliated investments		1.00			0.11			1.45			1.08			(6.14	)		2.48
Total from investment operations		1.03			0.11			1.44			1.16			(6.06	)		2.62
Distributions
Net investment income		(0.05	)		—			(0.04	)		(0.11	)		—			(0.22	)
Net realized gains on affiliated investments		—			—			—			—			(0.43	)		(0.45	)
Total distributions		(0.05	)		—			(0.04	)		(0.11	)		(0.43	)		(0.67	)
Net asset value
End of period/year	$	12.18		$	11.20		$	11.09		$	9.69		$	8.64		$	15.13
Total return(C)		9.29	%(D)		0.99	%		14.86	%		13.72	%		(41.08	)%		20.60	%
Net assets end of period/year (000’s)	$	685,359		$	682,872		$	774,914		$	763,086		$	751,881		$	1,270,635
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.28	%(F)		1.29	%		1.29	%		1.33	%		1.26	%		1.25	%
Before reimbursement/recapture		1.28	%(F)		1.29	%		1.29	%		1.33	%		1.26	%		1.25	%
Net investment income (loss), to average net assets(B)		0.47	%(F)		—	%(J)		(0.12	)%		0.90	%		0.62	%		1.03	%
Portfolio turnover rate(G)		12	%(D)		30	%		10	%		47	%		12	%		18	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    19

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Growth Portfolio
	Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(H)
Net asset value
Beginning of period/year	$	11.53		$	11.39		$	10.35
Investment operations
From net investment income (loss)(A),(B)		0.08			0.11			(0.02	)
From net realized and unrealized gain on affiliated investments		1.02			0.13			1.20
Total from investment operations		1.10			0.24			1.18
Distributions
Net investment income		(0.18	)		(0.10	)		(0.14	)
Net asset value
End of period/year	$	12.45		$	11.53		$	11.39
Total return(C)		9.81	%(D)		2.10	%		11.57	%(D)
Net assets end of period/year (000’s)	$	18,508		$	14,642		$	13,112
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.26	%(F)		0.27	%		0.30	%(F)
Before reimbursement/recapture		0.26	%(F)		0.27	%		0.30	%(F)
Net investment income (loss), to average net assets(B)		1.34	%(F)		0.93	%		(0.15	)%(F)
Portfolio turnover rate(G)		12	%(D)		30	%		10	%(D)

	Transamerica Asset Allocation—Growth Portfolio
	Class R
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.39		$	11.27		$	9.85		$	8.84		$	15.40		$	13.43
Investment operations
From net investment income(A),(B)		0.05			0.05			0.01			0.10			0.07			0.13
From net realized and unrealized gain (loss) on affiliated investments		1.03			0.11			1.49			1.12			(6.20	)		2.60
Total from investment operations		1.08			0.16			1.50			1.22			(6.13	)		2.73
Distributions
Net investment income		(0.10	)		(0.04	)		(0.08	)		(0.21	)		—			(0.31	)
Net realized gains on affiliated investments		—			—			—			—			(0.43	)		(0.45	)
Total distributions		(0.10	)		(0.04	)		(0.08	)		(0.21	)		(0.43	)		(0.76	)
Net asset value
End of period/year	$	12.37		$	11.39		$	11.27		$	9.85		$	8.84		$	15.40
Total return(C)		9.65	%(D)		1.45	%		15.35	%		14.35	%		(40.81	)%		21.20	%
Net assets end of period/year (000’s)	$	1,832		$	3,722		$	3,762		$	2,704		$	1,570		$	884
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.84	%(F)		0.82	%		0.84	%		0.85	%		0.83	%		0.68	%
Before reimbursement/recapture		0.84	%(F)		0.82	%		0.84	%		0.85	%		0.83	%		0.68	%
Net investment income, to average net assets(B)		0.85	%(F)		0.44	%		0.15	%		1.09	%		0.57	%		0.94	%
Portfolio turnover rate(G)		12	%(D)		30	%		10	%		47	%		12	%		18	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    20

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Moderate Growth Portfolio
	Class A
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.55		$	11.59		$	10.39		$	9.20		$	14.58		$	13.05
Investment operations
From net investment income(A),(B)		0.12			0.19			0.19			0.28			0.26			0.33
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.06	)		1.27			1.25			(5.04	)		1.86
Total from investment operations		0.92			0.13			1.46			1.53			(4.78	)		2.19
Distributions
Net investment income		(0.17	)		(0.17	)		(0.23	)		(0.34	)		(0.19	)		(0.34	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)		(0.32	)
From return of capital		—			—			(0.03	)		—			—			—
Total distributions		(0.17	)		(0.17	)		(0.26	)		(0.34	)		(0.60	)		(0.66	)
Net asset value
End of period/year	$	12.30		$	11.55		$	11.59		$	10.39		$	9.20		$	14.58
Total return(C)		8.12	%(D)		1.09	%		14.35	%		17.47	%		(34.01	)%		17.48	%
Net assets end of period/year (000’s)	$	1,226,443		$	1,186,790		$	1,202,885		$	1,044,810		$	901,766		$	1,295,568
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.61	%(F)		0.62	%		0.62	%		0.66	%		0.60	%		0.60	%
Before reimbursement/recapture		0.61	%(F)		0.62	%		0.62	%		0.66	%		0.60	%		0.60	%
Net investment income, to average net assets(B)		1.98	%(F)		1.58	%		1.80	%		2.99	%		2.12	%		2.42	%
Portfolio turnover rate(G)		18	%(D)		35	%		17	%		37	%		13	%		19	%
	Transamerica Asset Allocation—Moderate Growth Portfolio
	Class B
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.50		$	11.53		$	10.34		$	9.12		$	14.45		$	12.94
Investment operations
From net investment income(A),(B)		0.08			0.12			0.13			0.22			0.19			0.24
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.07	)		1.25			1.24			(5.01	)		1.85
Total from investment operations		0.88			0.05			1.38			1.46			(4.82	)		2.09
Distributions
Net investment income		(0.06	)		(0.08	)		(0.16	)		(0.24	)		(0.10	)		(0.26	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)		(0.32	)
From return of capital		—			—			(0.03	)		—			—			—
Total distributions		(0.06	)		(0.08	)		(0.19	)		(0.24	)		(0.51	)		(0.58	)
Net asset value
End of period/year	$	12.32		$	11.50		$	11.53		$	10.34		$	9.12		$	14.45
Total return(C)		7.73	%(D)		0.43	%		13.57	%		16.69	%		(34.44	)%		16.69	%
Net assets end of period/year (000’s)	$	251,614		$	283,905		$	383,062		$	394,275		$	389,429		$	651,359
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.33	%(F)		1.31	%		1.30	%		1.33	%		1.27	%		1.27	%
Before reimbursement/recapture		1.33	%(F)		1.31	%		1.30	%		1.33	%		1.27	%		1.27	%
Net investment income, to average net assets(B)		1.30	%(F)		1.02	%		1.19	%		2.39	%		1.54	%		1.78	%
Portfolio turnover rate(G)		18	%(D)		35	%		17	%		37	%		13	%		19	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    21

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Moderate Growth Portfolio
	Class C
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.47		$	11.50		$	10.32		$	9.11		$	14.45		$	12.95
Investment operations
From net investment income(A),(B)		0.08			0.12			0.13			0.22			0.18			0.24
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.05	)		1.25			1.25			(5.00	)		1.85
Total from investment operations		0.88			0.07			1.38			1.47			(4.82	)		2.09
Distributions
Net investment income		(0.09	)		(0.10	)		(0.17	)		(0.26	)		(0.11	)		(0.27	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)		(0.32	)
From return of capital		—			—			(0.03	)		—			—			—
Total distributions		(0.09	)		(0.10	)		(0.20	)		(0.26	)		(0.52	)		(0.59	)
Net asset value
End of period/year	$	12.26		$	11.47		$	11.50		$	10.32		$	9.11		$	14.45
Total return(C)		7.74	%(D)		0.56	%		13.58	%		16.77	%		(34.44	)%		16.74	%
Net assets end of period/year (000’s)	$	1,479,401		$	1,468,164		$	1,606,227		$	1,513,954		$	1,455,012		$	2,098,087
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.25	%(F)		1.25	%		1.25	%		1.28	%		1.23	%		1.23	%
Before reimbursement/recapture		1.25	%(F)		1.25	%		1.25	%		1.28	%		1.23	%		1.23	%
Net investment income, to average net assets(B)		1.34	%(F)		0.99	%		1.20	%		2.43	%		1.49	%		1.79	%
Portfolio turnover rate(G)		18	%(D)		35	%		17	%		37	%		13	%		19	%

	Transamerica Asset Allocation—Moderate Growth Portfolio
	Class I
	April 30, 2012			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010(H)
Net asset value
Beginning of period/year	$	11.58		$	11.61		$	10.76
Investment operations
From net investment income(A),(B)		0.13			0.21			0.09
From net realized and unrealized gain (loss) on affiliated investments		0.79			(0.03	)		1.07
Total from investment operations		0.92			0.18			1.16
Distributions
Net investment income		(0.21	)		(0.21	)		(0.28	)
From return of capital		—			—			(0.03	)
Total distributions		(0.21	)		(0.21	)		(0.31	)
Net asset value
End of period/year	$	12.29		$	11.58		$	11.61
Total return(C)		8.21	%(D)		1.54	%		11.07	%(D)
Net assets end of period/year (000’s)	$	30,659		$	23,403		$	16,293
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.25	%(F)		0.26	%		0.29	%(F)
Before reimbursement/recapture		0.25	%(F)		0.26	%		0.29	%(F)
Net investment income, to average net assets(B)		2.20	%(F)		1.74	%		0.89	%(F)
Portfolio turnover rate(G)		18	%(D)		35	%		17	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    22

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Moderate Growth Portfolio
	Class R
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.50		$	11.53		$	10.36		$	9.18		$	14.54		$	13.05
Investment operations
From net investment income(A),(B)		0.10			0.17			0.15			0.25			0.22			0.24
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.04	)		1.28			1.26			(5.00	)		1.93
Total from investment operations		0.90			0.13			1.43			1.51			(4.78	)		2.17
Distributions
Net investment income		(0.15	)		(0.16	)		(0.23	)		(0.33	)		(0.17	)		(0.36	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)		(0.32	)
From return of capital		—			—			(0.03	)		—			—			—
Total distributions		(0.15	)		(0.16	)		(0.26	)		(0.33	)		(0.58	)		(0.68	)
Net asset value
End of period/year	$	12.25		$	11.50		$	11.53		$	10.36		$	9.18		$	14.54
Total return(C)		7.95	%(D)		1.06	%		14.08	%		17.29	%		(34.08	)%		17.31	%
Net assets end of period/year (000’s)	$	5,478		$	5,306		$	5,413		$	2,873		$	1,969		$	1,983
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.77	%(F)		0.77	%		0.79	%		0.82	%		0.76	%		0.67	%
Before reimbursement/recapture		0.77	%(F)		0.77	%		0.79	%		0.82	%		0.76	%		0.67	%
Net investment income, to average net assets(B)		1.75	%(F)		1.43	%		1.43	%		2.68	%		1.74	%		1.80	%
Portfolio turnover rate(G)		18	%(D)		35	%		17	%		37	%		13	%		19	%
	Transamerica Asset Allocation—Moderate Portfolio
	Class A
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.60		$	11.59		$	10.62		$	9.29		$	13.69		$	12.64
Investment operations
From net investment income(A),(B)		0.16			0.26			0.30			0.36			0.33			0.36
From net realized and unrealized gain (loss) on affiliated investments		0.62			(0.02	)		1.04			1.40			(4.05	)		1.40
Total from investment operations		0.78			0.24			1.34			1.76			(3.72	)		1.76
Distributions
Net investment income		(0.24	)		(0.23	)		(0.37	)		(0.43	)		(0.28	)		(0.37	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)		(0.34	)
Total distributions		(0.24	)		(0.23	)		(0.37	)		(0.43	)		(0.68	)		(0.71	)
Net asset value
End of period/year	$	12.14		$	11.60		$	11.59		$	10.62		$	9.29		$	13.69
Total return(C)		6.89	%(D)		2.10	%		12.95	%		19.99	%		(28.41	)%		14.51	%
Net assets end of period/year (000’s)	$	898,162		$	877,866		$	857,469		$	694,532		$	545,646		$	665,013
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.59	%(F)		0.61	%		0.61	%		0.63	%		0.59	%		0.59	%
Before reimbursement/recapture		0.59	%(F)		0.61	%		0.61	%		0.63	%		0.59	%		0.59	%
Net investment income, to average net assets(B)		2.71	%(F)		2.23	%		2.78	%		3.76	%		2.79	%		2.83	%
Portfolio turnover rate(G)		15	%(D)		30	%		16	%		30	%		12	%		23	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    23

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Moderate Portfolio
	Class B
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.58		$	11.55		$	10.59		$	9.23		$	13.59		$	12.55
Investment operations
From net investment income(A),(B)		0.12			0.20			0.24			0.30			0.27			0.28
From net realized and unrealized gain (loss) on affiliated investments		0.60			(0.03	)		1.02			1.39			(4.05	)		1.39
Total from investment operations		0.72			0.17			1.26			1.69			(3.78	)		1.67
Distributions
Net investment income		(0.12	)		(0.14	)		(0.30	)		(0.33	)		(0.18	)		(0.28	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)		(0.34	)
Total distributions		(0.12	)		(0.14	)		(0.30	)		(0.33	)		(0.58	)		(0.62	)
Net asset value
End of period/year	$	12.18		$	11.58		$	11.55		$	10.59		$	9.23		$	13.59
Total return(C)		6.37	%(D)		1.49	%		12.13	%		19.16	%		(28.87	)%		13.73	%
Net assets end of period/year (000’s)	$	133,379		$	152,538		$	220,658		$	228,151		$	223,209		$	357,175
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.31	%(F)		1.28	%		1.28	%		1.30	%		1.25	%		1.25	%
Before reimbursement/recapture		1.31	%(F)		1.28	%		1.28	%		1.30	%		1.25	%		1.25	%
Net investment income, to average net assets(B)		2.03	%(F)		1.69	%		2.24	%		3.23	%		2.26	%		2.21	%
Portfolio turnover rate(G)		15	%(D)		30	%		16	%		30	%		12	%		23	%
	Transamerica Asset Allocation—Moderate Portfolio
	Class C
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.52		$	11.50		$	10.55		$	9.21		$	13.58		$	12.55
Investment operations
From net investment income(A),(B)		0.12			0.19			0.24			0.30			0.26			0.28
From net realized and unrealized gain (loss) on affiliated investments		0.61			(0.01	)		1.02			1.39			(4.03	)		1.39
Total from investment operations		0.73			0.18			1.26			1.69			(3.77	)		1.67
Distributions
Net investment income		(0.16	)		(0.16	)		(0.31	)		(0.35	)		(0.20	)		(0.30	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)		(0.34	)
Total distributions		(0.16	)		(0.16	)		(0.31	)		(0.35	)		(0.60	)		(0.64	)
Net asset value
End of period/year	$	12.09		$	11.52		$	11.50		$	10.55		$	9.21		$	13.58
Total return(C)		6.46	%(D)		1.50	%		12.22	%		19.24	%		(28.87	)%		13.86	%
Net assets end of period/year (000’s)	$	1,108,437		$	1,088,747		$	1,142,029		$	997,766		$	876,977		$	1,159,220
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.22	%(F)		1.22	%		1.22	%		1.24	%		1.21	%		1.21	%
Before reimbursement/recapture		1.22	%(F)		1.22	%		1.22	%		1.24	%		1.21	%		1.21	%
Net investment income, to average net assets(B)		2.06	%(F)		1.64	%		2.21	%		3.25	%		2.21	%		2.21	%
Portfolio turnover rate(G)		15	%(D)		30	%		16	%		30	%		12	%		23	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    24

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation—Moderate Portfolio
	Class I
	April 30, 2012			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010(H)
Net asset value
Beginning of period/year	$	11.63		$	11.61		$	10.94
Investment operations
From net investment income(A),(B)		0.17			0.28			0.17
From net realized and unrealized gain on affiliated investments		0.61			0.01			0.91
Total from investment operations		0.78			0.29			1.08
Distributions
Net investment income		(0.28	)		(0.27	)		(0.41	)
Net asset value
End of period/year	$	12.13		$	11.63		$	11.61
Total return(C)		6.94	%(D)		2.53	%		10.27	%(D)
Net assets end of period/year (000’s)	$	34,685		$	26,332		$	17,853
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.25	%(F)		0.26	%		0.28	%(F)
Before reimbursement/recapture		0.25	%(F)		0.26	%		0.28	%(F)
Net investment income, to average net assets(B)		2.83	%(F)		2.42	%		1.73	%(F)
Portfolio turnover rate(G)		15	%(D)		30	%		16	%(D)

	Transamerica Asset Allocation—Moderate Portfolio
	Class R
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.54		$	11.53		$	10.58		$	9.28		$	13.65		$	12.64
Investment operations
From net investment income(A),(B)		0.14			0.23			0.24			0.32			0.28			0.31
From net realized and unrealized gain (loss) on affiliated investments		0.62			–	(I)		1.06			1.42			(4.02	)		1.42
Total from investment operations		0.76			0.23			1.30			1.74			(3.74	)		1.73
Distributions
Net investment income		(0.21	)		(0.22	)		(0.35	)		(0.44	)		(0.23	)		(0.38	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)		(0.34	)
Total distributions		(0.21	)		(0.22	)		(0.35	)		(0.44	)		(0.63	)		(0.72	)
Net asset value
End of period/year	$	12.09		$	11.54		$	11.53		$	10.58		$	9.28		$	13.65
Total return(C)		6.75	%(D)		2.01	%		12.60	%		19.81	%		(28.57	)%		14.31	%
Net assets end of period/year (000’s)	$	4,703		$	5,314		$	4,278		$	2,211		$	959		$	610
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.82	%(F)		0.82	%		0.83	%		0.86	%		0.87	%		0.72	%
Before reimbursement/recapture		0.82	%(F)		0.82	%		0.83	%		0.86	%		0.87	%		0.72	%
Net investment income, to average net assets(B)		2.41	%(F)		2.00	%		2.23	%		3.38	%		2.37	%		2.44	%
Portfolio turnover rate(G)		15	%(D)		30	%		16	%		30	%		12	%		23	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    25

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007(K)
Net asset value
Beginning of period/year	$	9.68		$	9.82		$	9.35		$	8.30		$	10.78		$	10.00
Investment operations
From net investment income(A),(B)		0.16			0.15			0.14			0.29			0.20			0.05
From net realized and unrealized gain (loss) on affiliated investments		0.06			(0.23	)		0.58			1.08			(2.43	)		0.73
Total from investment operations		0.22			(0.08	)		0.72			1.37			(2.23	)		0.78
Distributions
Net investment income		(0.22	)		(0.06	)		(0.15	)		(0.32	)		(0.25	)		—
From return of capital		—			—			(0.10	)		—			—			—
Total distributions		(0.22	)		(0.06	)		(0.25	)		(0.32	)		(0.25	)		—
Net asset value
End of period/year	$	9.68		$	9.68		$	9.82		$	9.35		$	8.30		$	10.78
Total return(C)		2.41	%(D)		(0.77	)%		7.83	%		17.21	%		(21.08	)%		7.80	%(D)
Net assets end of period/year (000’s)	$	166,809		$	171,567		$	128,041		$	119,693		$	97,482		$	38,870
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.73	%(F)		0.76	%		0.80	%		0.81	%		0.84	%		0.90	%(F)
Before reimbursement/recapture		0.73	%(F)		0.76	%		0.80	%		0.81	%		0.77	%		1.29	%(F)
Net investment income, to average net assets(B)		3.40	%(F)		1.53	%		1.51	%		3.43	%		1.98	%		0.58	%(F)
Portfolio turnover rate(G)		4	%(D)		31	%		35	%		18	%		5	%		—	%(D),(L)
	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007(K)
Net asset value
Beginning of period/year	$	9.59		$	9.73		$	9.27		$	8.23		$	10.72		$	10.00
Investment operations
From net investment income (loss)(A),(B)		0.12			0.09			0.08			0.24			0.15			(0.01	)
From net realized and unrealized gain (loss) on affiliated investments		0.07			(0.22	)		0.57			1.06			(2.42	)		0.73
Total from investment operations		0.19			(0.13	)		0.65			1.30			(2.27	)		0.72
Distributions
Net investment income		(0.16	)		(0.01	)		(0.09	)		(0.26	)		(0.22	)		—
From return of capital		—			—			(0.10	)		—			—			—
Total distributions		(0.16	)		(0.01	)		(0.19	)		(0.26	)		(0.22	)		—
Net asset value
End of period/year	$	9.62		$	9.59		$	9.73		$	9.27		$	8.23		$	10.72
Total return(C)		2.09	%(D)		(1.35	)%		7.12	%		16.37	%		(21.52	)%		7.20	%(D)
Net assets end of period/year (000’s)	$	145,083		$	141,413		$	114,662		$	96,376		$	89,701		$	49,306
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.39	%(F)		1.42	%		1.44	%		1.45	%		1.52	%		1.55	%(F)
Before reimbursement/recapture		1.39	%(F)		1.42	%		1.44	%		1.45	%		1.43	%		1.99	%(F)
Net investment income (loss), to average net assets(B)		2.66	%(F)		0.91	%		0.82	%		2.92	%		1.53	%		(0.07	)%(F)
Portfolio turnover rate(G)		4	%(D)		31	%		35	%		18	%		5	%		—	%(D),(L)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    26

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
	April 30, 2012			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010(H)
Net asset value
Beginning of period/year	$	9.70		$	9.84		$	9.49
Investment operations
From net investment income(A),(B)		0.17			0.15			0.07
From net realized and unrealized gain (loss) on affiliated investments		0.08			(0.19	)		0.57
Total from investment operations		0.25			(0.04	)		0.64
Distributions
Net investment income		(0.26	)		(0.10	)		(0.19	)
From return of capital		—			—			(0.10	)
Total distributions		(0.26	)		(0.10	)		(0.29	)
Net asset value
End of period/year	$	9.69		$	9.70		$	9.84
Total return(C)		2.69	%(D)		(0.47	)%		6.90	%(D)
Net assets end of period/year (000’s)	$	149,802		$	120,465		$	34,131
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.36	%(F)		0.40	%		0.50	%(F)
Before reimbursement/recapture		0.36	%(F)		0.40	%		0.50	%(F)
Net investment income, to average net assets(B)		3.58	%(F)		1.56	%		0.82	%(F)
Portfolio turnover rate(G)		4	%(D)		31	%		35	%(D)

	Transamerica Multi-Manager International Portfolio
	Class A
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	9.09		$	9.84		$	8.53		$	6.57		$	13.24		$	10.63
Investment operations
From net investment income(A),(B)		0.17			0.08			0.09			0.17			0.27			0.32
From net realized and unrealized gain (loss) on affiliated investments		0.27			(0.75	)		1.33			1.84			(6.53	)		2.87
Total from investment operations		0.44			(0.67	)		1.42			2.01			(6.26	)		3.19
Distributions
Net investment income		(0.25	)		(0.08	)		(0.11	)		(0.05	)		(0.32	)		(0.58	)
Net realized gains on affiliated investments		—			—			—			—			(0.09	)		—
Total distributions		(0.25	)		(0.08	)		(0.11	)		(0.05	)		(0.41	)		(0.58	)
Net asset value
End of period/year	$	9.28		$	9.09		$	9.84		$	8.53		$	6.57		$	13.24
Total return(C)		5.33	%(D)		(6.90	)%		16.80	%		30.86	%		(48.61	)%		31.30	%
Net assets end of period/year (000’s)	$	104,049		$	118,070		$	135,479		$	134,751		$	103,077		$	178,422
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.71	%(F)		0.67	%		0.70	%		0.74	%		0.65	%		0.65	%
Before reimbursement/recapture		0.71	%(F)		0.67	%		0.70	%		0.74	%		0.65	%		0.65	%
Net investment income, to average net assets(B)		3.82	%(F)		0.77	%		1.04	%		2.35	%		2.59	%		2.78	%
Portfolio turnover rate(G)		24	%(D)		13	%		11	%		32	%		38	%		1	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    27

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager International Portfolio
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	9.00		$	9.74		$	8.45		$	6.50		$	13.13		$	10.59
Investment operations
From net investment income(A),(B)		0.14			0.01			0.02			0.01			0.21			0.23
From net realized and unrealized gain (loss) on affiliated investments		0.28			(0.75	)		1.32			1.94			(6.50	)		2.86
Total from investment operations		0.42			(0.74	)		1.34			1.95			(6.29	)		3.09
Distributions
Net investment income		(0.17	)		—	(I)		(0.05	)		—			(0.25	)		(0.55	)
Net realized gains on affiliated investments		—			—			—			—			(0.09	)		—
Total distributions		(0.17	)		—	(I)		(0.05	)		—			(0.34	)		(0.55	)
Net asset value
End of period/year	$	9.25		$	9.00		$	9.74		$	8.45		$	6.50		$	13.13
Total return(C)		4.94	%(D)		(7.59	)%		15.95	%		30.00	%		(49.04	)%		30.32	%
Net assets end of period/year (000’s)	$	12,058		$	13,373		$	18,432		$	18,010		$	15,781		$	30,060
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.45	%(F)		1.45	%		1.45	%		1.45	%		1.42	%		1.43	%
Before reimbursement/recapture		1.57	%(F)		1.48	%		1.49	%		1.57	%		1.42	%		1.43	%
Net investment income, to average net assets(B)		3.05	%(F)		0.11	%		0.19	%		0.08	%		1.95	%		1.98	%
Portfolio turnover rate(G)		24	%(D)		13	%		11	%		32	%		38	%		1	%
	Transamerica Multi-Manager International Portfolio
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	9.01		$	9.75		$	8.45		$	6.50		$	13.13		$	10.58
Investment operations
From net investment income(A),(B)		0.14			0.02			0.02			0.03			0.21			0.24
From net realized and unrealized gain (loss) on affiliated investments		0.27			(0.74	)		1.33			1.92			(6.49	)		2.86
Total from investment operations		0.41			(0.72	)		1.35			1.95			(6.28	)		3.10
Distributions
Net investment income		(0.18	)		(0.02	)		(0.05	)		—			(0.26	)		(0.55	)
Net realized gains on affiliated investments		—			—			—			—			(0.09	)		—
Total distributions		(0.18	)		(0.02	)		(0.05	)		—			(0.35	)		(0.55	)
Net asset value
End of period/year	$	9.24		$	9.01		$	9.75		$	8.45		$	6.50		$	13.13
Total return(C)		4.90	%(D)		(7.42	)%		16.10	%		30.00	%		(48.98	)%		30.45	%
Net assets end of period/year (000’s)	$	106,453		$	117,858		$	144,849		$	132,777		$	128,742		$	250,419
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		1.38	%(F)		1.34	%		1.36	%		1.43	%		1.31	%		1.31	%
Before reimbursement/recapture		1.38	%(F)		1.34	%		1.36	%		1.43	%		1.31	%		1.31	%
Net investment income, to average net assets(B)		3.10	%(F)		0.16	%		0.27	%		0.50	%		2.01	%		2.08	%
Portfolio turnover rate(G)		24	%(D)		13	%		11	%		32	%		38	%		1	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    28

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager International Portfolio
	Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(H)
Net asset value
Beginning of period/year	$	9.11		$	9.86		$	8.84
Investment operations
From net investment income (loss)(A),(B)		0.17			0.11			(0.02	)
From net realized and unrealized gain (loss) on affiliated investments		0.27			(0.74	)		1.19
Total from investment operations		0.44			(0.63	)		1.17
Distributions
Net investment income		(0.29	)		(0.12	)		(0.15	)
Net asset value
End of period/year	$	9.26		$	9.11		$	9.86
Total return(C)		5.41	%(D)		(6.49	)%		13.41	%(D)
Net assets end of period/year (000’s)	$	29,651		$	28,748		$	28,047
Ratio and supplemental data
Expenses to average net assets:(E)
After reimbursement/recapture		0.31	%(F)		0.29	%		0.34	%(F)
Before reimbursement/recapture		0.31	%(F)		0.29	%		0.34	%(F)
Net investment income (loss), to average net assets(B)		3.82	%(F)		1.12	%		(0.21	)%(F)
Portfolio turnover rate(G)		24	%(D)		13	%		11	%(D)

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

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

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

^(D)  Not annualized.

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

^(F)  Annualized.

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

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

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

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

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

^(L)  Rounds to less than 1%.

Note: Prior to November 1, 2009, all of the financial highlights were audited by another independent regeistered public accounting firm.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    29

NOTES TO FINANCIAL STATEMENTS

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses are allocated daily to each class, based upon net assets. In addition to the non-class specific expenses, each class bears its own 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.

Cash overdrafts: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts by a rate based on the federal funds rate. Expenses from cash overdrafts are included in Other Expenses on the Statements of Operations.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. Eastern Time, each day the NYSE is open for business. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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

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

Transamerica Funds Page    30 Semi-Annual Report 2012

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 2. (continued)

Level 3—Unobservable inputs, which may include Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-advisor, 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3.

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

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

The hierarchy classifications of inputs used to value the Funds’ investments, at April 30, 2012, are disclosed in the Valuation Summary of the Funds’ Schedules of Investments. Transfers between Levels are considered to have occurred at the end of the reporting period.

There were no significant transfers between Level 1 and Level 2 during the period ended April 30, 2012.

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

Certain officers and trustees of the Funds are also officers and/or directors of TAM, TFS, and TCI. No interested trustee receives compensation from the Funds.

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

At the commencement of operations of each of these Funds and classes, TAM invested in each Fund. As of April 30, 2012, TAM had investments in the Funds as follows:

Fund Name	Market Value		% of Fund’s Net Assets
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A	$	273		0.06	%
Class C		264		0.06

Transamerica Funds		Semi-Annual Report 2012
	Page    31

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

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

Transamerica Asset Allocation—Conservative Portfolio
ANA	0.10	%
Transamerica Asset Allocation—Growth Portfolio
ANA	0.10
Transamerica Asset Allocation—Moderate Growth Portfolio
ANA	0.10
Transamerica Asset Allocation—Moderate Portfolio
ANA	0.10
Transamerica Multi-Manager Alternative Strategies Portfolio
First $500 million	0.20
Over $500 million up to $1 billion	0.19
Over $1 billion	0.18
Transamerica Multi-Manager International Portfolio
ANA	0.10

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

Fund Name	Expense Limit
Transamerica Asset Allocation—Conservative Portfolio		0.45	%
Transamerica Asset Allocation—Growth Portfolio		0.45
Transamerica Asset Allocation—Moderate Growth Portfolio		0.45
Transamerica Asset Allocation—Moderate Portfolio		0.45
Transamerica Multi-Manager Alternative Strategies Portfolio		0.55
Transamerica Multi-Manager International Portfolio		0.45

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

There were no amounts recaptured for the period ended April 30, 2012.

The following amounts were available for recapture as of April 30, 2012:

Transamerica Multi-Manager International Portfolio	Reimbursement of Class  Expenses		Available for Recapture  Through
Fiscal Year 2010:
Class B	$	7	10/31/2012
Fiscal Year 2011:
Class B		6	10/31/2013

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Funds. Pursuant to the distribution plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor. The Funds are authorized under the 12b-1 plans to pay fees on each available class up to the following limits: 0.30% for Class A (effective March 1, 2012); 1.00% for Class B; 1.00% for Class C; and 0.50% for Class R. 12b-1 fees are not applicable for Class I. Prior to March 1, 2012, Class A was authorized under the 12b-1 plan to pay a 0.35% fee. Amounts paid are included in the Statements of Operations.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, Class C, and certain Class A share redemptions. For the period ended April 30, 2012 the underwriter commissions were as follows:

Transamerica Asset Allocation—Conservative Portfolio
Received by Underwriter	$	928
Retained by Underwriter		151
Contingent Deferred Sales Charge		84
Transamerica Asset Allocation—Growth Portfolio
Received by Underwriter	$	915
Retained by Underwriter		138
Contingent Deferred Sales Charge		99
Transamerica Asset Allocation—Moderate Growth Portfolio
Received by Underwriter	$	1,763
Retained by Underwriter		267
Contingent Deferred Sales Charge		240

Transamerica Asset Allocation—Moderate Portfolio
Received by Underwriter	$	1,376
Retained by Underwriter		218
Contingent Deferred Sales Charge		150
Transamerica Multi-Manager Alternative Strategies Portfolio
Received by Underwriter	$	476
Retained by Underwriter		72
Contingent Deferred Sales Charge		20
Transamerica Multi-Manager International Portfolio
Received by Underwriter	$	53
Retained by Underwriter		9
Contingent Deferred Sales Charge		15

Transamerica Funds		Semi-Annual Report 2012
	Page    32

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

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

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agency services. Fees paid and the amounts due to TFS for the period ended April 30, 2012 were as follows:

Fund Name	Fees Paid to TFS		Due to TFS
Transamerica Asset Allocation—Conservative Portfolio	$	570	$	89
Transamerica Asset Allocation—Growth Portfolio		1,164		197
Transamerica Asset Allocation—Moderate Growth Portfolio		1,797		294
Transamerica Asset Allocation—Moderate Portfolio		1,065		170
Transamerica Multi-Manager Alternative Strategies Portfolio		292		23
Transamerica Multi-Manager International Portfolio		231		35

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

NOTE 4. INVESTMENT TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the period ended April 30, 2012 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Asset Allocation—Conservative Portfolio	$	152,121	$	—	$	154,943	$	—
Transamerica Asset Allocation—Growth Portfolio		174,111		—		235,051		—
Transamerica Asset Allocation—Moderate Growth Portfolio		519,828		—		614,143		—
Transamerica Asset Allocation—Moderate Portfolio		333,137		—		367,954		—
Transamerica Multi-Manager Alternative Strategies Portfolio		49,228		—		19,770		—
Transamerica Multi-Manager International Portfolio		61,375		—		73,879		—

NOTE 5. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax positions taken for all open years (2008 – 2010), or expected to be taken in the Funds’ 2011 tax return, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to wash sales, net operating losses and capital loss carryforwards.

NOTE 6. SUBSEQUENT EVENTS

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

Transamerica Funds		Semi-Annual Report 2012
	Page    33

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Page    34 Semi-Annual Report 2012

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 Page    35 Semi-Annual Report 2012

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Open Funds

Semi-Annual Report

April 30, 2012

www.transamericainvestments.com

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to understand market conditions over the last six months in order to provide a context for reading this report. As the period began in November of 2011, the crisis in Europe had already driven most global asset prices down. Investors were gripped by the fear of both a European Sovereign default and a large European bank failure potentially causing a global banking crisis. In December, the European Central Bank responded by making unlimited loans available to troubled European banks. In turn, these European banks used a portion of this money to purchase Sovereign bonds. The combined effect was to significantly reduce market fear and selling pressure.

Then, in January and February of 2012, economic strength in the United States coincided with temporarily improved economic results in Asia and Europe. Relieved investors jumped back into risky assets, and as a result, equity and bond markets across the globe rallied strongly for the first two months of the year. In March and April, economic weakness in Europe and in China reasserted itself, and as a result, global equities gave up a significant portion of their gains. U.S. economics weakened slightly but remained strong relative to the rest of the world allowing U.S. equities to hold their ground. For the six month period ending April 30, 2012, the Standard & Poor’s 500^® Index gained 12.77%, the Morgan Stanley Capital International–Europe, Australasia, and Far East Index gained 2.71%, and the Barclays U.S. Aggregate Bond Index gained 2.44%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2011 and held for the entire period until April 30, 2012.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses could have included a $15 annual fee. The amount of any fee paid through your account would increase the estimate of expenses you paid during the period and decrease your ending account value.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

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

			Actual Expenses					Hypothetical Expenses (A)
Fund Name(B)	Beginning Account Value		Ending Account Value		Expenses Paid During Period(C)			Ending Account Value		Expenses Paid During Period(C)		Annualized Expense Ratio
Transamerica Capital Growth
Class A	$	1,000.00	$	1,103.20	$	8.00		$	1,017.26	$	7.67		1.53	%
Class B		1,000.00		1,100.20		11.49			1,013.92		11.02		2.20
Class C		1,000.00		1,100.30		11.02			1,014.37		10.57		2.11
Class I		1,000.00		1,106.10		4.97			1,020.14		4.77		0.95
Class I2		1,000.00		1,107.50		4.40			1,020.69		4.22		0.84
Transamerica Diversified Equity
Class A		1,000.00		1,119.80		7.85			1,017.45		7.47		1.49
Class B		1,000.00		1,115.90		11.42			1,014.07		10.87		2.17
Class C		1,000.00		1,115.30		11.41			1,014.07		10.87		2.17
Class I		1,000.00		1,122.10		4.64			1,020.49		4.42		0.88
Class I2		1,000.00		1,123.10		4.12			1,020.98		3.92		0.78
Class T		1,000.00		1,042.20		2.30	(D)		1,019.74		5.17		1.03
Transamerica Emerging Markets Debt
Class A		1,000.00		1,096.40		6.46			1,018.70		6.22		1.24
Class C		1,000.00		1,093.00		9.89			1,015.42		9.52		1.90
Class I		1,000.00		1,097.90		5.01			1,020.09		4.82		0.96
Class I2		1,000.00		1,098.40		4.23			1,020.84		4.07		0.81
Transamerica Flexible Income
Class A		1,000.00		1,057.20		4.81			1,020.19		4.72		0.94
Class B		1,000.00		1,052.70		9.34			1,015.76		9.17		1.83
Class C		1,000.00		1,053.00		8.37			1,016.71		8.22		1.64
Class I		1,000.00		1,057.90		3.43			1,021.53		3.37		0.67
Class I2		1,000.00		1,058.50		2.92			1,022.03		2.87		0.57
Transamerica Growth Opportunities
Class A		1,000.00		1,060.10		8.86			1,016.26		8.67		1.73
Class B		1,000.00		1,055.90		12.17			1,013.03		11.91		2.38
Class C		1,000.00		1,055.50		11.65			1,013.53		11.41		2.28
Class I		1,000.00		1,062.80		4.97			1,020.04		4.87		0.97
Class I2		1,000.00		1,064.20		4.41			1,020.59		4.32		0.86
Transamerica High Yield Bond
Class A		1,000.00		1,077.30		5.63			1,019.44		5.47		1.09
Class B		1,000.00		1,073.10		9.54			1,015.66		9.27		1.85
Class C		1,000.00		1,072.90		9.02			1,016.16		8.77		1.75
Class I		1,000.00		1,078.60		3.98			1,021.03		3.87		0.77
Class I2		1,000.00		1,078.90		3.46			1,021.53		3.37		0.67

Transamerica Funds		Semi-Annual Report 2012
	Page    1

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund Name(B)	Beginning Account Value		Ending Account Value		Expenses Paid During Period(C)			Ending Account Value		Expenses Paid During Period(C)		Annualized Expense Ratio
Transamerica International Bond
Class A	$	1,000.00	$	1,007.90	$	1.73	(E)	$	1,019.64	$	5.27		1.05	%
Class C		1,000.00		1,006.50		2.88	(E)		1,016.16		8.77		1.75
Class I		1,000.00		1,008.20		1.23	(E)		1,021.13		3.77		0.75
Class I2		1,000.00		1,007.60		3.29			1,021.58		3.32		0.66
Transamerica International Equity
Class A		1,000.00		1,069.00		7.41			1,017.70		7.22		1.44
Class C		1,000.00		1,066.70		10.53			1,014.67		10.27		2.05
Class I		1,000.00		1,070.80		5.51			1,019.54		5.37		1.07
Class I2		1,000.00		1,071.50		4.94			1,020.09		4.82		0.96
Transamerica Money Market
Class A		1,000.00		1,000.00		1.34			1,023.52		1.36		0.27
Class B		1,000.00		1,000.00		1.34			1,023.52		1.36		0.27
Class C		1,000.00		1,000.00		1.29			1,023.57		1.31		0.26
Class I		1,000.00		1,000.10		1.19			1,023.67		1.21		0.24
Class I2		1,000.00		1,000.20		1.09			1,023.77		1.11		0.22
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,084.70		7.93			1,017.26		7.67		1.53
Class B		1,000.00		1,079.80		12.51			1,012.83		12.11		2.42
Class C		1,000.00		1,081.50		10.71			1,014.57		10.37		2.07
Class I		1,000.00		1,087.20		5.40			1,019.69		5.22		1.04
Transamerica Quality Value
Class A		1,000.00		1,110.50		6.24			1,018.95		5.97		1.19
Class C		1,000.00		1,106.00		9.84			1,015.51		9.42		1.88
Class I		1,000.00		1,111.90		4.46			1,020.64		4.27		0.85
Class I2		1,000.00		1,112.30		3.89			1,021.18		3.72		0.74
Transamerica Short-Term Bond
Class A		1,000.00		1,029.00		4.14			1,020.79		4.12		0.82
Class C		1,000.00		1,025.10		8.01			1,016.96		7.97		1.59
Class I		1,000.00		1,030.20		3.18			1,021.73		3.17		0.63
Class I2		1,000.00		1,031.70		2.68			1,022.23		2.66		0.53
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,123.90		7.45			1,017.85		7.07		1.41
Class B		1,000.00		1,120.70		10.97			1,014.52		10.42		2.08
Class C		1,000.00		1,120.40		10.70			1,014.77		10.17		2.03
Class I		1,000.00		1,126.00		5.13			1,020.04		4.87		0.97
Class I2		1,000.00		1,127.70		4.60			1,020.54		4.37		0.87
Transamerica Tactical Income
Class A		1,000.00		1,044.00		4.68	(F)		1,020.29		4.62		0.92
Class C		1,000.00		1,039.70		8.47	(F)		1,016.56		8.37		1.67
Class I		1,000.00		1,044.70		3.41	(F)		1,021.53		3.37		0.67

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

^(B)  See the notes to the financial statements for information regarding name changes for the funds.

^(C) Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days), and divided by the number of days in the year (366 days).

^(D)  Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (80 days), and divided by the number of days in the year (366 days).

^(E) Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (60 days), and divided by the number of days in the year (366 days).

^(F) Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days), and divided by the number of days in the year (366 days).

Transamerica Funds		Semi-Annual Report 2012
	Page    2

Schedules of Investments Composition

At April 30, 2012

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

(unaudited)

Transamerica Capital Growth	% of Net Assets
Common Stocks		95.4	%
Securities Lending Collateral		13.2
Repurchase Agreement		4.6
Preferred Stock		0.6
Other Assets and Liabilities—Net		(13.8	)
Total		100.0	%

Transamerica Diversified Equity	% of Net Assets
Common Stocks		99.9	%
Securities Lending Collateral		4.5
Repurchase Agreement		0.0	(A)
Other Assets and Liabilities—Net		(4.4	)
Total		100.0	%

Transamerica Emerging Markets Debt	% of Net Assets
Foreign Government Obligations		55.9	%
Corporate Debt Securities		39.4
Securities Lending Collateral		24.4
Repurchase Agreement		2.2
Other Assets and Liabilities—Net		(21.9	)(B)
Total		100.0	%

Transamerica Flexible Income	% of Net Assets
Corporate Debt Securities		62.9	%
Securities Lending Collateral		11.7
Mortgage-Backed Securities		9.0
U.S. Government Obligations		6.9
Repurchase Agreement		5.0
Foreign Government Obligations		4.0
Asset-Backed Securities		2.8
Preferred Corporate Debt Securities		1.7
Preferred Stocks		1.5
Municipal Government Obligations		1.4
Common Stock		1.1
Warrant		0.6
Loan Assignment		0.6
Convertible Preferred Stock		0.5
Convertible Bonds		0.4
U.S. Government Agency Obligation		0.3
Other Assets and Liabilities—Net		(10.4	)
Total		100.0	%

Transamerica Growth Opportunities	% of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		21.8
Preferred Stocks		0.7
Repurchase Agreement		0.6
Convertible Preferred Stock		0.4
Other Assets and Liabilities—Net		(21.8	)
Total		100.0	%

Transamerica High Yield Bond	% of Net Assets
Corporate Debt Securities		90.2	%
Securities Lending Collateral		17.7
Repurchase Agreement		4.9
Preferred Stocks		2.5
Common Stocks		0.6
Structured Notes Debt		0.4
Warrants		0.0	(A)
Other Assets and Liabilities—Net		(16.3	)
Total		100.0	%

Transamerica International Bond	% of Net Assets
Foreign Government Obligations		70.8	%
Corporate Debt Securities		22.3
Mortgage-Backed Security		1.4
Repurchase Agreement		0.2
Other Assets and Liabilities—Net		5.3	(B)
Total		100.0	%

Transamerica International Equity	% of Net Assets
Common Stocks		94.8	%
Securities Lending Collateral		12.1
Repurchase Agreement		4.0
Preferred Stock		0.5
Other Assets and Liabilities—Net		(11.4	)
Total		100.0	%

Transamerica Money Market	% of Net Assets
Commercial Paper		67.1	%
Repurchase Agreements		19.7
Certificates of Deposit		7.7
Short-Term U.S. Government Obligations		5.6
Other Assets and Liabilities—Net		(0.1	)
Total		100.0	%

Transamerica Multi-Managed Balanced	% of Net Assets
Common Stocks		60.7	%
Securities Lending Collateral		18.3
U.S. Government Agency Obligations		15.2
Corporate Debt Securities		10.9
Mortgage-Backed Securities		5.6
U.S. Government Obligations		5.4
Investment Company		3.8
Asset-Backed Securities		2.3
Repurchase Agreement		0.7
Foreign Government Obligations		0.5
Preferred Corporate Debt Securities		0.2
Preferred Stock		0.0	(A)
Purchased Options		0.0	(A)
Other Assets and Liabilities—Net		(23.6	)(B)
Total		100.0	%

Transamerica Funds		Semi-Annual Report 2012
	Page    3

Schedules of Investments Composition (continued)

At April 30, 2012

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

(unaudited)

Transamerica Quality Value	% of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		1.7
Repurchase Agreement		1.3
Other Assets and Liabilities—Net		(1.8	)
Total		100.0	%

Transamerica Short-Term Bond	% of Net Assets
Corporate Debt Securities		61.5	%
Mortgage-Backed Securities		25.5
Asset-Backed Securities		6.3
Securities Lending Collateral		3.3
Loan Assignments		3.0
Repurchase Agreement		1.9
Municipal Government Obligation		0.7
U.S. Government Agency Obligation		0.0	(A)
Other Assets and Liabilities—Net		(2.2	)
Total		100.0	%

^(A)  Amount rounds to less than 0.1%

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

Transamerica Small/Mid Cap Value	% of Net Assets
Common Stocks		96.9	%
Securities Lending Collateral		13.0
Repurchase Agreement		2.5
Other Assets and Liabilities—Net		(12.4	)
Total		100.0	%

Transamerica Tactical Income	% of Net Assets
Investment Companies		94.1	%
Repurchase Agreement		4.2
Other Assets and Liabilities—Net		1.7
Total		100.0	%

Transamerica Funds		Semi-Annual Report 2012
	Page    4

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCK—0.6%
Automobiles—0.6%
Better Place Series C ‡ ə § r		1,099,962	$	4,444
Total Preferred Stock (cost $4,994)
COMMON STOCKS—95.4%
Air Freight & Logistics—1.5%
Expeditors International of Washington, Inc.		293,838		11,754
Capital Markets—1.5%
Charles Schwab Corp. ^		626,735		8,962
Goldman Sachs Group, Inc.		23,082		2,658
Chemicals—2.6%
Monsanto Co.		271,442		20,678
Commercial Services & Supplies—3.5%
Edenred		866,086		27,664
Communications Equipment—3.7%
Motorola Solutions, Inc.		572,051		29,192
Computers & Peripherals—11.3%
Apple, Inc. ‡		151,029		88,237
Distributors—1.8%
Li & Fung, Ltd. ^		6,740,000		14,421
Diversified Financial Services—6.4%
Bank of America Corp.		351,574		2,851
BM&FBovespa SA		2,081,074		11,703
Citigroup, Inc.		86,821		2,869
CME Group, Inc.—Class A		38,561		10,250
Leucadia National Corp. ^		458,638		11,402
MSCI, Inc.—Class A ‡^		316,851		11,594
Electrical Equipment—0.3%
First Solar, Inc. ‡^		118,629		2,183
Food Products—3.1%
Mead Johnson Nutrition Co.—Class A		281,715		24,104
Health Care Equipment & Supplies—3.8%
Intuitive Surgical, Inc. ‡		52,073		30,109
Hotels, Restaurants & Leisure—4.8%
Las Vegas Sands Corp.		218,045		12,099
Starbucks Corp.		224,501		12,882
Yum! Brands, Inc.		173,811		12,641
Insurance—0.4%
American International Group, Inc. ‡		99,934		3,401
Internet & Catalog Retail—13.5%
Amazon.com, Inc. ‡		308,817		71,615
Groupon, Inc.—Class A ‡^		448,497		4,803
NetFlix, Inc. ‡^w		77,740		6,230
priceline.com, Inc. ‡		30,382		23,115
Internet Software & Services—16.1%
Baidu, Inc. ADR ‡		176,037		23,360
eBay, Inc. ‡		319,433		13,113
Facebook, Inc.—Class B ‡ ə § r		764,836		24,023
Google, Inc.—Class A ‡		68,369		41,380
Linkedin Corp.—Class A ‡^		133,008		14,425
Yandex NV—Class A ‡^		388,312		9,211
Life Sciences Tools & Services—1.7%
Illumina, Inc. ‡^		300,996		13,403
Media—3.2%
McGraw-Hill Cos., Inc.		240,507		11,826
Naspers, Ltd.—Class N		227,189		13,691
Metals & Mining—1.0%
Molycorp, Inc. ‡^		294,672		7,974
Oil, Gas & Consumable Fuels—2.2%
Range Resources Corp.		136,018		9,067
Ultra Petroleum Corp. ‡^		401,481		7,933
Pharmaceuticals—1.8%
Valeant Pharmaceuticals International, Inc. ‡		251,397		13,985

	Shares		Value (000’s)
Real Estate Management & Development—3.4%
Brookfield Asset Management, Inc.—Class A ^		809,475	$	26,696
Semiconductors & Semiconductor Equipment—1.5%
ARM Holdings PLC ADR ^		402,329		10,191
NVIDIA Corp. ‡		141,771		1,843
Software—4.6%
Salesforce.com, Inc. ‡^		132,143		20,579
VMware, Inc.—Class A ‡		70,430		7,868
Zynga, Inc.—Class A ‡^		964,143		8,041
Trading Companies & Distributors—1.7%
Fastenal Co. ^		286,740		13,425
Total Common Stocks (cost $650,299)				749,451
SECURITIES LENDING COLLATERAL—13.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		103,625,418		103,625
Total Securities Lending Collateral (cost $103,625)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—4.6%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $36,509 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $37,241.	$	36,509		36,509
Total Repurchase Agreement (cost $36,509)
Total Investment Securities (cost $795,427) P				894,029
Other Assets and Liabilities—Net				(108,228	)
Net Assets			$	785,801

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

Transamerica Funds		Semi-Annual Report 2012
	Page    5

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

‡ Non-income producing security.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $28,467, or 3.62% of the fund’s net assets.

§ Illiquid. Total aggregate market value of illiquid securities is $28,467, or 3.62% of the fund’s net assets.

r Restricted. At 04/30/2012, the fund owned the respective securities (representing 3.62% of the fund’s net assets) which were restricted to public resale:

Description	Date of Acquisition		Shares*		Cost		Fair Value		Fair Value Per Share*
Better Place, Series C		11/11/2011		1,099,962	$	4,994	$	4,444	$	4.04
Facebook, Inc.—Class B		03/06/2012		764,836		23,327		24,023		3.14

* Amount not in thousands.

^ All or a portion of this security is on loan. The value of all securities on loan is $100,975.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $795,427. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $132,090 and $33,488, respectively. Net unrealized appreciation for tax purposes is $98,602.

DEFINITION:

ADR         American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	636,101	$	89,327	$	24,023	$	749,451
Preferred Stock		—		—		4,444		4,444
Repurchase Agreement		—		36,509		—		36,509
Securities Lending Collateral		103,625		—		—		103,625
Total	$	739,726	$	125,836	$	28,467	$	894,029

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ
Common Stocks	$	—	$	23,327	$	—	$	—	$	—	$	696		$	—	$	—	$	24,023	$	696
Preferred Stocks		—		4,994		—		—		—		(550	)		—		—		4,444		(550	)
Total	$	—	$	28,321	$	—	$	—	$	—	$	146		$	—	$	—	$	28,467	$	146

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    6

Transamerica Diversified Equity

(formerly, Transamerica WMC Diversified Equity)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—99.9%
Aerospace & Defense—2.2%
Boeing Co.		255,582	$	19,628
Honeywell International, Inc.		274,374		16,644
Beverages—2.6%
Coca-Cola Co.		565,137		43,131
Biotechnology—5.3%
Amgen, Inc.		446,244		31,733
Biogen Idec, Inc. ‡		142,185		19,054
Celgene Corp. ‡		275,356		20,079
Gilead Sciences, Inc. ‡		295,045		15,345
Chemicals—1.5%
CF Industries Holdings, Inc.		54,966		10,612
Sherwin-Williams Co.		112,193		13,494
Communications Equipment—8.2%
Cisco Systems, Inc.		3,898,586		78,556
Emulex Corp. ‡		790,640		6,863
F5 Networks, Inc. ‡		105,217		14,092
QUALCOMM, Inc.		503,514		32,144
Riverbed Technology, Inc. ‡^		129,650		2,558
Computers & Peripherals—14.1%
Apple, Inc. ‡		221,621		129,481
Dell, Inc. ‡		774,612		12,680
EMC Corp. ‡		1,940,986		54,756
NetApp, Inc. ‡		387,924		15,063
QLogic Corp. ‡^		1,119,416		19,310
SanDisk Corp. ‡		33,646		1,245
Consumer Finance—1.2%
American Express Co.		323,879		19,501
Diversified Consumer Services—1.1%
Apollo Group, Inc.—Class A ‡		182,509		6,428
ITT Educational Services, Inc. ‡^		188,440		12,441
Energy Equipment & Services—3.7%
Core Laboratories NV ^		103,590		14,190
Diamond Offshore Drilling, Inc. ^		270,574		18,548
National Oilwell Varco, Inc.		176,930		13,404
Oceaneering International, Inc.		273,737		14,133
Food & Staples Retailing—2.1%
Costco Wholesale Corp.		196,213		17,300
Wal-Mart Stores, Inc.		304,235		17,923
Food Products—0.2%
Green Mountain Coffee Roasters, Inc. ‡^		51,141		2,493
Health Care Equipment & Supplies—2.2%
Edwards Lifesciences Corp. ‡		106,919		8,871
Hologic, Inc. ‡		636,229		12,165
Intuitive Surgical, Inc. ‡		26,897		15,552
Health Care Providers & Services—3.6%
Aetna, Inc.		254,046		11,188
AmerisourceBergen Corp.—Class A		203,780		7,583
Cardinal Health, Inc.		176,642		7,467
UnitedHealth Group, Inc.		583,689		32,774
Hotels, Restaurants & Leisure—2.0%
Starbucks Corp.		331,890		19,044
Yum! Brands, Inc.		187,858		13,663
Industrial Conglomerates—1.3%
General Electric Co.		434,470		8,507
Tyco International, Ltd.		221,993		12,460
Internet & Catalog Retail—1.6%
Amazon.com, Inc. ‡		43,538		10,096
priceline.com, Inc. ‡		21,946		16,697
Internet Software & Services—4.7%
eBay, Inc. ‡		627,078		25,742
Google, Inc.—Class A ‡		49,820		30,152
IAC/InterActiveCorp ^		427,019		20,561

	Shares		Value (000’s)
IT Services—4.1%
Cognizant Technology Solutions Corp.—Class A ‡		67,642	$	4,960
International Business Machines Corp.		300,765		62,282
Life Sciences Tools & Services—1.7%
Bruker Corp. ‡		443,387		6,664
Life Technologies Corp. ‡		150,728		6,988
Waters Corp. ‡		169,144		14,227
Machinery—3.8%
Caterpillar, Inc.		273,646		28,123
Cummins, Inc.		73,416		8,504
Dover Corp.		113,944		7,140
Joy Global, Inc.		96,033		6,796
Parker Hannifin Corp.		133,692		11,723
Media—2.4%
News Corp.—Class A		511,452		10,024
Omnicom Group, Inc.		429,996		22,064
Sirius XM Radio, Inc. ‡		3,243,048		7,329
Metals & Mining—0.4%
Cliffs Natural Resources, Inc.		37,036		2,306
Freeport-McMoRan Copper & Gold, Inc.		55,874		2,140
Walter Energy, Inc.		36,685		2,432
Multiline Retail—0.9%
Dollar Tree, Inc. ‡		149,559		15,204
Oil, Gas & Consumable Fuels—4.7%
Exxon Mobil Corp.		548,149		47,327
Occidental Petroleum Corp.		167,220		15,254
Valero Energy Corp.		574,540		14,191
Pharmaceuticals—1.3%
Abbott Laboratories		346,549		21,507
Semiconductors & Semiconductor Equipment—3.6%
Altera Corp.		660,524		23,494
Analog Devices, Inc.		268,306		10,459
Intersil Corp.—Class A		62,819		645
KLA-Tencor Corp.		128,058		6,678
Xilinx, Inc.		511,697		18,616
Software—9.2%
Autodesk, Inc. ‡		243,224		9,576
BMC Software, Inc. ‡		169,399		6,989
Check Point Software Technologies, Ltd. ‡^		241,940		14,064
Citrix Systems, Inc. ‡		95,061		8,138
Microsoft Corp.		2,353,038		75,344
Oracle Corp.		724,164		21,283
Red Hat, Inc. ‡		185,833		11,078
Symantec Corp. ‡		349,885		5,780
Specialty Retail—5.8%
Bed Bath & Beyond, Inc. ‡		184,645		12,997
Buckle, Inc. ^		212,511		9,814
Lowe’s Cos., Inc.		377,052		11,866
O’Reilly Automotive, Inc. ‡		123,621		13,037
PetSmart, Inc.		280,672		16,351
Ross Stores, Inc.		258,339		15,911
TJX Cos., Inc.		354,630		14,792
Textiles, Apparel & Luxury Goods—1.9%
Coach, Inc.		214,146		15,667
Lululemon Athletica, Inc. ‡		105,299		7,807
Ralph Lauren Corp.—Class A		44,490		7,664
Tobacco—2.5%
Philip Morris International, Inc.		455,159		40,741
Total Common Stocks (cost $1,282,980)				1,641,327
SECURITIES LENDING COLLATERAL—4.5%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		73,108,041		73,108
Total Securities Lending Collateral (cost $73,108)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    7

Transamerica Diversified Equity

(formerly, Transamerica WMC Diversified Equity)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.0% ¥
State Street Bank & Trust Co. 0.03% p , dated 04/30/2012, to be repurchased at $237 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $244.	$	237	$	237
Total Repurchase Agreement (cost $237)
Total Investment Securities (cost $1,356,325) P				1,714,672
Other Assets and Liabilities—Net				(72,638	)
Net Assets			$	1,642,034

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

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $71,487.

p Rate shown reflects the yield at 04/30/2012.

¥ Percentage rounds to less than 0.1%.

P Aggregate cost for federal income tax purposes is $1,356,325. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $377,151 and $18,804, respectively. Net unrealized appreciation for tax purposes is $358,347.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	1,641,327	$	—	$	—	$	1,641,327
Repurchase Agreement		—		237		—		237
Securities Lending Collateral		73,108		—		—		73,108
Total	$	1,714,435	$	237	$	—	$	1,714,672

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    8

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS — 55.9%
Argentina—4.8%
Argentina Boden Bonds 7.00%, 10/03/2015	$	1,010	$	909
Argentina Bonar Bond 7.00%, 04/17/2017		1,000		811
Argentine Republic Government International Bond 7.82%, 12/31/2033 *	EUR	1,313		1,017
8.28%, 12/31/2033 ^	$	1,634		1,168
Province of Salta Argentina 9.50%, 03/16/2022—144A		765		666
Republic of Argentina 1.33%, 12/31/2038 ^		2,650		894
Belarus—0.5%
Republic of Belarus—Reg S 8.75%, 08/03/2015 ^		600		567
Brazil—1.6%
Brazilian Government International Bond 8.50%, 01/05/2024 ^	BRL	3,600		1,922
Cayman Islands—1.1%
Government of the Cayman Islands 5.95%, 11/24/2019—144A	$	1,200		1,307
Chile—2.2%
Republic of Chile 5.50%, 08/05/2020	CLP	1,256,000		2,693
Colombia—1.7%
Republic of Colombia 12.00%, 10/22/2015	COP	2,800,000		1,985
Cote d’Ivoire—1.0%
Ivory Coast Government International Bond 3.75%, 12/31/2032—144A Џ ‡	$	1,650		1,139
Croatia—1.8%
Croatia Government International Bond 6.25%, 04/27/2017—144A ^		2,050		2,074
Dominican Republic—1.7%
Republic of The Dominican Republic 7.50%, 05/06/2021—144A		1,950		2,054
Indonesia—2.1%
Indonesia Government International Bond 4.88%, 05/05/2021—144A		1,050		1,129
5.25%, 01/17/2042—144A ^		1,300		1,331
Latvia—1.3%
Republic of Latvia 5.25%, 02/22/2017—144A		1,000		1,028
5.25%, 06/16/2021—144A ^		500		499
Lithuania—0.6%
Republic of Lithuania 6.13%, 03/09/2021—144A		700		760
Mexico—3.2%
Mexican Bonos 6.25%, 06/16/2016	MXN	11,750		938
6.50%, 06/10/2021		4,000		315
United Mexican States 8.50%, 11/18/2038		29,080		2,513
Peru—3.2%
Peruvian Government International Bond—Reg S 6.95%, 08/12/2031	PEN	5,015		2,111
8.60%, 08/12/2017		3,690		1,664
Philippines—2.5%
Philippine Government International Bond 6.25%, 01/14/2036	PHP	55,000		1,362

	Principal (000’s)		Value (000’s)
Philippines—(continued)
Republic of The Philippines 4.95%, 01/15/2021	PHP	62,000	$	1,513
Poland—0.8%
Poland Government International Bond 5.00%, 03/23/2022	$	900		963
Qatar—2.0%
Qatar Government International Bond 5.75%, 01/20/2042—144A		2,125		2,364
Romania—1.6%
Romanian Government International Bond 6.75%, 02/07/2022—144A ^		1,800		1,890
Russian Federation—4.2%
Russian Foreign Bond—Eurobond 3.25%, 04/04/2017—144A ^		800		811
4.50%, 04/04/2022—144A ^		2,600		2,695
5.63%, 04/04/2042—144A		600		635
7.50%, 03/31/2030—144A		805		965
Senegal—1.4%
Republic of Senegal 8.75%, 05/13/2021—144A		1,530		1,651
South Africa—3.5%
South Africa Government Bond 10.50%, 12/21/2026	ZAR	14,320		2,201
South Africa Government International Bond 4.67%, 01/17/2024	$	1,800		1,886
Supranational—0.9%
Eastern and Southern African Trade and Development Bank 6.88%, 01/09/2016		1,050		1,037
Turkey—2.7%
Turkey Government Bond 9.50%, 01/12/2022	TRY	3,555		2,070
9.66%, 07/17/2013 p		2,000		1,020
Ukraine—0.8%
Republic of Ukraine 7.75%, 09/23/2020—144A ^	$	1,040		941
Uruguay—2.0%
Uruguay Government International Bond 4.38%, 12/15/2028	UYU	41,370		2,352
Venezuela—6.7%
Republic of Venezuela—Reg S 6.00%, 12/09/2020	$	3,440		2,649
Venezuela Government International Bond—Reg S 11.75%, 10/21/2026		2,640		2,614
11.95%, 08/05/2031 ^		2,775		2,767
Total Foreign Government Obligations (cost $63,126)				65,880
CORPORATE DEBT SECURITIES—39.4%
Barbados—0.8%
Columbus International, Inc. 11.50%, 11/20/2014—144A ^		830		901
Bermuda—2.0%
Digicel Group, Ltd. 9.13%, 01/15/2015—144A Ώ		1,700		1,711
Qtel International Finance, Ltd. 5.00%, 10/19/2025—144A		700		716
Brazil—2.1%
Globo Comunicacao e Participacoes SA 4.88%, 04/11/2022—144A ^		950		957
Oi SA 5.75%, 02/10/2022 - 144A ^		1,500		1,537

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

Transamerica Funds		Semi-Annual Report 2012
	Page    9

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Canada — 0.7%
PTTEP Canada International Finance, Ltd. 5.69%, 04/05/2021—144A	$	800	$	865
Cayman Islands—4.8%
Dubai Holding Commercial Operations MTN, Ltd. 6.00%, 02/01/2017	GBP	600		808
Hutchison Whampoa International 11, Ltd. 4.63%, 01/13/2022—144A	$	500		519
IPIC GMTN, Ltd. 5.50%, 03/01/2022—144A		355		371
6.88%, 11/01/2041—144A		555		592
MIE Holdings Corp. 9.75%, 05/12/2016—144A ^		700		697
Petrobras International Finance Co. 6.75%, 01/27/2041 ^		675		811
Vale Overseas, Ltd. 4.38%, 01/11/2022		600		615
6.88%, 11/10/2039		940		1,128
Colombia—0.9%
BanColombia SA 5.95%, 06/03/2021 ^		1,000		1,062
Finland—0.4%
Nokia OYJ 6.63%, 05/15/2039 ^		600		497
Indonesia—0.8%
Pertamina Persero PT 6.00%, 05/03/2042—144A		1,000		983
Ireland—0.3%
Metalloinvest Finance, Ltd. 6.50%, 07/21/2016—144A		400		398
Luxembourg—4.0%
Gazprom OAO Via Gaz Capital SA 6.00%, 01/23/2021—144A		1,595		1,699
Minerva Luxembourg SA 12.25%, 02/10/2022—144A ^		1,200		1,278
Virgolino de Oliveira Finance, Ltd. 11.75%, 02/09/2022—144A ^		800		754
Wind Acquisition Finance SA 11.75%, 07/15/2017—Reg S	EUR	850		1,049
Mexico—3.0%
Desarrolladora Homex SAB de CV 9.75%, 03/25/2020—144A ^	$	350		364
Petroleos Mexicanos 6.50%, 06/02/2041 ^		1,480		1,718
7.65%, 11/24/2021—144A	MXN	8,500		665
Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/2021—144A	$	715		674
Netherlands—3.3%
Aerospace Satellite Corp. Holding BV 12.75%, 11/16/2015—144A		1,000		1,055
Hyva Global BV 8.63%, 03/24/2016—144A		1,000		843
Lukoil International Finance BV 6.13%, 11/09/2020—144A		750		796
VimpelCom Holdings BV 7.50%, 03/01/2022—144A		1,200		1,164
Peru—0.9%
Banco de Credito del Peru 6.13%, 04/24/2027—144A * ^		1,000		1,008
Singapore—1.3%
Bakrie Telecom Pte, Ltd. 11.50%, 05/07/2015—144A		1,050		814

	Principal (000’s)		Value (000’s)
Singapore (continued)
Berau Capital Resources Pte, Ltd. 12.50%, 07/08/2015—144A	$	600	$	671
Sri Lanka—0.8%
Bank of Ceylon 6.88%, 05/03/2017—144A		900		910
Sweden—0.7%
Eileme 2 AB 11.63%, 01/31/2020—144A		800		824
Thailand—0.8%
Bangkok Bank PCL 4.80%, 10/18/2020—144A		900		918
Trinidad and Tobago—0.3%
Petroleum Co., of Trinidad & Tobago, Ltd. 6.00%, 05/08/2022—144A		394		410
Turkey—0.9%
Turkiye Vakiflar Bankasi Tao 5.75%, 04/24/2017—144A		1,200		1,198
United Arab Emirates—0.5%
Abu Dhabi National Energy Co. 5.88%, 12/13/2021—144A		550		592
United Kingdom—2.9%
Nord Anglia Education UK Holdings PLC 10.25%, 04/01/2017—144A		2,390		2,462
Vedanta Resources PLC 8.25%, 06/07/2021—144A ^		980		931
United States—2.3%
Braskem America Finance Co. 7.13%, 07/22/2041—144A ^		1,000		1,005
CEDC Finance Corp. International, Inc. 9.13%, 12/01/2016—144A		700		550
Southern Copper Corp. 7.50%, 07/27/2035		900		1,064
Venezuela—3.0%
Petroleos de Venezuela SA 5.00%, 10/28/2015		1,520		1,297
5.25%, 04/12/2017—Reg S		740		574
9.00%, 11/17/2021—Reg S ^		2,085		1,697
Virgin Islands, British—1.9%
Arcos Dorados Holdings, Inc. 10.25%, 07/13/2016—144A	BRL	2,120		1,143
CNOOC Finance 2012, Ltd. 3.88%, 05/02/2022—144A	$	1,000		1,001
Total Corporate Debt Securities (cost $45,157)				46,296
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—24.4%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29%p		28,671,784		28,672
Total Securities Lending Collateral (cost $28,672)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    10

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—2.2%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $2,531 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $2,583.	$	2,531	$	2,531
Total Repurchase Agreement (cost $2,531)
Total Investment Securities (cost $139,486) P				143,379
Other Assets and Liabilities—Net				(25,776	)
Net Assets			$	117,603

INVESTMENTS BY INDUSTRY:	Percentage of Total  Investments			Value (000’s)
Foreign Government Obligation		45.9	%	$	65,880
Oil, Gas & Consumable Fuels		9.7			13,883
Commercial Banks		3.6			5,097
Diversified Telecommunication Services		3.4			4,940
Metals & Mining		2.6			3,738
Media		2.0			2,913
Wireless Telecommunication Services		2.0			2,875
Diversified Consumer Services		1.7			2,462
Food Products		1.4			2,032
Diversified Financial Services		1.0			1,361
Commercial Services & Supplies		0.9			1,327
Hotels, Restaurants & Leisure		0.8			1,143
Chemicals		0.7			1,005
Auto Components		0.6			843
Construction & Engineering		0.5			674
Multi-Utilities		0.4			592
Beverages		0.4			550
Communications Equipment		0.3			497
Household Durables		0.3			364
Investment Securities, at Value		78.2			112,176
Short-Term Investments		21.8			31,203
Total Investments		100.0	%	$	143,379

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net  Unrealized Appreciation (Depreciation) (000’s)
Chilean Peso	JPM		(713,110	)		05/23/2012	$	(1,450	)	$	(16	)
Euro	HSBC		(181	)		05/22/2012		(239	)		(1	)
Euro	JPM		(1,398	)		05/22/2012		(1,835	)		(16	)
Hungarian Forint	BOA		210,376			05/22/2012		959			9
Hungarian Forint	JPM		(210,376	)		05/22/2012		(924	)		(43	)
Japanese Yen	JPM		(13,678	)		05/22/2012		(170	)		(1	)
Mexican Peso	BCLY		37,755			05/22/2012		2,867			26
Mexican Peso	BOA		(36,021	)		05/22/2012		(2,733	)		(26	)
Mexican Peso	BOA		6,920			05/22/2012		527			3
Uruguayan Peso	HSBC		16,053			05/25/2012		801			8
Pound Sterling	HSBC		198			05/22/2012		319			2
Pound Sterling	JPM		(700	)		05/22/2012		(1,121	)		(15	)
South African Rand	BCLY		(6,666	)		05/22/2012		(850	)		(5	)
										$	(75	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    11

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
BCLY	$	21		$	—	$	21
BOA		(14	)		—		(14	)
HSBC		9			—		9
JPM		(91	)		—		(91	)

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

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

* Floating or variable rate note. Rate is listed as of 04/30/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $28,081.

Џ In default.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

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

P Aggregate cost for federal income tax purposes is $139,486. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,629 and $736, respectively. Net unrealized appreciation for tax purposes is $3,893.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $57,915, or 49.25% of the fund’s net assets.
BCLY	Barclays Bank PLC
BOA	Bank of America
HSBC	HSBC Bank USA
JPM	JPMorgan Chase & Co.
CURRENCY ABBREVIATIONS:
BRL	Brazilian Real
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
TRY	Turkish New Lira
UYU	Uruguayan Peso
ZAR	South African Rand

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

Transamerica Funds		Semi-Annual Report 2012
	Page    12

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Corporate Debt Securities	$	—	$	46,296		$	—	$	46,296
Foreign Government Obligations		—		65,880			—		65,880
Repurchase Agreement		—		2,531			—		2,531
Securities Lending Collateral		28,672		—			—		28,672
Total	$	28,672	$	114,707		$	—	$	143,379
Other Financial Instruments ₣	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Forward Foreign Currency Contracts—Appreciation	$	—	$	48		$	—	$	48
Forward Foreign Currency Contracts—Depreciation		—		(123	)		—		(123	)
Total	$	—	$	(75	)	$	—	$	(75	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    13

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—6.9%
U.S. Treasury Inflation Indexed Bond 2.50%, 01/15/2029	$	2,226	$	3,034
U.S. Treasury Note 1.25%, 09/30/2015		475		487
1.38%, 05/15/2013		1,230		1,245
2.00%, 11/15/2021—02/15/2022		5,985		6,036
2.13%, 02/29/2016		3,065		3,246
2.63%, 11/15/2020		2,565		2,764
3.50%, 05/15/2020		2,150		2,471
Total U.S. Government Obligations (cost $17,865)				19,283
U.S. GOVERNMENT AGENCY OBLIGATION—0.3%
Freddie Mac, IO 5.00%, 08/01/2035		5,813		827
Total U.S. Government Agency Obligation (cost $1,534)
FOREIGN GOVERNMENT OBLIGATIONS—4.0%
Canada Housing Trust No. 1 3.15%, 06/15/2015—144A	CAD	2,500		2,642
Republic of Chile 5.50%, 08/05/2020	CLP	994,500		2,133
Republic of The Philippines 4.95%, 01/15/2021	PHP	90,000		2,197
United Mexican States 7.00%, 06/19/2014	MXN	18,000		1,446
7.50%, 06/21/2012		35,000		2,697
Total Foreign Government Obligations (cost $10,546)				11,115
MORTGAGE-BACKED SECURITIES—9.0%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A 4.08%, 03/13/2031—144A	$	660		675
American General Mortgage Loan Trust Series 2009-1, Class A6 5.75%, 09/25/2048—144A *		1,785		1,836
American Tower Trust Series 2007-1A, Class D 5.96%, 04/15/2037—144A		1,950		2,049
BCAP LLC Trust Series 2009-RR3, Class 2A1 5.02%, 05/26/2037—144A *		176		178
Series 2009-RR6, Class 2A1 5.10%, 08/26/2035—144A *		980		875
Series 2009-RR10, Class 2A1 2.81%, 08/26/2035—144A *		679		657
Series 2009-RR14, Class 1A1 6.00%, 05/26/2037—144A *		1,262		1,301
Series 2010-RR1, Class 12A1 5.25%, 08/26/2036—144A *		1,326		1,369
Countrywide Alternative Loan Trust Series 2004-3T1, Class A3 5.00%, 05/25/2034		1,104		1,135
Series 2006-OC1, Class 2A3A 0.56%, 03/25/2036 *		2,900		1,221
Credit Suisse Mortgage Capital Certificates Series 2010-18R, Class 1A11 3.75%, 08/26/2035—144A *		865		856

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Cresi Finance, LP Series 2006-A, Class C 0.84%, 03/25/2017—144A *	$	1,322	$	1,058
Impac CMB Trust Series 2007-A, Class A 0.49%, 05/25/2037 *		1,491		1,255
Jefferies & Co., Inc. Series 2009-R2, Class 2A 6.13%, 12/26/2037—144A *		390		390
Series 2009-R7, Class 10A3 6.00%, 12/26/2036—144A		301		312
Series 2009-R7, Class 12A1 5.13%, 08/26/2036—144A *		343		339
Series 2009-R7, Class 1A1 4.95%, 02/26/2036—144A *		697		669
Series 2009-R7, Class 4A1 2.63%, 09/26/2034—144A *		686		642
Series 2009-R9, Class 1A1 2.51%, 08/26/2046—144A *		660		651
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-LD11, Class ASB 6.00%, 06/15/2049 *		1,133		1,207
JPMorgan Re-REMIC Series 2009-7, Class 8A1 5.60%, 01/27/2047—144A *		555		567
LSTAR Commercial Mortgage Trust Series 2011-1, Class A 3.91%, 06/25/2043—144A		968		1,018
Morgan Stanley Re-REMIC Trust Series 2010-GG10, Class A4A 5.98%, 08/15/2045—144A *		1,740		1,963
Series 2010-R4, Class 3A 5.50%, 08/26/2047—144A		1,357		1,434
RREF 2012 LT1 LLC Series 2012-LT1A, Class A 4.75%, 02/15/2025—144A		1,120		1,125
Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class A1 4.10%, 06/25/2033 *		309		308
Series 2003-L, Class 1A2 4.48%, 11/25/2033 *		219		220
Total Mortgage-Backed Securities (cost $24,839)				25,310
ASSET-BACKED SECURITIES—2.8%
Countrywide Asset-Backed Certificates Series 2006-6, Class 2A3 0.52%, 09/25/2036 *		3,600		1,342
GSAA Trust Series 2006-1, Class A3 0.57%, 01/25/2036 *		2,406		1,332
GSAMP Trust Series 2006-HE1, Class A2D 0.55%, 01/25/2036 *		2,270		1,398
HSBC Home Equity Loan Trust Series 2006-3, Class A4 0.48%, 03/20/2036 *		1,510		1,294
Lehman XS Trust Series 2005-8, Class 1A3 0.59%, 12/25/2035 *		2,595		1,084

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

Transamerica Funds		Semi-Annual Report 2012
	Page    14

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class A4 0.56%, 02/25/2036 *	$	1,658	$	1,435
Total Asset-Backed Securities (cost $7,967)				7,885
MUNICIPAL GOVERNMENT OBLIGATIONS—1.4%
Rhode Island Economic Development Corp. 6.00%, 11/01/2015 §		1,545		1,699
State of California 7.95%, 03/01/2036		1,820		2,169
Total Municipal Government Obligations (cost $3,367)				3,868
PREFERRED CORPORATE DEBT SECURITIES—1.7%
Diversified Financial Services—1.7%
JPMorgan Chase Capital XXV—Series Y 6.80%, 10/01/2037		1,500		1,508
ZFS Finance USA Trust II 6.45%, 12/15/2065—144A *		3,300		3,234
Total Preferred Corporate Debt Securities (cost $4,340)				4,742
CORPORATE DEBT SECURITIES—62.9%
Airlines—2.3%
America West Airlines Pass-Through Trust Series 2000-1, Class G 8.06%, 07/02/2020		1,048		1,095
Continental Airlines Pass-Through Trust Series 1997-1, Class A 7.46%, 04/01/2015		721		721
Northwest Airlines Pass-Through Trust Series 2002-1, Class G2 6.26%, 11/20/2021 ^		2,395		2,502
UAL Pass-Through Trust Series 2009-1 10.40%, 11/01/2016		1,766		2,016
Beverages—1.1%
Anheuser-Busch InBev Worldwide, Inc. 9.75%, 11/17/2015	BRL	2,200		1,270
Beverages & More, Inc. 9.63%, 10/01/2014—144A	$	1,635		1,727
Capital Markets—1.3%
BP Capital Markets PLC 4.74%, 03/11/2021 ^		1,330		1,511
Macquarie Group, Ltd. 6.25%, 01/14/2021—144A ^		1,275		1,291
Morgan Stanley 5.75%, 01/25/2021 ^		750		741
Chemicals—0.2%
Ecolab, Inc. 4.35%, 12/08/2021		475		518
Commercial Banks—6.2%
Barclays Bank PLC 10.18%, 06/12/2021—144A		1,480		1,722
BBVA Bancomer SA 6.50%, 03/10/2021—144A		1,400		1,414
CIT Group, Inc. 4.75%, 02/15/2015—144A ^		570		581
Lloyds TSB Bank PLC 4.20%, 03/28/2017 ^		1,340		1,359
M&I Marshall & Ilsley Bank 5.00%, 01/17/2017		2,050		2,242
Rabobank Nederland NV 11.00%, 06/30/2019—144A * Ž		1,695		2,153

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Regions Bank 7.50%, 05/15/2018 ^	$	2,560	$	2,893
Wells Fargo & Co. Series K 7.98%, 03/15/2018 * Ž ^		2,400		2,604
Zions Bancorporation 7.75%, 09/23/2014		2,500		2,724
Commercial Services & Supplies—2.6%
EnergySolutions, Inc. / EnergySolutions LLC 10.75%, 08/15/2018		1,125		1,167
International Lease Finance Corp. 6.25%, 05/15/2019 ^		2,560		2,585
KAR Auction Services, Inc. 4.47%, 05/01/2014 *		1,965		1,960
Steelcase, Inc. 6.38%, 02/15/2021		1,385		1,448
Construction Materials—0.8%
Cemex Finance LLC 9.50%, 12/14/2016—144A ^		1,330		1,310
Voto-Votorantim Overseas Trading Operations NV 6.63%, 09/25/2019—144A		840		941
Consumer Finance—0.4%
Springleaf Finance Corp. 6.90%, 12/15/2017		1,280		1,045
Containers & Packaging—0.7%
Graphic Packaging International, Inc. 9.50%, 06/15/2017		1,635		1,815
Sealed Air Corp. 8.13%, 09/15/2019—144A		195		218
Distributors—1.1%
Edgen Murray Corp. 12.25%, 01/15/2015 ^		805		857
Glencore Funding LLC 6.00%, 04/15/2014—144A		2,000		2,117
Diversified Financial Services—8.1%
Aviation Capital Group Corp. 7.13%, 10/15/2020—144A		2,700		2,720
Bank of America Corp. 6.50%, 08/01/2016		1,905		2,083
Fibria Overseas Finance, Ltd. 6.75%, 03/03/2021—144A ^		1,245		1,265
Ford Motor Credit Co., LLC 3.88%, 01/15/2015 ^		780		808
International Lease Finance Corp. 6.50%, 09/01/2014—144A		2,360		2,508
Irish Life & Permanent PLC 3.60%, 01/14/2013—144A		1,700		1,630
Marina District Finance Co., Inc. 9.50%, 10/15/2015 ^		1,955		1,901
9.88%, 08/15/2018 ^		65		62
Oaktree Capital Management, LP 6.75%, 12/02/2019—144A		1,950		1,989
QHP Royalty Sub LLC 10.25%, 03/15/2015—144A		509		511
Selkirk Cogen Funding Corp. Series A 8.98%, 06/26/2012		607		609
Stone Street Trust 5.90%, 12/15/2015—144A		2,450		2,470
TNK-BP Finance SA 6.25%, 02/02/2015—144A		1,250		1,342
Unison Ground Lease Funding LLC 6.39%, 04/15/2020—144A		2,615		2,994

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

Transamerica Funds		Semi-Annual Report 2012
	Page    15

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services—1.6%
CenturyLink, Inc. 5.80%, 03/15/2022	$	1,345	$	1,333
GTP Towers Issuer LLC 4.44%, 02/15/2015—144A		2,295		2,369
Hughes Satellite Systems Corp. 6.50%, 06/15/2019 ^		400		428
7.63%, 06/15/2021		130		141
West Corp. 7.88%, 01/15/2019		320		341
Electric Utilities—0.8%
Intergen NV 9.00%, 06/30/2017—144A		2,075		2,129
Electrical Equipment—1.8%
Anixter, Inc. 5.95%, 03/01/2015		2,300		2,398
Polypore International, Inc. 7.50%, 11/15/2017 ^		2,560		2,688
Energy Equipment & Services—1.7%
Enterprise Products Operating LLC Series A 8.38%, 08/01/2066 *		1,150		1,248
Transocean, Inc. 6.38%, 12/15/2021 ^		1,935		2,266
Weatherford International, Ltd. 9.63%, 03/01/2019		945		1,250
Food & Staples Retailing—1.8%
C&S Group Enterprises LLC 8.38%, 05/01/2017—144A		1,253		1,328
Ingles Markets, Inc. 8.88%, 05/15/2017		2,140		2,317
Stater Bros Holdings, Inc. 7.38%, 11/15/2018 ^		65		70
SUPERVALU, Inc. 7.50%, 11/15/2014 ^		1,290		1,314
Food Products—1.2%
Arcor SAIC 7.25%, 11/09/2017—144A		1,285		1,336
Michael Foods, Inc. 9.75%, 07/15/2018 ^		1,200		1,320
Post Holdings, Inc. 7.38%, 02/15/2022—144A ^		638		664
Health Care Providers & Services—0.8%
CHS/Community Health Systems, Inc. 8.88%, 07/15/2015		933		963
Express Scripts Holding Co. 4.75%, 11/15/2021—144A		1,220		1,335
Hotels, Restaurants & Leisure—1.2%
GWR Operating Partnership LLP 10.88%, 04/01/2017		1,500		1,688
MGM Resorts International 6.75%, 09/01/2012 ^		1,600		1,624
Station Casinos, Inc. 6.88%, 03/01/2016 ə Џ ‡		700		u
Household Products—0.4%
Reynolds Group Issuer, Inc. 9.88%, 08/15/2019—144A ^		1,100		1,147
Independent Power Producers & Energy Traders—0.7%
NRG Energy, Inc. 7.63%, 05/15/2019 ^		640		630
7.88%, 05/15/2021 ^		1,280		1,252
Insurance—4.2%
American Financial Group, Inc. 9.88%, 06/15/2019		1,100		1,359

	Principal (000’s)		Value (000’s)
Insurance (continued)
Chubb Corp. 6.38%, 03/29/2067 *	$	2,300	$	2,355
Fidelity National Financial, Inc. 6.60%, 05/15/2017 ^		2,580		2,749
Hanover Insurance Group, Inc. 6.38%, 06/15/2021		1,515		1,641
Oil Insurance, Ltd. 3.45%, 06/04/2012—144A * Ž		1,245		1,191
Reinsurance Group of America, Inc. 6.75%, 12/15/2065 *		2,760		2,554
IT Services—0.7%
Cardtronics, Inc. 8.25%, 09/01/2018		1,890		2,088
Machinery—0.7%
American Railcar Industries, Inc. 7.50%, 03/01/2014		1,855		1,878
Marine—0.7%
Martin Midstream Partners LP 8.88%, 04/01/2018		1,900		1,938
Media—1.4%
Clear Channel Worldwide Holdings, Inc. 7.63%, 03/15/2020—144A		1,305		1,290
Lions Gate Entertainment, Inc. 10.25%, 11/01/2016—144A		1,010		1,111
WMG Acquisition Corp. 9.50%, 06/15/2016—144A		1,285		1,403
Metals & Mining—2.4%
Anglo American Capital PLC 9.38%, 04/08/2019—144A		890		1,179
ArcelorMittal 6.25%, 02/25/2022		1,965		2,001
FMG Resources August 2006 Pty, Ltd. 7.00%, 11/01/2015—144A		160		166
Rio Tinto Finance USA, Ltd. 9.00%, 05/01/2019		1,000		1,371
Thompson Creek Metals Co., Inc. 7.38%, 06/01/2018		1,465		1,253
Xstrata Finance Canada, Ltd. 4.95%, 11/15/2021—144A		840		881
Multi-Utilities—0.8%
Black Hills Corp. 5.88%, 07/15/2020		1,200		1,370
9.00%, 05/15/2014		690		769
Oil, Gas & Consumable Fuels—5.4%
Chesapeake Energy Corp. 6.78%, 03/15/2019 ^		1,300		1,264
Connacher Oil and Gas, Ltd. 8.50%, 08/01/2019—144A		1,010		1,005
Energy Transfer Equity, LP 7.50%, 10/15/2020		320		354
Energy Transfer Partners, LP 5.20%, 02/01/2022 ^		1,045		1,114
Gazprom OAO Via GAZ Capital SA 8.13%, 07/31/2014—144A		2,060		2,285
Linn Energy LLC/Linn Energy Finance Corp. 6.25%, 11/01/2019—144A		1,305		1,285
Lukoil International Finance BV 6.38%, 11/05/2014—144A		1,280		1,382
Petrobras International Finance Co. 5.38%, 01/27/2021		1,040		1,139
Petrohawk Energy Corp. 7.25%, 08/15/2018		1,050		1,197

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

Transamerica Funds		Semi-Annual Report 2012
	Page    16

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Petroleum Co., of Trinidad & Tobago, Ltd. 9.75%, 08/14/2019—144A	$	876	$	1,083
Petroleum Development Corp. 12.00%, 02/15/2018		1,000		1,080
Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.75%, 09/30/2019—144A ^		1,545		1,824
Paper & Forest Products—1.1%
Ainsworth Lumber Co., Ltd. 11.00%, 07/29/2015—144A Ώ		2,170		1,699
Exopack Holding Corp. 10.00%, 06/01/2018		1,280		1,331
Professional Services—0.5%
Block Financial LLC 5.13%, 10/30/2014 ^		1,300		1,342
Real Estate Investment Trusts—1.9%
Entertainment Properties Trust 7.75%, 07/15/2020		2,335		2,532
Kilroy Realty, LP 6.63%, 06/01/2020		2,440		2,785
Real Estate Management & Development—0.2%
Weyerhaeuser Real Estate Co. 6.12%, 09/17/2012—144A		650		658
Semiconductors & Semiconductor Equipment—0.2%
Sensata Technologies BV 6.50%, 05/15/2019—144A ^		575		599
Software—0.2%
First Data Corp. 7.38%, 06/15/2019—144A ^		630		644
Specialty Retail—0.6%
Claire’s Stores, Inc. 9.00%, 03/15/2019—144A		290		299
Michaels Stores, Inc. 11.38%, 11/01/2016 ^		1,200		1,275
Tobacco—0.7%
Lorillard Tobacco Co. 8.13%, 06/23/2019		1,635		2,037
Wireless Telecommunication Services—4.4%
Crown Castle Towers LLC 4.88%, 08/15/2020—144A		2,350		2,493
6.11%, 01/15/2020—144A		1,650		1,884
Nextel Communications, Inc. Series D 7.38%, 08/01/2015		2,200		2,134
SBA Tower Trust 5.10%, 04/15/2017—144A		2,365		2,574
Sprint Nextel Corp. 9.00%, 11/15/2018—144A		430		474
WCP Wireless Site Funding / WCP Wireless Site RE Funding / WCP Wireless Site Non 6.83%, 11/15/2015—144A		2,570		2,683
Total Corporate Debt Securities (cost $166,386)				176,020
CONVERTIBLE BONDS—0.4%
Automobiles—0.4%
Ford Motor Co.
4.25%, 11/15/2016		730		1,084
Total Convertible Bonds (cost $730)
LOAN ASSIGNMENT—0.6%
Paper & Forest Products—0.6%
Ainsworth Lumber Co., Ltd.
5.25%, 05/31/2012		1,651		1,557
Total Loan Assignment (cost $1,548)

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK—0.5%
Diversified Financial Services—0.5%
Vale Capital II, 6.75% ^		22,000	$	1,492
Total Convertible Preferred Stock (cost $1,657)
PREFERRED STOCKS—1.5%
Commercial Banks—0.2%
BB&T Capital Trust VI, 9.60% ^		24,375		636
Consumer Finance—0.6%
Ally Financial, Inc., 8.50% *		75,200		1,684
Diversified Telecommunication Services—0.7%
Centaur Funding Corp., 9.08%—144A		1,661		1,891
Total Preferred Stocks (cost $4,642)				4,211
COMMON STOCK—1.1%
Diversified Telecommunication Services—1.1%
Verizon Communications, Inc. ^		75,000		3,029
Total Common Stock (cost $2,349)
WARRANT—0.6%
Commercial Banks—0.6%
Wells Fargo & Co. ‡ Expiration: 10/28/2018 Exercise Price: $34.01		148,210		1,564
Total Warrant (cost $1,141)
SECURITIES LENDING COLLATERAL—11.7%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		32,662,484		32,662
Total Securities Lending Collateral (cost $32,662)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—5.0%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $14,080 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $14,366.	$	14,080		14,080
Total Repurchase Agreement (cost $14,080)
Total Investment Securities (cost $295,653) P				308,729
Other Assets and Liabilities—Net				(28,980	)
Net Assets			$	279,749

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

Transamerica Funds		Semi-Annual Report 2012
	Page    17

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

* Floating or variable rate note. Rate is listed as of 04/30/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $31,987.

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

Џ In default.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $1, or less than 0.01% of the fund’s net assets.

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

u Amount is less than 1.

§ Illiquid. Total aggregate market value of illiquid securities is $1,699, or 0.61% of the fund’s net assets.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $295,653. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $16,376 and $3,300, respectively. Net unrealized appreciation for tax purposes is $13,076.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $99,034, or 35.40% of the fund’s net assets.
IO	Interest Only
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
CURRENCY ABBREVIATIONS:
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
MXN	Mexican Peso
PHP	Philippine Peso

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—	$	7,885	$	—	$	7,885
Common Stock		3,029		—		—		3,029
Convertible Bonds		—		1,084		—		1,084
Convertible Preferred Stock		1,492		—		—		1,492
Corporate Debt Securities		—		176,020		u		176,020
Foreign Government Obligations		—		11,115		—		11,115
Loan Assignment		—		1,557		—		1,557
Mortgage-Backed Securities		—		25,310		—		25,310
Municipal Government Obligations		—		3,868		—		3,868
Preferred Corporate Debt Securities		—		4,742		—		4,742
Preferred Stocks		4,211		—		—		4,211
Repurchase Agreement		—		14,080		—		14,080
Securities Lending Collateral		32,662		—		—		32,662
U.S. Government Agency Obligations		—		827		—		827
U.S. Government Obligations		—		19,283		—		19,283
Warrant		1,564		—		—		1,564
Total	$	42,958	$	265,771	$	u	$	308,729

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

Transamerica Funds		Semi-Annual Report 2012
	Page    18

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

Level 3 Rollforward—Investment Securities

Securities

Beginning Balance at 10/31/2011

Purchases

Sales

Accrued Discounts/ (Premiums)

Total Realized Gain/(Loss)

Net Change in Unrealized Appreciation/ (Depreciation) ƒ

Transfers into Level  3

Transfers out of Level 3

Ending Balance at 04/30/2012

Net Change in  Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ

Corporate Debt Securities

$

u

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

u

$

—

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

u Amount is less than 1.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    19

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK—0.4%
Automobiles—0.4%
Better Place ‡ə§r		666,891	$	2,694
Total Convertible Preferred Stock (cost $1,667)
PREFERRED STOCKS—0.7%
Automobiles—0.4%
Better Place—Series C ‡ə§r		581,653		2,350
Internet Software & Services—0.2%
Peixe Urbano, Inc. ‡ə§r		50,890		1,425
Software—0.1%
Workday, Inc. ‡ə§r		70,664		937
Total Preferred Stocks (cost $5,253)				4,712
COMMON STOCKS—98.3%
Air Freight & Logistics—1.8%
Expeditors International of Washington, Inc.		306,024		12,241
Biotechnology—0.7%
Ironwood Pharmaceuticals, Inc.—Class A ‡^		348,558		4,604
Capital Markets—0.6%
Greenhill & Co., Inc. ^		109,291		4,246
Chemicals—2.9%
Intrepid Potash, Inc. ‡^		317,441		7,888
Rockwood Holdings, Inc. ‡		209,435		11,591
Commercial Services & Supplies—6.6%
Covanta Holding Corp.		444,939		7,141
Edenred		861,657		27,523
Stericycle, Inc. ‡^		117,300		10,158
Communications Equipment—4.4%
Motorola Solutions, Inc.		578,200		29,506
Construction Materials—1.1%
Martin Marietta Materials, Inc. ^		90,463		7,498
Diversified Consumer Services—4.0%
New Oriental Education & Technology Group ADR ‡		249,614		6,672
Weight Watchers International, Inc. ^		268,509		20,396
Diversified Financial Services—5.6%
IntercontinentalExchange, Inc. ‡		79,103		10,524
Leucadia National Corp.		344,292		8,559
MSCI, Inc.—Class A ‡		516,117		18,885
Electric Utilities—1.8%
Brookfield Infrastructure Partners, LP		384,409		12,124
Electrical Equipment—0.3%
First Solar, Inc. ‡^		116,028		2,135
Food & Staples Retailing—0.9%
Sun Art Retail Group, Ltd. ‡^		4,615,000		6,150
Food Products—2.9%
Mead Johnson Nutrition Co.—Class A		232,466		19,890
Health Care Equipment & Supplies—6.1%
IDEXX Laboratories, Inc. ‡^		130,441		11,470
Intuitive Surgical, Inc. ‡		51,576		29,821
Health Care Technology—1.3%
athenahealth, Inc. ‡^		118,128		8,558
Hotels, Restaurants & Leisure—2.1%
Ctrip.com International, Ltd. ADR ‡^		232,087		5,029
Dunkin’ Brands Group, Inc.		280,793		9,090
Internet & Catalog Retail—2.1%
Groupon, Inc.—Class A ‡^		408,839		4,379
Groupon, Inc.—Class B ‡ə§r		291,388		3,068
NetFlix, Inc. ‡		87,359		7,001
Internet Software & Services—10.2%
Akamai Technologies, Inc. ‡		338,650		11,040
Alibaba.com, Ltd. ‡		3,205,200		5,503
LinkedIn Corp.—Class A ‡		208,735		22,638
MercadoLibre, Inc. ^		70,802		6,849
Yandex NV—Class A ‡		616,898		14,633
Youku, Inc. ADR ‡^		316,364		7,605

			Value
	Shares		(000’s)
IT Services—1.7%
Gartner, Inc. ‡		261,911	$	11,472
Life Sciences Tools & Services—3.2%
Illumina, Inc. ‡^		299,313		13,329
Techne Corp.		125,040		8,370
Machinery—1.6%
Schindler Holding AG		85,392		11,045
Media—1.7%
McGraw-Hill Cos., Inc.		235,407		11,575
Metals & Mining—1.5%
Lynas Corp., Ltd. ‡^		2,367,240		2,775
Molycorp, Inc. ‡^		265,094		7,173
Multiline Retail—1.7%
Dollar Tree, Inc. ‡		115,821		11,774
Oil, Gas & Consumable Fuels—2.9%
Range Resources Corp.		208,502		13,899
Ultra Petroleum Corp. ‡^		303,302		5,993
Personal Products—1.0%
Natura Cosmeticos SA		297,173		6,821
Pharmaceuticals—2.0%
Valeant Pharmaceuticals International, Inc. ‡		241,612		13,441
Professional Services—8.1%
IHS, Inc.—Class A ‡^		118,641		11,991
Intertek Group PLC		321,498		13,122
Qualicorp SA ‡		1,100,864		9,587
Verisk Analytics, Inc.—Class A ‡		416,435		20,385
Semiconductors & Semiconductor Equipment—1.8%
ARM Holdings PLC ADR ^		395,409		10,016
NVIDIA Corp. ‡		142,186		1,848
Software—11.3%
Citrix Systems, Inc. ‡		79,775		6,830
FactSet Research Systems, Inc. ^		104,696		10,978
Nexon Co., Ltd. ‡^		315,518		6,023
Red Hat, Inc. ‡		186,655		11,127
Salesforce.com, Inc. ‡		106,462		16,578
Solera Holdings, Inc.		275,745		12,391
Zynga, Inc.—Class A ‡^		1,257,298		10,486
Zynga, Inc.—Class B ‡ə§r		158,524		1,278
Trading Companies & Distributors—3.5%
Fastenal Co.		506,085		23,695
Wireless Telecommunication Services—0.9%
Millicom International Cellular SA		57,898		6,150
Total Common Stocks (cost $592,912)				664,567
SECURITIES LENDING COLLATERAL—21.8%
State Street Navigator Securities Lending
Trust—Prime Portfolio, 0.29% p		147,535,386		147,535
Total Securities Lending Collateral (cost $147,535)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.6%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $4,109 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 2.42%—2.76%, due 04/01/2034, and with a total value of $4,192.	$	4,109		4,109
Total Repurchase Agreement (cost $4,109)
Total Investment Securities (cost $751,476) P				823,617
Other Assets and Liabilities—Net				(147,479	)
Net Assets			$	676,138

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

Transamerica Funds		Semi-Annual Report 2012
	Page    20

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $11,752, or 1.74% of the fund’s net assets.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $143,641.

§ Illiquid. Total aggregate market value of illiquid securities is $11,752, or 1.74% of the fund’s net assets.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $751,476. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $130,276 and $58,135, respectively. Net unrealized appreciation for tax purposes is $72,141.

r Restricted. At 04/30/2012, the fund owned the respective securities (representing 1.74% of the fund’s net assets) which were restricted as to public resale:

	Date of						Fair		Fair Value
Description	Acquisition		Shares*		Cost		Value		Per Share*
Better Place		01/25/2010		666,891	$	1,667	$	2,694	$	4.04
Better Place—Series C		11/11/2011		581,653		2,641		2,350		4.04
Peixe Urbano, Inc.		12/02/2011		50,890		1,675		1,425		28.00
Workday, Inc.		10/12/2011		70,664		937		937		13.26
Groupon, Inc.—Class A		12/16/2010		291,388		2,301		3,068		10.53
Zynga—Class B		02/17/2011		158,524		2,224		1,278		8.06

* Amount not in thousands.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

			Level 2—
			Other		Level 3—
	Level 1—		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2012
Common Stocks	$	552,608	$	107,613	$	4,346	$	664,567
Convertible Preferred Stock		—		—		2,694		2,694
Preferred Stocks		—		—		4,712		4,712
Repurchase Agreement		—		4,109		—		4,109
Securities Lending Collateral		147,535		—		—		147,535
Total	$	700,143	$	111,722	$	11,752	$	823,617

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance  at 04/30/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ
Common Stocks	$	—	$	4,525	$	—	$	—	$	—	$	(179	)	$	—	$	—	$	4,346	$	(179	)
Convertible Preferred Stocks		—		1,667		—		—		—		1,027			—		—		2,694		1,027
Preferred Stocks		531		4,722		—		—		—		(541	)		—		—		4,712		(541	)
Total	$	531	$	10,914	$	—	$	—	$	—	$	307		$	—	$	—	$	11,752	$	307

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    21

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
CORPORATE DEBT SECURITIES—90.2%
Aerospace & Defense—1.2%
Bombardier, Inc. 7.50%, 03/15/2018—144A	$	450	$	498
7.75%, 03/15/2020—144A		1,300		1,453
Hexcel Corp. 6.75%, 02/01/2015 ^		776		784
Spirit Aerosystems, Inc. 6.75%, 12/15/2020		920		989
7.50%, 10/01/2017		1,945		2,105
Triumph Group, Inc. 8.63%, 07/15/2018 ^		2,000		2,225
Airlines—0.5%
Continental Airlines Pass-Through Trust Series 2007-1, Class B 6.90%, 04/19/2022		763		763
Delta Air Lines, Inc., Pass-Through Trust Series 2010-2, Class B 6.75%, 11/23/2015		400		402
U.S. Airways Pass-Through Trust Series 2010-1, Class A 6.25%, 04/22/2023		1,871		1,927
Auto Components—0.1%
Lear Corp. 8.13%, 03/15/2020		440		491
Automobiles—1.1%
Chrysler Group LLC/CG Co-Issuer, Inc. 8.00%, 06/15/2019 ^		3,350		3,467
8.25%, 06/15/2021 ^		1,070		1,107
General Motors Corp. (Escrow Shares) 7.20%, 01/15/2049 ə ‡		2,825		¿
Jaguar Land Rover PLC 7.75%, 05/15/2018—144A		650		678
8.13%, 05/15/2021—144A ^		1,660		1,735
Beverages—1.9%
Constellation Brands, Inc. 6.00%, 05/01/2022		1,800		1,895
7.25%, 09/01/2016		4,300		4,858
7.25%, 05/15/2017 ^		1,050		1,187
Cott Beverages, Inc. 8.13%, 09/01/2018		745		806
8.38%, 11/15/2017		3,370		3,640
Building Products—2.6%
Associated Materials LLC 9.13%, 11/01/2017 ^		4,540		4,086
Euramax International, Inc. 9.50%, 04/01/2016		4,310		3,965
Ply Gem Industries, Inc. 8.25%, 02/15/2018 ^		7,447		7,317
13.13%, 07/15/2014		1,800		1,818
Chemicals—1.4%
Huntsman International LLC 8.63%, 03/15/2020—03/15/2021 ^		3,390		3,865
NOVA Chemicals Corp. 3.78%, 11/15/2013 *		1,350		1,348
8.63%, 11/01/2019		3,240		3,694
Commercial Banks—1.0%
CIT Group, Inc. 5.25%, 03/15/2018		583		600
7.00%, 05/02/2016—144A		5,843		5,858
Commercial Services & Supplies—2.9%
Ceridian Corp. 11.25%, 11/15/2015 ^		2,480		2,362

	Principal		Value
	(000’s)		(000’s)
Commercial Services & Supplies (continued)
Ceridian Corp. (continued) 12.25%, 11/15/2015 Ώ	$	4,321	$	4,137
EnergySolutions, Inc. / EnergySolutions LLC 10.75%, 08/15/2018		4,640		4,815
International Lease Finance Corp. 8.63%, 09/15/2015		3,625		4,015
KAR Auction Services, Inc. 4.47%, 05/01/2014 *		1,925		1,920
UR Financing Escrow Corp. 7.38%, 05/15/2020—144A		1,884		1,978
Computers & Peripherals—0.5%
Seagate HDD Cayman 7.75%, 12/15/2018		2,700		2,977
Consumer Finance—2.0%
Ally Financial, Inc. 6.75%, 12/01/2014		2,350		2,479
Springleaf Finance Corp. 6.90%, 12/15/2017		12,550		10,244
Containers & Packaging—1.8%
Cascades, Inc. 7.75%, 12/15/2017		1,425		1,411
Graphic Packaging International, Inc. 7.88%, 10/01/2018		2,400		2,664
9.50%, 06/15/2017		1,300		1,443
Packaging Dynamics Corp. 8.75%, 02/01/2016—144A		3,495		3,713
Sealed Air Corp. 8.13%, 09/15/2019—144A		2,150		2,403
Diversified Consumer Services—1.5%
Ford Holdings LLC 9.30%, 03/01/2030		5,225		6,923
Service Corp., International 6.75%, 04/01/2015—04/01/2016		860		933
7.00%, 06/15/2017 ^		1,240		1,383
7.00%, 05/15/2019		500		534
Diversified Financial Services—3.9%
Bank of America Corp. Series K 8.00%, 01/30/2018 * Ž ^		6,605		6,815
Ford Motor Credit Co., LLC 3.88%, 01/15/2015		3,500		3,627
5.00%, 05/15/2018		950		1,027
5.88%, 08/02/2021		500		565
International Lease Finance Corp. 8.25%, 12/15/2020 ^		875		980
JPMorgan Chase & Co. Series 1 7.90%, 04/30/2018 * Ž		2,780		3,046
Marina District Finance Co., Inc. 9.50%, 10/15/2015 ^		2,900		2,820
9.88%, 08/15/2018 ^		2,890		2,774
Nuveen Investments, Inc. 10.50%, 11/15/2015 ^		3,723		3,844
Diversified Telecommunication Services—5.9%
Cincinnati Bell, Inc. 8.38%, 10/15/2020		3,230		3,230
8.75%, 03/15/2018 ^		1,225		1,148
Clearwire Communications LLC / Clearwire Finance, Inc. 14.75%, 12/01/2016—144A		62		62
Frontier Communications Corp. 8.25%, 04/15/2017		600		647
9.00%, 08/15/2031		7,849		7,475

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

Transamerica Funds		Semi-Annual Report 2012
	Page    22

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
Diversified Telecommunication Services (continued)
Hughes Satellite Systems Corp. 6.50%, 06/15/2019 ^	$	2,225	$	2,381
7.63%, 06/15/2021		400		434
Intelsat Jackson Holdings SA 9.50%, 06/15/2016		3,385		3,525
Level 3 Financing, Inc. 8.13%, 07/01/2019—144A		6,440		6,617
PAETEC Holding Corp. 8.88%, 06/30/2017		2,000		2,185
Sprint Capital Corp. 8.75%, 03/15/2032		4,625		3,920
Windstream Corp. 7.50%, 04/01/2023		7,275		7,547
Electric Utilities—3.6%
AES Red Oak LLC—Series B 9.20%, 11/30/2029		4,440		4,751
Elwood Energy LLC 8.16%, 07/05/2026		4,732		4,815
Homer City Funding LLC 8.14%, 10/01/2019		2,923		2,777
8.73%, 10/01/2026		7,174		6,860
Intergen NV 9.00%, 06/30/2017—144A		2,000		2,053
LSP Energy, LP / LSP Batesville Funding Corp. 7.16%, 01/15/2014 ə Џ		1,666		1,374
8.16%, 07/15/2025 ə Џ		750		615
Electronic Equipment & Instruments—0.4%
NXP BV / NXP Funding LLC 9.75%, 08/01/2018—144A		2,425		2,771
Energy Equipment & Services—1.1%
Stallion Oilfield Holdings, Ltd. 10.50%, 02/15/2015		6,603		7,082
Food & Staples Retailing—1.4%
Rite Aid Corp. 7.50%, 03/01/2017 ^		2,000		2,045
7.70%, 02/15/2027		281		247
9.50%, 06/15/2017 ^		337		338
10.38%, 07/15/2016		3,400		3,609
SUPERVALU, Inc. 8.00%, 05/01/2016 ^		2,804		2,944
Food Products—1.6%
Dole Food Co., Inc. 8.00%, 10/01/2016—144A		4,170		4,400
Harmony Foods Corp. 10.00%, 05/01/2016—144A		571		591
Post Holdings, Inc. 7.38%, 02/15/2022—144A		2,180		2,267
Simmons Foods, Inc. 10.50%, 11/01/2017—144A		3,400		3,128
Health Care Equipment & Supplies—0.9%
Accellent, Inc. 8.38%, 02/01/2017		2,230		2,250
Kinetic Concepts, Inc. / KCI USA, Inc. 10.50%, 11/01/2018—144A		3,645		3,758
Health Care Providers & Services—5.0%
CHS/Community Health Systems, Inc. 8.00%, 11/15/2019—144A ^		7,900		8,337
DaVita, Inc. 6.38%, 11/01/2018 ^		4,500		4,725
Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/2019—144A		2,525		2,569

	Principal		Value
	(000’s)		(000’s)
Health Care Providers & Services (continued)
Fresenius Medical Care US Finance II, Inc. (continued) 5.88%, 01/31/2022—144A	$	700	$	711
GCB U.S. Oncology, Inc. (Escrow Shares) 08/15/2017		4,970		75
HCA, Inc. 6.50%, 02/15/2020		1,300		1,391
7.50%, 02/15/2022 ^		4,100		4,413
7.88%, 02/15/2020		2,750		3,053
HealthSouth Corp. 7.75%, 09/15/2022 ^		3,300		3,556
LifePoint Hospitals, Inc. 6.63%, 10/01/2020 ^		3,815		4,015
Hotels, Restaurants & Leisure—5.9%
Ameristar Casinos, Inc. 7.50%, 04/15/2021—144A		372		393
7.50%, 04/15/2021 ^		4,275		4,521
Caesars Entertainment Operating Co., Inc. 10.00%, 12/15/2018		3,725		2,808
12.75%, 04/15/2018		6,500		5,533
GWR Operating Partnership LLP 10.88%, 04/01/2017		5,465		6,147
Mashantucket Western Pequot Tribe 8.50%, 11/15/2015—144A Џ ‡		6,600		602
MGM Resorts International 7.50%, 06/01/2016 ^		2,625		2,730
10.00%, 11/01/2016 ^		2,775		3,122
11.13%, 11/15/2017		2,456		2,781
11.38%, 03/01/2018 ^		2,000		2,383
Royal Caribbean Cruises, Ltd. 7.25%, 06/15/2016 ^		1,475		1,582
Seneca Gaming Corp. 8.25%, 12/01/2018—144A		1,000		1,023
WMG Acquisition Corp. 11.50%, 10/01/2018		2,120		2,311
Wynn Las Vegas LLC 7.75%, 08/15/2020		2,072		2,290
Household Durables—4.3%
Beazer Homes USA, Inc. 9.13%, 06/15/2018		5,310		4,514
12.00%, 10/15/2017		5,654		6,138
Jarden Corp. 7.50%, 05/01/2017—01/15/2020		2,360		2,578
K. Hovnanian Enterprises, Inc. 10.63%, 10/15/2016 ^		3,960		3,564
KB Home 9.10%, 09/15/2017 ^		3,490		3,595
Meritage Homes Corp. 7.15%, 04/15/2020 ^		3,646		3,764
Standard Pacific Corp. 8.38%, 05/15/2018—01/15/2021 ^		3,400		3,589
Household Products—1.4%
Reynolds Group Issuer, Inc. 6.88%, 02/15/2021—144A		300		309
7.13%, 04/15/2019—144A		1,950		2,038
9.00%, 04/15/2019—144A		5,175		5,201
9.88%, 08/15/2019—144A		1,250		1,303
Independent Power Producers & Energy Traders—4.4%
Calpine Corp. 7.25%, 10/15/2017—144A		3,875		4,137
7.88%, 07/31/2020—01/15/2023—144A		1,825		1,988
Dynegy Holdings LLC 7.50%, 06/01/2015 Џ ‡		4,800		3,216

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

Transamerica Funds		Semi-Annual Report 2012
	Page    23

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
Independent Power Producers & Energy Traders (continued)
Dynegy Holdings LLC (continued) 7.75%, 06/01/2019 Џ ‡	$	11,190	$	7,552
Edison Mission Energy 7.20%, 05/15/2019 ^		3,650		2,236
NRG Energy, Inc. 7.63%, 01/15/2018—05/15/2019		5,700		5,718
7.88%, 05/15/2021 ^		2,250		2,199
8.25%, 09/01/2020 ^		1,900		1,905
Insurance—2.3%
Genworth Financial, Inc. 6.15%, 11/15/2066 *		3,584		2,191
Liberty Mutual Group, Inc. 10.75%, 06/15/2058—144A *		3,475		4,726
Lincoln National Corp. 7.00%, 05/17/2066 *		8,350		8,099
IT Services—1.0%
SunGard Data Systems, Inc. 7.38%, 11/15/2018		2,275		2,429
7.63%, 11/15/2020 ^		3,905		4,163
Machinery—0.8%
Dynacast International LLC 9.25%, 07/15/2019—144A		2,200		2,310
Navistar International Corp. 8.25%, 11/01/2021 ^		2,459		2,656
Media—6.3%
Cablevision Systems Corp. 7.75%, 04/15/2018		2,225		2,364
8.00%, 04/15/2020 ^		1,050		1,134
8.63%, 09/15/2017		1,800		1,976
CCO Holdings LLC / CCO Holdings Capital Corp. 6.50%, 04/30/2021		800		836
7.25%, 10/30/2017 ^		5,385		5,855
7.38%, 06/01/2020 ^		1,500		1,637
7.88%, 04/30/2018 ^		450		487
Cequel Communications Holdings I LLC / Cequel Capital Corp. 8.63%, 11/15/2017—144A ^		3,000		3,240
Clear Channel Worldwide Holdings, Inc. 7.63%, 03/15/2020—144A ^		3,875		3,836
7.63%, 03/15/2020—144A		500		486
9.25%, 12/15/2017		475		518
Clear Channel Worldwide Holdings, Inc.—Series B 9.25%, 12/15/2017		3,675		4,029
DISH DBS Corp. 7.13%, 02/01/2016		1,000		1,108
7.75%, 05/31/2015		468		527
7.88%, 09/01/2019		1,700		1,968
Univision Communications, Inc. 7.88%, 11/01/2020—144A		2,915		3,039
8.50%, 05/15/2021—144A		3,985		3,935
WMG Acquisition Corp. 9.50%, 06/15/2016		4,200		4,588
Metals & Mining—1.4%
AK Steel Corp. 8.38%, 04/01/2022		3,182		3,072
FMG Resources August 2006 Pty, Ltd. 8.25%, 11/01/2019—144A ^		2,490		2,695
Thompson Creek Metals Co., Inc. 7.38%, 06/01/2018		585		500

	Principal		Value
	(000’s)		(000’s)
Metals & Mining (continued)
U.S. Steel Corp. 6.65%, 06/01/2037	$	3,043	$	2,533
Multiline Retail—1.2%
Bon-Ton Department Stores, Inc. 10.25%, 03/15/2014		3,305		2,718
JC Penney Corp., Inc. 7.13%, 11/15/2023 ^		3,375		3,498
7.40%, 04/01/2037		1,350		1,296
Multi-Utilities—0.5%
Puget Energy, Inc. 6.00%, 09/01/2021		2,950		3,154
Oil, Gas & Consumable Fuels—7.4%
Arch Coal, Inc. 7.00%, 06/15/2019—144A ^		670		600
7.25%, 06/15/2021—144A ^		1,115		995
8.75%, 08/01/2016		1,400		1,404
Chesapeake Energy Corp. 6.63%, 08/15/2020 ^		2,550		2,486
6.78%, 03/15/2019 ^		2,100		2,042
7.63%, 07/15/2013		100		104
9.50%, 02/15/2015 ^		2,400		2,616
Connacher Oil and Gas, Ltd. 8.50%, 08/01/2019—144A		3,025		3,010
CONSOL Energy, Inc. 6.38%, 03/01/2021		540		508
8.00%, 04/01/2017		750		791
8.25%, 04/01/2020		2,000		2,100
Continental Resources, Inc. 5.00%, 09/15/2022—144A		385		391
7.13%, 04/01/2021		650		725
8.25%, 10/01/2019		2,460		2,755
El Paso Corp. 7.25%, 06/01/2018		5,475		6,263
Energy Transfer Equity, LP 7.50%, 10/15/2020 ^		6,000		6,644
Kinder Morgan Finance Co., ULC 5.70%, 01/05/2016		3,160		3,318
Linn Energy LLC/Linn Energy Finance Corp. 7.75%, 02/01/2021		1,740		1,836
8.63%, 04/15/2020		2,340		2,556
Newfield Exploration Co. 6.63%, 04/15/2016		610		624
6.88%, 02/01/2020 ^		2,138		2,272
7.13%, 05/15/2018		295		314
Plains Exploration & Production Co. 6.13%, 06/15/2019		1,000		1,010
6.75%, 02/01/2022		1,215		1,264
SM Energy Co. 6.50%, 11/15/2021		2,370		2,500
Paper & Forest Products—0.7%
Ainsworth Lumber Co., Ltd. 11.00%, 07/29/2015—144A Ώ		696		545
Westvaco Corp. 7.95%, 02/15/2031 ^		600		666
8.20%, 01/15/2030		2,650		3,041
Pharmaceuticals—1.1%
Mylan, Inc. 7.63%, 07/15/2017—144A		1,000		1,108
7.88%, 07/15/2020—144A		1,695		1,898
Valeant Pharmaceuticals International, Inc. 6.75%, 08/15/2021—144A		2,170		2,111
6.88%, 12/01/2018—144A		1,100		1,133

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

Transamerica Funds		Semi-Annual Report 2012
	Page    24

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc. (continued) 7.00%, 10/01/2020—144A	$	900	$	912
Real Estate Investment Trusts—1.3%
Host Hotels & Resorts, LP 5.88%, 06/15/2019 ^		700		744
6.00%, 10/01/2021—144A		3,000		3,203
9.00%, 05/15/2017 ^		450		500
Weyerhaeuser Co. 7.38%, 03/15/2032		3,450		3,767
Real Estate Management & Development—0.3%
Realogy Corp. 11.50%, 04/15/2017		1,905		1,781
Road & Rail—1.2%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 8.25%, 01/15/2019 ^		1,035		1,084
9.75%, 03/15/2020		3,605		3,965
Hertz Corp. 6.75%, 04/15/2019 ^		2,000		2,088
7.50%, 10/15/2018		900		965
Semiconductors & Semiconductor Equipment—0.6%
Freescale Semiconductor, Inc. 9.25%, 04/15/2018—144A		2,900		3,179
10.13%, 03/15/2018—144A ^		638		711
Software—1.5%
First Data Corp. 8.75%, 01/15/2022—144A		1,340		1,307
12.63%, 01/15/2021 ^		8,186		8,206
Specialty Retail—0.5%
Brookstone Co., Inc. 13.00%, 10/15/2014—144A		935		757
Claire’s Stores, Inc. 9.00%, 03/15/2019—144A		500		515
9.63%, 06/01/2015 Ώ		1,968		1,673
Textiles, Apparel & Luxury Goods—1.5%
Jones Group, Inc. 6.13%, 11/15/2034 ^		6,720		5,108
Levi Strauss & Co. 6.88%, 05/01/2022—144A		3,440		3,517
PVH Corp. 7.38%, 05/15/2020 ^		1,175		1,298
Wireless Telecommunication Services—2.3%
Cricket Communications, Inc. 7.75%, 05/15/2016		2,190		2,305
7.75%, 10/15/2020 ^		2,225		2,086
Sprint Nextel Corp. 8.38%, 08/15/2017 ^		6,270		6,035
9.00%, 11/15/2018—144A		1,670		1,839
9.25%, 04/15/2022		2,750		2,736
Total Corporate Debt Securities (cost $577,302)				587,368
STRUCTURED NOTES DEBT—0.4%
Diversified Telecommunication Services—0.4%
Intelsat Luxembourg SA 11.50%, 02/04/2017—144A Ώ		2,750		2,839
Total Structured Notes Debt (cost $2,944)

	Shares		Value (000’s)
PREFERRED STOCKS—2.5%
Consumer Finance—1.3%
Ally Financial, Inc., 7.00%—144A		3,053	$	2,591
Ally Financial, Inc., 8.50% *		246,000		5,511
Diversified Financial Services—0.5%
GMAC Capital Trust I, 8.13% *		149,000		3,569
Insurance—0.7%
Hartford Financial Services Group, Inc., 7.88% * ‡^		177,400		4,674
Total Preferred Stocks (cost $15,413)				16,345
COMMON STOCKS—0.6%
Automobiles—0.0% ¥
General Motors Co. ‡^		11,558		266
Commercial Banks—0.4%
CIT Group, Inc. ‡		68,248		2,583
IT Services—0.2%
Unisys Corp. ‡^		61,972		1,156
Total Common Stocks (cost $3,482)				4,005
WARRANTS—0.0% ¥
Automobiles—0.0% ¥
General Motors Co. ‡ Expiration: 07/10/2016 Exercise Price: $10.00		203		3
General Motors Co. ‡ Expiration: 07/10/2019 Exercise Price: $18.33		203		2
Total Warrants (cost $u)				5
SECURITIES LENDING COLLATERAL—17.7%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		115,329,870		115,330
Total Securities Lending Collateral (cost $115,330)
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—4.9%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $31,955 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $32,597.	$	31,955		31,955
Total Repurchase Agreement (cost $31,955)
Total Investment Securities (cost $746,426) P				757,847
Other Assets and Liabilities—Net				(106,033	)
Net Assets			$	651,814

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

Transamerica Funds		Semi-Annual Report 2012
	Page    25

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

^ All or a portion of this security is on loan. The value of all securities on loan is $112,968.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1,989, or 0.31% of the fund’s net assets.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

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

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

Џ In default.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $746,426. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $28,501 and $17,080, respectively. Net unrealized appreciation for tax purposes is $11,421.

u Amount is less than 1.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $130,002, or 19.94% of the fund’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

			Level 2—
			Other		Level 3—
	Level 1—		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2012
Common Stocks	$	4,005	$	—	$	—	$	4,005
Corporate Debt Securities		—		587,368		u		587,368
Preferred Stocks		16,345		—		—		16,345
Repurchase Agreement		—		31,955		—		31,955
Securities Lending Collateral		115,330		—		—		115,330
Structured Notes Debt		—		2,839		—		2,839
Warrants		5		—		—		5
Total	$	135,685	$	622,162	$	u	$	757,847

Level 3 Rollforward—Investment Securities

Securities

Beginning Balance at 10/31/2011

Purchases

Sales

Accrued Discounts/ (Premiums)

Total Realized Gain/(Loss)

Net Change in Unrealized Appreciation/ (Depreciation) ƒ

Transfers into Level 3

Transfers out of Level 3

Ending Balance at 04/30/2012

Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ

Corporate Debt Securities

$

u

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

u

$

—

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    26

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
FOREIGN GOVERNMENT OBLIGATIONS—70.8%
Australia—1.8%
New South Wales Treasury Corp. 5.50%, 03/01/2017	AUD	3,550	$	4,013
Belgium—2.8%
Belgium Government Bond 4.00%, 03/28/2018	EUR	3,470		4,945
4.25%, 09/28/2021		1,000		1,426
Brazil—1.3%
Brazil Notas do Tesouro Nacional 10.00%, 01/01/2013	BRL	5,480		2,903
Canada—4.1%
Canadian Government Bond 2.50%, 06/01/2015	CAD	1,300		1,356
3.25%, 06/01/2021		5,600		6,230
5.00%, 06/01/2037		590		854
5.75%, 06/01/2033		383		585
Denmark—1.2%
Denmark Government Bond 4.00%, 11/15/2019	DKK	12,850		2,736
France—8.0%
Caisse d’Amortissement de la Dette Sociale 3.75%, 09/08/2014—10/25/2020	GBP	2,520		3,816
France Government Bond OAT 2.50%, 10/25/2020	EUR	7,300		9,494
4.50%, 04/25/2041		1,600		2,410
5.75%, 10/25/2032		1,278		2,215
Germany—6.7%
Bundesrepublik Deutschland 2.25%, 09/04/2021		6,780		9,538
4.75%, 07/04/2034		2,970		5,486
Italy—8.0%
Italy Buoni Poliennali Del Tesoro 4.00%, 09/01/2020—02/01/2037		8,305		9,590
4.25%, 08/01/2014		2,500		3,358
5.25%, 08/01/2017		3,800		5,163
Japan—21.4%
10-Year Japan Government Bond 1.10%, 06/20/2021	JPY	330,000		4,238
Japan Government Bond 1.30%, 03/20/2015		1,424,000		18,434
2.10%, 12/20/2026—09/20/2028		1,067,000		14,561
2.20%, 09/20/2039—03/20/2041		802,000		10,758
Netherlands—2.5%
Netherlands Government Bond 3.25%, 07/15/2021	EUR	1,160		1,682
3.75%, 07/15/2014—01/15/2042		2,775		4,051
South Africa—1.1%
Republic of South Africa 13.50%, 09/15/2015	ZAR	15,900		2,473
Spain—2.7%
Spain Government Bond 4.60%, 07/30/2019	EUR	3,540		4,487
4.90%, 07/30/2040		1,410		1,524
Supranational—4.8%
European Investment Bank 1.40%, 06/20/2017	JPY	361,000		4,764
4.25%, 10/15/2014	EUR	4,175		5,995
Sweden—1.0%
Sweden Government Bond 4.50%, 08/12/2015	SEK	14,000		2,297

	Principal		Value
	(000’s)		(000’s)
United Kingdom—3.4%
United Kingdom Gilt 4.25%, 06/07/2032	GBP	965	$	1,840
4.50%, 12/07/2042		2,920		5,797
Total Foreign Government Obligations (cost $152,785)				159,019
MORTGAGE-BACKED SECURITY—1.4%
Spain—1.4%
Union de Creditos Inmobiliarios Series 15, Class A 1.00%, 12/18/2048 * §	EUR	3,490		3,192
Total Mortgage-Backed Security (cost $4,735)
CORPORATE DEBT SECURITIES—22.3%
Australia—1.0%
Suncorp-Metway, Ltd. 4.00%, 01/16/2014	GBP	1,290		2,193
Finland—1.3%
Nordea Bank Finland PLC 2.25%, 11/16/2015	EUR	2,100		2,875
France—2.1%
BNP Paribas Home Loan SFH 3.00%, 07/23/2013		1,750		2,376
Cie de Financement Foncier SA 4.75%, 06/25/2015		1,600		2,313
Germany—3.8%
KFW 2.60%, 06/20/2037	JPY	170,000		2,416
5.50%, 12/07/2015	GBP	3,350		6,201
Netherlands—5.4%
Fortis Bank Nederland NV 3.38%, 05/19/2014	EUR	3,200		4,452
ING Bank NV 3.00%, 09/30/2014		2,850		3,944
LeasePlan Corp. NV 3.25%, 05/22/2014		2,750		3,815
Norway—2.2%
Sparebank 1 Boligkreditt AS 2.50%, 06/23/2015		1,500		2,057
Sparebanken Vest Boligkreditt AS 2.50%, 06/09/2015		2,100		2,862
Sweden—1.2%
Stadshypotek AB 2.75%, 04/30/2015		2,000		2,772
Switzerland—1.8%
Credit Suisse AG 2.63%, 12/01/2015		3,000		4,149
United Kingdom—3.5%
Abbey National Treasury Services PLC 3.38%, 06/08/2015		1,550		2,148
Bank of Scotland PLC 4.75%, 01/26/2015		800		1,146
Barclays Bank PLC 3.63%, 04/13/2016		1,700		2,411
Royal Bank of Scotland PLC 4.00%, 03/15/2016—Reg S		1,450		2,063
Total Corporate Debt Securities (cost $48,626)				50,193

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

Transamerica Funds		Semi-Annual Report 2012
	Page    27

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.2%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $390 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $401.	$	390	$	390
Total Repurchase Agreement (cost $390)
Total Investment Securities (cost $206,536) P				212,794
Other Assets and Liabilities—Net				11,988
Net Assets			$	224,782

	Percentage of			Value
INVESTMENTS BY INDUSTRY:	Total Investments			(000’s)
Foreign Government Obligation		74.7	%	$	159,019
Commercial Banks		16.4			34,798
Diversified Financial Services		6.2			13,202
Mortgage-Backed Security		1.5			3,192
Insurance		1.0			2,193
Investment Securities, at Value		99.8			212,404
Short-Term Investments		0.2			390
Total Investments		100.0	%	$	212,794

FUTURES CONTRACTS: Б

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year Government of Canada Bond		Short		(43	)		06/20/2012	$	(31	)
10-Year Japan Government Bond		Long		20			06/11/2012		246
3-Year Australian Treasury Bond		Long		4			06/15/2012		7
German Euro BOBL		Short		(103	)		06/07/2012		(147	)
German Euro Bund		Short		(43	)		06/07/2012		(94	)
German Euro Schatz		Short		(204	)		06/07/2012		(82	)
U.K. Long Gilt Bond		Long		48			06/27/2012		101
									$(u	)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	HSBC		(9,967	)		06/14/2012	$	(10,272	)	$	(64	)
Australian Dollar	BNP		6,332			06/14/2012		6,494			71
Brazilian Real	HSBC		(6,409	)		06/14/2012		(3,470	)		136
Canadian Dollar	HSBC		(1,310	)		06/14/2012		(1,311	)		(15	)
Canadian Dollar	BCLY		(5,130	)		06/14/2012		(5,129	)		(58	)
Canadian Dollar	UBS		(1,471	)		06/14/2012		(1,484	)		(4	)
Canadian Dollar	BNP		(372	)		06/14/2012		(377	)		1
Canadian Dollar	BCLY		412			06/14/2012		415			2
Canadian Dollar	HSBC		9,433			06/14/2012		9,454			86
Canadian Dollar	CITI		(1,912	)		06/14/2012		(1,925	)		(8	)
Danish Krone	BNP		(1,987	)		06/14/2012		(355	)		1
Euro	BCLY		831			06/14/2012		1,109			(9	)
Euro	CSFB		173			06/14/2012		228			2
Euro	HSBC		879			06/14/2012		1,155			9
Euro	HSBC		(2,903	)		06/14/2012		(3,872	)		28
Euro	BCLY		(433	)		06/14/2012		(568	)		(6	)
Euro	DUB		(44,760	)		06/14/2012		(59,780	)		522
Euro	BCLY		(8,005	)		06/14/2012		(10,460	)		(138	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    28

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Euro	CITI		(1,923	)		06/14/2012	$	(2,524	)	$	(22	)
Euro	UBS		(1,301	)		06/14/2012		(1,695	)		(28	)
Euro	BNP		(1,621	)		06/14/2012		(2,136	)		(9	)
Euro	CSFB		329			06/14/2012		434			1
Euro	DUB		12,399			06/14/2012		16,507			(91	)
Euro	BCLY		645			06/14/2012		843			11
Euro	WBC		542			06/14/2012		724			(7	)
Euro	BNP		2,945			06/14/2012		3,909			(10	)
Euro	UBS		1,815			06/14/2012		2,408			(6	)
Euro	BNP		202			06/14/2012		270			(2	)
Euro	BNP		323			06/14/2012		421			7
Euro	UBS		278			06/14/2012		366			2
Euro	RBS		1,711			06/14/2012		2,253			12
Indonesian Rupiah	DUB		(25,530,378	)		06/14/2012		(2,760	)		(6	)
Indonesian Rupiah	UBS		25,530,378			06/14/2012		2,774			(9	)
Japanese Yen	DUB		142,867			06/14/2012		1,772			18
Japanese Yen	DUB		100,748			06/14/2012		1,225			37
Japanese Yen	BNP		(223,977	)		06/14/2012		(2,752	)		(55	)
Japanese Yen	CITI		4,128,185			06/14/2012		50,176			1,553
Japanese Yen	DUB		1,005,801			06/14/2012		12,235			368
Japanese Yen	DUB		154,567			06/14/2012		1,883			54
Japanese Yen	CSFB		46,041			06/14/2012		557			20
Japanese Yen	BCLY		36,773			06/14/2012		455			6
Japanese Yen	BCLY		(112,314	)		06/14/2012		(1,388	)		(19	)
Japanese Yen	HSBC		(455,379	)		06/14/2012		(5,530	)		(176	)
Japanese Yen	BNP		110,231			06/14/2012		1,341			41
Japanese Yen	SSB		166,474			06/14/2012		2,012			74
Japanese Yen	DUB		(1,228,171	)		06/14/2012		(14,916	)		(472	)
Mexican Peso	BCLY		40,878			06/14/2012		3,088			37
Mexican Peso	CITI		(6,135	)		06/14/2012		(476	)		7
Mexican Peso	BNP		(4,313	)		06/14/2012		(334	)		4
New Zealand Dollar	CITI		5			06/14/2012		4			(u	)
Norwegian Krone	CITI		(3,098	)		06/14/2012		(534	)		(6	)
Norwegian Krone	BCLY		729			06/14/2012		126			1
Pound Sterling	BNP		(509	)		06/14/2012		(820	)		(6	)
Pound Sterling	DUB		2,583			06/14/2012		4,132			58
Pound Sterling	BNP		590			06/14/2012		936			21
Pound Sterling	RBS		834			06/14/2012		1,355			(2	)
Pound Sterling	MSC		141			06/14/2012		228			1
Pound Sterling	CITI		(1,915	)		06/14/2012		(3,031	)		(77	)
Pound Sterling	HSBC		(763	)		06/14/2012		(1,220	)		(18	)
Pound Sterling	DUB		1,854			06/14/2012		2,959			49
Singapore Dollar	CITI		3,407			06/14/2012		2,709			44
Singapore Dollar	CITI		(587	)		06/14/2012		(466	)		(8	)
South African Rand	DUB		(18,123	)		06/14/2012		(2,335	)		19
Swedish Krona	CITI		36,225			06/14/2012		5,452			(73	)
Swedish Krona	CITI		(3,030	)		06/14/2012		(448	)		(2	)
										$	1,897

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	CSFB		(156	)		06/14/2012	$	(161	)	$	(3	)
Euro	CSFB		121			06/14/2012		160			2
Canadian Dollar	SSB		(464	)		06/14/2012		(469	)		(7	)
Euro	SSB		352			06/14/2012		466			4
Canadian Dollar	BNP		(378	)		06/14/2012		(382	)		(6	)
Euro	BNP		283			06/14/2012		375			(1	)
Canadian Dollar	BCLY		646			06/14/2012		653			7
Euro	BCLY		(484	)		06/14/2012		(640	)		6
Canadian Dollar	RBC		935			06/14/2012		945			7
Japanese Yen	RBC		(76,926	)		06/14/2012		(964	)		(26	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    29

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
Danish Krone	CITI		(1,905	)		06/14/2012	$	(339	)	$	(5	)
Euro	CITI		256			06/14/2012		339			5
Euro	DUB		(1,399	)		06/14/2012		(1,852	)		(3	)
Pound Sterling	DUB		1,139			06/14/2012		1,848			(2	)
Euro	DUB		(1,277	)		06/14/2012		(1,691	)		3
Pound Sterling	DUB		1,048			06/14/2012		1,701			8
Euro	CITI		(869	)		06/14/2012		(1,150	)		7
Japanese Yen	CITI		95,296			06/14/2012		1,194			37
Euro	BCLY		(658	)		06/14/2012		(871	)		14
Japanese Yen	BCLY		72,864			06/14/2012		913			28
Euro	CSFB		(425	)		06/14/2012		(563	)		1
Japanese Yen	CSFB		46,388			06/14/2012		581			17
Euro	RBC		(328	)		06/14/2012		(434	)		(7	)
Japanese Yen	RBC		34,819			06/14/2012		436			8
Euro	CSFB		(242	)		06/14/2012		(321	)		(3	)
Japanese Yen	CSFB		25,762			06/14/2012		323			4
Euro	BCLY		252			06/14/2012		334			(2	)
Japanese Yen	BCLY		(27,608	)		06/14/2012		(346	)		(11	)
Euro	HSBC		254			06/14/2012		336			3
Japanese Yen	HSBC		(27,426	)		06/14/2012		(344	)		(11	)
Euro	HSBC		271			06/14/2012		359			(2	)
Swedish Krona	HSBC		(2,403	)		06/14/2012		(357	)		4
Euro	UBS		1,004			06/14/2012		1,329			12
Swedish Krona	UBS		(8,965	)		06/14/2012		(1,331	)		(14	)
Euro	CSFB		2,717			06/14/2012		3,597			32
Norwegian Krone	CSFB		(20,726	)		06/14/2012		(3,615	)		(50	)
Norwegian Krone	DUB		9,831			06/14/2012		1,715			20
Swedish Krona	DUB		(11,513	)		06/14/2012		(1,710	)		(15	)
Norwegian Krone	UBS		10,657			06/14/2012		1,859			(9	)
Swedish Krona	UBS		(12,426	)		06/14/2012		(1,845	)		23
Norwegian Krone	DUB		11,096			06/14/2012		1,936			(13	)
Swedish Krona	DUB		(13,033	)		06/14/2012		(1,936	)		14
										$	76

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net  Exposures(1) (000’s)
BCLY	$	(131	)	$	—	$	(131	)
BNP		57			—		57
CITI		1,452			—		1,452
CSFB		23			—		23
DUB		568			—		568
HSBC		(20	)		—		(20	)
MSC		1			—		1
RBC		(18	)		—		(18	)
RBS		10			—		10
SSB		71			—		71
UBS		(33	)		—		(33	)
WBC		(7	)		—		(7	)

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    30

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

* Floating or variable rate note. Rate is listed as of 04/30/2012.

p Rate shown reflects the yield at 04/30/2012.

Б Cash in the amount of $1,067 has been segregated as collateral to cover margin requirements for open futures contracts.

u Amount rounds to less than 1.

§ Illiquid. Total aggregate market value of illiquid securities is $3,192, or 1.42% of the fund’s. net assets.

P Aggregate cost for federal income tax purposes is $206,536. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $12,230 and $5,972, respectively. Net unrealized appreciation for tax purposes is $6,258.

DEFINITIONS:

BCLY	Barclays Bank PLC
BNP CITI CSFB DUB HSBC MSC RBC RBS SSB UBS WBC	BNP Paribas Bank Citigroup, Inc. Credit Suisse First Boston Deutsche Bank AG HSBC Bank USA Morgan Stanley Royal Bank of Canada Royal Bank of Scotland Group PLC State Street Bank UBS Warburg LLC Westpac Banking Corporation

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD DKK EUR GBP JPY SEK ZAR	Canadian Dollar Danish Krone Euro Pound Sterling Japanese Yen Swedish Krona South African Rand

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Corporate Debt Securities	$	—	$	50,193	$	—	$	50,193
Foreign Government Obligations		—		159,019		—		159,019
Mortgage-Backed Security		—		3,192		—		3,192
Repurchase Agreement		—		390		—		390
Total	$	—	$	212,794	$	—	$	212,794

Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	354		$	—		$	—	$	354
Futures Contracts—Depreciation		(354	)		—			—		(354	)
Forward Foreign Cross Currency Contracts— Appreciation		—			266			—		266
Forward Foreign Cross Currency Contracts— Depreciation		—			(190	)		—		(190	)
Forward Foreign Currency Contracts—Appreciation		—			3,303			—		3,303
Forward Foreign Currency Contracts—Depreciation		—			(1,406	)		—		(1,406	)
Total	$	(u	)	$	1,973		$	—	$	1,973

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    31

Transamerica International Equity

(formerly Transamerica TS&W International Equity)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCK—0.5%
Russian Federation—0.5%
Sberbank of Russia, 3.89% p		540,000	$	945
Total Preferred Stock (cost $1,337)
COMMON STOCKS—94.8%
Australia—3.0%
APA Group ^		431,000		2,344
Computershare, Ltd. ^		269,900		2,365
Telstra Corp., Ltd.		262,000		966
Belgium—1.3%
Anheuser-Busch InBev NV ^		33,900		2,444
Canada—2.2%
Barrick Gold Corp. ^		52,100		2,108
Canadian Imperial Bank of Commerce		21,000		1,584
Penn West Petroleum, Ltd. ^		33,000		566
Finland—0.7%
Sampo OYJ—Class A		53,278		1,418
France—7.4%
AXA SA ^		133,983		1,898
Bouygues SA ^		51,489		1,398
Etablissements Maurel et Prom		47,500		790
Euler Hermes SA		24,400		1,728
European Aeronautic Defence and Space Co., NV		72,700		2,870
Sanofi ^		39,600		3,022
Societe Generale SA		21,900		518
Vivendi SA		89,500		1,654
Germany—10.8%
Adidas AG		26,000		2,168
Allianz SE		21,000		2,340
Bayer AG ^		38,600		2,719
Gerresheimer AG ‡		30,700		1,417
HeidelbergCement AG ^		34,700		1,908
Hochtief AG		18,300		1,073
Linde AG		11,000		1,883
Rheinmetall AG		19,195		1,078
Siemens AG		40,600		3,761
TUI AG ‡^		286,300		2,092
Greece—0.5%
OPAP SA		98,036		876
Hong Kong—3.7%
First Pacific Co.		1,820,200		1,975
Guangdong Investment, Ltd. ^		3,012,000		2,217
HSBC Holdings PLC		297,424		2,710
Ireland—2.5%
Ryanair Holdings PLC ADR ‡^		69,900		2,354
Smurfit Kappa Group PLC		297,900		2,508
Italy—3.3%
Fiat Industrial SpA		190,749		1,565
Pirelli & C. SpA		200,500		2,442
Prysmian SpA		135,001		2,198
Japan—16.6%
Air Water, Inc.		191,400		2,413
Aisin Seiki Co., Ltd.		86,000		3,028
Daito Trust Construction Co., Ltd.		21,100		1,897
Fujitsu, Ltd. ^		405,000		1,968
Fukuoka Financial Group, Inc.		415,000		1,727
Hitachi, Ltd.		510,000		3,248
Japan Petroleum Exploration Co.		31,000		1,414
Jupiter Telecommunications Co., Ltd.		2,561		2,714
Kintetsu World Express, Inc. ^		55,000		1,969
Komatsu, Ltd.		50,800		1,462
Kuraray Co., Ltd.		130,000		1,855
Mitsubishi Corp.		105,800		2,293
Nippon Telegraph & Telephone Corp.		74,900		3,389
USS Co., Ltd.		24,880		2,524
Korea, Republic of—2.6%
Hyundai Home Shopping Network Corp.		9,200		1,123

	Shares		Value (000’s)
Korea, Republic of (continued)
Kangwon Land, Inc.		96,300	$	2,066
SK Telecom Co., Ltd.		15,000		1,792
Netherlands—1.2%
BinckBank NV		147,252		1,394
Wolters Kluwer NV		58,700		1,013
Rubssian Federation—0.4%
Gazprom OAO ADR		62,000		712
Singapore—2.4%
Fraser and Neave, Ltd.		446,900		2,542
SIA Engineering Co., Ltd.		657,000		2,092
Spain—2.0%
Amadeus IT Holding SA—Class A		95,600		1,954
Grifols SA ADR ^		119,110		1,127
Viscofan SA		15,880		718
Sweden—4.2%
Investment AB Kinnevik—Class B		103,100		2,097
Investor AB—Class B		138,400		2,759
Saab AB		67,193		1,120
Svenska Cellulosa AB—Class B		115,300		1,827
Switzerland—6.9%
Aryzta AG ‡		38,900		1,959
GAM Holding AG ‡		157,200		2,017
Nestle SA		42,200		2,585
Novartis AG		68,900		3,800
Zurich Insurance Group AG ‡		9,800		2,397
Thailand—0.9%
Bangkok Bank PCL		283,000		1,758
United Kingdom—19.2%
BHP Billiton PLC ADR ^		31,300		2,014
BP PLC ADR		68,000		2,952
Diageo PLC ADR		16,725		1,691
Imperial Tobacco Group PLC		47,300		1,891
Inmarsat PLC		272,900		1,948
Johnson Matthey PLC		44,100		1,656
Kingfisher PLC		503,500		2,374
National Grid PLC		195,300		2,109
Resolution, Ltd.		438,800		1,594
Rexam PLC		301,824		2,106
Royal Dutch Shell PLC—Class A		100,400		3,574
TESCO PLC		319,000		1,643
Unilever PLC		121,700		4,153
Vodafone Group PLC		1,168,100		3,232
WPP PLC		212,700		2,878
United States—3.0%
Flextronics International, Ltd. ‡^		304,000		2,025
Noble Corp. ‡^		57,800		2,200
RenaissanceRe Holdings, Ltd. ^		18,000		1,405
Total Common Stocks (cost $175,385)				179,155
SECURITIES LENDING COLLATERAL—12.1%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		22,895,120		22,895
Total Securities Lending Collateral (cost $22,895)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    32

Transamerica International Equity

(formerly Transamerica TS&W International Equity)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—4.0%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $7,606 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, with a value of $7,762.	$	7,606	$	7,606
Total Repurchase Agreement (cost $7,606)
Total Investment Securities (cost $207,223) P				210,601
Other Assets and Liabilities—Net				(21,482	)
Net Assets			$	189,119

INVESTMENTS BY INDUSTRY:	Percentage of Total  Investments			Value (000’s)
Insurance		6.1	%	$	12,779
Oil, Gas & Consumable Fuels		4.8			10,007
Pharmaceuticals		4.5			9,541
Food Products		4.5			9,415
Commercial Banks		3.9			8,297
Media		3.9			8,259
Chemicals		3.7			7,807
Industrial Conglomerates		3.5			7,381
Diversified Financial Services		3.2			6,831
Diversified Telecommunication Services		3.0			6,303
Auto Components		2.6			5,470
Electronic Equipment & Instruments		2.5			5,273
Hotels, Restaurants & Leisure		2.4			5,034
Wireless Telecommunication Services		2.4			5,024
Specialty Retail		2.3			4,898
Containers & Packaging		2.2			4,614
Capital Markets		2.1			4,356
IT Services		2.1			4,319
Beverages		2.0			4,135
Metals & Mining		2.0			4,122
Aerospace & Defense		1.9			3,990
Machinery		1.4			3,028
Construction & Engineering		1.2			2,471
Airlines		1.1			2,354
Gas Utilities		1.1			2,344
Trading Companies & Distributors		1.1			2,293
Water Utilities		1.1			2,217
Energy Equipment & Services		1.0			2,200
Electrical Equipment		1.0			2,198
Textiles, Apparel & Luxury Goods		1.0			2,168
Multi-Utilities		1.0			2,109
Transportation Infrastructure		1.0			2,092
Air Freight & Logistics		0.9			1,969
Computers & Peripherals		0.9			1,968
Construction Materials		0.9			1,908
Real Estate Management & Development		0.9			1,898
Tobacco		0.9			1,891
Paper & Forest Products		0.9			1,827
Food & Staples Retailing		0.8			1,643
Life Sciences Tools & Services		0.7			1,417
Biotechnology		0.5			1,127
Internet & Catalog Retail		0.5			1,123
Investment Securities, at Value		85.5			180,100
Short-Term Investments		14.5			30,501
Total Investments		100.0	%	$	210,601

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

Transamerica Funds		Semi-Annual Report 2012
	Page    33

Transamerica International Equity

(formerly, Transamerica TS&W International Equity)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $21,909.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $207,223. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $15,725 and $12,347, respectively. Net unrealized appreciation for tax purposes is $3,378.

DEFINITION:

ADR         American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	9,888	$	169,267	$	—	$	179,155
Preferred Stock		—		945		—		945
Repurchase Agreement		—		7,606		—		7,606
Securities Lending Collateral		22,895		—		—		22,895
Total	$	32,783	$	177,818	$	—	$	210,601

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    34

Transamerica Money Market

(formerly, Transamerica AEGON Money Market)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER p —67.1%
Beverages—0.7%
Coca-Cola Co. 0.20%, 07/18/2012	$	1,500	$	1,499
Commercial Banks—28.3%
Australia & New Zealand Banking Group, Ltd. 0.52%, 06/29/2012		5,000		4,996
Bank Tokyo Mit UFJ, Ltd. 0.08%, 05/02/2012		3,000		3,000
Barclays US Funding Corp. 0.07%, 05/02/2012		9,000		9,001
Credit Suisse 0.35%, 06/29/2012		4,400		4,397
Deutsche Bank Financial LLC 0.27%, 06/01/2012		3,100		3,099
DNB Bank ASA 0.25%, 07/18/2012—144A		3,300		3,298
0.32%, 06/11/2012—144A		2,000		1,999
Mizuho Funding LLC 0.35%, 07/23/2012—144A		5,000		4,996
0.36%, 05/22/2012		1,700		1,700
National Australia Funding Delaware, Inc. 0.24%, 05/01/2012—144A		5,900		5,901
Skandinaviska Enskilda Banken AB 0.43%, 07/11/2012—144A		3,000		2,997
0.49%, 06/06/2012—144A		1,850		1,849
Standard Chartered Bank 0.40%, 09/18/2012—144A		3,000		2,995
0.41%, 05/10/2012—09/14/2012		5,000		4,995
Sumitomo Mitsui Banking Corp. 0.35%, 07/16/2012—07/25/2012—144A		7,700		7,694
Westpac Securities NZ, Ltd. 0.40%, 10/01/2012—144A		1,600		1,597
Consumer Finance—4.4%
PACCAR Financial Corp. 0.10%, 05/09/2012		2,100		2,100
Toyota Motor Credit Corp. 0.21%, 05/18/2012		4,000		3,999
0.28%, 05/21/2012—07/06/2012		4,000		3,999
Diversified Financial Services—33.7%
Alpine Securitization Corp. 0.17%, 05/23/2012—144A		6,000		5,999
General Electric Capital Corp. 0.18%, 06/06/2012		2,100		2,100
0.28%, 07/16/2012		4,000		3,998
ING US Funding LLC 0.37%, 07/23/2012		2,800		2,798
Jupiter Securitization Co. LLC 0.18%, 06/01/2012—144A		1,600		1,600
Mont Blanc Capital Corp. 0.33%, 05/23/2012—144A		6,000		5,999
Nieuw Amsterdam Receivables Corp. 0.19%, 05/14/2012—144A		4,200		4,200
Nordea North America, Inc. 0.26%, 06/01/2012		2,200		2,199
0.33%, 09/04/2012		3,000		2,997
Rabobank USA Financial Corp. 0.35%, 08/06/2012		2,100		2,098
0.36%, 06/22/2012—08/02/2012		5,900		5,895
Regency Markets No. 1 LLC 0.18%, 05/11/2012—144A		2,000		2,000
0.36%, 07/16/2012—144A		2,400		2,398

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Sheffield Receivables Corp. 0.28%, 07/24/2012—144A	$	4,000	$	3,997
0.37%, 06/06/2012—144A		4,000		3,999
Straight-A Funding LLC 0.14%, 06/04/2012		4,000		3,999
0.15%, 06/18/2012		2,000		2,000
0.16%, 06/27/2012		6,300		6,298
Surrey Funding Corp. 0.16%, 05/10/2012—144A		4,200		4,200
Victory Receivables Corp. 0.17%, 05/01/2012—144A		3,000		3,000
0.22%, 06/26/2012—144A		5,000		4,998
Total Commercial Paper (cost $152,883)				152,883
CERTIFICATES OF DEPOSIT p—7.7%
Commercial Banks—7.7%
Bank of Tokyo-Mitsubishi UFJ, Ltd. 0.39%, 05/03/2012		6,000		6,000
Svenska Handelsbanken AB 0.27%, 07/18/2012		2,000		2,000
0.29%, 06/12/2012		3,500		3,500
Toronto-Dominion Bank 0.17%, 05/01/2012		6,000		6,000
Total Certificates of Deposit (cost $17,500)				17,500
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS p—5.6%
Freddie Mac 0.01%, 06/08/2012		3,500		3,500
U.S. Treasury Bill 0.08%, 05/24/2012		5,800		5,799
0.09%, 06/21/2012		3,400		3,400
Total Short-Term U.S. Government Obligations (cost $12,699)				12,699
REPURCHASE AGREEMENTS—19.7%
Goldman Sachs 0.20% p, dated 04/30/2012, to be repurchased at $11,100 on 05/01/2012.
Collateralized by a U.S. Government Agency Obligation, 4.00%, due 06/02/2021, with a value of $11,322.		11,100		11,100
JPMorgan Securities, Inc. 0.18% p, dated 04/30/2012, to be repurchased at $33,600 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 5.50%—6.00%, due 11/15/2025 - 04/15/2036, with a total value of $33,607.		33,600		33,600
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $72 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $75.		72		72
Total Repurchase Agreements (cost $44,772)				44,772
Total Investment Securities (cost 227,854) P				227,854
Other Assets and Liabilities—Net				(137	)
Net Assets			$	227,717

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

Transamerica Funds		Semi-Annual Report 2012
	Page    35

Transamerica Money Market

(formerly, Transamerica AEGON Money Market)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $227,854.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $75,716, or 33.25%, of the fund’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Certificates of Deposit	$	—	$	17,500	$	—	$	17,500
Commercial Paper		—		152,883		—		152,883
Repurchase Agreements		—		44,772		—		44,772
Short-Term U.S. Government Obligations		—		12,699		—		12,699
Total	$	—	$	227,854	$	—	$	227,854

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    36

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—5.4%
U.S. Treasury Bond 3.13%, 11/15/2041 g	$	3,140	$	3,150
3.13%, 02/15/2042		742		744
4.38%, 05/15/2040		1,020		1,279
4.75%, 02/15/2041		720		957
U.S. Treasury Inflation Indexed Bond 0.75%, 02/15/2042		544		545
2.13%, 02/15/2041		348		479
U.S. Treasury Note 0.25%, 01/31/2014		555		555
0.38%, 04/15/2015		1,015		1,015
0.63%, 06/30/2012 g		230		230
1.00%, 03/31/2017 ^		1,915		1,934
1.38%, 02/28/2019 ^		2,100		2,114
2.00%, 02/15/2022		6,267		6,314
Total U.S. Government Obligations (cost $18,639)				19,316
U.S. GOVERNMENT AGENCY OBLIGATIONS—15.2%
Fannie Mae 2.40%, 10/09/2019 p		435		350
3.50%, 11/01/2026—05/01/2042		4,629		4,832
4.00%, 02/01/2025—12/01/2041		6,197		6,617
4.50%, 05/01/2041—06/01/2041		8,295		8,930
5.00%, 05/01/2018—12/01/2035		2,101		2,286
5.50%, 07/01/2019—11/01/2038		5,311		5,860
6.00%, 08/01/2036—10/01/2040		2,131		2,366
6.50%, 05/01/2040		1,510		1,707
Fannie Mae, TBA 3.50%		800		833
4.00%		953		1,007
4.50%		3,300		3,539
5.00%		1,400		1,520
6.00%		2,700		2,982
Freddie Mac 2.87%, 12/25/2021		670		687
3.97%, 01/25/2021 *		420		466
4.02%, 11/25/2044—144A *		55		50
5.00%, 04/01/2018		51		55
5.50%, 09/01/2018—11/01/2018		62		67
Freddie Mac, IO 1.56%, 12/25/2018 * ə		853		73
Freddie Mac, TBA 5.00%		200		216
Ginnie Mae, TBA 4.00%		1,300		1,406
4.50%		2,500		2,734
5.00%		2,700		2,988
5.50%		1,200		1,340
6.00%		1,100		1,241
Total U.S. Government Agency Obligations (cost $53,401)				54,152
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Republic of Brazil 7.13%, 01/20/2037		100		141
Republic of Poland 6.38%, 07/15/2019		80		94
Republic of South Africa 5.50%, 03/09/2020		180		205

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Republic of Turkey 5.63%, 03/30/2021	$	145	$	155
7.00%, 03/11/2019		100		116
Russian Federation 7.50%, 03/31/2030—Reg S		515		617
Turkey Government International Bond 6.25%, 09/26/2022		200		222
United Mexican States 5.13%, 01/15/2020		340		397
Total Foreign Government Obligations (cost $1,863)				1,947
MORTGAGE-BACKED SECURITIES—5.6%
American General Mortgage Loan Trust Series 2009-1, Class A6 5.75%, 09/25/2048—144A *		1,060		1,090
American Tower Trust Series 2007-1A, Class AFX 5.42%, 04/15/2037—144A		910		969
Series 2007-1A, Class C 5.62%, 04/15/2037—144A		1,080		1,140
Banc of America Large Loan, Inc. Series 2010-HLTN, Class HLTN 1.99%, 11/15/2015—144A *		400		376
Series 2010-UB4, Class A4A 5.04%, 12/20/2041—144A *		315		333
BCAP LLC Trust Series 2009-RR3, Class 2A1 5.02%, 05/26/2037—144A *		147		149
Series 2009-RR6, Class 2A1 5.10%, 08/26/2035—144A *		388		347
Series 2009-RR10, Class 2A1 2.81%, 08/26/2035—144A *		558		540
Series 2009-RR13, Class 13A3 5.25%, 03/26/2037—144A *		264		266
Series 2009-RR14, Class 1A1 6.00%, 05/26/2037—144A *		568		585
Series 2010-RR1, Class 12A1 5.25%, 08/26/2036—144A *		596		615
Series 2010-RR6, Class 1A5 5.00%, 08/26/2022—144A *		279		282
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-C5, Class A4 4.83%, 11/15/2037		420		453
Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3 5.47%, 09/15/2039		600		661
Series 2006-C5, Class AM 5.34%, 12/15/2039		360		355
Series 2007-C4, Class A3 5.97%, 09/15/2039 *		765		803
Series 2009-16R, Class 11A1 7.00%, 08/26/2036—144A		262		269
Series 2010-15R, Class 2A1 3.50%, 05/26/2036—144A *		381		385
Series 2010-18R, Class 3A1 4.00%, 03/26/2037—144A		360		365
Series 2010-RR1, Class 2A 5.70%, 09/15/2040—144A *		585		651
DBRR Trust Series 2011-C32, Class A3A 5.93%, 06/17/2049—144A *		150		168

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

Transamerica Funds		Semi-Annual Report 2012
	Page    37

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Extended Stay America Trust Series 2010-ESHA, Class B 4.22%, 11/05/2027—144A	$	350	$	355
Series 2010-ESHA, Class C 4.86%, 11/05/2027—144A		100		102
Series 2010-ESHA, Class D 5.50%, 11/05/2027—144A		195		197
GS Mortgage Securities Corp. II Series 2007-GG10, Class A 4 5.98%, 08/10/2045 *		20		22
Jefferies & Co., Inc. Series 2009-R2, Class 2A 5.89%, 12/26/2037—144A *		349		349
Series 2009-R7, Class 1A1 4.95%, 02/26/2036—144A *		568		545
Series 2009-R7, Class 4A1 2.63%, 09/26/2034—144A *		554		519
Series 2009-R7, Class 10A3 6.00%, 12/26/2036—144A		266		276
Series 2009-R7, Class 12A1 5.13%, 08/26/2036—144A *		299		295
Series 2009-R9, Class 1A1 2.51%, 08/26/2046—144A *		355		350
Series 2010-R2, Class 1A1 6.00%, 05/26/2036—144A		520		537
Series 2010-R3, Class 1A1 3.07%, 03/21/2036—144A *		353		351
Series 2010-R6, Class 1A1 4.00%, 09/26/2037—144A		226		228
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-CB8, Class A1A 4.16%, 01/12/2039—144A		675		699
Series 2004-LN2, Class A2 5.12%, 07/15/2041		300		320
Series 2008-C2, Class ASB 6.13%, 02/12/2051 *		210		225
Series 2010-C1, Class B 5.95%, 06/15/2043—144A		370		412
JPMorgan Re-REMIC Series 2009-7, Class 8A1 5.48%, 01/27/2047—144A *		265		271
Series 2010-4, Class 7A1 4.27%, 08/26/2035—144A *		424		416
LB-UBS Commercial Mortgage Trust Series 2004-C8, Class C 4.93%, 12/15/2039 *		605		602
Merrill Lynch Mortgage Trust Series 2004-KEY2, Class A4 4.86%, 08/12/2039 *		225		241
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class A 4 5.70%, 09/12/2049		720		790
Morgan Stanley Capital I Series 2007-HQ12, Class A2FX 5.78%, 04/12/2049 *		286		292
Morgan Stanley Capital I, IO Series 2012-C4, Class XA 2.90%, 03/15/2045—144A *		1,603		246
Morgan Stanley Re-REMIC Trust 2.00%, 07/27/2049		261		260
Series 2011-IO, Class A 2.50%, 03/23/2051—144A		101		102

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class A 4 6.10%, 02/15/2051	$	230	$	258
Total Mortgage-Backed Securities (cost $19,613)				20,062
ASSET-BACKED SECURITIES—2.3%
321 Henderson Receivables I LLC Series 2012-1A, Class A 4.21%, 02/16/2065—144A		250		257
AH Mortgage Advance Trust Series SART-3, Class 1A1 2.98%, 03/13/2043—144A		210		210
AmeriCredit Automobile Receivables Trust Series 2011-5, Class C 3.44%, 10/08/2017		200		205
Series 2012-2, Class C 2.64%, 10/10/2017		125		125
Series 2012-2, Class D 3.38%, 04/09/2018		170		170
CarMax Auto Owner Trust Series 2012-1, Class B 1.76%, 08/15/2017		70		70
Series 2012-1, Class C 2.20%, 10/16/2017		40		40
Series 2012-1, Class D 3.09%, 08/15/2018		50		50
DT Auto Owner Trust Series 2012-1A, Class B 2.27%, 10/16/2017—144A		250		250
Series 2012-1A, Class C 3.41%, 10/16/2017—144A		250		250
Series 2012-1A, Class D 4.94%, 07/16/2018—144A		250		250
Ford Credit Floorplan Master Owner Trust Series 2010-5, Class C 2.07%, 09/15/2015—144A		110		111
Series 2010-5, Class D 2.41%, 09/15/2015—144A		60		60
Series 2011-2, Class C 2.37%, 09/15/2015		140		140
Series 2011-2, Class D 2.86%, 09/15/2015		95		95
Series 2012-1, Class B 1.14%, 01/15/2016 *		100		100
Series 2012-1, Class C 1.70%, 01/15/2016 *		160		160
Series 2012-1, Class D 2.34%, 01/15/2016 *		145		145
Series 2012-2, Class B 2.32%, 01/15/2019		100		100
Series 2012-2, Class D 3.51%, 01/15/2019		100		100
Hyundai Auto Receivables Trust Series 2012-A, Class D 2.61%, 05/15/2018		95		95
Nelnet Student Loan Trust Series 2008-3, Class A4 2.14%, 11/25/2024 *		205		211
PFS Financing Corp. Series 2012-AA, Class A 1.44%, 02/15/2016—144A *		160		161

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

Transamerica Funds		Semi-Annual Report 2012
	Page    38

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust Series 2010-B, Class C 3.02%, 10/17/2016—144A	$	755	$	771
Series 2011-1, Class D 4.01%, 02/15/2017		310		312
Series 2011-S1A, Class B 1.48%, 07/15/2013—144A		509		508
Series 2011-S2A, Class C 2.86%, 06/15/2017—144A		363		364
Series 2012-1, Class B 2.72%, 05/16/2016		80		81
Series 2012-1, Class C 3.78%, 11/15/2017		110		113
Series 2012-2, Class C 3.20%, 02/15/2018		310		311
Series 2012-2, Class D 3.87%, 02/15/2018		185		186
SLM Student Loan Trust Series 2004-B, Class A2 0.67%, 06/15/2021 *		288		277
Series 2005-B, Class A2 0.65%, 03/15/2023 *		412		395
Series 2012-A, Class A1 1.64%, 08/15/2025—144A *		116		116
Series 2012-A, Class A2 3.83%, 01/17/2045—144A		120		122
Series 2012-B, Class A2 3.48%, 10/15/2030—144A		400		402
TAL Advantage LLC Series 2011-1A, Class A 4.60%, 01/20/2026—144A		1,002		1,031
Total Asset-Backed Securities (cost $8,294)				8,344
PREFERRED CORPORATE DEBT SECURITIES—0.2%
Commercial Banks—0.1%
Capital One Capital V 10.25%, 08/15/2039		75		78
Capital One Capital VI 8.88%, 05/15/2040		225		231
Fifth Third Capital Trust IV 6.50%, 04/15/2037 *		155		153
Diversified Financial Services—0.0% ¥
JPMorgan Chase Capital XXV—Series Y 6.80%, 10/01/2037 ^		90		90
Insurance—0.1%
MetLife Capital Trust IV 7.88%, 12/15/2037—144A ^		200		223
Total Preferred Corporate Debt Securities (cost $763)				775
CORPORATE DEBT SECURITIES—10.9%
Aerospace & Defense—0.0% ¥
Sequa Corp. 11.75%, 12/01/2015—144A		100		106
Capital Markets—0.3%
Credit Suisse 5.40%, 01/14/2020		95		98
Goldman Sachs Group, Inc. 5.75%, 01/24/2022		705		736
Morgan Stanley 5.50%, 07/28/2021 ^		120		117
Chemicals—0.2%
CF Industries, Inc. 7.13%, 05/01/2020 ^		410		490

	Principal (000’s)		Value (000’s)
Chemicals (continued)
Dow Chemical Co. 4.13%, 11/15/2021 ^	$	120	$	125
Commercial Banks—0.7%
Bank of Scotland PLC 5.25%, 02/21/2017—144A		200		219
Barclays Bank PLC 5.93%, 12/15/2016—144A * Ž		100		91
CIT Group, Inc. 6.63%, 04/01/2018—144A ^		125		136
Discover Bank 7.00%, 04/15/2020 ^		420		488
HSBC Bank Brasil SA—Banco Multiplo 4.00%, 05/11/2016—144A		610		619
HSBC Bank PLC 3.10%, 05/24/2016—144A ^		300		311
HSBC Holdings PLC 6.10%, 01/14/2042		105		124
UBS AG 2.25%, 03/30/2017—144A ^		275		277
Wells Fargo & Co. 3.50%, 03/08/2022 ^		370		375
Commercial Services & Supplies—0.1%
UR Financing Escrow Corp. 7.63%, 04/15/2022—144A ^		290		307
Construction Materials—0.0% ¥
Lafarge SA 7.13%, 07/15/2036 ^		65		63
Consumer Finance—0.1%
Capital One Financial Corp. 4.75%, 07/15/2021 ^		290		313
Containers & Packaging—0.3%
Rexam PLC 6.75%, 06/01/2013—144A		1,121		1,167
Diversified Financial Services—1.4%
Bank of America Corp. 3.88%, 03/22/2017 ^		195		195
5.70%, 01/24/2022		85		89
6.50%, 08/01/2016 ^		95		104
7.63%, 06/01/2019 ^		125		144
Citigroup, Inc. 4.59%, 12/15/2015 ^		1,270		1,329
5.00%, 09/15/2014 ^		120		124
Ford Motor Credit Co., LLC 6.63%, 08/15/2017		200		230
Irish Life & Permanent PLC 3.60%, 01/14/2013—144A		990		949
JPMorgan Chase Bank NA 6.00%, 10/01/2017		985		1,131
Northern Rock Asset Management PLC 5.63%, 06/22/2017—144A		200		215
QHP Royalty Sub LLC 10.25%, 03/15/2015—144A		161		162
Swiss Re Capital I LP 6.85%, 05/25/2016—144A * Ž ^		240		221
Woodside Finance, Ltd. 4.60%, 05/10/2021—144A ^		90		95
Diversified Telecommunication Services—0.4%
AT&T, Inc. 5.35%, 09/01/2040 ^		175		191
Intelsat Jackson Holdings SA 7.25%, 04/01/2019 ^		170		177
Level 3 Financing, Inc. 8.13%, 07/01/2019—144A		53		54

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

Transamerica Funds		Semi-Annual Report 2012
	Page    39

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services (continued)
Level 3 Financing, Inc. (continued) 8.75%, 02/15/2017 ^	$	410	$	427
Sprint Capital Corp. 6.88%, 11/15/2028 ^		135		101
Verizon Communications, Inc. 3.50%, 11/01/2021 ^		170		178
6.40%, 02/15/2038 ^		100		125
Electric Utilities—1.3%
Alabama Power Co. 3.95%, 06/01/2021		200		218
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		117		132
8.88%, 11/15/2018		25		33
Duke Energy Carolinas LLC 4.25%, 12/15/2041 ^		125		130
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/01/2020 ^		500		552
Florida Power & Light Co. 5.95%, 02/01/2038		150		195
Georgia Power Co. 3.00%, 04/15/2016 ^		365		390
Hydro Quebec 8.05%, 07/07/2024		1,900		2,807
Jersey Central Power & Light Co. 7.35%, 02/01/2019 ^		105		133
Energy Equipment & Services—0.6%
El Paso Pipeline Partners Operating Co., LLC 6.50%, 04/01/2020 ^		255		293
Ensco PLC 4.70%, 03/15/2021		205		224
Enterprise Products Operating LLC 6.13%, 10/15/2039 ^		240		277
Noble Holding International, Ltd. 5.25%, 03/15/2042		125		126
Transocean, Inc. 5.05%, 12/15/2016		280		304
6.38%, 12/15/2021 ^		535		626
6.50%, 11/15/2020 ^		150		172
Food & Staples Retailing—0.0% ¥
Wal-Mart Stores, Inc. 5.63%, 04/01/2040		125		152
Food Products—0.1%
Kraft Foods, Inc. 6.50%, 02/09/2040 ^		220		277
Health Care Equipment & Supplies—0.1%
Boston Scientific Corp. 6.25%, 11/15/2015		433		484
Health Care Providers & Services—0.2%
HCA, Inc. 6.50%, 02/15/2020		48		51
7.25%, 09/15/2020 ^		150		166
Tenet Healthcare Corp. 6.25%, 11/01/2018—144A ^		165		172
8.88%, 07/01/2019 ^		205		230
UnitedHealth Group, Inc. 3.38%, 11/15/2021 ^		55		57
Hotels, Restaurants & Leisure—0.5%
Caesars Entertainment Operating Co., Inc. 11.25%, 06/01/2017 ^		410		453
International Game Technology 7.50%, 06/15/2019		430		511

	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure (continued)
MGM Resorts International 10.38%, 05/15/2014	$	150	$	171
11.13%, 11/15/2017 ^		400		453
Wyndham Worldwide Corp. 4.25%, 03/01/2022		240		241
Household Products—0.1%
Reynolds Group Issuer, Inc. 6.88%, 02/15/2021—144A		390		402
7.88%, 08/15/2019—144A ^		100		108
Independent Power Producers & Energy Traders—0.0%¥
Constellation Energy Group, Inc. 7.60%, 04/01/2032		50		66
Insurance—0.6%
Allianz Finance II BV 5.75%, 07/08/2041 *	EUR	100		124
American International Group, Inc. 3.80%, 03/22/2017 ^	$	296		305
5.45%, 05/18/2017 ^		165		179
8.18%, 05/15/2058 * ^		25		27
AXA SA 5.25%, 04/16/2040 *	EUR	100		108
Fairfax Financial Holdings, Ltd. 5.80%, 05/15/2021—144A	$	106		103
Hartford Financial Services Group, Inc. 6.00%, 01/15/2019 ^		130		139
Lincoln National Corp. 7.00%, 06/15/2040 ^		115		136
Muenchener Rueckversicherungs AG 6.00%, 05/26/2041 *	EUR	100		132
Prudential Financial, Inc. 4.75%, 09/17/2015	$	560		607
5.38%, 06/21/2020 ^		210		236
XL Group PLC 6.50%, 04/15/2017 * Ž ^		200		167
Machinery—0.0% ¥
Joy Global, Inc. 5.13%, 10/15/2021 ^		75		83
Media—0.6%
CBS Corp. 4.63%, 05/15/2018 ^		70		77
8.88%, 05/15/2019 ^		220		294
CCH II LLC 13.50%, 11/30/2016 ^		100		113
Clear Channel Worldwide Holdings, Inc. — Series B 9.25%, 12/15/2017		240		263
COX Communications, Inc. 8.38%, 03/01/2039—144A ^		200		287
CSC Holdings LLC 8.50%, 04/15/2014		102		112
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 5.15%, 03/15/2042—144A ^		75		73
6.38%, 03/01/2041		165		185
NBCUniversal Media LLC 4.38%, 04/01/2021		175		191
5.15%, 04/30/2020		175		201
Time Warner Cable, Inc. 5.50%, 09/01/2041 ^		180		190
5.88%, 11/15/2040 ^		200		221
Time Warner, Inc. 6.10%, 07/15/2040		100		114

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

Transamerica Funds		Semi-Annual Report 2012
	Page    40

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Metals & Mining—0.1%
Freeport-McMoRan Copper & Gold, Inc. 2.15%, 03/01/2017 ^	$	60	$	59
Newcrest Finance Pty, Ltd. 4.45%, 11/15/2021—144A		125		129
Multiline Retail—0.2%
Macy’s Retail Holdings, Inc. 5.90%, 12/01/2016 ^		335		385
7.45%, 07/15/2017 ^		225		275
Multi-Utilities—0.1%
Dominion Resources, Inc. 1.95%, 08/15/2016		235		239
Oil, Gas & Consumable Fuels—1.6%
Anadarko Petroleum Corp. 5.95%, 09/15/2016 ^		512		591
6.38%, 09/15/2017		258		307
CONSOL Energy, Inc. 8.00%, 04/01/2017 ^		410		433
Enterprise Products Operating LLC 6.30%, 09/15/2017 ^		175		210
Gazprom OAO Via GAZ Capital SA 8.13%, 07/31/2014—144A ^		880		975
KeySpan Gas East Corp. 5.82%, 04/01/2041—144A		160		195
Kinder Morgan Energy Partners, LP 5.95%, 02/15/2018 ^		500		582
6.55%, 09/15/2040		50		57
Laredo Petroleum, Inc. 7.38%, 05/01/2022—144A		180		186
Linn Energy LLC/Linn Energy Finance Corp. 6.25%, 11/01/2019—144A ^		240		236
Marathon Petroleum Corp. 6.50%, 03/01/2041		325		357
MEG Energy Corp. 6.50%, 03/15/2021—144A		150		158
Nexen, Inc. 7.50%, 07/30/2039 ^		295		361
Peabody Energy Corp. 6.25%, 11/15/2021—144A		135		137
Plains Exploration & Production Co. 10.00%, 03/01/2016		40		44
Range Resources Corp. 5.75%, 06/01/2021		40		42
7.25%, 05/01/2018 ^		300		318
Western Gas Partners, LP 5.38%, 06/01/2021 ^		315		344
Paper & Forest Products—0.1%
International Paper Co. 4.75%, 02/15/2022 ^		140		149
6.00%, 11/15/2041		155		168
7.50%, 08/15/2021 ^		25		32
Pharmaceuticals—0.1%
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		70		73
Teva Pharmaceutical Finance IV BV 3.65%, 11/10/2021		170		176
Real Estate Investment Trusts—0.2%
ERP Operating, LP 4.63%, 12/15/2021		175		187
Ventas Realty, LP 4.75%, 06/01/2021 ^		120		124
Vornado Realty, LP 5.00%, 01/15/2022		410		430

	Principal (000’s)		Value (000’s)
Real Estate Investment Trusts (continued)
WEA Finance LLC 4.63%, 05/10/2021—144A ^	$	135	$	140
Real Estate Management & Development—0.1%
Realogy Corp. 7.88%, 02/15/2019—144A ^		270		265
Road & Rail—0.1%
Burlington Northern Santa Fe LLC 5.75%, 05/01/2040		350		408
Software—0.1%
First Data Corp. 8.25%, 01/15/2021—144A ^		30		30
Oracle Corp. 5.38%, 07/15/2040		150		177
Specialty Retail—0.0% ¥
QVC, Inc. 7.50%, 10/01/2019—144A		145		160
Wireless Telecommunication Services—0.6%
America Movil SAB de CV 2.38%, 09/08/2016 ^		300		306
Cricket Communications, Inc. 7.75%, 05/15/2016 ^		160		168
Crown Castle Towers LLC 6.11%, 01/15/2020—144A		545		623
MetroPCS Wireless, Inc. 7.88%, 09/01/2018 ^		12		12
SBA Tower Trust 5.10%, 04/15/2017—144A		650		708
Sprint Nextel Corp. 9.00%, 11/15/2018—144A ^		220		242
Total Corporate Debt Securities (cost $37,511)				38,874

	Shares		Value (000’s)
PREFERRED STOCK—0.0% ¥
Diversified Financial Services—0.0% ¥
Citigroup Capital XIII, 7.88% * ^		5,463		145
Total Preferred Stock (cost $144)
COMMON STOCKS—60.7%
Aerospace & Defense—1.1%
General Dynamics Corp.		2,931		198
Honeywell International, Inc. ^		9,667		586
United Technologies Corp.		40,349		3,294
Air Freight & Logistics—0.4%
FedEx Corp. ^		2,830		250
United Parcel Service, Inc.—Class B ^		16,359		1,278
Auto Components—0.3%
Johnson Controls, Inc. ^		21,251		680
TRW Automotive Holdings Corp. ‡		7,250		331
Automobiles—0.3%
General Motors Co. ‡^		43,047		990
Beverages—1.6%
Coca-Cola Co.		53,284		4,067
Coca-Cola Enterprises, Inc.		12,582		379
Constellation Brands, Inc.—Class A ‡^		4,743		102
Dr. Pepper Snapple Group, Inc. ^		12,146		493
PepsiCo, Inc.		10,098		666
Biotechnology—1.3%
Alexion Pharmaceuticals, Inc. ‡		2,753		249
Biogen Idec, Inc. ‡		12,472		1,671
Celgene Corp. ‡		26,165		1,908
Gilead Sciences, Inc. ‡^		12,890		670
Onyx Pharmaceuticals, Inc. ‡^		1,469		67

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

Transamerica Funds		Semi-Annual Report 2012
	Page    41

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Biotechnology (continued)
Vertex Pharmaceuticals, Inc. ‡		6,701	$	258
Building Products—0.1%
Masco Corp. ^		23,752		313
Capital Markets—1.2%
Ameriprise Financial, Inc.		5,883		319
Goldman Sachs Group, Inc.		9,258		1,066
Invesco, Ltd.		41,542		1,032
Morgan Stanley ^		19,089		330
State Street Corp.		30,274		1,399
TD Ameritrade Holding Corp. ^		11,872		223
Chemicals—1.3%
Air Products & Chemicals, Inc. ^		16,885		1,443
Dow Chemical Co. ^		16,226		550
E.I. du Pont de Nemours & Co. ^		51,150		2,735
Commercial Banks—1.6%
Comerica, Inc. ^		6,852		219
Huntington Bancshares, Inc. ^		35,230		236
KeyCorp		32,646		262
SunTrust Banks, Inc.		21,115		513
Wells Fargo & Co.		138,040		4,615
Communications Equipment—1.2%
Cisco Systems, Inc.		118,912		2,396
Juniper Networks, Inc. ‡^		8,745		187
QUALCOMM, Inc.		27,255		1,740
Computers & Peripherals—3.8%
Apple, Inc. ‡		18,733		10,945
EMC Corp. ‡		4,159		117
Hewlett-Packard Co.		42,311		1,048
NetApp, Inc. ‡^		20,906		812
SanDisk Corp. ‡		12,960		480
Construction & Engineering—0.5%
Fluor Corp.		31,562		1,823
Consumer Finance—1.0%
American Express Co.		29,155		1,755
Capital One Financial Corp. ^		33,486		1,858
Discover Financial Services		2,777		94
Containers & Packaging—0.2%
Crown Holdings, Inc. ‡^		5,612		208
Sealed Air Corp. ^		17,784		341
Diversified Consumer Services—0.0% ¥
H&R Block, Inc. ^		5,030		74
Diversified Financial Services—1.7%
Bank of America Corp.		248,723		2,017
Citigroup, Inc.		82,407		2,723
CME Group, Inc.—Class A		1,852		492
IntercontinentalExchange, Inc. ‡		5,178		689
NYSE Euronext		4,461		115
Diversified Telecommunication Services—1.4%
AT&T, Inc.		48,477		1,595
Verizon Communications, Inc.		85,139		3,438
Electric Utilities—0.8%
FirstEnergy Corp. ^		13,250		620
NextEra Energy, Inc. ^		21,065		1,356
NV Energy, Inc. ^		46,253		770
PPL Corp. ^		9,905		271
Electrical Equipment—0.6%
Emerson Electric Co. ^		43,744		2,298
Energy Equipment & Services—1.4%
Baker Hughes, Inc. ^		26,780		1,181
Halliburton Co.		19,645		672
Nabors Industries, Ltd. ‡		10,720		178
National Oilwell Varco, Inc.		15,992		1,212
Schlumberger, Ltd.		20,717		1,536
Weatherford International, Ltd. ‡^		13,304		190
Food & Staples Retailing—1.0%
CVS Caremark Corp.		38,446		1,715
Kroger Co.		10,838		252

	Shares		Value (000’s)
Food & Staples Retailing (continued)
Walgreen Co. ^		13,549	$	475
Wal-Mart Stores, Inc.		17,750		1,046
Food Products—1.2%
Archer-Daniels-Midland Co.		22,011		679
Campbell Soup Co. ^		9,520		322
General Mills, Inc.		16,281		633
Kellogg Co. ^		3,560		180
Kraft Foods, Inc.—Class A		38,943		1,553
Ralcorp Holdings, Inc. ‡		7,119		518
Tyson Foods, Inc.—Class A		14,473		264
Gas Utilities—0.4%
AGL Resources, Inc. ^		16,656		657
Atmos Energy Corp.		6,854		223
EQT Corp.		12,789		637
Health Care Equipment & Supplies—0.9%
Becton Dickinson and Co. ^		4,603		361
CareFusion Corp. ‡^		28,862		748
Covidien PLC		40,835		2,255
Health Care Providers & Services—1.0%
AMERIGROUP Corp. ‡		1,560		96
CIGNA Corp.		9,278		429
Humana, Inc.		11,020		889
McKesson Corp. ^		4,174		382
UnitedHealth Group, Inc.		33,652		1,889
Hotels, Restaurants & Leisure—0.6%
Carnival Corp. ^		35,034		1,138
McDonald’s Corp.		4,496		438
Yum! Brands, Inc.		9,209		670
Household Durables—0.3%
D.R. Horton, Inc. ^		24,843		407
NVR, Inc. ‡^		257		201
PulteGroup, Inc. ‡^		30,996		305
Ryland Group, Inc. ^		6,667		150
Toll Brothers, Inc. ‡^		7,142		181
Household Products—1.4%
Clorox Co. ^		2,210		155
Energizer Holdings, Inc. ‡		1,440		103
Kimberly-Clark Corp. ^		5,521		433
Procter & Gamble Co.		69,425		4,418
Independent Power Producers & Energy Traders—0.0% ¥
AES Corp. ‡		10,990		138
Industrial Conglomerates—1.4%
3M Co.		10,953		979
General Electric Co.		129,877		2,543
Tyco International, Ltd.		27,063		1,519
Insurance—1.6%
ACE, Ltd.		16,407		1,246
Allstate Corp. ^		13,294		443
Axis Capital Holdings, Ltd.		3,008		102
Berkshire Hathaway, Inc.—Class B ‡		8,703		700
Everest RE Group, Ltd.		5,724		567
MetLife, Inc.		47,610		1,716
PartnerRe, Ltd. ^		1,409		98
Prudential Financial, Inc.		15,619		946
Internet & Catalog Retail—0.8%
Amazon.com, Inc. ‡		9,518		2,207
Expedia, Inc. ^		13,978		596
Internet Software & Services—0.7%		19,475		799
eBay, Inc. ‡
Google, Inc.—Class A ‡		2,992		1,811
IT Services—1.7%
Accenture PLC—Class A ^		23,687		1,538
Cognizant Technology Solutions Corp.—‡		10,986		805
Fidelity National Information Services, Inc.		4,180		141
Genpact, Ltd. ‡		25,149		419
International Business Machines Corp.		9,140		1,894

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

Transamerica Funds		Semi-Annual Report 2012
	Page    42

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
IT Services (continued)
Mastercard, Inc.—Class A		2,853	$	1,290
Leisure Equipment & Products—0.0% ¥
Brunswick Corp.		4,305		113
Life Sciences Tools & Services—0.1%
PerkinElmer, Inc.		6,894		190
Machinery—0.9%
Cummins, Inc. ^		3,261		378
Kennametal, Inc. ^		8,164		345
PACCAR, Inc. ^		29,813		1,280
Parker Hannifin Corp. ^		3,696		324
SPX Corp.		9,844		756
Media—2.5%
CBS Corp.—Class B ^		76,122		2,539
Comcast Corp.—Class A		88,659		2,689
DIRECTV—Class A ‡		11,521		568
DISH Network Corp.—Class A		6,950		222
Time Warner, Inc. ^		59,178		2,217
Walt Disney Co.		15,040		648
Metals & Mining—0.5%
Alcoa, Inc. ^		60,849		591
Freeport-McMoRan Copper & Gold, Inc.		9,806		376
U.S. Steel Corp. ^		15,303		434
Walter Energy, Inc. ^		4,869		323
Multiline Retail—0.7%
Kohl’s Corp. ^		7,223		362
Macy’s, Inc.		20,792		853
Target Corp.		24,983		1,447
Multi-Utilities—0.8%
OGE Energy Corp.		732		39
PG&E Corp. ^		42,524		1,880
Sempra Energy ^		14,293		925
Oil, Gas & Consumable Fuels—5.5%
Anadarko Petroleum Corp.		6,669		488
Apache Corp.		8,785		843
Chevron Corp.		39,251		4,184
ConocoPhillips		16,561		1,186
EOG Resources, Inc.		4,570		502
Exxon Mobil Corp.		67,944		5,867
Occidental Petroleum Corp.		13,774		1,256
Peabody Energy Corp.		21,832		679
Pioneer Natural Resources Co. ^		5,138		595
Range Resources Corp. ^		20,778		1,385
Valero Energy Corp.		16,840		416
Williams Cos., Inc.		52,124		1,774
Pharmaceuticals—3.3%
Abbott Laboratories ^		13,360		829
Allergan, Inc.		14,390		1,381
Johnson & Johnson		14,268		929
Merck & Co., Inc.		99,803		3,917
Mylan, Inc. ‡		50,576		1,098
Pfizer, Inc.		147,986		3,394
Real Estate Investment Trusts—1.2%
Alexandria Real Estate Equities, Inc. ^		8,403		630
Cousins Properties, Inc. ^		13,502		106
Duke Realty Corp. ^		12,189		181
Equity Lifestyle Properties, Inc.—Class A ^		5,924		414
Highwoods Properties, Inc. ^		5,817		202
Home Properties, Inc. ^		3,530		216
LaSalle Hotel Properties		11,560		340
Mack-Cali Realty Corp.		9,897		284
Pebblebrook Hotel Trust ^		4,954		119
Post Properties, Inc. ^		4,734		231
ProLogis, Inc. ^		7,820		280
Senior Housing Properties Trust ^		6,074		134
SL Green Realty Corp. ^		2,790		230
Vornado Realty Trust		5,446		467
Weyerhaeuser Co.		18,867		384

	Shares		Value (000’s)
Real Estate Management & Development—0.1%
Howard Hughes Corp. ‡		3,070	$	206
Road & Rail—1.8%
CSX Corp. ^		95,220		2,124
Road & Rail (continued)
Norfolk Southern Corp.		16,632		1,213
Union Pacific Corp. ^		27,717		3,117
Semiconductors & Semiconductor Equipment—1.3%
Altera Corp.		25,196		896
Intel Corp.		8,837		251
LAM Research Corp. ‡^		23,050		960
Marvell Technology Group, Ltd. ‡		13,798		207
ON Semiconductor Corp. ‡^		26,015		215
Texas Instruments, Inc. ^		29,194		932
Xilinx, Inc. ^		32,243		1,174
Software—3.1%
Adobe Systems, Inc. ‡^		18,264		613
Citrix Systems, Inc. ‡		5,203		445
Microsoft Corp.		168,096		5,382
Oracle Corp.		140,405		4,127
Specialty Retail—1.9%
AutoZone, Inc. ‡^		2,900		1,149
Home Depot, Inc. ^		46,988		2,434
Lowe’s Cos., Inc.		57,147		1,798
TJX Cos., Inc. ^		30,117		1,256
Textiles, Apparel & Luxury Goods—0.9%
NIKE, Inc.—Class B ^		13,526		1,513
V.F. Corp. ^		11,364		1,728
Tobacco—1.2%
Altria Group, Inc.		26,270		846
Lorillard, Inc.		2,230		302
Philip Morris International, Inc.		34,438		3,082
Wireless Telecommunication Services—0.1%
Crown Castle International Corp. ‡		4,806		272
Total Common Stocks (cost $185,039)				216,604
INVESTMENT COMPANY—3.8%
Capital Markets—3.8%
BlackRock Provident TempFund 24		13,749,122		13,749
Total Investment Company (cost $13,749)

	Notional
	Amount		Value
	(000’s)		(000’s)
PURCHASED OPTIONS—0.0% ¥
Put Options—0.0% ¥
Eurodollar, Mid-Curve 1-Year Future Put Strike $99.00 Expires 05/12/2012	$	100		u
Eurodollar, Mid-Curve 3-Year Future Put Strike $98.00 Expires 05/11/2012		100		1
Total Purchased Options (cost $7)				1

			Value
	Shares		(000’s)
SECURITIES LENDING COLLATERAL—18.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		65,544,5530		65,545
Total Securities Lending Collateral (cost $65,545)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    43

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.7%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $2,508 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $2,558.	$	2,508		2,508
Total Repurchase Agreement (cost $2,508)
Total Investment Securities (cost $407,076) P			$	442,022
Other Assets and Liabilities—Net				(84,522	)
Net Assets			$	357,500

	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS—0.0% ¥
Put Options—0.0% ¥
Eurodollar, Mid-Curve 1-Year Future Put Strike $99.25 Expires 05/12/2012	$	(100	)	$	(u	)
Eurodollar, Mid-Curve 3-Year Future ə Put Strike $97.75 Expires 05/11/2012		(100	)		(1	)
Total Written Options (premiums: $(4))					(1	)

	Principal (000’s)			Value (000’s)
SECURITIES SOLD SHORT—(4.5%)
U.S. Government Agency Obligations—(4.5%)
Fannie Mae, TBA
3.50%	$	(2,200	)	$	(2,284	)
4.00%		(3,553	)		(3,765	)
4.50%		(4,100	)		(4,390	)
5.50%		(5,200	)		(5,683	)
Total Securities Sold Short (proceeds $(16,020))					(16,122	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized (Depreciation) (000’s)
Euro		JPM		(271	)		07/25/2012	$	(358	)	$	(1	)

FUTURES CONTRACTS: Б
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note		Short		(4	)		06/20/2012	$	(u	)
2-Year U.S. Treasury Note		Long		48			06/29/2012		10
30-Year U.S. Treasury Bond		Long		15			06/20/2012		13
5-Year U.S. Treasury Note		Long		51			06/29/2012		2
90-Day Eurodollar		Long		156			06/17/2013		19
90-Day Eurodollar		Short		(156	)		06/16/2014		(38	)
90-Day Eurodollar		Short		(7	)		12/15/2014		(1	)
90-Day Eurodollar		Short		(35	)		03/16/2015		(15	)
90-Day Eurodollar		Short		(35	)		06/15/2015		(15	)
90-Day Eurodollar		Short		(35	)		09/14/2015		(16	)
90-Day Eurodollar		Short		(28	)		12/14/2015		(14	)
S&P 500 E-Mini Index		Long		40			06/15/2012		22
Ultra Long U.S. Treasury Bond		Short		(9	)		06/20/2012		(44	)
								$	(77	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    44

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
JPM	$	(1	)	$	—	$	(1	)

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

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

^ All or a portion of this security is on loan. The value of all securities on loan is $64,113.

p Rate shown reflects the yield at 04/30/2012.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

ə Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $72, or 0.02% of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

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

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $407,076 Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,539 and $2,593, respectively. Net unrealized appreciation for tax purposes is $34,946.

g A portion of these securities in the amount of $384 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

Б Cash in the amount of $73 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

u Amount is less than 1.

DEFINITIONS (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $30,174, or 8.44%, of the fund’s net assets.

IO Interest Only

JPM JPMorgan Chase & Co.

REMIC Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

TBA To Be Announced

CURRENCY ABBREVIATION:

EUR Euro

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—	$	8,344	$	—	$	8,344
Common Stocks		216,604		—		—		216,604
Corporate Debt Securities		—		38,874		—		38,874
Foreign Government Obligations		—		1,947		—		1,947
Investment Company		13,749		—		—		13,749
Mortgage-Backed Securities		—		20,062		—		20,062
Preferred Corporate Debt Securities		—		775		—		775
Preferred Stock		145		—		—		145
Purchased Options		1		—		—		1
Repurchase Agreement		—		2,508		—		2,508
Securities Lending Collateral		65,545		—		—		65,545
U.S. Government Agency Obligations		—		54,152		—		54,152
U.S. Government Obligations		—		19,316		—		19,316
Total	$	296,044	$	145,978	$	—	$	442,022

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

Transamerica Funds		Semi-Annual Report 2012
	Page    45

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

		XXXXX			XXXXX			XXXXX		XXXXX
Securities Sold Short	Level 1 — Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
U.S. Government Agency Obligations	$	—		$	(16,122	)	$	—	$	(16,122	)
Other Financial Instruments	Level  1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Written Options	$	—		$	(1	)	$	—	$	(1	)
Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	66		$	—		$	—	$	66
Futures Contracts—Depreciation		(143	)		—			—		(143	)
Forward Foreign Currency Contracts—Depreciation		—			(1	)		—		(1	)
Total	$	(77	)	$	(1	)	$	—	$	(78	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    46

Transamerica Quality Value

(formerly Transamerica WMC Quality Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—98.8%
Aerospace & Defense—2.4%
General Dynamics Corp.		325,710	$	21,985
Honeywell International, Inc.		307,350		18,644
Air Freight & Logistics—1.1%
United Parcel Service, Inc.—Class B		246,660		19,274
Auto Components—0.5%
Johnson Controls, Inc.		242,990		7,768
Beverages—1.4%
PepsiCo, Inc.		365,765		24,140
Capital Markets—4.5%
Ameriprise Financial, Inc.		423,030		22,933
BlackRock, Inc.—Class A		78,345		15,009
Goldman Sachs Group, Inc.		180,430		20,777
Invesco, Ltd.		658,910		16,367
Chemicals—1.6%
Agrium, Inc.		97,335		8,556
Dow Chemical Co.		543,700		18,420
Commercial Banks—8.9%
BB&T Corp.		793,050		25,409
M&T Bank Corp. ^		200,340		17,283
PNC Financial Services Group, Inc.		354,900		23,537
U.S. Bancorp		783,920		25,219
Wells Fargo & Co.		1,718,450		57,448
Commercial Services & Supplies—1.5%
Avery Dennison Corp. ^		325,760		10,418
Waste Management, Inc. ^		409,420		14,002
Communications Equipment—1.9%
Cisco Systems, Inc.		912,130		18,380
QUALCOMM, Inc.		203,980		13,022
Containers & Packaging—0.5%
Owens-Illinois, Inc. ‡^		330,090		7,675
Diversified Financial Services—4.4%
Bank of America Corp.		1,793,990		14,549
JPMorgan Chase & Co.		1,187,440		51,037
NYSE Euronext		351,940		9,062
Diversified Telecommunication Services—3.1%
AT&T, Inc.		1,561,230		51,380
Electric Utilities—2.7%
Exelon Corp.		542,950		21,180
Northeast Utilities		659,860		24,264
Electrical Equipment—1.0%
Cooper Industries PLC—Class A		266,240		16,659
Energy Equipment & Services—1.6%
Baker Hughes, Inc.		389,905		17,198
Noble Corp. ‡		266,750		10,153
Food & Staples Retailing—1.4%
CVS Caremark Corp.		528,530		23,583
Food Products—2.4%
General Mills, Inc.		218,630		8,503
Hormel Foods Corp.		393,670		11,440
Unilever NV		597,800		20,534
Health Care Equipment & Supplies—1.7%
Covidien PLC		159,530		8,811
Medtronic, Inc.		507,710		19,394
Health Care Providers & Services—1.1%
Cardinal Health, Inc.		455,010		19,233
Household Products—2.4%
Procter & Gamble Co.		625,680		39,818
Industrial Conglomerates—3.0%
General Electric Co.		2,090,470		40,931
Siemens AG ADR		107,340		9,969
Insurance—5.5%
ACE, Ltd.		319,150		24,245
Chubb Corp.		285,640		20,872
Principal Financial Group, Inc.		762,550		21,100
RenaissanceRe Holdings, Ltd.		206,340		16,107
XL Group PLC—Class A		460,620		9,908

	Shares		Value (000’s)
Internet Software & Services—0.9%
eBay, Inc. ‡		371,610	$	15,255
Accenture PLC—Class A		256,090		16,633
Automatic Data Processing, Inc.		239,950		13,346
International Business Machines Corp.		85,650		17,736
Leisure Equipment & Products—1.0%
Mattel, Inc.		522,600		17,559
Machinery—2.5%
Caterpillar, Inc.		63,500		6,526
Deere & Co.		218,830		18,022
Eaton Corp.		355,970		17,151
Media—3.9%
Comcast Corp.—Class A		1,218,930		36,970
Omnicom Group, Inc.		254,610		13,064
Walt Disney Co.		357,730		15,422
Metals & Mining—0.9%
Barrick Gold Corp.		182,670		7,385
Compass Minerals International, Inc. ^		100,930		7,724
Multiline Retail—1.4%
Target Corp.		391,440		22,680
Multi-Utilities—2.7%
Alliant Energy Corp.		477,900		21,620
Dominion Resources, Inc.		365,850		19,094
Xcel Energy, Inc.		175,854		4,759
Oil, Gas & Consumable Fuels—11.6%
Anadarko Petroleum Corp.		323,210		23,662
Chevron Corp.		223,330		23,798
CONSOL Energy, Inc.		246,750		8,202
EnCana Corp. ^		1,191,960		24,960
Exxon Mobil Corp.		634,390		54,774
Occidental Petroleum Corp.		390,740		35,643
Petroleo Brasileiro SA ADR		519,780		12,236
Total SA ADR		244,400		11,758
Pharmaceuticals—10.5%
Eli Lilly & Co.		395,550		16,372
Johnson & Johnson		510,850		33,251
Merck & Co., Inc.		1,421,990		55,799
Pfizer, Inc.		2,413,090		55,332
Teva Pharmaceutical Industries, Ltd. ADR		332,660		15,216
Semiconductors & Semiconductor Equipment—1.0%
Intel Corp.		588,250		16,706
Software—1.9%
Microsoft Corp.		437,100		13,996
Oracle Corp.		611,130		17,961
Specialty Retail—2.0%
Lowe’s Cos., Inc.		720,450		22,673
Staples, Inc.		745,530		11,481
Tobacco—1.1%
Philip Morris International, Inc.		200,055		17,907
Total Common Stocks (cost $1,512,316)				1,658,869
SECURITIES LENDING COLLATERAL—1.7%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		28,703,944		28,704
Total Securities Lending Collateral (cost $28,704)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    47

Transamerica Quality Value

(formerly Transamerica WMC Quality Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.3%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $21,689 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/15/2040, and with a value of $22,126.	$	21,689	$	21,689
Total Repurchase Agreement (cost $21,689)
Total Investment Securities (cost $1,562,709)P				1,709,262
Other Assets and Liabilities—Net				(29,730	)
Net Assets			$	1,679,532

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

^ All or a portion of this security is on loan. The value of all securities on loan is $28,023.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $1,562,709. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $186,010 and $39,457, respectively. Net unrealized appreciation for tax purposes is $146,553.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	1,621,926	$	36,943	$	—	$	1,658,869
Repurchase Agreement		—		21,689		—		21,689
Securities Lending Collateral		28,704		—		—		28,704
Total	$	1,650,630	$	58,632	$	—	$	1,709,262

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    48

Transamerica Short-Term Bond

(formerly Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATION—0.0% ¥
Freddie Mac 2.52%, 08/01/2037 *	$	903	$	966
Total U.S. Government Agency Obligation (cost $916)
MORTGAGE-BACKED SECURITIES—25.5%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A 4.08%, 03/13/2031—144A		6,895		7,050
American General Mortgage Loan Trust Series 2009-1, Class A5 5.75%, 09/25/2048—144A *		13,311		13,554
Series 2009-1, Class A6 5.75%, 09/25/2048—144A *		20,611		21,198
American Tower Trust Series 2007-1A, Class AFX 5.42%, 04/15/2037—144A		22,047		23,467
Series 2007-1A, Class B 5.54%, 04/15/2037—144A		4,750		5,025
Series 2007-1A, Class C 5.62%, 04/15/2037—144A		14,550		15,357
Series 2007-1A, Class D 5.96%, 04/15/2037—144A		9,755		10,256
Banc of America Funding Corp. Series 2010-R4, Class 1A1 5.50%, 07/26/2036—144A		5,666		5,841
Series 2010-R6, Class 4A1 2.76%, 07/26/2035—144A *		4,622		4,541
Series 2011-R1, Class A1 4.00%, 08/26/2036—144A *		2,551		2,561
BCAP LLC Trust Series 2006-RR1, Class PD 5.00%, 11/25/2036		8,540		8,651
Series 2009-RR3, Class 1A2 6.00%, 11/26/2036—144A *		1,934		1,968
Series 2009-RR3, Class 2A1 5.02%, 05/26/2037—144A *		4,633		4,682
Series 2009-RR6, Class 2A1 5.10%, 08/26/2035—144A *		9,179		8,196
Series 2009-RR10, Class 2A1 2.81%, 08/26/2035—144A *		3,543		3,428
Series 2009-RR13, Class 13A3 5.25%, 03/26/2037—144A *		6,268		6,314
Series 2009-RR13, Class 14A1 5.25%, 03/26/2037—144A *		2,592		2,631
Series 2009-RR13, Class 2A3 5.51%, 02/26/2036—144A *		4,940		5,060
Series 2009-RR13, Class 3A3 5.50%, 05/26/2036—144A *		11,484		11,723
Series 2009-RR13, Class 7A1 5.25%, 10/26/2036—144A *		304		306
Series 2009-RR14, Class 1A1 6.00%, 05/26/2037—144A *		13,157		13,563
Series 2010-RR1, Class 12A1 5.25%, 08/26/2036—144A *		8,010		8,267
Series 2010-RR6, Class 15A5 5.50%, 12/26/2036—144A *		4,250		4,299
Series 2010-RR6, Class 16A5 5.50%, 04/26/2036—144A *		2,771		2,841
Series 2010-RR6, Class 1A5 5.00%, 08/26/2022—144A *		10,184		10,291
Series 2010-RR6, Class 20A1 4.50%, 11/26/2035—144A *		2,805		2,781

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued) Series 2010-RR7, Class 5A6 5.50%, 10/26/2036—144A	$	9,612	$	9,907
Series 2011-RR1, Class 5A1 3.00%, 09/28/2036—144A *		4,556		4,526
Series 2012-RR2, Class 7A3 5.04%, 09/26/2035—144A *		10,297		10,013
Bear Stearns Commercial Mortgage Securities Series 2007-PW17, Class AAB 5.70%, 06/11/2050		9,340		9,770
BNPP Mortgage Securities LLC Series 2009-1, Class A1 6.00%, 08/27/2037—144A		11,299		11,888
Capmark Military Housing Trust Series 2008-AMCW, Class A2 5.91%, 03/10/2015—144A		4,900		5,374
Citigroup Mortgage Loan Trust, Inc. Series 2009-10, Class 6A1 5.47%, 09/25/2034—144A *		5,435		5,632
Series 2010-8, Class 5A6 4.00%, 11/25/2036—144A		20,014		20,544
Series 2010-8, Class 6A6 4.50%, 12/25/2036—144A		17,434		17,974
Series 2010-8, Class 6A62 3.50%, 12/25/2036—144A		9,333		9,548
Countrywide Home Loan Mortgage Pass-Through Trust Series 2002-35, Class 1A3 5.00%, 02/25/2018		8,291		8,447
Credit Suisse Mortgage Capital Certificates Series 2007-C1, Class AAB 5.34%, 02/15/2040		13,435		14,066
Series 2007-C4, Class AAB 5.97%, 09/15/2039 *		11,850		12,868
Series 2009-12R, Class 36A1 5.21%, 06/27/2036—144A *		6,506		6,521
Series 2009-16R, Class 11A1 7.00%, 08/26/2036—144A		4,554		4,669
Series 2010-1R, Class 28A1 5.00%, 02/27/2047—144A		17,409		17,149
Series 2010-1R, Class 40A1 5.00%, 04/27/2036—144A		2,838		2,896
Series 2010-12R, Class 10A1 4.50%, 11/26/2036—144A *		5,322		5,379
Series 2010-15R, Class 2A1 3.50%, 05/26/2036—144A *		10,588		10,679
Series 2010-15R, Class 4A1 3.50%, 04/26/2035—144A *		14,149		13,924
Series 2010-15R, Class 6A1 3.50%, 10/26/2046—144A *		6,376		6,392
Series 2010-18R, Class 1A11 3.75%, 08/26/2035—144A *		9,656		9,554
Series 2010-18R, Class 3A1 4.00%, 03/26/2037—144A		9,953		10,102
GS Mortgage Securities Corp. II Series 2007-EOP, Class B 1.73%, 03/06/2020—144A *		10,600		10,460
Series 2007-EOP, Class E 2.48%, 03/06/2020—144A *		20,000		19,759
Impac CMB Trust Series 2007-A, Class A 0.49%, 05/25/2037 *		13,345		11,232

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

Transamerica Funds		Semi-Annual Report 2012
	Page    49

Transamerica Short-Term Bond

(formerly Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Jefferies & Co., Inc. Series 2009-R2, Class 2A 5.89%, 12/26/2037—144A *	$	4,138	$	4,140
Series 2009-R2, Class 3A 2.82%, 01/26/2047—144A *		2,861		2,830
Series 2009-R7, Class 10A3 6.00%, 12/26/2036—144A		1,760		1,827
Series 2009-R7, Class 11A1 2.69%, 03/26/2037—144A *		3,818		3,652
Series 2009-R7, Class 12A1 5.13%, 08/26/2036—144A *		2,072		2,049
Series 2009-R7, Class 1A1 4.95%, 02/26/2036—144A *		2,043		1,960
Series 2009-R7, Class 4A1 2.63%, 09/26/2034—144A *		2,880		2,697
Series 2009-R9, Class 1A1 2.51%, 08/26/2046—144A *		10,413		10,263
Series 2010-R2, Class 1A1 6.00%, 05/26/2036—144A		9,346		9,661
Series 2010-R3, Class 1A1 3.07%, 03/21/2036—144A *		7,362		7,315
Series 2010-R6, Class 1A1 4.00%, 09/26/2037—144A		7,100		7,164
Series 2010-R8, Class 2A1 5.00%, 10/26/2036—144A		5,261		5,283
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-C1, Class ASB 5.86%, 02/15/2051		6,915		7,431
Series 2007-CB19, Class ASB 5.91%, 02/12/2049 *		9,988		10,825
Series 2007-LD11, Class ASB 6.00%, 06/15/2049 *		17,134		18,248
JPMorgan Re-REMIC Series 2009-7, Class 8A1 5.48%, 01/27/2047—144A *		3,132		3,201
Series 2009-11, Class 1A1 2.90%, 02/26/2037—144A *		7,706		7,444
Series 2010-4, Class 7A1 4.27%, 08/26/2035—144A *		11,171		10,954
Series 2010-5, Class 2A2 4.50%, 07/26/2035—144A *		11,397		11,446
LB-UBS Commercial Mortgage Trust Series 2004-C8, Class B 4.91%, 12/15/2039 *		12,585		12,815
LSTAR Commercial Mortgage Trust Series 2011-1, Class A 3.91%, 06/25/2043—144A		10,587		11,137
Morgan Stanley Re-REMIC Trust Series 2010-R4, Class 3A 5.50%, 08/26/2047—144A		19,903		21,028
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A 4.00%, 07/25/2060—144A		14,655		14,509
RBSCF Trust Series 2010-RR3, Class CSCA 5.47%, 09/16/2039—144A *		13,000		14,325
RBSSP Resecuritization Trust Series 2009-1, Class 10A1 6.50%, 07/26/2037—144A		10,762		11,325
RREF 2012 LT1 LLC Series 2012-LT1A, Class A 4.75%, 02/15/2025—144A		10,470		10,519

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class A1 4.10%, 06/25/2033 *	$	1,591	$	1,586
Wells Fargo Mortgage Loan Trust Series 2010-RR2, Class 1A1 5.11%, 09/27/2035—144A *		8,533		8,421
Series 2010-RR4, Class 1A1 5.25%, 12/27/2046—144A *		8,756		8,859
Total Mortgage-Backed Securities (cost $711,156)				716,038
ASSET-BACKED SECURITIES—6.3%
AH Mortgage Advance Trust Series SART-1, Class A2 3.37%, 05/10/2043—144A		28,890		28,948
Series SART-2, Class A1 3.27%, 09/15/2043—144A		20,300		20,444
AmeriCredit Automobile Receivables Trust Series 2012-2, Class C 2.64%, 10/10/2017		7,500		7,516
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A 0.62%, 12/25/2033 *		7,087		6,195
DT Auto Owner Trust Series 2009-1, Class C 10.75%, 10/15/2015—144A		2,973		3,052
HSBC Home Equity Loan Trust Series 2006-3, Class A4 0.48%, 03/20/2036 *		23,721		20,334
Series 2007-1, Class A4 0.60%, 03/20/2036 *		9,352		7,708
Orange Lake Timeshare Trust Series 2012-AA, Class A 3.45%, 03/10/2027—144A		6,294		6,364
Prestige Auto Receivables Trust Series 2012-1A, Class C 3.25%, 07/15/2019—144A		5,000		5,039
Sierra Receivables Funding Co., LLC Series 2007-1A, Class A2 0.39%, 03/20/2019—144A *		2,206		2,153
Series 2011-2A, Class A 3.26%, 05/20/2028—144A		7,154		7,235
Series 2011-3A, Class A 3.37%, 07/20/2028—144A		8,734		8,905
TAL Advantage LLC Series 2011-1A, Class A 4.60%, 01/20/2026—144A		18,314		18,819
Tax Liens Securitization Trust Series 2010-1A, Class 2A2 2.00%, 04/15/2018—144A		7,023		7,028
Trafigura Securitisation Finance PLC Series 2007-1, Class A 0.49%, 12/15/2012 *ə		22,800		22,732
Series 2007-1, Class B 1.59%, 12/15/2012 *		3,900		3,851
Total Asset-Backed Securities (cost $174,807)				176,323
MUNICIPAL GOVERNMENT OBLIGATION—0.7%
Rhode Island Economic Development Corp. 6.00%, 11/01/2015 §		16,950		18,642
Total Municipal Government Obligation (cost $16,950)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    50

Transamerica Short-Term Bond

(formerly Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
CORPORATE DEBT SECURITIES—61.5%
Airlines—2.3%
America West Airlines Pass-Through Trust Series 1999-1, Class 991G 7.93%, 01/02/2019	$	3,598	$	3,778
Series 2000-1, Class G 8.06%, 07/02/2020		12,568		13,134
Continental Airlines Pass-Through Trust Series 1997-1, Class A 7.46%, 04/01/2015 ^		9,419		9,419
Delta Air Lines, Inc., Pass-Through Trust Series 2010-1, Class 1A 6.20%, 07/02/2018 ^		12,747		13,799
Northwest Airlines Pass-Through Trust Series 2002-1, Class G1 1.24%, 05/20/2014 * ^		820		779
UAL Pass-Through Trust Series 2009-1 10.40%, 11/01/2016		21,385		24,407
Beverages—0.4%
Anheuser-Busch InBev Worldwide, Inc. 9.75%, 11/17/2015 ^	BRL	21,570		12,448
Capital Markets—2.1%
Macquarie Group, Ltd. 7.30%, 08/01/2014—144A	$	25,590		27,320
Morgan Stanley 0.95%, 10/15/2015 * ^		19,060		16,830
4.00%, 07/24/2015 ^		14,850		14,770
Chemicals—0.5%
NOVA Chemicals Corp. 3.78%, 11/15/2013 *		13,999		13,982
Commercial Banks—9.1%
Banco Santander Chile 2.88%, 11/13/2012—144A		26,595		26,623
Barclays Bank PLC 2.75%, 02/23/2015 ^		19,570		19,734
BBVA US Senior SAU 3.25%, 05/16/2014 ^		24,738		24,123
CIT Group, Inc. 4.75%, 02/15/2015—144A ^		14,580		14,872
Export-Import Bank of Korea 4.00%, 01/11/2017 ^		13,900		14,590
First Horizon National Corp. 5.38%, 12/15/2015		9,895		10,545
First Tennessee Bank NA 5.05%, 01/15/2015		15,609		16,093
ICICI Bank, Ltd. 6.63%, 10/03/2012—144A		24,850		25,347
Nordea Bank AB 2.25%, 03/20/2015—144A		15,800		15,894
Regions Financial Corp. 7.75%, 11/10/2014 ^		13,000		14,300
Royal Bank of Scotland PLC 2.91%, 08/23/2013 *		26,415		26,401
3.25%, 01/11/2014 ^		5,000		5,029
Wachovia Corp. 0.81%, 10/28/2015 *		22,400		21,293
Zions Bancorporation 7.75%, 09/23/2014 ^		18,460		20,115

	Principal (000’s)		Value (000’s)
Commercial Services & Supplies—1.9%
Exelis, Inc. 4.25%, 10/01/2016—144A	$	15,000	$	15,387
Hutchison Whampoa International 03/13, Ltd. 6.50%, 02/13/2013—144A		13,810		14,329
Hutchison Whampoa International 11, Ltd. 3.50%, 01/13/2017—144A ^		9,600		9,889
KAR Auction Services, Inc. 4.47%, 05/01/2014 *		14,785		14,748
Construction Materials—0.2%
CRH America, Inc. 5.30%, 10/15/2013		4,600		4,832
Vulcan Materials Co. 6.30%, 06/15/2013		2		2
Consumer Finance—1.3%
Ally Financial, Inc. 6.75%, 12/01/2014 ^		13,360		14,095
FIA Card Services NA 7.13%, 11/15/2012		22,691		23,182
Containers & Packaging—0.6%
Rexam PLC 6.75%, 06/01/2013—144A		16,424		17,102
Distributors—1.0%
Glencore Funding LLC 6.00%, 04/15/2014—144A		27,055		28,639
Diversified Financial Services— 7.2%
Bank of America Corp. 4.75%, 08/15/2013 ^		4,400		4,518
Citigroup, Inc. 6.00%, 12/13/2013		6,000		6,335
FUEL Trust 4.21%, 04/15/2016—144A		19,700		20,571
Harley-Davidson Funding Corp. 5.75%, 12/15/2014—144A		24,000		26,121
International Lease Finance Corp. 6.50%, 09/01/2014—144A		25,820		27,434
Irish Life & Permanent PLC 3.60%, 01/14/2013—144A		17,085		16,381
Lazard Group LLC 7.13%, 05/15/2015		3,160		3,437
Marina District Finance Co., Inc. 9.50%, 10/15/2015 ^		13,930		13,547
Murray Street Investment Trust I 4.65%, 03/09/2017 *		14,866		14,955
QHP Royalty Sub LLC 10.25%, 03/15/2015—144A		4,294		4,314
Selkirk Cogen Funding Corp.—Series A 8.98%, 06/26/2012		7,521		7,550
Stone Street Trust 5.90%, 12/15/2015—144A		29,415		29,653
TNK-BP Finance SA 6.25%, 02/02/2015—144A		25,000		26,844
Diversified Telecommunication Services—3.9%
GTP Towers Issuer LLC 4.44%, 02/15/2015—144A		25,255		26,063
Qwest Communications International, Inc. 8.00%, 10/01/2015		24,950		26,572
Telecom Italia Capital SA 6.18%, 06/18/2014		26,189		27,034
Telefonica Emisiones SAU 0.80%, 02/04/2013 *		24,565		24,073
2.58%, 04/26/2013 ^		5,000		4,981

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

Transamerica Funds		Semi-Annual Report 2012
	Page    51

Transamerica Short-Term Bond

(formerly Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Energy Equipment & Services—1.2%
DCP Midstream Operating, LP 3.25%, 10/01/2015	$	18,275	$	18,465
Transocean, Inc. 5.05%, 12/15/2016		13,975		15,175
Health Care Equipment & Supplies—0.3%
Boston Scientific Corp. 6.25%, 11/15/2015		6,603		7,373
Health Care Providers & Services—0.1%
Owens & Minor, Inc. 6.35%, 04/15/2016		1,630		1,790
Hotels, Restaurants & Leisure—0.5%
MGM Resorts International 5.88%, 02/27/2014 ^		12,460		12,896
Household Durables—0.8%
Maytag Corp. 6.45%, 08/15/2014		21,506		23,007
Insurance—3.2%
21st Century Insurance Group 5.90%, 12/15/2013 ^		6,570		6,939
Aspen Insurance Holdings, Ltd. 6.00%, 08/15/2014 ^		7,966		8,534
Fidelity National Financial, Inc. 5.25%, 03/15/2013		13,289		13,538
Liberty Mutual Group, Inc. 5.75%, 03/15/2014—144A		19,200		20,417
Prudential Covered Trust 2012-1 3.00%, 09/30/2015—144A		11,900		12,065
Transatlantic Holdings, Inc. 5.75%, 12/14/2015		25,760		27,831
IT Services—0.6%
Affiliated Computer Services, Inc. 5.20%, 06/01/2015		16,300		17,667
Metals & Mining—1.9%
Anglo American Capital PLC 9.38%, 04/08/2014—144A		12,156		13,917
ArcelorMittal 3.75%, 02/25/2015 ^		20,000		20,386
Xstrata Finance Canada, Ltd. 2.85%, 11/10/2014—144A		19,960		20,433
Multi-Utilities—0.8%
Black Hills Corp. 6.50%, 05/15/2013		9,290		9,724
9.00%, 05/15/2014		12,521		13,962
Oil, Gas & Consumable Fuels—7.1%
Empresa Nacional del Petroleo 6.75%, 11/15/2012—144A		12,938		13,261
Energy Transfer Partners, LP 6.00%, 07/01/2013		21,736		22,730
Gazprom OAO Via GAZ Capital SA 8.13%, 07/31/2014—144A		25,395		28,157
KazMunayGas National Co. 8.38%, 07/02/2013—144A		13,000		13,764
Lukoil International Finance BV 6.38%, 11/05/2014—144A		26,270		28,366
Petrobras International Finance Co.—Pifco 2.88%, 02/06/2015		11,930		12,183
3.50%, 02/06/2017		13,000		13,361
Petrohawk Energy Corp. 7.25%, 08/15/2018		24,285		27,685
Ras Laffan Liquefied Natural Gas Co., Ltd. III 4.50%, 09/30/2012—144A		8,600		8,708
5.83%, 09/30/2016—144A		16,796		18,056

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Tengizchevroil Finance Co., SARL 6.12%, 11/15/2014—144A	$	11,738	$	12,237
Paper & Forest Products—1.1%
Celulosa Arauco y Constitucion SA 5.13%, 07/09/2013 ^		9,400		9,729
Georgia-Pacific LLC 8.25%, 05/01/2016—144A		20,015		22,117
Pharmaceuticals—0.0% ¥
Hospira, Inc. 6.40%, 05/15/2015 ^		244		273
Professional Services—1.0%
Block Financial LLC 7.88%, 01/15/2013 ^		26,495		27,566
Real Estate Investment Trusts—5.7%
BRE Properties, Inc. 4.70%, 03/17/2014		7,000		7,209
Dexus Property Group 7.13%, 10/15/2014—144A		25,325		27,548
Digital Realty Trust, LP 4.50%, 07/15/2015		14,200		14,921
Duke Realty, LP 6.25%, 05/15/2013		1		1
Healthcare Realty Trust, Inc. 5.13%, 04/01/2014		13,456		14,016
Hospitality Properties Trust 7.88%, 08/15/2014 ^		10,000		10,944
Kilroy Realty, LP 5.00%, 11/03/2015 ^		14,130		15,073
National Retail Properties, Inc. 6.15%, 12/15/2015 ^		14,850		16,250
6.25%, 06/15/2014		9,958		10,682
UDR, Inc. 5.13%, 01/15/2014		4,900		5,147
5.50%, 04/01/2014		5,500		5,844
6.05%, 06/01/2013		6,080		6,338
WEA Finance LLC / WT Finance AUST Pty, Ltd. 5.75%, 09/02/2015—144A		13,000		14,286
7.50%, 06/02/2014—144A		6,722		7,412
WT Finance AUST Pty, Ltd. / Westfield Capital / WEA Finance LLC 5.13%, 11/15/2014—144A		5,170		5,513
Real Estate Management & Development—2.0%
Post Apartment Homes, LP 5.45%, 06/01/2012		9,399		9,425
6.30%, 06/01/2013		17,965		18,727
Retail Property Trust 7.18%, 09/01/2013—144A		16,445		17,613
Weyerhaeuser Real Estate Co. 6.12%, 09/17/2012—144A		7,000		7,083
World Financial Properties Tower D Finance Corp. 6.95%, 09/01/2013—144A		2,450		2,504
Trading Companies & Distributors—0.9%
Noble Group, Ltd. 8.50%, 05/30/2013—144A		24,175		25,384
Wireless Telecommunication Services—3.8%
Crown Castle Towers LLC 3.21%, 08/15/2015—144A		12,000		12,202
4.52%, 01/15/2015—144A		15,870		16,674
Nextel Communications, Inc.—Series D 7.38%, 08/01/2015 ^		10,000		9,700

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

Transamerica Funds		Semi-Annual Report 2012
	Page    52

Transamerica Short-Term Bond

(formerly Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Wireless Telecommunication Services (continued)
Richland Towers Funding LLC / Management Funding / RTM Boston / Seattle Funding 4.61%, 03/15/2016—144A	$	11,950	$	12,083
SBA Tower Trust 4.25%, 04/15/2015—144A		27,285		28,535
WCP Wireless Site Funding / WCP Wireless Site RE Funding / WCP Wireless Site Non 4.14%, 11/15/2015—144A		27,773		28,573
Total Corporate Debt Securities (cost $1,706,795)				1,730,212
LOAN ASSIGNMENTS—3.0%
Food Products—0.4%
Michael Foods Group, Inc., Tranche B 4.25%, 02/23/2018 § *		12,541		12,557
Health Care Providers & Services—0.5%
HCA, Inc., Tranche B2 3.72%, 03/31/2017 § *		13,500		13,283
Hotels, Restaurants & Leisure—0.4%
Scientific Games International, Inc., Tranche B1 Extended 3.00%, 06/30/2015 § *		11,967		11,907
IT Services—0.3%
SunGard Data Systems, Inc. 3.74%, 02/28/2014 § *		8,503		8,500
Media—1.0%
CSC Holdings, Inc., Tranche B2 1.99%, 03/29/2016 § *		13,963		13,896
Visant Corp., Tranche B 5.25%, 12/22/2016 § *		13,208		12,990
Personal Products—0.4%
Revlon Consumer Products Corp., Tranche B 4.75%, 11/17/2017 § *		9,975		9,961
Total Loan Assignments (cost $82,740)				83,094

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—3.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		94,099,280	$	94,099
Total Securities Lending Collateral (cost $94,099)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS—1.9%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $52,903 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%—3.50%, due 11/15/2040—11/25/2040, and with a total value of $53,964.	$	52,903		52,903
Total Repurchase Agreement (cost $52,903)
Total Investment Securities (cost $2,840,366) P				2,872,277
Other Assets and Liabilities—Net				(62,471	)
Net Assets			$	2,809,806

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

¥ Percentage rounds to less than 0.1%.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

§ Illiquid. These securities aggregated to $101,736, or 3.62%, of the fund’s net assets.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $22,732, or 0.81% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $92,151.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $2,840,366. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $43,610 and $11,699, respectively. Net unrealized appreciation for tax purposes is $31,911.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $1,497,777, or 53.31%, of the fund’s net assets.
BRL	Brazilian Real
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    53

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—	$	176,323	$	—	$	176,323
Corporate Debt Securities		—		1,730,212		—		1,730,212
Loan Assignments		—		83,094		—		83,094
Mortgage-Backed Securities		—		716,038		—		716,038
Municipal Government Obligation		—		18,642		—		18,642
Repurchase Agreements		—		52,903		—		52,903
Securities Lending Collateral		94,099		—		—		94,099
U.S. Government Agency Obligation		—		966		—		966
Total	$	94,099	$	2,778,178	$	—	$	2,872,277

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    54

Transamerica Small/Mid Cap Value

(formerly Transamerica Systematic Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—96.9%
Aerospace & Defense—1.0%
Aerovironment, Inc. ‡^		62,300	$	1,515
Curtiss-Wright Corp.		36,500		1,288
Ducommun, Inc. ‡		47,051		555
Triumph Group, Inc.		57,800		3,631
Air Freight & Logistics—0.4%
Atlas Air Worldwide Holdings, Inc. ‡		63,440		2,921
Auto Components—0.7%
Dana Holding Corp. ^		204,200		2,985
Delphi Automotive PLC ‡		66,200		2,032
Automobiles—0.3%
Harley-Davidson, Inc.		42,075		2,202
Building Products—0.9%
A.O. Smith Corp.		60,600		2,884
American Woodmark Corp. ^		5,161		93
Fortune Brands Home & Security, Inc. ‡		50,000		1,137
Gibraltar Industries, Inc. ‡		178,119		2,408
Capital Markets—3.9%
Duff & Phelps Corp.—Class A ^		87,500		1,391
Invesco, Ltd.		338,850		8,417
LPL Investment Holdings, Inc. ‡^		53,000		1,902
Raymond James Financial, Inc.		282,000		10,328
Stifel Financial Corp. ‡^		58,000		2,112
Waddell & Reed Financial, Inc.—Class A		78,400		2,507
Chemicals—2.7%
Agrium, Inc.		26,225		2,305
Ashland, Inc.		90,850		5,984
Cytec Industries, Inc.		66,250		4,212
PPG Industries, Inc.		26,475		2,786
Valspar Corp.		58,125		2,973
Commercial Banks—7.4%
City National Corp. ^		25,400		1,353
Comerica, Inc.		264,750		8,477
Fifth Third Bancorp		381,250		5,425
First Citizens BancShares, Inc.—Class A		28,413		4,924
First Community Bancshares, Inc. ^		151,740		2,032
First Niagara Financial Group, Inc.		136,470		1,220
KeyCorp		1,080,700		8,689
Lakeland Bancorp, Inc. ^		52,848		483
Regions Financial Corp.		1,003,875		6,766
Sandy Spring Bancorp, Inc. ^		118,500		2,134
Texas Capital Bancshares, Inc. ‡^		51,000		1,923
Umpqua Holdings Corp. ^		190,000		2,516
Washington Trust Bancorp, Inc. ^		55,921		1,324
Webster Financial Corp.		168,500		3,830
Commercial Services & Supplies—0.9%
Cintas Corp.		94,725		3,711
HNI Corp. ^		72,200		1,741
Steelcase, Inc.—Class A ^		105,000		907
Communications Equipment—0.4%
Harmonic, Inc. ‡		199,600		942
KVH Industries, Inc. ‡^		184,983		1,846
Computers & Peripherals—1.6%
Diebold, Inc.		123,950		4,890
QLogic Corp. ‡		107,300		1,851
Seagate Technology PLC		132,975		4,090
Construction & Engineering—1.6%
Chicago Bridge & Iron Co. NV		23,800		1,057
EMCOR Group, Inc.		67,000		1,964
Foster Wheeler AG ‡		52,000		1,196
KBR, Inc.		202,000		6,840
Consumer Finance—2.6%
Discover Financial Services		275,200		9,330
SLM Corp.		597,800		8,865
Electric Utilities—2.7%
Cleco Corp.		101,675		4,148
FirstEnergy Corp.		44,700		2,093
MGE Energy, Inc. ^		35,900		1,642

	Shares		Value (000’s)
Electric Utilities (continued)
PPL Corp.		401,000	$	10,968
Electrical Equipment—0.2%
PowerSecure International, Inc. ‡		319,261		1,657
Electronic Equipment & Instruments—1.8%
Jabil Circuit, Inc.		130,500		3,060
Orbotech, Ltd. ‡		303,000		3,309
Park Electrochemical Corp. ^		71,286		2,057
Rofin-Sinar Technologies, Inc. ‡^		52,000		1,310
Universal Display Corp. ‡^		21,100		949
Vishay Intertechnology, Inc. ‡^		148,400		1,665
Energy Equipment & Services—1.6%
Dresser-Rand Group, Inc. ‡		26,000		1,266
Oil States International, Inc. ‡		37,425		2,978
Superior Energy Services, Inc. ‡		238,350		6,416
Food Products—1.1%
Hain Celestial Group, Inc. ‡^		57,500		2,720
J&J Snack Foods Corp. ^		25,145		1,410
Smithfield Foods, Inc. ‡		151,075		3,166
Health Care Equipment & Supplies—1.3%
Align Technology, Inc. ‡^		42,700		1,354
Cyberonics, Inc. ‡^		21,925		840
Greatbatch, Inc. ‡^		56,800		1,323
Hill-Rom Holdings, Inc.		48,000		1,558
Sirona Dental Systems, Inc. ‡		80,700		4,075
Health Care Providers & Services—2.4%
AMN Healthcare Services, Inc. ‡^		162,000		1,087
Cardinal Health, Inc.		179,575		7,591
Coventry Health Care, Inc.		105,000		3,149
Health Net, Inc. ‡		123,150		4,385
Health Care Technology—0.3%
Omnicell, Inc. ‡		165,000		2,355
Hotels, Restaurants & Leisure—1.3%
Brinker International, Inc. ^		158,475		4,987
PF Chang’s China Bistro, Inc. ^		16,000		635
Wyndham Worldwide Corp.		60,400		3,041
Household Durables—0.7%
Harman International Industries, Inc.		42,000		2,081
Helen of Troy, Ltd. ‡		20,000		692
La-Z-Boy, Inc. ‡		65,400		986
Ryland Group, Inc. ^		54,400		1,225
Household Products—0.6%
Spectrum Brands Holdings, Inc. ‡		110,400		3,810
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		55,000		3,028
Insurance—6.0%
Alleghany Corp. ‡		9,000		3,086
Allstate Corp.		218,000		7,266
Aspen Insurance Holdings, Ltd. ^		93,300		2,642
Lincoln National Corp.		424,700		10,520
Marsh & McLennan Cos., Inc.		91,825		3,072
Selective Insurance Group, Inc.		265,800		4,649
United Fire Group, Inc.		256,643		4,419
Validus Holdings, Ltd.		163,900		5,327
Internet Software & Services—2.3%
AOL, Inc. ‡^		114,000		2,855
IAC/InterActiveCorp		40,000		1,926
InfoSpace, Inc. ‡^		56,600		630
ValueClick, Inc. ‡		386,066		8,176
XO Group, Inc. ‡		226,000		2,095
IT Services—0.3%
Global Payments, Inc.		41,000		1,904
Leisure Equipment & Products—0.7%
Arctic Cat, Inc. ‡^		46,500		2,057
LeapFrog Enterprises, Inc.—Class A ‡^		305,500		2,854
Life Sciences Tools & Services—1.4%
Agilent Technologies, Inc.		88,400		3,728
Charles River Laboratories International, Inc. ‡		85,275		3,030

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

Transamerica Funds		Semi-Annual Report 2012
	Page    55

Transamerica Small/Mid Cap Value

(formerly Transamerica Systematic Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Life Sciences Tools & Services (continued)
PerkinElmer, Inc.		97,600	$	2,694
Machinery—5.9%
AGCO Corp. ‡		48,900		2,277
Altra Holdings, Inc. ‡^		158,500		2,897
CIRCOR International, Inc.		62,000		1,929
Columbus McKinnon Corp. ‡		113,000		1,676
Crane Co.		27,900		1,231
Eaton Corp.		113,000		5,444
Harsco Corp.		3,500		78
Kennametal, Inc.		38,200		1,613
Mueller Industries, Inc.		62,000		2,834
NN, Inc. ‡^		191,700		1,516
Sauer-Danfoss, Inc.		48,300		2,092
Snap-on, Inc.		22,500		1,407
Stanley Black & Decker, Inc.		39,750		2,908
Timken Co.		164,550		9,300
Wabash National Corp. ‡		161,600		1,353
Woodward, Inc.		54,000		2,246
Media—1.0%
CBS Corp.—Class B		114,800		3,829
Madison Square Garden Co. ‡		28,000		1,007
Scripps Networks Interactive, Inc.—Class A		43,750		2,197
Metals & Mining—1.0%
Noranda Aluminum Holding Corp.		128,600		1,366
Nucor Corp.		132,725		5,204
Multiline Retail—1.3%
Macy’s, Inc.		210,275		8,625
Multi-Utilities—3.5%
CMS Energy Corp.		402,400		9,251
NiSource, Inc. ^		419,600		10,344
NorthWestern Corp.		135,000		4,795
Oil, Gas & Consumable Fuels—3.7%
Energen Corp.		180,150		9,436
HollyFrontier Corp.		214,175		6,601
SM Energy Co.		34,000		2,248
Spectra Energy Corp.		94,700		2,911
W&T Offshore, Inc. ^		107,575		2,127
Western Refining, Inc.		93,600		1,783
Paper & Forest Products—1.4%
Domtar Corp.		19,000		1,662
MeadWestvaco Corp.		187,800		5,976
P.H. Glatfelter Co.		128,500		2,002
Personal Products—0.7%
Herbalife, Ltd.		65,275		4,590
Pharmaceuticals—0.6%
Impax Laboratories, Inc. ‡^		55,100		1,357
Nektar Therapeutics ‡^		338,933		2,583
Professional Services—0.6%
FTI Consulting, Inc. ‡		15,100		549
On Assignment, Inc. ‡		182,000		3,405
Real Estate Investment Trusts—7.9%
American Capital Agency Corp.		89,075		2,783
BioMed Realty Trust, Inc. ^		361,475		7,164
Brandywine Realty Trust ^		908,800		10,779
CBL & Associates Properties, Inc. ^		264,925		4,936
DiamondRock Hospitality Co.		368,700		3,919
DuPont Fabros Technology, Inc. ^		83,000		2,253
Equity One, Inc. ^		128,000		2,660
Excel Trust, Inc. ^		244,119		2,927
Home Properties, Inc.		122,325		7,468
Kilroy Realty Corp. ^		68,325		3,242
National Retail Properties, Inc.		90,000		2,464
Realty Income Corp. ^		18,000		708
Weingarten Realty Investors ^		88,800		2,359
Road & Rail—1.6%
Arkansas Best Corp. ^		57,100		876
Hertz Global Holdings, Inc. ‡		415,200		6,398
Ryder System, Inc.		81,200		3,956

	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment—3.8%
Applied Micro Circuits Corp. ‡^		233,000	$	1,300
Brooks Automation, Inc.		228,000		2,681
Cirrus Logic, Inc. ‡^		84,700		2,319
COHU, Inc.		35,900		394
Entegris, Inc. ‡		273,000		2,416
LAM Research Corp. ‡		102,925		4,288
LTX-Credence Corp. ‡		410,500		2,832
MKS Instruments, Inc.		49,300		1,363
Skyworks Solutions, Inc. ‡		149,300		4,053
TriQuint Semiconductor, Inc. ‡^		498,194		2,431
Veeco Instruments, Inc. ‡^		64,600		1,950
Software—1.8%
Cadence Design Systems, Inc. ‡^		611,925		7,141
Progress Software Corp. ‡^		123,200		2,851
Websense, Inc. ‡^		112,300		2,329
Specialty Retail—6.8%
Abercrombie & Fitch Co.—Class A		43,200		2,167
Aeropostale, Inc. ‡		65,200		1,446
American Eagle Outfitters, Inc.		160,000		2,882
Ann, Inc. ‡		104,401		2,891
Children’s Place Retail Stores, Inc. ‡^		35,000		1,609
Express, Inc. ‡		284,800		6,727
Finish Line, Inc.—Class A ^		225,000		5,009
Foot Locker, Inc.		344,100		10,525
GNC Holdings, Inc.—Class A		129,100		5,043
Pier 1 Imports, Inc. ^		251,450		4,320
Signet Jewelers, Ltd. ^		70,700		3,448
Talbots, Inc. ‡^		175,000		518
Textiles, Apparel & Luxury Goods—1.3%
G-III Apparel Group, Ltd. ‡^		54,500		1,463
Oxford Industries, Inc. ^		34,300		1,646
PVH Corp.		36,950		3,282
Steven Madden, Ltd. ‡		53,700		2,320
Thrifts & Mortgage Finance—2.9%
Berkshire Hills Bancorp, Inc. ^		130,331		2,957
Brookline Bancorp, Inc.		178,000		1,598
Dime Community Bancshares, Inc. ^		100,000		1,386
Northwest Bancshares, Inc. ^		137,000		1,688
Oritani Financial Corp. ^		71,000		1,052
Provident Financial Services, Inc. ^		134,000		1,970
Provident New York Bancorp ^		282,100		2,381
TrustCo Bank Corp. NY ^		225,000		1,231
United Financial Bancorp, Inc. ^		80,685		1,294
ViewPoint Financial Group, Inc. ^		46,300		737
Washington Federal, Inc.		222,500		3,903
Tobacco—0.4%
Lorillard, Inc.		20,475		2,770
Trading Companies & Distributors—0.4%
United Rentals, Inc. ‡^		63,650		2,971
Water Utilities—0.8%
American Water Works Co., Inc.		152,100		5,208
Total Common Stocks (cost $618,869)				665,171
SECURITIES LENDING COLLATERAL—13.0%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		89,549,501		89,550
Total Securities Lending Collateral ( cost $89,550)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    56

Transamerica Small/Mid Cap Value

(formerly Transamerica Systematic Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—2.5%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $17,391 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $17,744.	$	17,391	$	17,391
Total Repurchase Agreement (cost $17,391)
Total Investment Securities (cost $725,810) P				772,112
Other Assets and Liabilities—Net				(84,885	)
Net Assets			$	687,227

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

^ All or a portion of this security is on loan. The value of all securities on loan is $85,573.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $725,810. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $71,674 and $25,372, respectively. Net unrealized appreciation for tax purposes is $46,302.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	665,171	$	—	$	—	$	665,171
Repurchase Agreement		—		17,391		—		17,391
Securities Lending Collateral		89,550		—		—		89,550
Total	$	754,721	$	17,391	$	—	$	772,112

'  See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    57

Transamerica Tactical Income

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—94.1%
Capital Markets—86.1%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		298,070	$	7,756
iShares Barclays 20+ Year Treasury Bond Fund		54,602		6,406
iShares iBoxx $ High Yield Corporate Bond Fund		98,660		8,998
iShares iBoxx Investment Grade Corporate Bond Fund		89,357		10,408
iShares JPMorgan USD Emerging Markets Bond Fund		94,283		10,774
iShares S&P U.S. Preferred Stock Index Fund		360,495		14,038
ProShares UltraShort 20+ Year Treasury		67,453		1,249
ProShares VIX Mid-Term Futures ETF		54,255		3,022
SPDR Barclays Capital High Yield Bond ETF		987,473		39,232
SPDR Barclays Capital Long Term Corporate Bond ETF		185,102		7,280
SPDR Barclays Capital TIPS ETF		54,880		3,265
SPDR Dow Jones International Real Estate ETF		230,379		8,616
SPDR S&P International Dividend ETF		277,632		13,446
SPDR Wells Fargo Preferred Stock ETF		315,292		14,213
Vanguard Extended Duration Treasury ETF		31,749		3,654
Vanguard Intermediate-Term Bond ETF		158,635		13,942
Vanguard Long-Term Bond ETF		99,180		9,074
Vanguard REIT ETF		55,253		3,617
Growth—Large Cap—3.3%
Vanguard Growth ETF		95,580		6,763
Value—Large Cap—4.7%
Vanguard Value ETF		169,330		9,674
Total Investment Companies (cost $193,788)				195,427

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—4.2%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $8,768 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $8,946.	$	8,768	$	8,768
Total Repurchase Agreement (cost $8,768)
Total Investment Securities (cost $202,556) P				204,195
Other Assets and Liabilities—Net				3,517
Net Assets			$	207,712

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

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $202,556. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,319 and $680, respectively. Net unrealized appreciation for tax purposes is $1,639.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	195,427	$	—	$	—	$	195,427
Repurchase Agreement		—		8,768		—		8,768
Total	$	195,427	$	8,768	$	—	$	204,195

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    58

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Capital Growth			Transamerica Diversified Equity			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity		Transamerica Flexible  Income			Transamerica Growth Opportunities
Assets:
Investment securities, at value	$	857,520		$	1,714,435		$	140,848		$	—	$	294,649		$	819,508
Repurchase agreement, at value		36,509			237			2,531			—		14,080			4,109
Foreign currency, at value		128			—			328			—		—			—
Receivables:
Investment securities sold		—			29,175			3,641			—		5			30
Shares of beneficial interest sold		1,849			169			883			20,750		663			165
Interest		—	(A)		—	(A)		2,154			—		3,879			—	(A)
Securities lending income (net)		287			235			6			—		15			333
Dividends		194			983			—			—		138			85
Dividend reclaims		—			534			—			—		—			69
Other		—			—			—			—		52			382
Prepaid expenses		2			3			—	(A)		—		—	(A)		1
Unrealized appreciation on forward foreign currency contracts		—			—			48			—		—			—
	$	896,489		$	1,745,771		$	150,439		$	20,750	$	313,481		$	824,682
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		—			9,998			3,839			—		—			—
Shares of beneficial interest redeemed		6,366			18,649			62			—		824			250
Management and advisory fees		530			1,292			59			—		110			517
Distribution and service fees		38			182			10			—		71			46
Trustees fees		3			7			1			—		1			3
Transfer agent fees		55			166			2			—		13			78
Administration fees		17			35			2			—		6			14
Due to advisor		—			—			34			—		—			—
Other		54			300			32			—		45			101
Collateral for securities on loan		103,625			73,108			28,672			—		32,662			147,535
Unrealized depreciation on forward foreign currency contracts		—			—			123			—		—			—
		110,688			103,737			32,836			—		33,732			148,544
Net assets	$	785,801		$	1,642,034		$	117,603		$	20,750	$	279,749		$	676,138
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	686,449		$	1,316,399		$	110,156		$	20,750	$	345,993		$	603,287
Undistributed (accumulated) net investment income (loss)		359			925			1,008			—		788			373
Undistributed (accumulated) net realized gain (loss) from investments		392			(33,778	)		2,613			—		(80,106	)		337
Net unrealized appreciation (depreciation) on:
Investment securities		98,602			358,347			3,893			—		13,076			72,141
Translation of assets and liabilities denominated in foreign currencies		(1	)		141			(67	)		—		(2	)		—
Net assets	$	785,801		$	1,642,034		$	117,603		$	20,750	$	279,749		$	676,138
Net assets by class:
Class A	$	68,903		$	466,036		$	23,945		$	250	$	71,736		$	103,449
Class B		6,972			25,328								6,514			7,434
Class C		17,358			47,908			5,595			250		60,367			13,754
Class I		86,450			362,864			6,724			250		27,851			107,823
Class I2		606,118			650,104			81,339			20,000		113,281			443,678
Class T					89,794
Shares outstanding:
Class A		4,168			33,226			2,254			25		7,890			11,523
Class B		462			1,821								716			933
Class C		1,150			3,451			528			25		6,678			1,716
Class I		5,154			25,588			632			25		3,059			11,407
Class I2		52,249			45,907			7,645			2,000		12,434			46,613
Class T					3,002
Net asset value per share:
Class A	$	16.53		$	14.03		$	10.62		$	10.00	$	9.09		$	8.98
Class B		15.11			13.91								9.09			7.97
Class C		15.09			13.88			10.60			10.00		9.04			8.01
Class I		16.77			14.18			10.64			10.00		9.10			9.45
Class I2		11.60			14.16			10.64			10.00		9.11			9.52
Class T					29.91
Maximum offering price per share (B)
Class A	$	17.49		$	14.85		$	11.15		$	10.58	$	9.54		$	9.50
Class T					32.69
Investment securities, at cost	$	758,918		$	1,356,088		$	136,955		$	—	$	281,573		$	747,367
Repurchase agreement, at cost	$	36,509		$	237		$	2,531		$	—	$	14,080		$	4,109
Foreign currency, at cost	$	130		$	—		$	327		$	—	$	—		$	—
Securities loaned, at value	$	100,975		$	71,487		$	28,081		$	—	$	31,987		$	143,641

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

Transamerica Funds		Semi-Annual Report 2012
	Page    59

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica High Yield Bond			Transamerica International Bond			Transamerica International Equity			Transamerica Large Cap Growth		Transamerica Money Market			Transamerica Multi-Managed Balanced
Assets:
Investment securities, at value	$	725,892		$	212,404		$	202,995		$	—	$	183,082		$	439,514
Repurchase agreements, at value		31,955			390			7,606			—		44,772			2,508
Cash on deposit with broker		—			1,067			—			—		—			73
Foreign currency, at value		—			4,129			139			—		—			7
Receivables:
Investment securities sold		1,683			2,079			749			—		—			47,298
Shares of beneficial interest sold		2,096			8			1			40,750		423			657
Interest		11,968			2,822			—	(A)		—		11			1,020
Securities lending income (net)		73			—			11			—		—			15
Dividends		184			—			828			—		—			212
Dividend reclaims		—			—			187			—		—			—
Money market waiver		—			—			—			—		60			—
Due from advisor		—			—			—			—		27			—
Variation margin		—			32			—			—		—			—
Other		—	(A)		28			—			—		—			—
Prepaid expenses		1			—	(A)		—	(A)		—		—	(A)		—	(A)
Unrealized appreciation on forward foreign currency contracts		—			3,569			—			—		—			—
	$	773,852		$	226,528		$	212,516		$	40,750	$	228,375		$	491,304
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		5,098			—			237			—		—			51,417
Shares of beneficial interest redeemed		971			19			15			—		400			157
Management and advisory fees		332			83			126			—		—			225
Distribution and service fees		118			—			—			—		138			79
Trustees fees		4			3			—			—		1			2
Transfer agent fees		47			1			11			—		75			71
Administration fees		14			5			4			—		4			8
Due to advisor		32			—			—			—		—			92
Distribution payable		—			—			—			—		2			—
Variation margin		—			—			—			—		—			15
Capital gains tax		—			—			69			—		—			—
Other		92			39			40			—		38			69
Collateral for securities on loan		115,330			—			22,895			—		—			65,545
Written options and swaptions, at value		—			—			—			—		—			1
Securities sold short, at value		—			—			—			—		—			16,122
Unrealized depreciation on forward foreign currency contracts		—			1,596			—			—		—			1
		122,038			1,746			23,397			—		658			133,804
Net assets	$	651,814		$	224,782		$	189,119		$	40,750	$	227,717		$	357,500
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	650,646		$	226,724		$	186,518		$	40,750	$	227,717		$	324,076
Undistributed (accumulated) net investment income (loss)		2,223			(4,054	)		1,693			—		—			225
Undistributed (accumulated) net realized gain (loss) from investments		(12,476	)		(6,086	)		(2,411	)		—		—			(1,570	)
Net unrealized appreciation (depreciation) on:
Investment securities		11,421			6,258			3,378			—		—			34,946
Futures contracts		—			—			—			—		—			(77	)
Written option and swaption contracts		—			—			—			—		—			3
Translation of assets and liabilities denominated in foreign currencies		—			1,940			(59	)		—		—			(1	)
Securities sold short		—			—			—			—		—			(102	)
Net assets	$	651,814		$	224,782		$	189,119		$	40,750	$	227,717		$	357,500

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

Transamerica Funds		Semi-Annual Report 2012
	Page    60

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica High Yield Bond		Transamerica International Bond		Transamerica International Equity		Transamerica Large Cap Growth		Transamerica Money Market		Transamerica Multi-Managed Balanced
Net assets by class:
Class A	$	230,473	$	111	$	795	$	250	$	99,497	$	120,253
Class B		9,293								11,564		9,441
Class C		63,378		141		506		250		29,782		50,153
Class I		72,698		101		82,207		250		26,382		177,653
Class I2		275,972		224,429		105,611		40,000		60,492
Shares outstanding:
Class A		24,737		11		57		25		99,497		5,532
Class B		997								11,564		437
Class C		6,827		14		36		25		29,778		2,338
Class I		7,756		10		5,845		25		26,382		8,145
Class I2		29,388		21,682		7,510		4,000		60,492
Net asset value per share:
Class A	$	9.32	$	10.35	$	14.02	$	10.00	$	1.00	$	21.74
Class B		9.32								1.00		21.60
Class C		9.28		10.34		13.95		10.00		1.00		21.45
Class I		9.37		10.35		14.06		10.00		1.00		21.81
Class I2		9.39		10.35		14.06		10.00		1.00
Maximum offering price per share (B)
Class A	$	9.78	$	10.87	$	14.84	$	10.58	$	1.00	$	23.01
Investment securities, at cost	$	714,471	$	206,146	$	199,617	$	—	$	183,082	$	404,568
Repurchase agreement, at cost	$	31,955	$	390	$	7,606	$	—	$	44,772	$	2,508
Foreign currency, at cost	$	—	$	4,554	$	139	$	—	$	—	$	7
Securities loaned, at value	$	112,968	$	—	$	21,909	$	—	$	—	$	64,113
Premium received on written option & swaption contracts	$	—	$	—	$	—	$	—	$	—	$	4
Proceeds received from securities sold short	$	—	$	—	$	—	$	—	$	—	$	16,020

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

Transamerica Funds		Semi-Annual Report 2012
	Page    61

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Quality Value			Transamerica Short-Term Bond			Transamerica Small Cap Value		Transamerica Small/Mid  Cap Value			Transamerica Tactical Income
Assets:
Investment securities, at value	$	1,687,573		$	2,819,374		$	—	$	754,721		$	195,427
Repurchase agreement, at value		21,689			52,903			—		17,391			8,768
Cash		—			225			—		—			1
Cash on deposit with broker		—			900			—		—			—
Receivables:
Investment securities sold		6,447			12			—		8,550			—
Shares of beneficial interest sold		16			12,750			100,511		2,274			12,419
Interest		—	(A)		28,400			—		—	(A)		—	(A)
Securities lending income (net)		6			51			—		22			—
Dividends		2,356			—			—		412			—
Dividend reclaims		80			—			—		—			—
Other		—			—			—		—			—
Prepaid expenses		3			2			—		1			—	(A)
	$	1,718,170		$	2,914,617		$	100,511	$	783,371		$	216,615
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		8,353			—			—		4,754			8,482
Shares of beneficial interest redeemed		431			4,789			—		908			285
Management and advisory fees		974			1,113			—		452			38
Distribution and service fees		2			862			—		282			49
Trustees fees		8			17			—		3			1
Transfer agent fees		13			80			—		74			7
Administration fees		35			60			—		14			4
Distribution payable		—			3,538			—		—			—
Other		118			253			—		107			37
Collateral for securities on loan		28,704			94,099			—		89,550			—
		38,638			104,811			—		96,144			8,903
Net assets	$	1,679,532		$	2,809,806		$	100,511	$	687,227		$	207,712
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,546,418		$	2,766,691		$	100,511	$	654,364		$	207,884
Undistributed (accumulated) net investment income (loss)		2,952			(3,988	)		—		1,034			(1,126	)
Undistributed (accumulated) net realized gain (loss) from investments		(16,391	)		15,222			—		(14,473	)		(685	)
Net unrealized appreciation (depreciation) on:
Investment securities		146,553			31,911			—		46,302			1,639
Translation of assets and liabilities denominated in foreign currencies		—			(30	)		—		—			—
Net assets	$	1,679,532		$	2,809,806		$	100,511	$	687,227		$	207,712
Net assets by class:
Class A	$	1,829		$	740,062		$	250	$	335,959		$	68,686
Class B										33,792
Class C		1,847			833,814			250		202,235			55,150
Class I		11,780			328,527			250		101,004			83,876
Class I2		1,664,076			907,403			99,761		14,237
Shares outstanding:
Class A		161			71,362			25		15,356			6,756
Class B										1,638
Class C		163			80,554			25		9,908			5,438
Class I		1,037			32,232			25		4,519			8,246
Class I2		146,511			89,080			9,976		636
Net asset value per share:
Class A	$	11.34		$	10.37		$	10.00	$	21.88		$	10.17
Class B										20.64
Class C		11.31			10.35			10.00		20.41			10.14
Class I		11.35			10.19			10.00		22.35			10.17
Class I2		11.36			10.19			10.00		22.37
Maximum offering price per share (B)
Class A	$	12.00		$	10.64		$	10.58	$	23.15		$	10.68
Investment securities, at cost	$	1,541,020		$	2,787,463		$	—	$	708,419		$	193,788
Repurchase agreement, at cost	$	21,689		$	52,903		$	—	$	17,391		$	8,768
Securities loaned, at value	$	28,023		$	92,151		$	—	$	85,573		$	—

^(A)  Rounds to less than $1.

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    62

STATEMENTS OF OPERATIONS

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Capital Growth			Transamerica Diversified Equity			Transamerica Emerging Markets Debt			Transamerica Emerging  Markets Equity(B)		Transamerica Flexible Income
Investment income:
Dividend income	$	2,095		$	6,273		$	—		$	—	$	346
Withholding taxes on foreign income		(33	)		(10	)		(65	)		—		(2	)
Interest income		6			—			4,170			—		7,704
Securities lending income (net)		1,713			523			20			—		82
		3,781			6,786			4,125			—		8,130
Expenses:
Management and advisory		2,647			3,686			334			—		614
Distribution and service:
Class A		106			397			18			—		112
Class B		36			71			—					33
Class C		81			142			16			—		270
Class P		43			116			—					—
Transfer agent:
Class A		106			257			7			—		45
Class B		20			19								9
Class C		19			37			2			—		22
Class I		25			95			3			—		13
Class I2		20			17			4			—		4
Class P		37			178
Class T					53
Printing and shareholder reports		17			20			6			—		11
Custody		59			70			31			—		26
Administration		76			117			12			—		28
Legal		11			11			2			—		4
Audit and tax		8			11			9			—		10
Trustees		5			7			1			—		2
Registration		47			42			17			—		28
Other		3			7			1			—		3
Total expenses		3,366			5,353			463			—		1,234
Fund expenses recaptured or (reimbursed)/(waived)		—			—			35			—		—
Class expenses recaptured or (reimbursed)/(waived):
Class A		11			249			—	(A)		—		(28	)
Class B		(7	)		10								—
Class C		4			20			—	(A)		—		—
Class I		—			1			—	(A)		—		—
Class I2		—			—			1			—		—
Class P		20			(131	)							—
Total expenses recaptured or (reimbursed)/(waived)		28			149			36			—		(28	)
Net expenses		3,394			5,502			499			—		1,206
Net investment income		387			1,284			3,626			—		6,924
Net realized gain (loss) on transactions from:
Investment securities		398			(9,177	)		2,785			—		1,379
Foreign currency transactions		11			1			(55	)		—		(16	)
Net realized gain (loss)		409			(9,176	)		2,730			—		1,363
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		73,976			116,967			4,523			—		6,213
Translation of assets and liabilities denominated in foreign currencies		(30	)		126			(74	)		—		8
Net change in unrealized appreciation (depreciation)		73,946			117,093			4,449			—		6,221
Net realized and change in unrealized gain:		74,355			107,917			7,179			—		7,584
Net increase in net assets resulting from operations	$	74,742		$	109,201		$	10,805		$	—	$	14,508

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

Transamerica Funds		Semi-Annual Report 2012
	Page    63

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Growth Opportunities			Transamerica High Yield Bond			Transamerica International Bond			Transamerica International Equity			Transamerica Large Cap Growth(B)
Investment income:
Dividend income	$	1,753		$	570		$	—		$	2,903		$	—
Withholding taxes on foreign income		(40	)		—			(19	)		(247	)		—
Interest income		—	(A)		26,852			4,273			—			—
Securities lending income (net)		1,716			373			—			27			—
		3,429			27,795			4,254			2,683			—
Expenses:
Management and advisory		1,805			2,091			895			558			—
Distribution and service:
Class A		170			360			—	(A)		1			—
Class B		40			45			—			—			—
Class C		69			273			—	(A)		2			—
Class P		64			11			—			—			—
Transfer agent:
Class A		196			103						—	(A)
Class B		21			8
Class C		29			25						—	(A)
Class I		32			35			—	(A)		44
Class I2		9			14			13			2
Class P		73			6
Printing and shareholder reports		18			29			4			5			—
Custody		48			52			128			38			—
Administration		52			78			36			15			—
Legal		6			12			6			2			—
Audit and tax		8			10			9			9			—
Trustees		4			7			4			1			—
Registration		54			61			50			36			—
Other		3			6			3			1			—
Total expenses		2,701			3,226			1,148			714			—
Fund expenses recaptured or (reimbursed)/(waived)		—			32			(22	)		—			—
Class expenses recaptured or (reimbursed)/(waived):
Class A		84			—			—			—	(A)		—
Class B		1			—			—			—			—
Class C		1			—			—			—			—
Class I		—			—			—	(A)		—			—
Class P		(2	)		(6	)		—			—			—
Total expenses recaptured or (reimbursed)/(waived)		84			26			(22	)		—	(A)		—
Net expenses		2,785			3,252			1,126			714			—
Net investment income		644			24,543			3,128			1,969			—
Net realized gain (loss) on transactions from:
Investment securities		363			12,080			(788	)		373			—
Futures contracts		—			—			(553	)		—			—
Foreign currency transactions		(26	)		—			(4,081	)		(65	)		—
Net realized gain (loss)		337			12,080			(5,422	)		308			—
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		25,294			15,207			(3,037	)		6,782			—
Futures contracts		—			—			(69	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			6,088			(26	)		—
Net change in unrealized appreciation (depreciation)		25,294			15,207			2,982			6,756			—
Net realized and change in unrealized gain (loss):		25,631			27,287			(2,440	)		7,064			—
Net increase in net assets resulting from operations	$	26,275		$	51,830		$	688		$	9,033		$	—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    64

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Money  Market			Transamerica Multi- Managed Balanced			Transamerica Quality  Value			Transamerica Short-Term  Bond			Transamerica Small Cap Value(B)
Investment income:
Dividend income	$	—		$	2,217		$	21,500		$	—		$	—
Withholding taxes on foreign income		—			1			(220	)		—			—
Interest income		264			2,428			6			59,276			—
Securities lending income (net)		—			55			137			294			—
		264			4,701			21,423			59,570			—
Expenses:
Management and advisory		392			1,271			5,216			6,568			—
Distribution and service:
Class A		175			186			2			1,250			—
Class B		67			48			—			—			—
Class C		167			216			9			4,168			—
Class P		—			112			—			—			—
Transfer agent:
Class A		192			150			1			203
Class B		24			24
Class C		27			30			1			282
Class I		9			46			6			156
Class I2		1						56			35
Class P		13			116
Printing and shareholder reports		12			17			30			94			—
Custody		25			63			65			157			—
Administration		21			37			165			304			—
Legal		3			6			24			47			—
Audit and tax		8			10			9			10			—
Trustees		2			3			13			26			—
Registration		44			40			16			57			—
Other		6			4			9			23			—
Total expenses		1,188			2,379			5,622			13,380			—
Fund expenses recaptured or (reimbursed)/(waived)		(294	)		88			—			—			—
Class expenses recaptured or (reimbursed)/(waived):
Class A		(344	)		—			—			(313	)		—
Class B		(88	)		—			—			—			—
Class C		(187	)		—			—			—			—
Class I		(9	)		—			—			—			—
Class I2		(2	)		—			—			—			—
Class P		(13	)		(116	)		—			—			—
Total expenses recaptured or (reimbursed)/(waived)		(937	)		(28	)		—			(313	)		—
Net expenses		251			2,351			5,622			13,067			—
Net investment income		13			2,350			15,801			46,503			—
Net realized gain (loss) on transactions from:
Investment securities		—			3,245			727			15,338			—
Futures contracts		—			696			—			—			—
Written option & swaption contracts		—			33			—			—			—
Securities sold short		—			(71	)		—			—			—
Foreign currency transactions		—			(11	)		—			(38	)		—
Net realized gain (loss)		—			3,892			727			15,300			—
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			21,883			144,130			18,788			—
Futures contracts		—			(203	)		—			—			—
Written option and swaption contracts		—			(28	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—	(A)		—			(6	)		—
Securities sold short		—			(44	)		—			—			—
Net change in unrealized appreciation (depreciation)		—			21,608			144,130			18,782			—
Net realized and change in unrealized gain:		—			25,500			144,857			34,082			—
Net increase in net assets resulting from operations	$	13		$	27,850		$	160,658		$	80,585		$	—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    65

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Small/Mid Cap Value			Transamerica Tactical Income
Investment income:
Dividend income	$	5,921		$	1,092
Withholding taxes on foreign income		(2	)		—
Interest income		2			1
Interest income on securities sold short		—			—
Securities lending income (net)		124			—
		6,045			1,093
Expenses:
Management and advisory		2,534			133
Distribution and service:
Class A		542			30
Class B		167
Class C		939			69
Transfer agent:
Class A		358			3
Class B		37
Class C		156			3
Class I		46			14
Class I2		—	(A)
Printing and shareholder reports		40			42
Custody		50			10
Administration		70			7
Legal		10			2
Audit and tax		8			9
Trustees		6			1
Registration		42			57
Other		6			2
Total expenses		5,011			382
Fund expenses recaptured or (reimbursed)/(waived)		—			(74	)
Class expenses recaptured or (reimbursed)/(waived):
Class A		—			(9	)
Class C		—			(3	)
Class I		—			(13	)
Total expenses recaptured or (reimbursed)/(waived)		—			(99	)
Net expenses		5,011			283
Net investment income		1,034			810
Net realized gain (loss) on transactions from:
Investment securities		(12,374	)		(685	)
Net realized gain (loss)		(12,374	)		(685	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		86,124			1,639
Net change in unrealized appreciation (depreciation)		86,124			1,639
Net realized and change in unrealized gain:		73,750			954
Net increase in net assets resulting from operations	$	74,784		$	1,764

^(A)  Rounds to less than $1.

^(B) Commenced operations on April 30, 2012.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    66

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

(all amounts in thousands)

	Transamerica Capital Growth						Transamerica Diversified Equity						Transamerica Emerging  Markets Debt
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	387		$	(1,376	)	$	1,284		$	444		$	3,626		$	735
Net realized gain (loss)(A)		409			39,569			(9,176	)		110,535			2,730			152
Net change in unrealized appreciation (depreciation)		73,946			(10,620	)		117,093			(76,621	)		4,449			(623	)
Net increase in net assets resulting from operations		74,742			27,573			109,201			34,358			10,805			264
Net equalization credit and charges								—			(5,091	)
Distributions to shareholders:
From net investment income:
Class A		—			—			—			(914	)		(326	)		—	(B)
Class B		—			—			—	(B)		(19	)
Class C		—	(B)		—			—	(B)		(61	)		(88	)		—	(B)
Class I		(9	)		—			—			(7	)		(123	)		(1	)
Class I2		(19	)		—			(359	)		(6,482	)		(3,091	)		(41	)
Class P		—			—			—			(4,645	)
Class T								—
		(28	)		—			(359	)		(12,128	)		(3,628	)		(42	)
From net realized gains:
Class A		(1,847	)		—			(10,446	)		—			—			—
Class B		(232	)		—			(711	)		—
Class C		(510	)		—			(1,806	)		—			—			—
Class I		(349	)		—			(145	)		—			—			—
Class I2		(19,816	)		—			(36,688	)		—			—			—
Class P		(1,888	)		—			(23,251	)		—
Class T								—
		(24,642	)		—			(73,047	)		—			—			—
Total distributions to shareholders		(24,670	)		—			(73,406	)		(12,128	)		(3,628	)		(42	)
Capital share transactions:
Proceeds from shares sold:
Class A		8,245			23,000			4,248			2,457			21,444			2,312
Class B		333			838			479			391
Class C		1,499			5,007			689			505			4,626			996
Class I		23,162			12,513			162,693			1,072			5,127			2,018
Class I2		163,729			398,989			13,016			60,732			1,840			95,239
Class P		4,374			11,925			1,547			49,683
Class T								171
		201,342			452,272			182,843			114,840			33,037			100,565
Issued from fund acquisition:
Class A		—			—			387,425			—			—			—
Class B		—			—			21,028			—
Class C		—			—			33,859			—			—			—
Class I		—			—			174,606			—			—			—
Class I2		—			—			371,097			—			—			—
Class T								89,251
		—			—			1,077,266			—			—			—
Dividends and distributions reinvested:
Class A		1,768			—			10,117			882			257			—	(B)
Class B		223			—			698			18
Class C		467			—			1,685			57			73			—	(B)
Class I		138			—			142			6			121			1
Class I2		19,835			—			37,047			6,482			3,091			41
Class P		1,863			—			23,224			2,688
Class T								—
		24,294			—			72,913			10,133			3,542			42
Cost of shares redeemed:
Class A		(12,695	)		(13,729	)		(29,552	)		(14,152	)		(910	)		(117	)
Class B		(577	)		(1,726	)		(974	)		(1,115	)		—
Class C		(1,935	)		(3,013	)		(2,698	)		(2,596	)		(367	)		—	(B)
Class I		(6,038	)		(1,164	)		(37,393	)		(314	)		(902	)		—	(B)
Class I2		(23,249	)		(1,581	)		(74,510	)		(134,434	)		(24,543	)		(143	)
Class P		(21,302	)		(24,833	)		(142,181	)		(220,859	)
Class T								(3,356	)
		(65,796	)		(46,046	)		(290,664	)		(373,470	)		(26,722	)		(260	)
Automatic conversions:
Class A		1,220			2,418			1,953			1,868			—			—
Class B		(1,220	)		(2,418	)		(1,953	)		(1,868	)
		—			—			—			—			—			—
Class level conversions:
Class I		52,090			—			46,486			—			—			—
Class P		(52,090	)		—			(46,486	)		—
		—			—			—			—			—			—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    67

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

													Transamerica Emerging
	Transamerica Capital Growth						Transamerica Diversified Equity						Markets Debt
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
Fair fund settlement:
Class A		—			—			113			—	(B)		—			—
Class B		—			—			8			—	(B)
Class C		—			—			19			—	(B)		—			—
Class I		—			—			1			—	(B)		—			—
Class I2		—			—			401			2			—			—
Class P		—			—			253			2
Class T								—
		—			—			795			4			—			—
Net income equalization:		—			—			—			5,091			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		159,840			406,226			1,043,153			(243,402	)		9,857			100,347
Net increase (decrease) in net assets		209,912			433,799			1,078,948			(226,263	)		17,034			100,569
Net assets:
Begining of period/year	$	575,889		$	142,090		$	563,086		$	789,349		$	100,569		$	—
End of period/year	$	785,801		$	575,889		$	1,642,034		$	563,086		$	117,603		$	100,569
Undistributed net investment income	$	359		$	—		$	925		$	—		$	1,008		$	1,010
Share activity:
Shares issued:
Class A		514			1,461			307			165			2,091			237
Class B		23			58			35			26
Class C		105			347			52			33			453			103
Class I		1,468			794			11,906			68			500			206
Class I2		15,088			37,298			929			3,930			177			9,526
Class P		293			766			116			3,227
Class T								6
		17,491			40,724			13,351			7,449			3,221			10,072
Shares issued on fund acquisition:
Class A		—			—			28,762			—			—			—
Class B		—			—			1,572			—
Class C		—			—			2,536			—			—			—
Class I		—			—			12,839			—			—			—
Class I2		—			—			27,327			—			—			—
Class T								3,110
		—			—			76,146			—			—			—
Shares issued-reinvested from distributions:
Class A		129			—			853			58			25			—	(C)
Class B		18			—			59			1
Class C		37			—			143			4			7			—	(C)
Class I		10			—			12			—	(C)		12			—	(C)
Class I2		2,064			—			3,103			427			310			4
Class P		136			—			1,950			177
Class T								—
		2,394			—			6,120			667			354			4
Shares redeemed:
Class A		(825	)		(869	)		(2,118	)		(933	)		(87	)		(12	)
Class B		(41	)		(119	)		(71	)		(74	)
Class C		(136	)		(209	)		(200	)		(173	)		(35	)		—	(C)
Class I		(371	)		(73	)		(2,663	)		(21	)		(86	)		—	(C)
Class I2		(2,056	)		(145	)		(5,241	)		(9,517	)		(2,357	)		(15	)
Class P		(1,403	)		(1,566	)		(10,523	)		(14,091	)
Class T								(114	)
		(4,832	)		(2,981	)		(20,930	)		(24,809	)		(2,565	)		(27	)
Automatic conversions:
Class A		79			156			146			125			—			—
Class B		(86	)		(169	)		(146	)		(125	)
		(7	)		(13	)		—			—			—			—
Class level conversions:
Class I		3,295			—			3,418			—			—			—
Class P		(3,328	)		—			(3,435	)		—
		(33	)		—			(17	)		—			—			—
Net increase (decrease) in shares outstanding:
Class A		(103	)		748			27,950			(585	)		2,029			225
Class B		(86	)		(230	)		1,449			(172	)
Class C		6			138			2,531			(136	)		425			103
Class I		4,402			721			25,512			47			426			206
Class I2		15,096			37,153			26,118			(5,160	)		(1,870	)		9,515
Class P		(4,302	)		(800	)		(11,892	)		(10,687	)
Class T								3,002
		15,013			37,730			74,670			(16,693	)		1,010			10,049

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

Transamerica Funds		Semi-Annual Report 2012
	Page    68

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Emerging Markets Equity		Transamerica Flexible Income						Transamerica Growth Opportunities
	April 30, 2012 (unaudited)(D)		April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	—	$	6,924		$	14,340		$	644		$	(1,496	)
Net realized gain (loss)(A)		—		1,363			3,676			337			117,550
Net change in unrealized appreciation (depreciation)		—		6,221			(8,701	)		25,294			(80,212	)
Net increase in net assets resulting from operations		—		14,508			9,315			26,275			35,842
Distributions to shareholders:
From net investment income:
Class A		—		(1,798	)		(3,489	)		(2	)		—
Class B				(149	)		(416	)		—			—
Class C		—		(1,272	)		(2,181	)		—			—
Class I		—		(649	)		(987	)		(18	)		(8	)
Class I2		—		(3,144	)		(7,295	)		(251	)		(576	)
Class P				—			—			—			(112	)
		—		(7,012	)		(14,368	)		(271	)		(696	)
From net realized gains:
Class A		—		—			—			(21,108	)		—
Class B				—			—			(2,053	)		—
Class C		—		—			—			(3,164	)		—
Class I		—		—			—			(1,977	)		—
Class I2		—		—			—			(21,956	)		—
Class P				—			—			(20,068	)		—
		—		—			—			(70,326	)		—
Total distributions to shareholders		—		(7,012	)		(14,368	)		(70,597	)		(696	)
Capital share transactions:
Proceeds from shares sold:
Class A		250		13,287			37,059			4,677			53,115
Class B				502			1,645			266			805
Class C		250		18,049			34,498			766			3,521
Class I		250		11,502			22,523			50,993			12,282
Class I2		20,000		4,459			419			76,019			1,151
Class P				—			—			2,658			12,809
		20,750		47,799			96,144			135,379			83,683
Issued from fund acquisition:
Class I2		—		—			—			274,998			—
Dividends and distributions reinvested:
Class A		—		1,507			2,848			20,746			—
Class B				126			308			2,006			—
Class C		—		744			1,242			2,974			—
Class I		—		365			542			1,687			3
Class I2		—		3,144			7,295			22,207			576
Class P				—			—			19,936			112
		—		5,886			12,235			69,556			691
Cost of shares redeemed:
Class A		—		(11,047	)		(30,886	)		(12,420	)		(18,918	)
Class B				(759	)		(2,689	)		(600	)		(1,941	)
Class C		—		(10,281	)		(20,629	)		(1,828	)		(3,362	)
Class I		—		(4,670	)		(12,507	)		(6,758	)		(3,328	)
Class I2		—		(6,492	)		(43,197	)		(33,404	)		(8,256	)
Class P				—			—			(53,917	)		(31,828	)
		—		(33,249	)		(109,908	)		(108,927	)		(67,633	)
Automatic conversions:
Class A		—		613			2,688			2,135			3,139
Class B				(613	)		(2,688	)		(2,135	)		(3,139	)
		—		—			—			—			—
Class level conversions:
Class I		—		—			—			50,880			—
Class P										(50,880	)		—
		—		—			—			—			—
Fair fund settlement:
Class A		—		—			—			9			1
Class B				—			—			1			—	(B)
Class C		—		—			—			1			—	(B)
Class I		—		—			—			1			—	(B)
Class I2		—		—			—			9			2
Class P				—			—			8			1
		—		—			—			29			4
Net increase (decrease) in net assets resulting from capital shares transactions
		20,750		20,436			(1,529	)		371,035			16,745
Net increase (decrease) in net assets		20,750		27,932			(6,582	)		326,713			51,891
Net assets:
Begining of period/year		—	$	251,817		$	258,399		$	349,425		$	297,534
End of period/year		20,750	$	279,749		$	251,817		$	676,138		$	349,425
Undistributed net investment income	$	—	$	788		$	876		$	373		$	—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    69

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Emerging Markets Equity		Transamerica Flexible Income						Transamerica Growth Opportunities
	April 30, 2012 (unaudited)(D)		April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
Share activity:
Shares issued:
Class A		25		1,486			4,106			520			4,731
Class B				56			183			33			77
Class C		25		2,028			3,846			96			334
Class I		25		1,280			2,493			5,517			1,070
Class I2		2,000		492			46			7,871			97
Class P				—			—			299			1,121
		2,075		5,342			10,674			14,336			7,430
Shares issued on fund acquisition:
Class I2		—		—			—			29,633			—
Shares issued-reinvested from distributions:
Class A				170			318			2,691			—
Class B				14			34			292			—
Class C		—		84			139			431			—
Class I		—		41			60			208			—	(C)
Class I2		—		353			812			2,725			51
Class P				—			—			2,562			10
		—		662			1,363			8,909			61
Shares redeemed:
Class A		—		(1,238	)		(3,446	)		(1,375	)		(1,647	)
Class B				(85	)		(300	)		(74	)		(187	)
Class C		—		(1,160	)		(2,308	)		(233	)		(319	)
Class I		—		(521	)		(1,379	)		(711	)		(275	)
Class I2		—		(725	)		(4,790	)		(3,504	)		(713	)
Class P				—			—			(6,140	)		(2,751	)
		—		(3,729	)		(12,223	)		(12,037	)		(5,892	)
Automatic conversions:
Class A		—		69			298			251			274
Class B				(69	)		(297	)		(281	)		(299	)
		—		—			1			(30	)		(25	)
Class level conversions:
Class I		—		—			—			5,518			—
Class P										(5,748	)		—
		—		—			—			(230	)		—
Net increase (decrease) in shares outstanding:
Investor Class
Class A		25		487			1,276			2,087			3,358
Class B				(84	)		(380	)		(30	)		(409	)
Class C		25		952			1,677			294			15
Class I		25		800			1,174			10,532			795
Class I2		2,000		120			(3,932	)		36,725			(565	)
Class P										(9,027	)		(1,620	)
		2,075		2,275			(185	)		40,581			1,574

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

Transamerica Funds		Semi-Annual Report 2012
	Page    70

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica High Yield Bond						Transamerica International Bond						Transamerica International Equity
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income	$	24,543		$	50,875		$	3,128		$	7,687		$	1,969		$	3,183
Net realized gain (loss)(A)		12,080			28,507			(5,422	)		32,094			308			1,747
Net change in unrealized appreciation (depreciation)		15,207			(47,639	)		2,982			(43,769	)		6,756			(10,477	)
Net increase (decrease) in net assets resulting from operations		51,830			31,743			688			(3,988	)		9,033			(5,547	)
Distributions to shareholders:
From net investment income:
Fund Level																	(1,049	)
Class A		(7,404	)		(12,399	)		—	(B)		—			(12	)		—
Class B		(272	)		(682	)
Class C		(1,691	)		(2,837	)		—	(B)		—			(5	)		—
Class I		(2,321	)		(2,173	)		—	(B)		—			(2,013	)		—
Class I2		(12,945	)		(30,575	)		(30,887	)		(32,153	)		(1,247	)		—
Class P		(255	)		(1,368	)
		(24,888	)		(50,034	)		(30,887	)		(32,153	)		(3,277	)		(1,049	)
From net realized gains:
Class I2		—			—			(2,784	)		(3,267	)		—			—
Total distributions to shareholders		(24,888	)		(50,034	)		(33,671	)		(35,420	)		(3,277	)		(1,049	)
Capital share transactions:
Proceeds from shares sold:
Fund Level																	1,812
Class A		91,466			170,969			110			—			304			458
Class B		555			872
Class C		17,592			18,711			140			—			357			28
Class I		47,975			77,275			100			—			2,862			7,302
Class I2		20,593			117,637			12,248			282,605			56,842			50,397
Class P		15,313			37,103
		193,494			422,567			12,598			282,605			60,365			59,997
Issued from fund acquisition:
Class A		—			—			—			—			—			100
Class B		—			—
Class C		—			—			—			—			—			100
Class I		—			—			—			—			—			83,612
Class I2		—			—			—			—			—			—	(B)
Class P		—			—
		—			—			—			—			—			83,812
Dividends and distributions reinvested:
Fund Level																	1,003
Class A		6,470			10,773			—	(B)		—			11			—
Class B		231			479
Class C		1,223			1,883			—	(B)		—			5			—
Class I		1,763			1,397			—	(B)		—			1,883			—
Class I2		12,945			30,575			33,671			35,420			1,248			—
Class P		247			1,322
		22,879			46,429			33,671			35,420			3,147			1,003
Redeemed due to acquisition:
Fund Level		—			—			—			—			—			(83,612	)
Cost of shares redeemed:
Fund Level		—			—			—			—			—			(1,336	)
Class A		(105,182	)		(146,735	)		—	(B)		—			(39	)		(40	)
Class B		(522	)		(2,719	)
Class C		(6,475	)		(12,369	)		—			—			—			(1	)
Class I		(86,383	)		(23,545	)		—			—			(4,699	)		(2,844	)
Class I2		(160,980	)		(153,205	)		(263,796	)		(250,466	)		(1,065	)		—	(B)
Class P		(9,724	)		(40,924	)
		(369,266	)		(379,497	)		(263,796	)		(250,466	)		(5,803	)		(4,221	)
Automatic conversions:
Class A		762			2,901			—			—			—			—
Class B		(762	)		(2,901	)
		—			—			—			—			—			—
Class level conversions:
Class I		25,615			—			—			—			—			—
Class P		(25,615	)		—
		—			—			—			—			—			—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    71

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica High Yield Bond						Transamerica International Bond						Transamerica International Equity
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
Fair fund settlement:
Class A	$	—		$	—		$	—		$	—		$	—		$	—
Class B		—	(B)		—
Class C		—	(B)		—			—			—			—			—
Class I		—	(B)		—			—			—			—			—
Class I2		3			—			—			—			—			—
Class P		—	(B)		—
		3			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(152,890	)		89,499			(217,527	)		67,559			57,709			56,979
Net increase (decrease) in net assets		(125,948	)		71,208			(250,510	)		28,151			63,465			50,383
Net assets:
Begining of period/year	$	777,762		$	706,554		$	475,292		$	447,141		$	125,654		$	75,271
End of period/year	$	651,814		$	777,762		$	224,782		$	475,292		$	189,119		$	125,654
Undistributed net investment income	$	2,223		$	2,568		$	(4,054	)	$	23,705		$	1,693		$	3,001
Share activity:
Shares issued:
Fund Level																	136
Class A		10,148			19,065			11			—			23			32
Class B		61			96
Class C		1,941			2,054			14			—			27			1
Class I		5,253			8,701			10			—			213			526
Class I2		2,219			12,683			1,167			24,524			4,056			3,429
Class P		1,704			4,043									—
		21,326			46,642			1,202			24,524			4,319			4,124
Shares issued on fund acquisition:
Class A		—			—			—			—			—			7
Class B		—			—
Class C		—			—			—			—			—			7
Class I		—			—			—			—			—			5,502
Class I2		—			—			—			—			—			—	(B)
Class P		—			—
		—			—			—			—			—			5,516
Shares issued-reinvested from distributions:
Fund Level																	71
Class A		718			1,183			—	(C)		—			1			—
Class B		26			53
Class C		136			208			—	(C)		—			1			—
Class I		194			154			—	(C)		—			153			—
Class I2		1,427			3,340			3,333			3,358			101			—
Class P		28			145
		2,529			5,083			3,333			3,358			256			71
Shares Redeemed due to acquisition:
Fund Level																	(5,502	)
Shares redeemed:
Fund Level																	(94	)
Class A		(11,786	)		(16,105	)		—			—			(3	)		(3	)
Class B		(59	)		(297	)
Class C		(720	)		(1,373	)		—			—			—			—	(C)
Class I		(9,643	)		(2,603	)		—			—			(354	)		(195	)
Class I2		(17,342	)		(17,227	)		(25,104	)		(22,601	)		(76	)		—	(C)
Class P		(1,107	)		(4,435	)
		(40,657	)		(42,040	)		(25,104	)		(22,601	)		(433	)		(292	)
Automatic conversions:
Class A		85			315			—			—			—			—
Class B		(85	)		(315	)
		—			—			—			—			—			—
Class level conversions:
Class I		2,760			—			—			—			—			—
Class P		(2,775	)		—
		(15	)		—			—			—			—			—
Net increase (decrease) in shares outstanding:
Fund Level																	(5,839	)
Class A		(835	)		4,458			11						21			36
Class B		(57	)		(463	)
Class C		1,357			889			14						28			8
Class I		(1,436	)		6,252			10						12			5,833
Class I2		(13,696	)		(1,204	)		(20,604	)		5,281			4,081			3,429
Class P		(2,150	)		(247	)
		(16,817	)		9,685			(20,569	)		5,281			4,142			3,917

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

Transamerica Funds		Semi-Annual Report 2012
	Page    72

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Large Cap Growth		Transamerica Money Market						Transamerica Multi-Managed Balanced
	April 30, 2012 (unaudited)(D)		April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income	$	—	$	13		$	14		$	2,350		$	4,612
Net realized gain (loss)(A)		—		—			—			3,892			78,904
Net change in unrealized appreciation (depreciation)		—		—			—			21,608			(48,531	)
Net increase in net assets resulting from operations		—		13			14			27,850			34,985
Net equalization credit and charges		—		—			—			—			(14,794	)
Distributions to shareholders:
From net investment income:
Class A		—		(2	)		(3	)		(839	)		(1,337	)
Class B				—	(B)		(1	)		(40	)		(46	)
Class C		—		(1	)		(1	)		(252	)		(239	)
Class I		—		(1	)		—	(B)		(893	)		(95	)
Class I2		—		(4	)		(4	)
Class P				(5	)		(5	)		(657	)		(2,803	)
		—		(13	)		(14	)		(2,681	)		(4,520	)
From net realized gains:
Class A		—		—			—			(14,336	)		—
Class B				—			—			(1,301	)		—
Class C		—		—			—			(5,406	)		—
Class I		—		—			—			(1,677	)		—
Class P				—			—			(21,642	)		—
		—		—			—			(44,362	)		—
Total distributions to shareholders		—		(13	)		(14	)		(47,043	)		(4,520	)
Capital share transactions:
Proceeds from shares sold:
Class A		250		30,529			96,642			12,936			58,119
Class B		—		1,893			9,304			1,165			1,366
Class C		250		9,637			32,873			13,012			19,491
Class I		250		17,951			—			79,511			15,514
Class I2		40,000		48,065			19,769
Class P		—		1,488			7,531			3,612			21,072
		40,750		109,563			166,119			110,236			115,562
Dividends and distributions reinvested:
Class A		—		2			3			14,410			1,253
Class B				—	(B)		1			1,294			45
Class C		—		1			1			4,940			208
Class I		—		1			—	(B)		1,241			49
Class I2		—		4			4
Class P				5			5			22,142			2,782
		—		13			14			44,027			4,337
Cost of shares redeemed:
Class A		—		(44,982	)		(106,542	)		(10,278	)		(60,819	)
Class B				(4,189	)		(10,784	)		(461	)		(2,492	)
Class C		—		(15,933	)		(30,595	)		(4,474	)		(7,139	)
Class I		—		(16,941	)		—	(B)		(5,768	)		(3,914	)
Class I2		—		(5,190	)		(23,936	)
Class P				(3,464	)		(12,309	)		(93,138	)		(73,052	)
		—		(90,699	)		(184,166	)		(114,119	)		(147,416	)
Automatic conversions:
Class A		—		1,458			2,643			1,955			4,839
Class B				(1,458	)		(2,643	)		(1,955	)		(4,839	)
		—		—			—			—			—
Class level conversions:
Class I		—		25,317			—			86,888			—
Class P				(25,317	)		—			(86,888	)		—
		—		—			—			—			—
Net income equalization		—		—			—			—			14,794
Net increase (decrease) in net assets resulting from capital shares transactions
		40,750		18,877			(18,033	)		40,144			(12,723	)
Net increase (decrease) in net assets		40,750		18,877			(18,033	)		20,951			2,948
Net assets:
Begining of period/year		—	$	208,840		$	226,873		$	336,549		$	333,601
End of period/year	$	40,750	$	227,717		$	208,840		$	357,500		$	336,549
Undistributed net investment income	$	—	$	—		$	—		$	225		$	556

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

Transamerica Funds		Semi-Annual Report 2012
	Page    73

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Large Cap Growth		Transamerica Money Market						Transamerica Multi-Managed Balanced
	April 30, 2012 (unaudited)(D)		April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
Share activity:
Shares issued:
Class A		25		30,529			96,642			600			2,540
Class B				1,893			9,304			54			59
Class C		25		9,636			32,873			616			846
Class I		25		17,951			—			3,740			669
Class I2		4,000		48,067			19,769
Class P				1,489			7,531			170			914
		4,075		109,565			166,119			5,180			5,028
Shares issued on fund acquisition:
Shares issued-reinvested from distributions:
Class A		—		2			3			728			55
Class B				—	(C)		—	(C)		66			2
Class C		—		1			1			252			9
Class I		—		—	(C)		—	(C)		59			2
Class I2		—		4			4
Class P				5			6			1,122			121
		—		12			14			2,227			189
Shares redeemed:
Class A		—		(44,982	)		(106,542	)		(478	)		(2,664	)
Class B				(4,189	)		(10,784	)		(21	)		(108	)
Class C		—		(15,933	)		(30,595	)		(214	)		(312	)
Class I		—		(16,941	)		—			(268	)		(166	)
Class I2		—		(5,190	)		(23,936	)
Class P				(3,464	)		(12,309	)		(4,403	)		(3,127	)
		—		(90,699	)		(184,166	)		(5,384	)		(6,377	)
Automatic conversions:
Class A		—		1,458			2,643			91			209
Class B				(1,458	)		(2,643	)		(92	)		(210	)
		—		—			—			(1	)		(1	)
Class level conversions:
Class I		—		25,317			2,643			4,097			209
Class P				(25,317	)		(2,643	)		(4,107	)		(210	)
		—		—			—			(10	)		(1	)
Net increase (decrease) in shares outstanding:
Investor Class
Class A		25		(12,993	)		(7,254	)		941			140
Class B				(3,754	)		(4,123	)		7			(257	)
Class C		25		(6,296	)		2,279			654			543
Class I		25		26,327			—			7,628			505
Class I2		4,000		42,881			(4,163	)
Class P				(27,287	)		(4,772	)		(7,218	)		(2,092	)
		4,075		18,878			(18,033	)		2,012			(1,161	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    74

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Quality Value						Transamerica Short-Term Bond						Transamerica Small Cap Value
	April 30, 2012 (unaudited)			October  31, 2011(E)			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)(D)
From operations:
Net investment income	$	15,801		$	18,749		$	46,503		$	99,140		$	—
Net realized gain (loss)(A)		727			(17,118	)		15,300			20,987			—
Net change in unrealized appreciation (depreciation)		144,130			2,423			18,782			(66,942	)		—
Net increase in net assets resulting from operations		160,658			4,054			80,585			53,185			—
Distributions to shareholders:
From net investment income:
Class A		(11	)		(8	)		(13,229	)		(30,442	)		—
Class C		(11	)		(7	)		(11,545	)		(24,518	)		—
Class I		(84	)		(7	)		(5,387	)		(9,068	)		—
Class I2		(15,247	)		(16,285	)		(17,910	)		(37,865	)		—
		(15,353	)		(16,307	)		(48,071	)		(101,893	)		—
From net realized gains:
Class A		—			—			(5,502	)		(1,873	)		—
Class C		—			—			(6,009	)		(1,877	)		—
Class I		—			—			(1,936	)		(450	)		—
Class I2		—			—			(6,847	)		(2,237	)		—
		—			—			(20,294	)		(6,437	)		—
Total distributions to shareholders		(15,353	)		(16,307	)		(68,365	)		(108,330	)		—
Capital share transactions:
Proceeds from shares sold:
Class A		791			1,252			148,432			359,599			250
Class C		276			1,967			91,426			268,987			250
Class I		3,196			7,832			136,572			245,690			250
Class I2		244,387			1,510,101			118,842			181,462			99,761
		248,650			1,521,152			495,272			1,055,738			100,511
Dividends and distributions reinvested:
Class A		10			7			15,653			25,781			—
Class C		9			6			13,727			18,792			—
Class I		84			7			4,520			4,400			—
Class I2		15,247			16,285			25,064			40,262			—
		15,350			16,305			58,964			89,235			—
Cost of shares redeemed:
Class A		(105	)		(186	)		(206,035	)		(446,889	)		—
Class C		(364	)		(131	)		(121,339	)		(259,670	)		—
Class I		(188	)		(330	)		(84,653	)		(173,095	)		—
Class I2		(68,212	)		(185,461	)		(165,712	)		(278,428	)		—
		(68,869	)		(186,108	)		(577,739	)		(1,158,082	)		—
Net increase (decrease) in net assets resulting from capital shares transactions
		195,131			1,351,349			(23,503	)		(13,109	)		100,511
Net increase (decrease) in net assets		340,436			1,339,096			(11,283	)		(68,254	)		100,511
Net assets:
Begining of period/year	$	1,339,096		$	—		$	2,821,089		$	2,889,343		$	—
End of period/year	$	1,679,532		$	1,339,096		$	2,809,806		$	2,821,089		$	100,511
Undistributed (accumulated) net investment income (loss)	$	2,952		$	2,504		$	(3,988	)	$	(2,420	)		—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    75

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Quality Value						Transamerica Short-Term Bond						Transamerica Small Cap Value
	April 30, 2012 (unaudited)			October  31, 2011(E)			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012(D) (unaudited)
Share activity:
Shares issued:
Class A		71			115			14,408			34,402			25
Class C		25			182			8,897			25,782			25
Class I		286			791			13,487			23,932			25
Class I2		22,553			145,726			11,732			17,710			9,976
		22,935			146,814			48,524			101,826			10,051
Shares issued-reinvested from distributions:
Class A		1			1			1,527			2,470			—
Class C		1			—	(C)		1,342			1,804			—
Class I		8			1			448			429			—
Class I2		1,434			1,557			2,488			3,925			—
		1,444			1,559			5,805			8,628			—
Shares redeemed:
Class A		(10	)		(17	)		(20,014	)		(42,838	)		—
Class C		(33	)		(12	)		(11,810	)		(24,915	)		—
Class I		(18	)		(31	)		(8,366	)		(16,874	)		—
Class I2		(6,262	)		(18,497	)		(16,318	)		(27,058	)		—
		(6,323	)		(18,557	)		(56,508	)		(111,685	)		—
Net increase (decrease) in shares outstanding:
Class A		62			99			(4,079	)		(5,966	)		25
Class C		(7	)		170			(1,571	)		2,671			25
Class I		276			761			5,569			7,487			25
Class I2		17,725			128,786			(2,098	)		(5,423	)		9,976
		18,056			129,816			(2,179	)		(1,231	)		10,051

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

Transamerica Funds		Semi-Annual Report 2012
	Page    76

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Small/Mid Cap Value						Transamerica Tactical Income
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)(F)
From operations:
Net investment income (loss)	$	1,034		$	(2,856	)	$	810
Net realized gain (loss)(A)		(12,374	)		193,786			(685	)
Net change in unrealized appreciation (depreciation)		86,124			(151,551	)		1,639
Net increase in net assets resulting from operations		74,784			39,379			1,764
Distributions to shareholders:
From net investment income:
Class A		—	(B)		—			(666	)
Class B		—	(B)		—
Class C		—	(B)		—			(447	)
Class I		—	(B)		—			(823	)
Class I2		—			—
		—			—			(1,936	)
From net realized gains:
Class A		(17,683	)		—			—
Class B		(1,904	)		—
Class C		(10,530	)		—			—
Class I		(3,750	)		—			—
Class I2		(699	)		—
		(34,566	)		—			—
Total distributions to shareholders		(34,566	)		—			(1,936	)
Capital share transactions:
Proceeds from shares sold:
Class A		43,247			144,418			69,970
Class B		798			1,532
Class C		19,838			48,478			55,653
Class I		44,378			67,684			85,494
Class I2		316			905
		108,577			263,017			211,117
Dividends and distributions reinvested:
Class A		16,432			—			582
Class B		1,625			—
Class C		8,584			—			360
Class I		2,089			—			735
Class I2		699			—
		29,429			—			1,677
Cost of shares redeemed:
Class A		(69,665	)		(128,843	)		(1,825	)
Class B		(2,564	)		(6,989	)
Class C		(18,828	)		(50,447	)		(837	)
Class I		(19,472	)		(38,074	)		(2,248	)
Class I2		(644	)		(5,604	)
		(111,173	)		(229,957	)		(4,910	)
Automatic conversions:
Class A		1,791			2,578			—
Class B		(1,791	)		(2,578	)
		—			—			—
Net increase in net assets resulting from capital shares transactions
		26,833			33,060			207,884
Net increase in net assets		67,051			72,439			207,712
Net assets:
Begining of period/year	$	620,176		$	547,737		$	—
End of period/year	$	687,227		$	620,176		$	207,712
Undistributed (accumulated) net investment income (loss)	$	1,034		$	—		$	(1,126	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    77

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

(all amounts in thousands)

	Transamerica Small/Mid Cap Value						Transamerica Tactical Income
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)(F)
Share activity:
Shares issued:
Class A		2,063			6,627			6,878
Class B		41			74
Class C		1,016			2,347			5,485
Class I		2,061			2,999			8,395
Class I2		15			40
		5,196			12,087			20,758
Shares issued-reinvested from distributions:
Class A		878			—			58
Class B		92			—
Class C		490			—			36
Class I		110			—			73
Class I2		36			—
		1,606			—			167
Shares redeemed:
Class A		(3,321	)		(6,093	)		(180	)
Class B		(130	)		(345	)
Class C		(968	)		(2,491	)		(83	)
Class I		(910	)		(1,848	)		(222	)
Class I2		(30	)		(256	)
		(5,359	)		(11,033	)		(485	)
Automatic conversions:
Class A		86			122			—
Class B		(91	)		(128	)
		(5	)		(6	)		—
Net increase (decrease) in shares outstanding:
Investor Class
Class A		(294	)		656			6,756
Class B		(88	)		(399	)
Class C		538			(144	)		5,438
Class I		1,261			1,151			8,246
Class I2		21			(216	)
		1,438			1,048			20,440

^(A) Net realized gain (loss) includes all items listed in the Statement of Operations.

^(B) Rounds to less than $1.

^(C)  Rounds to less than 1 share.

^(D) Commenced operations April 30, 2012.

^(E) Commenced operations November 15, 2010.

^(F) Includes information from inception date of October 31, 2011 through period end.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    78

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica Capital Growth
	Class A									Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)			April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)
Net asset value
Beginning of period/year	$	15.47		$	13.78		$	11.77		$	14.22		$	12.75		$	10.95
Investment operations
Net investment loss(B)		(0.03	)		(0.12	)		(0.09	)		(0.08	)		(0.20	)		(0.15	)
Net realized and change in unrealized gain on investments		1.54			1.81			2.12			1.42			1.67			1.96
Total from investment operations		1.51			1.69			2.03			1.34			1.47			1.81
Distributions
Net investment income		—			—			(0.02	)		—			—			(0.01	)
Net realized gains on investments		(0.45	)		—			—			(0.45	)		—			—
Total distributions		(0.45	)		—			(0.02	)		(0.45	)		—			(0.01	)
Net asset value
End of period/year	$	16.53		$	15.47		$	13.78		$	15.11		$	14.22		$	12.75
Total return(C)		10.32	%(D)		12.34	%		17.24	%(D)		10.02	%(D)		11.61	%		16.51	%(D)
Net assets end of period/year (000’s)	$	68,903		$	66,058		$	48,547		$	6,972		$	7,786		$	9,916
Ratio and supplemental data
Expenses to average net assets
After reimbursement/ waiver or recapture		1.53	%(E)		1.55	%		1.55	%(E)		2.20	%(E)		2.20	%		2.20	%(E)
Before reimbursement/ waiver or recapture		1.50	%(E)		1.63	%		1.78	%(E)		2.40	%(E)		2.45	%		2.51	%(E)
Net investment loss, to average net assets		(0.44	)%(E)		(0.76	)%		(0.75	)%(E)		(1.11	)%(E)		(1.41	)%		(1.36	)%(E)
Portfolio turnover rate		7	%(D)		90	%		57	%(D)		7	%(D)		90	%		57	%(D)
	Transamerica Capital Growth
	Class C									Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)			April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)
Net asset value
Beginning of period/year	$	14.20		$	12.74		$	10.94		$	15.66		$	13.89		$	11.64
Investment operations
Net investment income (loss)(B)		(0.07	)		(0.20	)		(0.15	)		0.01			(0.06	)		(0.06	)
Net realized and change in unrealized gain on investments		1.41			1.66			1.96			1.56			1.83			2.33
Total from investment operations		1.34			1.46			1.81			1.57			1.77			2.27
Distributions
Net investment income		—	(J)		—			(0.01	)		(0.01	)		—			(0.02	)
Net realized gains on investments		(0.45	)		—			—			(0.45	)		—			—
Total distributions		(0.45	)		—			(0.01	)		(0.46	)		—			(0.02	)
Net asset value
End of period/year	$	15.09		$	14.20		$	12.74		$	16.77		$	15.66		$	13.89
Total return(C)		10.03	%(D)		11.62	%		16.53	%(D)		10.61	%(D)		12.81	%		19.58	%(D)
Net assets end of period/year (000’s)	$	17,358		$	16,252		$	12,814		$	86,450		$	11,767		$	434
Ratio and supplemental data
Expenses to average net assets
After reimbursement/ waiver or recapture		2.11	%(E)		2.20	%		2.20	%(E)		0.95	%(E)		1.13	%		1.20	%(E)
Before reimbursement/ waiver or recapture		2.06	%(E)		2.18	%		2.26	%(E)		0.95	%(E)		1.10	%		1.85	%(E)
Net investment income (loss), to average net assets		(1.02	)%(E)		(1.41	)%		(1.39	)%(E)		0.11	%(E)		(0.37	)%		(0.51	)%(E)
Portfolio turnover rate		7	%(D)		90	%		57	%(D)		7	%(D)		90	%		57	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    79

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Capital Growth						Transamerica Diversified Equity
	Class I2						Class A
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October  31, 2011(I)			April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)
Net asset value
Beginning of period/year	$	10.96		$	10.00		$	14.63		$	14.29		$	12.85
Investment operations
Net investment income (loss)(B)		0.01			—	(J)		(0.01	)		(0.06	)		0.15
Net realized and change in unrealized gain on investments		1.08			0.96			1.40			0.56			1.31
Total from investment operations		1.09			0.96			1.39			0.50			1.46
Distributions
Net investment income		—	(J)		—			—			(0.16	)		(0.02	)
Net realized gains on investments		(0.45	)		—			(1.99	)		—			—
Total distributions		(0.45	)		—			(1.99	)		(0.16	)		(0.02	)
Net asset value
End of period/year	$	11.60		$	10.96		$	14.03		$	14.63		$	14.29
Total return(C)		10.75	%(D)		9.70	%(D)		11.98	%(D)		3.44	%		11.32	%(D)
Net assets end of period/year (000’s)	$	606,118		$	407,302		$	466,036		$	77,197		$	83,766
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.84	%(E)		1.09	%(E)		1.49	%(E)		1.52	%		1.52	%(E)
Before reimbursement/waiver or recapture		0.84	%(E)		1.09	%(E)		1.29	%(E)		1.66	%		1.72	%(E)
Net investment income (loss), to average net assets		0.25	%(E)		(0.48	)%(E)		(0.20	)%(E)		(0.42	)%		1.14	%(E)
Portfolio turnover rate		7	%(D)		90	%(D)		26	%(D)		141	%		79	%(D)

	Transamerica Diversified Equity
	Class B									Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)			April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)
Net asset value
Beginning of period/year	$	14.57		$	14.22		$	12.85		$	14.55		$	14.22		$	12.85
Investment operations
Net investment income (loss)(B)		(0.06	)		(0.16	)		0.06			(0.06	)		(0.16	)		0.06
Net realized and change in unrealized gain on investments		1.39			0.55			1.32			1.38			0.55			1.32
Total from investment operations		1.33			0.39			1.38			1.32			0.39			1.38
Distributions
Net investment income		—	(J)		(0.04	)		(0.01	)		—	(J)		(0.06	)		(0.01	)
Net realized gains on investments		(1.99	)		—			—			(1.99	)		—			—
Total distributions		(1.99	)		(0.04	)		(0.01	)		(1.99	)		(0.06	)		(0.01	)
Net asset value
End of period/year	$	13.91		$	14.57		$	14.22		$	13.88		$	14.55		$	14.22
Total return(C)		11.59	%(D)		2.71	%		10.68	%(D)		11.53	%(D)		2.72	%		10.68	%(D)
Net assets end of period/year (000’s)	$	25,328		$	5,420		$	7,375		$	47,908		$	13,393		$	15,013
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.17	%(E)		2.17	%		2.17	%(E)		2.17	%(E)		2.17	%		2.17	%(E)
Before reimbursement/waiver or recapture		2.03	%(E)		2.30	%		2.44	%(E)		2.03	%(E)		2.25	%		2.31	%(E)
Net investment income (loss), to average net assets		(0.87	)%(E)		(1.07	)%		0.40	%(E)		(0.86	)%(E)		(1.07	)%		0.48	%(E)
Portfolio turnover rate		26	%(D)		141	%		79	%(D)		26	%(D)		141	%		79	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    80

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Diversified Equity
	Class I									Class I2(H)
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)			April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(A)
Net asset value
Beginning of period/year	$	14.74		$	14.41		$	12.65		$	14.73		$	14.38		$	12.85
Investment operations
Net investment income(B)		0.03			—	(J)		0.26			0.04			0.04			0.26
Net realized and change in unrealized gain on investments		1.40			0.56			1.53			1.40			0.57			1.30
Total from investment operations		1.43			0.56			1.79			1.44			0.61			1.56
Distributions
Net investment income		—			(0.23	)		(0.03	)		(0.02	)		(0.26	)		(0.03	)
Net realized gains on investments		(1.99	)		—			—			(1.99	)		—			—
Total distributions		(1.99	)		(0.23	)		(0.03	)		(2.01	)		(0.26	)		(0.03	)
Net asset value
End of period/year	$	14.18		$	14.74		$	14.41		$	14.16		$	14.73		$	14.38
Total return(C)		12.21	%(D)		3.82	%		14.16	%(D)		12.31	%(D)		4.19	%		12.12	%(D)
Net assets end of period/year (000’s)	$	362,864		$	1,127		$	421		$	650,104		$	291,409		$	358,714
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.88	%(E)		1.17	%		1.17	%(E)		0.78	%(E)		0.80	%		0.81	%(E)
Before reimbursement/waiver or recapture		0.87	%(E)		1.15	%		1.81	%(E)		0.78	%(E)		0.80	%		0.81	%(E)
Net investment income, to average net assets		0.43	%(E)		0.01	%		2.14	%(E)		0.54	%(E)		0.30	%		2.02	%(E)
Portfolio turnover rate		26	%(D)		141	%		79	%(D)		26	%(D)		141	%		79	%(D)

	Transamerica Diversified Equity			Transamerica Emerging Markets Debt
	Class T			Class A						Class C
For a share outstanding throughout each period	April 30, 2012  (K) (unaudited)			April 30, 2012 (unaudited)			October  31, 2011(L)			April 30, 2012 (unaudited)			October  31, 2011(L)
Net asset value
Beginning of period/year	$	28.70		$	10.00		$	10.00		$	9.99		$	10.00
Investment operations
Net investment income(B)		0.02			0.33			0.08			0.29			0.07
Net realized and change in unrealized gain (loss) on investments		1.19			0.61			(0.08	)		0.62			(0.08	)
Total from investment operations		1.21			0.94			—			0.91			(0.01	)
Distributions
Net investment income		—			(0.32	)		—	(J)		(0.30	)		—	(J)
Total distributions		—			(0.32	)		—	(J)		(0.30	)		—	(J)
Net asset value
End of period/year	$	29.91		$	10.62		$	10.00		$	10.60		$	9.99
Total return(C)		4.22	%(D)		9.64	%(D)		0.04	%(D)		9.30	%(D)		(0.08	)%(D)
Net assets end of period/year (000’s)	$	89,794		$	23,945		$	2,247		$	5,595		$	1,025
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.03	%(E)		1.24	%(E)		1.35	%(E)		1.90	%(E)		2.00	%(E)
Before reimbursement/waiver or recapture		1.03	%(E)		1.18	%(E)		1.65	%(E)		1.84	%(E)		2.29	%(E)
Net investment income, to average net assets		0.24	%(E)		6.36	%(E)		5.24	%(E)		5.63	%(E)		4.35	%(E)
Portfolio turnover rate		26	%(D)		196	%(D)		31	%(D)		196	%(D)		31	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    81

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Emerging Markets Debt												Transamerica Emerging Markets Equity
	Class I						Class I2						Class A			Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October  31, 2011(L)			April 30, 2012 (unaudited)			October  31, 2011(L)			April 30, 2012  (M) (unaudited)			April 30, 2012  (M) (unaudited)
Net asset value
Beginning of period/year	$	10.01		$	10.00		$	10.01		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.34			0.09			0.33			0.07			—			—
Net realized and change in unrealized gain (loss) on investments		0.62			(0.08	)		0.63			(0.06	)		—			—
Total from investment operations		0.96			0.01			0.96			0.01			—			—
Distributions
Net investment income		(0.33	)		—	(J)		(0.33	)		—	(J)		—			—
Total distributions		(0.33	)		—	(J)		(0.33	)		—	(J)		—			—
Net asset value
End of period/year	$	10.64		$	10.01		$	10.64		$	10.01		$	10.00		$	10.00
Total return(C)		9.79	%(D)		0.14	%(D)		9.84	%(D)		0.14	%(D)		—	%(D)		—	%(D)
Net assets end of period/year (000’s)	$	6,724		$	2,064		$	81,339		$	95,233		$	250		$	250
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.96	%(E)		1.00	%(E)		0.81	%(E)		1.00	%(E)		—	%		—	%
Before reimbursement/waiver or recapture		0.88	%(E)		1.34	%(E)		0.75	%(E)		1.23	%(E)		—	%		—	%
Net investment income, to average net assets		6.57	%(E)		5.46	%(E)		6.55	%(E)		4.63	%(E)		—	%		—	%
Portfolio turnover rate		196	%(D)		31	%(D)		196	%(D)		31	%(D)		—	%		—	%

	Transamerica Emerging Markets Equity
	Class I			Class I2
For a share outstanding throughout each period	April 30, 2012  (M) (unaudited)			April 30, 2012  (M) (unaudited)
Net asset value
Beginning of period/year	$	10.00		$	10.00
Investment operations
Net investment income(B)		—			—
Net realized and change in unrealized gain on investments		—			—
Total from investment operations		—			—
Distributions
Return of capital		—			—
Net asset value
End of period/year	$	10.00		$	10.00
Total return(C)		—	%(D)		—	%(D)
Net assets end of period/year (000’s)	$	250		$	20,000
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		—	%		—	%
Before reimbursement/waiver or recapture		—	%		—	%
Net investment income, to average net assets		—	%		—	%
Portfolio turnover rate		—	%		—	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    82

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Flexible Income
	Class A
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.83		$	8.99		$	8.33		$	7.22		$	9.14		$	9.38
Investment operations
Net investment income(B)		0.24			0.51			0.50			0.46			0.44			0.48
Net realized and change in unrealized gain (loss) on investments		0.26			(0.16	)		0.70			1.08			(1.89	)		(0.25	)
Total from investment operations		0.50			0.35			1.20			1.54			(1.45	)		0.23
Distributions
Net investment income		(0.24	)		(0.51	)		(0.54	)		(0.43	)		(0.47	)		(0.47	)
Total distributions		(0.24	)		(0.51	)		(0.54	)		(0.43	)		(0.47	)		(0.47	)
Net asset value
End of period/year	$	9.09		$	8.83		$	8.99		$	8.33		$	7.22		$	9.14
Total return(C)		5.72	%(D)		3.93	%		14.89	%		22.30	%		(16.57	)%		2.42	%
Net assets end of period/year (000’s)	$	71,736		$	65,393		$	55,103		$	24,173		$	13,360		$	15,409
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.94	%(E)		0.97	%		1.07	%(N)		1.47	%		1.39	%		1.40	%
Before reimbursement/waiver or recapture		1.02	%(E)		1.07	%		1.15	%(N)		1.47	%		1.39	%		1.40	%
Net investment income, to average net assets		5.34	%(E)		5.70	%		5.79	%		6.03	%		5.12	%		5.12	%
Portfolio turnover rate		17	%(D)		42	%		120	%		169	%		98	%		108	%

	Transamerica Flexible Income
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.83		$	9.00		$	8.34		$	7.23		$	9.14		$	9.39
Investment operations
Net investment income(B)		0.20			0.44			0.43			0.40			0.38			0.42
Net realized and change in unrealized gain (loss) on investments		0.26			(0.18	)		0.71			1.09			(1.88	)		(0.26	)
Total from investment operations		0.46			0.26			1.14			1.49			(1.50	)		0.16
Distributions
Net investment income		(0.20	)		(0.43	)		(0.48	)		(0.38	)		(0.41	)		(0.41	)
Total distributions		(0.20	)		(0.43	)		(0.48	)		(0.38	)		(0.41	)		(0.41	)
Net asset value
End of period/year	$	9.09		$	8.83		$	9.00		$	8.34		$	7.23		$	9.14
Total return(C)		5.27	%(D)		2.96	%		14.02	%		21.39	%		(17.03	)%		1.66	%
Net assets end of period/year (000’s)	$	6,514		$	7,066		$	10,614		$	8,161		$	8,628		$	17,007
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.83	%(E)		1.82	%		1.88	%(N)		2.16	%		2.05	%		2.04	%
Before reimbursement/waiver or recapture		1.83	%(E)		1.82	%		1.88	%(N)		2.16	%		2.05	%		2.04	%
Net investment income, to average net assets		4.45	%(E)		4.87	%		4.97	%		5.36	%		4.42	%		4.48	%
Portfolio turnover rate		17	%(D)		42	%		120	%		169	%		98	%		108	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    83

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Flexible Income
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.79		$	8.96		$	8.31		$	7.21		$	9.12		$	9.36
Investment operations
Net investment income(B)		0.20			0.45			0.44			0.41			0.39			0.42
Net realized and change in unrealized gain (loss) on investments		0.26			(0.17	)		0.70			1.08			(1.88	)		(0.25	)
Total from investment operations		0.46			0.28			1.14			1.49			(1.49	)		0.17
Distributions
Net investment income		(0.21	)		(0.45	)		(0.49	)		(0.39	)		(0.42	)		(0.41	)
Total distributions		(0.21	)		(0.45	)		(0.49	)		(0.39	)		(0.42	)		(0.41	)
Net asset value
End of period/year	$	9.04		$	8.79		$	8.96		$	8.31		$	7.21		$	9.12
Total return(C)		5.30	%(D)		3.21	%		14.15	%		21.50	%		(16.98	)%		1.81	%
Net assets end of period/year (000’s)	$	60,367		$	50,314		$	36,264		$	12,978		$	5,981		$	8,982
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.64	%(E)		1.68	%		1.74	%(N)		2.06	%		1.97	%		2.00	%
Before reimbursement/fee waiver		1.64	%(E)		1.68	%		1.74	%(N)		2.06	%		1.97	%		2.00	%
Net investment income, to average net assets		4.64	%(E)		4.98	%		5.14	%		5.43	%		4.52	%		4.51	%
Portfolio turnover rate		17	%(D)		42	%		120	%		169	%		98	%		108	%

	Transamerica Flexible Income
	Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)
Net asset value
Beginning of period/year	$	8.85		$	9.02		$	8.48
Investment operations
Net investment income(B)		0.25			0.53			0.50
Net realized and change in unrealized gain (loss) on investments		0.25			(0.16	)		0.57
Total from investment operations		0.50			0.37			1.07
Distributions
Net investment income		(0.25	)		(0.54	)		(0.53	)
Total distributions		(0.25	)		(0.54	)		(0.53	)
Net asset value
End of period/year	$	9.10		$	8.85		$	9.02
Total return(C)		5.79	%(D)		4.19	%		13.10	%(D)
Net assets end of period/year (000’s)	$	27,851		$	19,992		$	9,787
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.67	%(E)		0.69	%		0.76	%(E),(N)
Before reimbursement/waiver or recapture		0.67	%(E)		0.69	%		0.76	%(E),(N)
Net investment income, to average net assets		5.60	%(E)		5.93	%		6.25	%(E)
Portfolio turnover rate		17	%(D)		42	%		120	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    84

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Flexible Income
	Class I2(H)
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.86		$	9.03		$	8.37		$	7.25		$	9.17		$	9.42
Investment operations
Net investment income(B)		0.25			0.55			0.53			0.50			0.50			0.53
Net realized and change in unrealized gain (loss) on investments		0.26			(0.17	)		0.71			1.10			(1.90	)		(0.26	)
Total from investment operations		0.51			0.38			1.24			1.60			(1.40	)		0.27
Distributions
Net investment income		(0.26	)		(0.55	)		(0.58	)		(0.48	)		(0.52	)		(0.52	)
Total distributions		(0.26	)		(0.55	)		(0.58	)		(0.48	)		(0.52	)		(0.52	)
Net asset value
End of period/year	$	9.11		$	8.86		$	9.03		$	8.37		$	7.25		$	9.17
Total return(C)		5.85	%(D)		4.31	%		15.39	%		23.16	%		(16.02	)%		2.93	%
Net assets end of period/year (000’s)	$	113,281		$	109,052		$	146,631		$	132,177		$	128,108		$	370,611
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.57	%(E)		0.58	%		0.64	%(N)		0.85	%		0.77	%		0.80	%
Before reimbursement/waiver or recapture		0.57	%(E)		0.58	%		0.64	%(N)		0.85	%		0.77	%		0.80	%
Net investment income, to average net assets		5.71	%(E)		6.10	%		6.18	%		6.64	%		5.67	%		5.71	%
Portfolio turnover rate		17	%(D)		42	%		120	%		169	%		98	%		108	%
	Transamerica Growth Opportunities
	Class A
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.93		$	9.82		$	7.54		$	6.57		$	11.40		$	8.36
Investment operations
Net investment loss(B)		(0.01	)		(0.10	)		(0.05	)		(0.05	)		(0.06	)		(0.09	)
Net realized and change in unrealized gain (loss) on investments		0.30			1.21			2.33			1.02			(4.77	)		3.13
Total from investment operations		0.29			1.11			2.28			0.97			(4.83	)		3.04
Distributions
Net realized gains on investments		—	(J)		—			—			—			—			—
Net realized gains on investments		(2.24	)		—			—			—			—			—
Total distributions		(2.24	)		—			—			—			—			—
Net asset value
End of period/year	$	8.98		$	10.93		$	9.82		$	7.54		$	6.57		$	11.40
Total return(C)		6.01	%(D)		11.30	%		30.41	%		14.76	%		(42.37	)%		36.20	%
Net assets end of period/year (000’s)	$	103,449		$	103,177		$	59,685		$	48,788		$	41,005		$	64,825
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.73	%(E)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Before reimbursement/waiver or recapture		1.56	%(E)		1.64	%		1.98	%		2.23	%		1.81	%		1.77	%
Net investment loss, to average net assets		(0.25	)%(E)		(0.83	)%		(0.56	)%		(0.68	)%		(0.69	)%		(1.00	)%
Portfolio turnover rate		9	%(D)		125	%		63	%		71	%		45	%		85	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    85

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Growth Opportunities
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.01		$	9.05		$	6.99		$	6.13		$	10.72		$	7.92
Investment operations
Net investment loss(B)		(0.04	)		(0.15	)		(0.10	)		(0.08	)		(0.12	)		(0.14	)
Net realized and change in unrealized gain (loss) on investments		0.24			1.11			2.16			0.94			(4.47	)		2.94
Total from investment operations		0.20			0.96			2.06			0.86			(4.59	)		2.80
Distributions
Net realized gains on investments		(2.24	)		—			—			—			—			—
Total distributions		(2.24	)		—			—			—			—			—
Net asset value
End of period/year	$	7.97		$	10.01		$	9.05		$	6.99		$	6.13		$	10.72
Total return(C)		5.59	%(D)		10.61	%		29.47	%		14.03	%		(42.82	)%		35.35	%
Net assets end of period/year (000’s)	$	7,434		$	9,636		$	12,406		$	14,067		$	20,823		$	65,123
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.38	%(E)		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/waiver or recapture		2.36	%(E)		2.29	%		2.41	%		2.71	%		2.46	%		2.45	%
Net investment loss, to average net assets(F)		(0.88	)%(E)		(1.40	)%		(1.21	)%		(1.25	)%		(1.39	)%		(1.66	)%
Portfolio turnover rate		9	%(D)		125	%		63	%		71	%		45	%		85	%
	Transamerica Growth Opportunities
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.05		$	9.08		$	7.01		$	6.16		$	10.74		$	7.94
Investment operations
Net investment loss(B)		(0.03	)		(0.15	)		(0.10	)		(0.08	)		(0.11	)		(0.14	)
Net realized and change in unrealized gain (loss) on investments		0.23			1.12			2.17			0.93			(4.47	)		2.94
Total from investment operations		0.20			0.97			2.07			0.85			(4.58	)		2.80
Distributions
Net realized gains on investments		(2.24	)		—			—			—			—			—
Total distributions		(2.24	)		—			—			—			—			—
Net asset value
End of period/year	$	8.01		$	10.05		$	9.08		$	7.01		$	6.16		$	10.74
Total return(C)		5.55	%(D)		10.68	%		29.53	%		13.80	%		(42.64	)%		35.26	%
Net assets end of period/year (000’s)	$	13,754		$	14,288		$	12,781		$	10,774		$	10,619		$	22,656
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.28	%(E)		2.40	%		2.40	%		2.40	%		2.34	%		2.36	%
Before reimbursement/waiver or recapture		2.27	%(E)		2.28	%		2.41	%		2.62	%		2.34	%		2.36	%
Net investment loss, to average net assets(F)		(0.80	)%(E)		(1.43	)%		(1.21	)%		(1.31	)%		(1.29	)%		(1.61	)%
Portfolio turnover rate		9	%(D)		125	%		63	%		71	%		45	%		85	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    86

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Growth Opportunities
	Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)
Net asset value
Beginning of period/year	$	11.37		$	10.19		$	8.04
Investment operations
Net investment income (loss)(B)		0.02			(0.02	)		(0.02	)
Net realized and change in unrealized gain on investments		0.32			1.24			2.17
Total from investment operations		0.34			1.22			2.15
Distributions
Net investment income		(0.02	)		(0.04	)		—
Net realized gains on investments		(2.24	)		—			—
Total distributions		(2.26	)		(0.04	)		—
Net asset value
End of period/year	$	9.45		$	11.37		$	10.19
Total return(C)		6.28	%(D)		12.01	%		26.74	%(D)
Net assets end of period/year (000’s)	$	107,823		$	9,954		$	815
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.97	%(E)		1.08	%		1.40	%(E)
Before reimbursement/waiver or recapture		0.97	%(E)		1.08	%		1.48	%(E)
Net investment income (loss), to average net assets(F)		0.48	%(E)		(0.20	)%		(0.23	)%(E)
Portfolio turnover rate		9	%(D)		125	%		63	%(D)

	Transamerica Growth Opportunities
	Class I2(H)
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.43		$	10.23		$	7.78		$	6.74		$	11.59		$	8.43
Investment operations
Net investment income (loss)(B)		0.03			0.01			0.03			0.01			0.01			(0.01	)
Net realized and change in unrealized gain (loss) on investments		0.32			1.25			2.42			1.03			(4.86	)		3.17
Total from investment operations		0.35			1.26			2.45			1.04			(4.85	)		3.16
Distributions
Net investment income		(0.02	)		(0.06	)		—			—			—			—
Net realized gains on investments		(2.24	)		—			—			—			—			—
Return of capital		—			—			—			—			—			—
Total distributions		(2.26	)		(0.06	)		—			—			—			—
Net asset value
End of period/year	$	9.52		$	11.43		$	10.23		$	7.78		$	6.74		$	11.59
Total return(C)		6.42	%(D)		12.28	%		31.49	%		15.43	%		(41.85	)%		37.49	%
Net assets end of period/year (000’s)	$	443,678		$	113,057		$	106,970		$	111,402		$	86,425		$	206,863
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.86	%(E)		0.89	%		0.88	%		0.91	%		0.86	%		0.88	%
Before reimbursement/waiver or recapture		0.86	%(E)		0.89	%		0.88	%		0.91	%		0.86	%		0.88	%
Net investment income (loss), to average net assets(F)		0.59	%(E)		0.09	%		0.32	%		0.15	%		0.15	%		(0.15	)%
Portfolio turnover rate		9	%(D)		125	%		63	%		71	%		45	%		85	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    87

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica High Yield Bond
	Class A
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.95		$	9.16		$	8.45		$	6.31		$	9.12		$	9.19
Investment operations
Net investment income(B)		0.30			0.61			0.66			0.65			0.64			0.60
Net realized and change in unrealized gain (loss) on investments		0.38			(0.21	)		0.73			2.14			(2.83	)		(0.07	)
Total from investment operations		0.68			0.40			1.39			2.79			(2.19	)		0.53
Distributions
Net investment income		(0.31	)		(0.61	)		(0.68	)		(0.66	)		(0.62	)		(0.60	)
Total distributions		(0.31	)		(0.61	)		(0.68	)		(0.66	)		(0.62	)		(0.60	)
Net asset value
End of period/year	$	9.32		$	8.95		$	9.16		$	8.45		$	6.31		$	9.12
Total return(C)		7.73	%(D)		4.41	%		17.21	%		47.58	%		(25.46	)%		5.90	%
Net assets end of period/year (000’s)	$	230,473		$	228,920		$	193,332		$	67,290		$	24,506		$	35,147
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.09	%(E)		1.17	%		1.15	%		1.19	%		1.16	%		1.15	%
Before reimbursement/waiver or recapture		1.08	%(E)		1.17	%		1.15	%		1.19	%		1.16	%		1.15	%
Net investment income, to average net assets		6.68	%(E)		6.65	%		7.52	%		9.08	%		7.65	%		6.45	%
Portfolio turnover rate		41	%(D)		93	%		91	%		58	%		38	%		80	%
	Transamerica High Yield Bond
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.95		$	9.15		$	8.44		$	6.30		$	9.11		$	9.18
Investment operations
Net investment income(B)		0.27			0.55			0.61			0.60			0.58			0.53
Net realized and change in unrealized gain (loss) on investments		0.37			(0.21	)		0.72			2.15			(2.83	)		(0.06	)
Total from investment operations		0.64			0.34			1.33			2.75			(2.25	)		0.47
Distributions
Net investment income		(0.27	)		(0.54	)		(0.62	)		(0.61	)		(0.56	)		(0.54	)
Total distributions		(0.27	)		(0.54	)		(0.62	)		(0.61	)		(0.56	)		(0.54	)
Net asset value
End of period/year	$	9.32		$	8.95		$	9.15		$	8.44		$	6.30		$	9.11
Total return(C)		7.31	%(D)		3.81	%		16.38	%		46.69	%		(26.04	)%		5.19	%
Net assets end of period/year (000’s)	$	9,293		$	9,431		$	13,887		$	11,898		$	9,091		$	21,370
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.85	%(E)		1.83	%		1.83	%		1.91	%		1.85	%		1.83	%
Before reimbursement/waiver or recapture		1.84	%(E)		1.84	%		1.83	%		1.91	%		1.85	%		1.83	%
Net investment income, to average net assets		5.93	%(E)		5.99	%		6.93	%		8.56	%		6.83	%		5.77	%
Portfolio turnover rate		41	%(D)		93	%		91	%		58	%		38	%		80	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    88

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica High Yield Bond
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	8.92		$	9.13		$	8.42		$	6.30		$	9.10		$	9.17
Investment operations
Net investment income(B)		0.27			0.55			0.61			0.60			0.58			0.53
Net realized and change in unrealized gain (loss) on investments		0.37			(0.21	)		0.73			2.14			(2.82	)		(0.06	)
Total from investment operations		0.64			0.34			1.34			2.74			(2.24	)		0.47
Distributions
Net investment income		(0.28	)		(0.55	)		(0.63	)		(0.62	)		(0.56	)		(0.54	)
Total distributions		(0.28	)		(0.55	)		(0.63	)		(0.62	)		(0.56	)		(0.54	)
Net asset value
End of period/year	$	9.28		$	8.92		$	9.13		$	8.42		$	6.30		$	9.10
Total return(C)		7.29	%(D)		3.84	%		16.54	%		46.63	%		(25.89	)%		5.21	%
Net assets end of period/year (000’s)	$	63,378		$	48,789		$	41,810		$	19,548		$	5,429		$	10,160
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.75	%(E)		1.76	%		1.77	%		1.81	%		1.80	%		1.83	%
Before reimbursement/waiver or recapture		1.75	%(E)		1.76	%		1.77	%		1.81	%		1.80	%		1.83	%
Net investment income, to average net assets		6.05	%(E)		6.07	%		6.96	%		8.23	%		6.93	%		5.77	%
Portfolio turnover rate		41	%(D)		93	%		91	%		58	%		38	%		80	%

	Transamerica High Yield Bond
	Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)
Net asset value
Beginning of period/year	$	9.00		$	9.20		$	8.55
Investment operations
Net investment income(B)		0.31			0.65			0.63
Net realized and change in unrealized gain (loss) on investments		0.38			(0.21	)		0.68
Total from investment operations		0.69			0.44			1.31
Distributions
Net investment income		(0.32	)		(0.64	)		(0.66	)
Total distributions		(0.32	)		(0.64	)		(0.66	)
Net asset value
End of period/year	$	9.37		$	9.00		$	9.20
Total return(C)		7.86	%(D)		4.95	%		15.92	%(D)
Net assets end of period/year (000’s)	$	72,698		$	82,736		$	27,057
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.77	%(E)		0.77	%		0.83	%(E)
Before reimbursement/waiver or recapture		0.77	%(E)		0.78	%		0.83	%(E)
Net investment income, to average net assets		6.86	%(E)		7.09	%		7.71	%(E)
Portfolio turnover rate		41	%(D)		93	%		91	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    89

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica High Yield Bond
	Class I2(H)
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	9.02		$	9.22		$	8.50		$	6.35		$	9.17		$	9.24
Investment operations
Net investment income(B)		0.32			0.66			0.71			0.69			0.69			0.65
Net realized and change in unrealized gain (loss) on investments		0.38			(0.21	)		0.73			2.16			(2.85	)		(0.07	)
Total from investment operations		0.70			0.45			1.44			2.85			(2.16	)		0.58
Distributions
Net investment income		(0.33	)		(0.65	)		(0.72	)		(0.70	)		(0.66	)		(0.65	)
Total distributions		(0.33	)		(0.65	)		(0.72	)		(0.70	)		(0.66	)		(0.65	)
Net asset value
End of period/year	$	9.39		$	9.02		$	9.22		$	8.50		$	6.35		$	9.17
Total return(C)		7.89	%(D)		5.06	%		17.74	%		48.39	%		(25.05	)%		6.39	%
Net assets end of period/year (000’s)	$	275,972		$	388,633		$	408,505		$	472,936		$	418,923		$	331,300
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.67	%(E)		0.66	%		0.66	%		0.67	%		0.65	%		0.65	%
Before reimbursement/waiver or recapture		0.66	%(E)		0.66	%		0.66	%		0.67	%		0.65	%		0.65	%
Net investment income, to average net assets		7.07	%(E)		7.16	%		8.11	%		9.96	%		8.34	%		6.96	%
Portfolio turnover rate		41	%(D)		93	%		91	%		58	%		38	%		80	%

	Transamerica International Bond
	Class A			Class C			Class I
For a share outstanding throughout each period	April 30,  2012(O) (unaudited)			April 30,  2012(O) (unaudited)			April 30,  2012(O) (unaudited)
Net asset value
Beginning of period/year	$	10.29		$	10.29		$	10.29
Investment operations
Net investment income(B)		0.03			0.01			0.03
Net realized and change in unrealized gain on investments		0.05			0.06			0.05
Total from investment operations		0.08			0.07			0.08
Distributions
Net investment income		(0.02	)		(0.02	)		(0.02	)
Total distributions		(0.02	)		(0.02	)		(0.02	)
Net asset value
End of period/year	$	10.35		$	10.34		$	10.35
Total return(C)		0.79	%(D)		0.65	%(D)		0.82	%(D)
Net assets end of period/year (000’s)	$	111 $		$	141			101
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.05	%(E)		1.75	%(E)		0.75	%(E)
Before reimbursement/waiver or recapture		1.10	%(E)		1.80	%(E)		0.90	%(E)
Net investment income, to average net assets		1.51	%(E)		0.84	%(E)		1.80	%(E)
Portfolio turnover rate		20	%(D)		20	%(D)		20	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    90

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica International Bond
	Class I2(H)
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.24		$	12.08		$	11.64		$	10.56		$	11.00		$	10.51
Investment operations
Net investment income(B)		0.10			0.23			0.24			0.26			0.29			0.28
Net realized and change in unrealized gain (loss) on investments		(0.04	)		(0.05	)		0.71			1.59			(0.29	)		0.59
Total from investment operations		0.06			0.18			0.95			1.85			—			0.87
Distributions
Net investment income		(0.87	)		(0.93	)		(0.39	)		(0.68	)		(0.44	)		(0.38	)
Net realized gains on investments		(0.08	)		(0.09	)		(0.12	)		(0.09	)		—			—
Total distributions		(0.95	)		(1.02	)		(0.51	)		(0.77	)		(0.44	)		(0.38	)
Net asset value
End of period/year	$	10.35		$	11.24		$	12.08		$	11.64		$	10.56		$	11.00
Total return(C)		0.76	%(D)		2.20	%		8.54	%		17.90	%		(0.14	)%		8.55	%
Net assets end of period/year (000’s)	$	224,429		$	475,292		$	447,141		$	732,964		$	699,078		$	761,827
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.66	%(E)		0.63	%		0.61	%		0.60	%		0.61	%		0.61	%
Before reimbursement/waiver or recapture		0.67	%(E)		0.63	%		0.61	%		0.60	%		0.61	%		0.61	%
Net investment income, to average net assets		1.84	%(E)		2.09	%		2.16	%		2.38	%		2.55	%		2.68	%
Portfolio turnover rate		20	%(D)		98	%		61	%		53	%		74	%		86	%

	Transamerica International Equity
	Class A						Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October  31, 2011(P)			April 30, 2012 (unaudited)			October  31, 2011(P)
Net asset value
Beginning of period/year	$	13.47		$	15.03		$	13.40		$	15.03
Investment operations
Net investment income(B)		0.16			0.15			0.15			0.16
Net realized and change in unrealized gain (loss) on investments		0.72			(1.71	)		0.70			(1.79	)
Total from investment operations		0.88			(1.56	)		0.85			(1.63	)
Distributions
Net investment income		(0.33	)		—			(0.30	)		—
Total distributions		(0.33	)		—			(0.30	)		—
Net asset value
End of period/year	$	14.02		$	13.47		$	13.95		$	13.40
Total return(C)		6.90	%(D)		(10.38	)%(D)		6.67	%(D)		(10.84	)%(D)
Net assets end of period/year (000’s)	$	795		$	490		$	506		$	113
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.44	%(E)		1.50	%(E)		2.05	%(E)		2.14	%(E)
Before reimbursement/waiver or recapture		1.43	%(E)		1.52	%(E)		2.05	%(E)		2.14	%(E)
Net investment income, to average net assets		2.42	%(E)		1.56	%(E)(F)		2.18	%(E)		1.64	%(E)(F)
Portfolio turnover rate		9	% (D)		16	%(D)		9	% (D)		16	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    91

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica International Equity
	Class I(Q)
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	13.50		$	13.97		$	12.55		$	9.94		$	21.16		$	19.08
Investment operations
Net investment income(B)		0.17			0.40			0.22			0.19			0.26			0.28
Net realized and change in unrealized gain (loss) on investments		0.75			(0.68	)		1.36			2.61			(8.99	)		4.37
Total from investment operations		0.92			(0.28	)		1.58			2.80			(8.73	)		4.65
Distributions
Net investment income		(0.36	)		(0.19	)		(0.16	)		(0.19	)		(0.20	)		(0.09	)
Net realized gains on investments		—			—			—			—			(2.29	)		(2.48	)
Total distributions		(0.36	)		(0.19	)		(0.16	)		(0.19	)		(2.49	)		(2.57	)
Net asset value
End of period/year	$	14.06		$	13.50		$	13.97		$	12.55		$	9.94		$	21.16
Total return(C)		7.08	%(D)		(2.05	)%		12.73	%		28.58	%		(46.36	)%		26.86	%
Net assets end of period/year (000’s)	$	82,207		$	78,738		$	75,271		$	64,600		$	51,529		$	91,838
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.07	%(E)		1.16	%		1.43	%		1.67	%		1.52	%		1.55	%
Before reimbursement/waiver or recapture		1.07	%(E)		1.16	%		1.43	%		1.67	%		1.53	%		1.55	%
Net investment income, to average net assets		2.47	%(E)		2.79	%(F)		1.76	%		1.87	%		1.67	%		147	%(F)
Portfolio turnover rate		9	%(D)		16	%		43	%		42	%		40	%		41	%

	Transamerica International Equity						Transamerica Large Cap Growth
	Class I2						Class A			Class C			Class I			Class I2
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011(P)			April 30, 2012(M) (unaudited)			April 30,  2012(M) (unaudited)			April 30,  2012(M) (unaudited)			April 30,  2012(M) (unaudited)
Net asset value
Beginning of period/year	$	13.51		$	15.03		$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.22			0.29			—			—			—			—
Net realized and change in unrealized gain (loss) on investments		0.69			(1.81	)		—			—			—			—
Total from investment operations		0.91			(1.52	)		—			—			—			—
Distributions
Net investment income		(0.36	)		—			—			—			—			—
Total distributions		(0.36	)		—			—			—			—			—
Net asset value
End of period/year	$	14.06		$	13.51		$	10.00		$	10.00		$	10.00		$	10.00
Total return(C)		7.15	%(D)		(10.11	)%(D)		—	%(D)		—	%(D)		—	%(D)		—	%(D)
Net assets end of period/year (000’s)	$	105,611		$	46,313		$	250		$	250		$	250		$	40,000
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.96	%(E)		1.02	%(E)		—	%		—	%		—	%		—	%
Before reimbursement/waiver or recapture		0.96	%(E)		1.02	%(E)		—	%		—	%		—	%		—	%
Net investment income, to average net assets		3.30	%(E)		3.07	%(E)(F)		—	%		—	%		—	%		—	%
Portfolio turnover rate		9	%(D)		16	%(D)		—	%		—	%		—	%		—	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    92

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Money Market
	Class A
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)		—	(J)		—	(J)		0.02			0.05
Net realized and change in unrealized gain on investments		—			—			—	(J)		—	(J)		—	(J)		—
Total from investment operations		—	(J)		—	(J)		—	(J)		—	(J)		0.02			0.05
Net Equalization credits and charges		—			—			—	(J)		—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		—	(J)		(0.02	)		(0.05	)
Net realized gains on investments		—			—			—			—			—			—	(J)
Total distributions		—	(J)		—	(J)		—	(J)		—	(J)		(0.02	)		(0.05	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(R)		—	%(R)		0.01	%		0.21	%		2.52	%		4.61	%
Net assets end of period/year (000’s)	$	99,497		$	112,490		$	119,744		$	146,598		$	142,456		$	95,766
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.27	%(E)(S)		0.20	%(S)		0.22	%(S)		0.60	%(S)		0.83	%		0.83	%
Before reimbursement/waiver or recapture		1.22	%(E)		1.26	%		1.19	%		1.11	%		1.08	%		1.20	%
Net investment income, to average net assets		—	%(E),(R)		—	%(R)		—	%(R)		0.20	%		2.40	%		4.54	%
	Transamerica Money Market
	Class B
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)		—	(J)		—	(J)		0.02			0.04
Net realized and change in unrealized gain on investments		—			—			—	(J)		—	(J)		—	(J)		—
Total from investment operations		—	(J)		—	(J)		—	(J)		—	(J)		0.02			0.04
Net Equalization credits and charges		—			—			—	(J)		—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)
Net realized gains on investments		—			—			—			—			—			—	(J)
Total distributions		—	(J)		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(R)		—	%(R)		0.01	%		0.08	%		1.83	%		3.92	%
Net assets end of period/year (000’s)	$	11,564		$	15,318		$	19,442		$	35,612		$	40,110		$	23,324
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.27	%(E) (S)		0.20	%(S)		0.21	%(S)		0.73	%(S)		1.48	%		1.48	%
Before reimbursement/waiver or recapture		1.88	%(E)		1.89	%		1.81	%		1.75	%		1.75	%		1.83	%
Net investment income, to average net assets		—	%(E),(R)		—	%(R)		—	%(R)		0.08	%		1.75	%		3.87	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    93

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Money Market
	Class C
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)		—	(J)		—	(J)		0.02			0.04
Net realized and change in unrealized gain on investments		—			—			—	(J)		—	(J)		—	(J)		—
Total from investment operations		—	(J)		—	(J)		—	(J)		—	(J)		0.02			0.04
Net Equalization credits and charges		—			—			—	(J)		—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)
Net realized gains on investments		—			—			—			—			—			—	(J)
Total distributions		—	(J)		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(R)		—	%(R)		0.01	%		0.07	%		1.86	%		3.92	%
Net assets end of period/year (000’s)	$	29,782		$	36,078		$	33,800		$	46,177		$	59,991		$	19,638
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.26	%(E)(S)		0.20	%(S)		0.22	%(S)		0.76	%(S)		1.48	%		1.48	%
Before reimbursement/waiver or recapture		1.68	%(E)		1.73	%		1.66	%		1.64	%		1.67	%		1.73	%
Net investment income, to average net assets		—	%(E),(R)		—	%(R)		—	%(R)		0.07	%		1.65	%		3.88	%

	Transamerica Money Market
	Class I
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)		—	(J)
Net realized and change in unrealized gain on investments		—			—			—	(J)
Total from investment operations		—	(J)		—	(J)		—	(J)
Net Equalization credits and charges		—			—			—	(J)
Distributions
Net investment income		—	(J)		—	(J)		—	(J)
Total distributions		—	(J)		—	(J)		—	(J)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00
Total return(C)		0.01	%(D)		0.01	%		0.01	%(D)
Net assets end of period/year (000’s)	$	26,382		$	55		$	55
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.24	%(E)(S)		0.19	%(S)		0.22	%(E)(S)
Before reimbursement/waiver or recapture		0.66	%(E)		3.60	%		3.16	%(E)
Net investment income, to average net assets		0.01	%(E)		0.02	%		0.01	%(E)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    94

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Money Market
For a share outstanding throughout each period	Class I2(H)
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)		—	(J)		—	(J)		0.03			0.05
Net realized and change in unrealized gain on investments		—			—			—	(J)		—	(J)		—	(J)		—
Total from investment operations		—	(J)		—	(J)		—	(J)		—	(J)		0.03			0.05
Net Equalization credits and charges		—			—			—	(J)		—			—			—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		—	(J)		(0.03	)		(0.05	)
Net realized gains on investments		—			—			—			—			—			—	(J)
Total distributions		—	(J)		—	(J)		—	(J)		—	(J)		(0.03	)		(0.05	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		0.02	%(D)		0.01	%		0.01	%		0.35	%		2.84	%		4.98	%
Net assets end of period/year (000’s)	$	60,492		$	17,612		$	21,773		$	34,119		$	29,327		$	34,673
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.22	%(E)(S)		0.19	%(S)		0.21	%(S)		0.45	%(S)		0.48	%		0.48	%
Before reimbursement/waiver or recapture		0.54	%(E)		0.55	%		0.50	%		0.53	%		0.49	%		0.52	%
Net investment income, to average net assets		0.05	%(E)		0.02	%		0.01	%		0.36	%		2.89	%		4.88	%
	Transamerica Multi-Managed Balanced
For a share outstanding throughout each period	Class A
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	23.34		$	21.40		$	17.85		$	16.44		$	25.70		$	22.05
Investment operations
Net investment income(B)		0.13			0.25			0.52			0.28			0.28			0.17
Net realized and change in unrealized gain (loss) on investments		1.51			1.94			3.55			2.47			(8.64	)		3.62
Total from investment operations		1.64			2.19			4.07			2.75			(8.36	)		3.79
Distributions
Net investment income		(0.16	)		(0.25	)		(0.52	)		(0.31	)		(0.24	)		(0.14	)
Net realized gains on investments		(3.08	)		—			—			(1.03	)		(0.66	)		—
Total distributions		(3.24	)		(0.25	)		(0.52	)		(1.34	)		(0.90	)		(0.14	)
Net asset value
End of period/year	$	21.74		$	23.34		$	21.40		$	17.85		$	16.44		$	25.70
Total return(C)		8.47	%(D)		10.26	%		23.08	%		18.43	%		(33.55	)%		17.28	%
Net assets end of period/year (000’s)	$	120,253		$	107,146		$	95,258		$	60,279		$	49,917		$	61,565
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.53	%(E)		1.46	%		1.56	%(U)		1.73	%(U)		1.52	%		1.56	%
Before reimbursement/waiver or recapture		1.46	%(E)		1.49	%		1.56	%(U)		1.73	%(U)		1.52	%		1.56	%
Net investment income, to average net assets		1.24	%(E)		1.09	%		2.67	%		1.72	%		1.27	%		0.73	%
Portfolio turnover rate		59	%(D)		263	%		99	%		100	%		52	%		52	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    95

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced
	Class B
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	23.23		$	21.34		$	17.79		$	16.37		$	25.58		$	21.98
Investment operations
Net investment income(B)		0.04			0.06			0.33			0.16			0.13			0.04
Net realized and change in unrealized gain (loss) on investments		1.50			1.92			3.58			2.45			(8.58	)		3.60
Total from investment operations		1.54			1.98			3.91			2.61			(8.45	)		3.64
Distributions
Net investment income		(0.09	)		(0.09	)		(0.36	)		(0.17	)		(0.10	)		(0.04	)
Net realized gains on investments		(3.08	)		—			—			(1.03	)		(0.66	)		—
Total distributions		(3.17	)		(0.09	)		(0.36	)		(1.20	)		(0.76	)		(0.04	)
Net asset value
End of period/year	$	21.60		$	23.23		$	21.34		$	17.79		$	16.37		$	25.58
Total return(C)		7.98	%(D)		9.33	%		22.15	%		17.50	%		(33.95	)%		16.57	%
Net assets end of period/year (000’s)	$	9,441		$	9,996		$	14,658		$	17,787		$	32,469		$	96,573
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.42	%(E)		2.29	%		2.34	%(U)		2.46	%(U)		2.15	%		2.14	%
Before reimbursement/waiver or recapture		2.35	%(E)		2.32	%		2.34	%(U)		2.46	%(U)		2.15	%		2.14	%
Net investment income, to average net assets		0.36	%(E)		0.25	%		1.73	%		1.02	%		0.59	%		0.15	%
Portfolio turnover rate		59	%(D)		263	%		99	%		100	%		52	%		52	%

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced
	Class C
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	23.09		$	21.20		$	17.69		$	16.30		$	25.50		$	21.91
Investment operations
Net investment income(B)		0.07			0.13			0.40			0.18			0.15			0.04
Net realized and change in unrealized gain (loss) on investments		1.49			1.91			3.53			2.46			(8.56	)		3.59
Total from investment operations		1.56			2.04			3.93			2.64			(8.41	)		3.63
Distributions
Net investment income		(0.12	)		(0.15	)		(0.42	)		(0.22	)		(0.13	)		(0.04	)
Net realized gains on investments		(3.08	)		—			—			(1.03	)		(0.66	)		—
Total distributions		(3.20	)		(0.15	)		(0.42	)		(1.25	)		(0.79	)		(0.04	)
Net asset value
End of period/year	$	21.45		$	23.09		$	21.20		$	17.69		$	16.30		$	25.50
Total return(C)		8.15	%(D)		9.63	%		22.43	%		17.80	%		(33.92	)%		16.61	%
Net assets end of period/year (000’s)	$	50,153		$	38,868		$	24,194		$	16,933		$	17,719		$	32,569
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.07	%(E)		2.03	%		2.11	%(U)		2.27	%(U)		2.08	%		2.11	%
Before reimbursement/waiver or recapture		1.99	%(E)		2.05	%		2.11	%(U)		2.27	%(U)		2.08	%		2.11	%
Net investment income, to average net assets		0.69	%(E)		0.55	%		2.09	%		1.15	%		0.69	%		0.18	%
Portfolio turnover rate		59	%(D)		263	%		99	%		100	%		52	%		52	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    96

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced									Transamerica Quality Value
	Class I									Class A
	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(G)			April 30, 2012 (unaudited)			October  31, 2011(V)
Net asset value
Beginning of period/year	$	23.40		$	21.46		$	18.49		$	10.30		$	10.00
Investment operations
Net investment income(B)		0.18			0.38			0.57			0.09			0.11
Net realized and change in unrealized gain on investments		1.52			1.91			2.98			1.04			0.28
Total from investment operations		1.70			2.29			3.55			1.13			0.39
Distributions
Net investment income		(0.21	)		(0.35	)		(0.58	)		(0.09	)		(0.09	)
Net realized gains on investments		(3.08	)		—			—			—			—
Total distributions		(3.29	)		(0.35	)		(0.58	)		(0.09	)		(0.09	)
Net asset value
End of period/year	$	21.81		$	23.40		$	21.46		$	11.34		$	10.30
Total return(C)		8.72	%(D)		10.70	%		19.52	%(D)		11.05	%(D)		3.94	%(D)
Net assets end of period/year (000’s)	$	177,653		$	12,086		$	265		$	1,829		$	1,021
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.04	%(E)		1.00	%		1.46	%(E),(U)		1.19	%(E)		1.32	%(E)
Before reimbursement/waiver or recapture		0.96	%(E)		1.01	%		2.01	%(E),(U)		1.19	%(E)		1.32	%(E)
Net investment income, to average net assets		1.66	%(E)		1.61	%		3.15	%(E)		1.60	%(E)		1.09	%(E)
Portfolio turnover rate		59	%(D)		263	%		99	%(D)		16	%(D)		35	%(D)

For a share outstanding throughout each period	Transamerica Quality Value
	Class C						Class I						Class I2(H)
	April  30, 2012 (unaudited)			October 31, 2011(V)			April  30, 2012 (unaudited)			October 31, 2011(V)			April  30, 2012 (unaudited)			October 31, 2011(V)
Net asset value
Beginning of period/year	$	10.29		$	10.00		$	10.31		$	10.00		$	10.32		$	10.00
Investment operations
Net investment income(B)		0.05			0.06			0.10			0.13			0.11			0.16
Net realized and change in unrealized gain on investments		1.04			0.28			1.05			0.30			1.04			0.30
Total from investment operations		1.09			0.34			1.15			0.43			1.15			0.46
Distributions
Net investment income		(0.07	)		(0.05	)		(0.11	)		(0.12	)		(0.11	)		(0.14	)
Total distributions		(0.07	)		(0.05	)		(0.11	)		(0.12	)		(0.11	)		(0.14	)
Net asset value
End of period/year	$	11.31		$	10.29		$	11.35		$	10.31		$	11.36		$	10.32
Total return(C)		10.60	%(D)		3.38	%(D)		11.19	%(D)		4.31	%(D)		11.23	%(D)		4.60	%(D)
Net assets end of period/year (000’s)	$	1,847		$	1,752		$	11,780		$	7,855		$	1,664,076		$	1,328,468
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.88	%(E)		1.91	%(E)		0.85	%(E)		0.95	%(E)		0.74	%(E)		0.76	%(E)
Before reimbursement/waiver or recapture		1.88	%(E)		1.91	%(E)		0.85	%(E)		0.95	%(E)		0.74	%(E)		0.76	%(E)
Net investment income, to average net assets		0.97	%(E)		0.49	%(E)		1.94	%(E)		1.38	%(E)		2.10	%(E)		1.61	%(E)
Portfolio turnover rate		16	%(D)		35	%(D)		16	%(D)		35	%(D)		16	%(D)		35	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    97

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class A
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(T)
Net asset value
Beginning of period/year	$	10.33		$	10.53		$	10.26		$	9.44		$	10.00
Investment operations
Net investment income(B)		0.17			0.37			0.43			0.51			0.38
Net realized and change in unrealized gain (loss) on investments		0.12			(0.16	)		0.29			0.78			(0.54	)
Total from investment operations		0.29			0.21			0.72			1.29			(0.16	)
Distributions
Net investment income		(0.18	)		(0.39	)		(0.45	)		(0.47	)		(0.40	)
Net realized gains on investments		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.25	)		(0.41	)		(0.45	)		(0.47	)		(0.40	)
Net asset value
End of period/year	$	10.37		$	10.33		$	10.53		$	10.26		$	9.44
Total return(C)		2.90	%(D)		2.01	%		7.15	%		13.40	%		(1.70	)%(D)
Net assets end of period/year (000’s)	$	740,062		$	779,041		$	856,959		$	289,879		$	5,663
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0 .82	%(E)		0 .82	%		0 .83	%		0 .91	%		1.11	%(E)
Before reimbursement/waiver or recapture		0 .91	%(E)		0 .92	%		0 .97	%		1 .09	%		1.11	%(E)
Net investment income, to average net assets		3 .42	%(E)		3 .58	%		4 .16	%		5 .14	%		3.92	%(E)
Portfolio turnover rate		37	%(D)		51	%		54	%		77	%		67	%(D)
For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class C
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(T)
Net asset value
Beginning of period/year	$	10.31		$	10.51		$	10.24		$	9.42		$	10.00
Investment operations
Net investment income(B)		0.14			0.29			0.36			0.43			0.32
Net realized and change in unrealized gain (loss) on investments		0.11			(0.17	)		0.28			0.80			(0.55	)
Total from investment operations		0.25			0.12			0.64			1.23			(0.23	)
Distributions
Net investment income		(0.14	)		(0.30	)		(0.37	)		(0.41	)		(0.35	)
Net realized gains on investments		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.21	)		(0.32	)		(0.37	)		(0.41	)		(0.35	)
Net asset value
End of period/year	$	10.35		$	10.31		$	10.51		$	10.24		$	9.42
Total return(C)		2.51	%(D)		1.23	%		6.32	%		12.74	%		(2.43	)%(D)
Net assets end of period/year (000’s)	$	833,814		$	846,464		$	834,859		$	317,130		$	7,263
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1 .59	%(E)		1 .59	%		1 .59	%		1 .65	%		1.76	%(E)
Before reimbursement/waiver or recapture		1 .59	%(E)		1 .59	%		1 .63	%		1 .74	%		1.76	%(E)
Net investment income, to average net assets		2 .66	%(E)		2 .81	%		3 .40	%		4 .38	%		3.28	%(E)
Portfolio turnover rate		37	%(D)		51	%		54	%		77	%		67	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    98

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class I
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010(G)
Net asset value
Beginning of period/year	$	10.15		$	10.35		$	10.14
Investment operations
Net investment income(B)		0.18			0.38			0.39
Net realized and change in unrealized gain (loss) on investments		0.12			(0.16	)		0.24
Total from investment operations		0.30			0.22			0.63
Distributions
Net investment income		(0.19	)		(0.40	)		(0.42	)
Net realized gains on investments		(0.07	)		(0.02	)		—
Total distributions		(0.26	)		(0.42	)		(0.42	)
Net asset value
End of period/year	$	10.19		$	10.15		$	10.35
Total return(C)		3.02	%(D)		2.16	%		6.34	%(D)
Net assets end of period/year (000’s)	$	328,527		$	270,667		$	198,461
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.63	%(E)		0.64	%		0.65	%(E)
Before reimbursement/waiver or recapture		0.63	%(E)		0.64	%		0.67	%(E)
Net investment income, to average net assets		3.61	%(E)		3.75	%		4.17	%(E)
Portfolio turnover rate		37	%(D)		51	%		54	%(D)

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class I2(H)
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.14		$	10.34		$	10.08		$	9.28		$	9.82		$	9.84
Investment operations
Net investment income(B)		0.19			0.40			0.46			0.50			0.43			0.47
Net realized and change in unrealized gain (loss) on investments		0.12			(0.17	)		0.27			0.80			(0.54	)		(0.04	)
Total from investment operations		0.31			0.23			0.73			1.30			(0.11	)		0.43
Distributions
Net investment income		(0.19	)		(0.41	)		(0.47	)		(0.50	)		(0.43	)		(0.45	)
Net realized gains on investments		(0.07	)		(0.02	)		—			—			—			—
Total distributions		(0.26	)		(0.43	)		(0.47	)		(0.50	)		(0.43	)		(0.45	)
Net asset value
End of period/year	$	10.19		$	10.14		$	10.34		$	10.08		$	9.28		$	9.82
Total return(C)		3.17	%(D)		2.28	%		7.37	%		14.44	%		(1.22	)%		4.45	%
Net assets end of period/year (000’s)	$	907,403		$	924,917		$	999,064		$	710,660		$	492,333		$	563,889
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.53	%(E)		0.53	%		0.53	%		0.63	%		0.68	%		0.67	%
Before reimbursement/waiver or recapture		0.53	%(E)		0.53	%		0.58	%		0.69	%		0.68	%		0.67	%
Net investment income, to average net assets		3.72	%(E)		3.87	%		4.52	%		5.14	%		4.38	%		4.81	%
Portfolio turnover rate		37	%(D)		51	%		54	%		77	%		67	%		117	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    99

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small Cap Value
	Class A			Class C			Class I			Class I2
	April 30,  2012(M) (unaudited)			April 30,  2012(M) (unaudited)			April 30,  2012(M) (unaudited)			April 30,  2012(M) (unaudited)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		—			—			—			—
Net realized and change in unrealized gain on investments		—			—			—			—
Total from investment operations		—			—			—			—
Distributions
Return of capital		—			—			—			—
Net asset value
End of period/year	$	10.00		$	10.00		$	10.00		$	10.00
Total return(C)		—	%(D)		—	%(D)		—	%(D)		—	%(D)
Net assets end of period/year (000’s)	$	250		$	250		$	250		$	99,761
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		—	%		—	%		—	%		—	%
Before reimbursement/waiver or recapture		—	%		—	%		—	%		—	%
Net investment income, to average net assets		—	%		—	%		—	%		—	%

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	20.65		$	18.89		$	14.72		$	12.70		$	23.78		$	17.78
Investment operations
Net investment income (loss)(B)		0.05			(0.06	)		(0.02	)		—	(J)		0.21			0.14
Net realized and change in unrealized gain (loss) on investments		2.32			1.82			4.19			2.33			(8.64	)		6.30
Total from investment operations		2.37			1.76			4.17			2.33			(8.43	)		6.44
Distributions
Net investment income		—	(J)		—			—			(0.31	)		(0.16	)		(0.13	)
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)		(0.31	)
Total distributions		(1.14	)		—			—			(0.31	)		(2.65	)		(0.44	)
Net asset value
End of period/year	$	21.88		$	20.65		$	18.89		$	14.72		$	12.70		$	23.78
Total return(C)		12.39	%(D)		9.32	%		28.33	%		19.12	%		(39.47	)%		36.99	%
Net assets end of period/year (000’s)	$	335,959		$	323,147		$	283,240		$	201,569		$	199,210		$	96,667
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.41	%(E)		1.43	%		1.47	%		1.59	%		1.41	%		1.41	%
Before reimbursement/waiver or recapture		1.41	%(E)		1.43	%		1.47	%		1.59	%		1.41	%		1.41	%
Net investment income (loss), to average net assets		0.47	%(E)		(0.27	)%		(0.12	)%		—	%(R)		1.18	%		0.71	%
Portfolio turnover rate		38	%(D)		174	%		57	%		101	%		48	%		22	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    100

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class B
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	19.60		$	18.05		$	14.16		$	12.19		$	22.89		$	17.12
Investment operations
Net investment income (loss)(B)		(0.02	)		(0.20	)		(0.12	)		(0.08	)		0.06			0.02
Net realized and change in unrealized gain (loss) on investments		2.20			1.75			4.01			2.26			(8.27	)		6.06
Total from investment operations		2.18			1.55			3.89			2.18			(8.21	)		6.08
Distributions
Net investment income		—	(J)		—			—			(0.21	)		—			—
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)		(0.31	)
Total distributions		(1.14	)		—			—			(0.21	)		(2.49	)		(0.31	)
Net asset value
End of period/year	$	20.64		$	19.60		$	18.05		$	14.16		$	12.19		$	22.89
Total return(C)		12.07	%(D)		8.59	%		27.47	%		18.37	%		(39.85	)%		36.09	%
Net assets end of period/year (000’s)	$	33,792		$	33,830		$	38,355		$	34,573		$	31,716		$	53,285
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.08	%(E)		2.09	%		2.12	%		2.24	%		2.07	%		2.07	%
Before reimbursement/waiver or recapture		2.08	%(E)		2.09	%		2.12	%		2.24	%		2.07	%		2.07	%
Net investment income (loss), to average net assets		(0.19	)%(E)		(0.95	)%		(0.74	)%		(0.66	)%		0.34	%		0.12	%
Portfolio turnover rate		38	%(D)		174	%		57	%		101	%		48	%		22	%
For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	19.40		$	17.86		$	14.00		$	12.10		$	22.81		$	17.09
Investment operations
Net investment income (loss)(B)		(0.01	)		(0.18	)		(0.12	)		(0.08	)		0.09			0.02
Net realized and change in unrealized gain (loss) on investments		2.16			1.72			3.98			2.23			(8.24	)		6.05
Total from investment operations		2.15			1.54			3.86			2.15			(8.15	)		6.07
Distributions
Net investment income		—	(J)		—			—			(0.25	)		(0.07	)		(0.04	)
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)		(0.31	)
Total distributions		(1.14	)		—			—			(0.25	)		(2.56	)		(0.35	)
Net asset value
End of period/year	$	20.41		$	19.40		$	17.86		$	14.00		$	12.10		$	22.81
Total return(C)		12.04	%(D)		8.62	%		27.57	%		18.42	%		(39.84	)%		36.16	%
Net assets end of period/year (000’s)	$	202,235		$	181,765		$	169,903		$	115,960		$	95,729		$	63,856
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.03	%(E)		2.05	%		2.07	%		2.20	%		2.04	%		2.04	%
Before reimbursement/waiver or recapture		2.03	%(E)		2.05	%		2.07	%		2.20	%		2.04	%		2.04	%
Net investment income (loss), to average net assets		(0.15	)%(E)		(0.89	)%		(0.73	)%		(0.63	)%		0.52	%		0.10	%
Portfolio turnover rate		38	%(D)		174	%		57	%		101	%		48	%		22	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    101

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class I
	April 30, 2012 (unaudited)			October 31, 2011			October 31,  2010(G)
Net asset value
Beginning of period/year	$	21.03		$	19.15		$	15.44
Investment operations
Net investment income (loss)(B)		0.10			0.05			(0.02	)
Net realized and change in unrealized gain on investments		2.36			1.83			3.73
Total from investment operations		2.46			1.88			3.71
Distributions
Net Investment Income		—	(J)		—			—
Net realized gains on investments		(1.14	)		—			—
Total distributions		(1.14	)		—			—
Net asset value
End of period/year	$	22.35		$	21.03		$	19.15
Total return(C)		12.60	%(D)		9.82	%		24.03	%(D)
Net assets end of period/year (000’s)	$	101,004		$	68,499		$	40,346
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.97	%(E)		1.00	%		1.04	%(E)
Before reimbursement/waiver or recapture		0.97	%(E)		1.00	%		1.04	%(E)
Net investment income (loss), to average net assets		0.90	%(E)		0.24	%		(0.11	)%(E)
Portfolio turnover rate		38	%(D)		174	%		57	%(D)

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class I2(H)
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	21.03		$	19.13		$	14.82		$	12.81		$	23.91		$	17.87
Investment operations
Net investment income(B)		0.11			0.06			0.08			0.11			0.30			0.26
Net realized and change in unrealized gain (loss) on investments		2.37			1.84			4.23			2.31			(8.67	)		6.32
Total from investment operations		2.48			1.90			4.31			2.42			(8.37	)		6.58
Distributions
Net investment income		—			—			—			(0.41	)		(0.24	)		(0.23	)
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)		(0.31	)
Total distributions		(1.14	)		—			—			(0.41	)		(2.73	)		(0.54	)
Net asset value
End of period/year	$	22.37		$	21.03		$	19.13		$	14.82		$	12.81		$	23.91
Total return(C)		12.70	%(D)		9.93	%		29.00	%		19.85	%		(39.11	)%		37.78	%
Net assets end of period/year (000’s)	$	14,237		$	12,935		$	15,893		$	10,746		$	214,351		$	487,605
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.87	%(E)		0.88	%		0.88	%		0.91	%		0.85	%		0.85	%
Before reimbursement/waiver or recapture		0.87	%(E)		0.88	%		0.88	%		0.91	%		0.85	%		0.85	%
Net investment income, to average net assets		1.01	%(E)		0.26	%		0.47	%		0.89	%		1.58	%		1.30	%
Portfolio turnover rate		38	%(D)		174	%		57	%		101	%		48	%		22	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    102

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Tactical Income(X)
	Class A			Class C			Class I
	April 30,  2012(W)			April 30,  2012(W)			April 30,  2012(W)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.15			0.11			0.16
Net realized and change in unrealized gain on investments		0.29			0.28			0.28
Total from investment operations		0.44			0.39			0.44
Distributions
Net investment income		(0.27	)		(0.25	)		(0.27	)
Total distributions		(0.27	)		(0.25	)		(0.27	)
Net asset value
End of period/year	$	10.17		$	10.14		$	10.17
Total return(C)		4.40	%(D)		3.97	%(D)		4.47	%(D)
Net assets end of period/year (000’s)	$	68,686		$	55,150		$	83,876
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.92	%(E)		1.67	%(E)		0.67	%(E)
Before reimbursement/waiver or recapture		1.27	%(E)		1.97	%(E)		1.05	%(E)
Net investment income, to average net assets		3.00	%(E)		2.16	%(E)		3.17	%(E)
Portfolio turnover rate		35	%(D)		35	%(D)		35	%(D)

^(A)  Commenced operations November 13, 2009.

^(B)  Calculation is based on average number of shares outstanding.

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

^(D)  Not annualized.

^(E)  Annualized.

^(F)  Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, Class C, and Class I2, respectively.

^(G)  Commenced operations November 30, 2009.

^(H)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

^(I)  Commenced operations September 30, 2011.

^(J)  Rounds to less than $0.01.

^(K)  Commenced operations February 10, 2012.

^(L)  Commenced operations August 31, 2011.

^(M)  Commenced operations April 30, 2012.

^(N)  Includes extraordinary expenses. The impact of the expenses was 0.01%.

^(O)  Commenced operations March 1, 2012.

^(P)  Commenced operations March 1, 2011.

^(Q)  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.

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

^(S)  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.

^(T)  Commenced operations November 1, 2007.

^(U)  Includes extraordinary expenses. The impact of the expenses were 0.01% and 0.02% for 2010 and 2009, respectively.

^(V)  Commenced operations November 15, 2010.

^(W)  Commenced operations October 31, 2011.

^(X)  Includes information from inception date of October 31, 2011 through period end.

Note: Prior to November 1, 2009, all financial highlights, with the exception of Transamerica International Equity, were audited by another independent registered public accounting firm.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    103

NOTES TO FINANCIAL STATEMENTS

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Transamerica Tactical Income commenced operations on October 31, 2011. Effective February 10, 2012 Class P shares of the following funds were converted into Class I shares: Transamerica High Yield Bond, Transamerica Money Market, Transamerica Capital Growth, Transamerica Growth Opportunities, Transamerica Multi-Managed Balanced, and Transamerica Diversified Equity. Effective March 1, 2012, the following name changes occurred:

Fund Name	Formerly Known As
Transamerica Capital Growth	Transamerica Morgan Stanley Capital Growth
Transamerica Diversified Equity	Transamerica WMC Diversified Equity
Transamerica Emerging Markets Debt	Transamerica Logan Circle Emerging Markets Debt
Transamerica Flexible Income	Transamerica AEGON Flexible Income
Transamerica Growth Opportunities	Transamerica Morgan Stanley Growth Opportunities
Transamerica High Yield Bond	Transamerica AEGON High Yield Bond
Transamerica International Bond	Transamerica JPMorgan International Bond
Transamerica International Equity	Transamerica TS&W International Equity
Transamerica Money Market	Transamerica AEGON Money Market
Transamerica Quality Value	Transamerica WMC Quality Value
Transamerica Short-Term Bond	Transamerica AEGON Short-Term Bond
Transamerica Small/Mid Cap Value	Transamerica Systematic Small/Mid Cap Value

Effective March 1, 2012, Transamerica International Bond offers three new classes of shares; Class A, Class C, and Class I. Transamerica Emerging Markets Equity, Transamerica Large Cap Growth, and Transamerica Small Cap Value commenced operations on April 30, 2012.

Transamerica Capital Growth, Transamerica Diversified Equity, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica International Bond, Transamerica International Equity, Transamerica Large Cap Growth, Transamerica Money Market, Transamerica Multi-Managed Balanced, Transamerica Quality Value, Transamerica Short-Term Bond, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, and Transamerica Tactical Income (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Transamerica Emerging Markets Debt and Transamerica International Bond are “non-diversified” under the 1940 Act.

Transamerica Diversified Equity has six classes of shares; Class A, Class B, Class C, Class I, Class I2, and Class T. Transamerica Capital Growth, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Money Market, and Transamerica Small/Mid Cap Value currently have five classes of shares; Class A, Class B, Class C, Class I, and Class I2. Transamerica Multi-Managed Balanced currently has four classes of shares; Class A, Class B, Class C, and Class I. Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica International Bond, Transamerica International Equity, Transamerica Large Cap Growth, Transamerica Quality Value, Transamerica Short-Term Bond, and Transamerica Small Cap Value currently have four classes of shares; Class A, Class C, Class I, and Class I2. Transamerica Tactical Income currently has three classes of shares; Class A, Class C, and Class I. Each of the above classes has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective July 15, 2010, Class B shares of each Fund were no longer offered for purchase.

This report should be read in conjunction with the Funds’ current prospectuses, which contain more complete information about the Funds including investment objectives and strategies.

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

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

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Transamerica Funds		Semi-Annual Report 2012
	Page    104

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country, or region.

Foreign capital gains taxes: The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Funds accrue such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Funds may be subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at April 30, 2012 are listed in the Schedules of Investments.

Option and swaption contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market and an inability of the counterparty to meet the contract terms.

The Funds write call and put options on futures, swaps (“swaptions”), securities or currencies they own or in which they may invest. When a Fund writes a covered call or put option/swaption, an amount equal to the premium received by a Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. Premiums received from writing options/swaptions which expire are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.

Funds purchase put and call options on foreign or US securities, indices, futures, swaps (“swaptions”), and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying futures, swaps, security, commodity, or currency transaction to determine the realized gain or loss. Realized gains or losses are reflected in the realized gains or losses of investment securities on the Statements of Operations.

The underlying face amounts of open option and swaption contracts at April 30, 2012 are listed in the Schedules of Investments.

Transactions in written options were as follows:

Transamerica Multi-Managed Balanced	Premium			Notional Amount
Balance at October 31, 2011	$	42		$	66
Sales		35			875
Closing Buys		(23	)		(653	)
Expirations		(50	)		(88	)
Exercised		—			—
Balance at April 30, 2012	$	4		$	200

There were no transactions in written swaptions during the period ended April 30, 2012.

Transamerica Funds		Semi-Annual Report 2012
	Page 105

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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

Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contracts, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or security prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open future contracts at April 30, 2012 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act.

Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends payable on securities while those securities are in a short position and also bear other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs are reported as broker expense on securities sold short in the Statements of Operations.

Loan participations/assignments: Participations/assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan participations/assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Funds may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and generally are offered by banks or other financial institutions or lending syndicates. The Funds that participate in such syndications, or can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless, under the terms of the loans or other indebtedness, the portfolios have direct recourse against the corporate borrowers, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at April 30, 2012.

To be announced (“TBA”) purchase commitments: TBA purchase commitments are entered into to purchase securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations. Open balances are included in the payable or receivable for investments purchased or sold.

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

The restricted and illiquid securities at April 30, 2012 are listed in the Schedules of Investments.

Transamerica Funds		Semi-Annual Report 2012
	Page 106

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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

The PIKs at April 30, 2012 are listed in the Schedules of Investments.

Cash overdraft: Throughout the period, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts by a rate based on the federal funds rate. Expenses from cash overdrafts are included in Other Expenses on the Statement of Operations.

Real estate investment trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at April 30, 2012 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities on the Statements of Operations is net of fees earned by the lending agent for its services.

Commission recapture: The sub-advisers of certain Funds, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions paid by the Funds be used to pay expenses that would otherwise be borne by any other funds within Transamerica Funds, or by any other party.

Commissions recaptured for the period ended April 30, 2012, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica Capital Growth	$	13
Transamerica Diversified Equity		—	(A)
Transamerica Growth Opportunities		17
Transamerica International Equity		1
Transamerica Multi-Managed Balanced		8
Transamerica Quality Value		5
Transamerica Small/Mid Cap Value		80

^(A)  Amount rounds to less than 1.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend income related to REITs is recorded at the distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

Multiple class operations, income, and expenses: Income, non-class specific expenses and realized and unrealized gains and losses are allocated daily to each class, based upon net assets. In addition to the non-class specific expenses, each class bears its own specific expenses.

Transamerica Funds		Semi-Annual Report 2012
	Page 107

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Redemption fees: Prior to March 1, 2011, TS&W International Equity Portfolio, the predecessor fund of Transamerica International Equity, retained a redemption fee of 1.00% on redemptions of capital shares held for less than 60 days. The redemption fees received are disclosed in the Funds’ Statements of Changes in Net Assets. Effective March 1, 2011, Transamerica International Equity no longer charges redemption fees.

Fair funds settlement: The Securities and Exchange Commission (“SEC”) had investigated several companies and found that there were some companies that conducted rapid in and out trading of mutual funds, known as market timing, through deceptive means. Through a SEC order the companies found to be market timing against mutual funds were required to pay amounts to compensate for the market timing activity. Amounts received as a result of the SEC order are noted on the Statements of Changes in Net Assets.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the NYSE, normally 4 p.m. Eastern Time, each day the NYSE is open for business. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of the fair value hierarchy are defined as follows:

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

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

Level 3—Unobservable inputs, which may include Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments.

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

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

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stock): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, in which their primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Transamerica Funds		Semi-Annual Report 2012
	Page 108

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 2. (continued)

Securities lending collateral: Securities lending collateral is a money market fund, which is valued at the net assets of the underlying portfolios and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using TBA quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s Valuation Committee under the supervision of the Funds’ Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, option and swaption contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Funds’ Board of Trustees. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. When a Fund must use fair valuation methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments, at April 30, 2012, is disclosed in the Valuation Summary of each Fund’s Schedule of Investments. Transfers between Levels are considered to have occurred at the end of the reporting period.

There were no significant transfers between Level 1 and Level 2 during the period ended April 30, 2012.

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

Transamerica Funds		Semi-Annual Report 2012
	Page 109

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

Certain officers and trustees of the Funds are also officers and/or directors of TAM, TFS, and TCI. No interested trustee receives compensation from the Funds.

At the commencement of operations, TAM invested in the Funds. As of April 30, 2012, TAM had investments in the Funds as follows:

Fund Name	Market Value			% of Fund’s Net  Assets
Transamerica Emerging Markets Equity
Class A	$	250			1.20	%
Class C		250			1.20
Class I		250			1.20
Class I2		—	(A)		—	(A)
Transamerica International Bond
Class A		101			0.04
Class C		101			0.04
Class I		101			0.04
Transamerica International Equity
Class A		96			0.05
Class C		95			0.05
Transamerica Large Cap Growth
Class A		250			0.61
Class C		250			0.61
Class I		250			0.61
Class I2		—	(A)		—	(A)
Transamerica Small Cap Value
Class A		250			0.25
Class C		250			0.25
Class I		250			0.25
Class I2		—	(A)		—	(A)
Transamerica Quality Value
Class A		289			0.02
Class C		286			0.02

^(A)  Amount rounds to less than 1.

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2012:

Transamerica Capital Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	15,760		2.00	%
Transamerica Asset Allocation-Growth Portfolio		79,378		10.09
Transamerica Asset Allocation-Moderate Portfolio		47,216		6.01
Transamerica Asset Allocation-Moderate Growth Portfolio		98,909		12.58
Transamerica Asset Allocation-Conservative VP		47,462		6.04
Transamerica Asset Allocation-Growth VP		49,324		6.27
Transamerica Asset Allocation-Moderate Growth VP		158,317		20.13
Transamerica Asset Allocation-Moderate VP		105,345		13.40
Total	$	601,711		76.52	%
Transamerica Diversified Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	51,526		3.14	%
Transamerica Asset Allocation-Growth Portfolio		167,332		10.19
Transamerica Asset Allocation-Moderate Portfolio		162,662		9.90
Transamerica Asset Allocation-Moderate Growth Portfolio		248,387		15.13
Total	$	629,907		38.36	%

Transamerica Funds		Semi-Annual Report 2012
	Page 110

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

Transamerica Emerging Markets Debt	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	6,155		5.24	%
Transamerica Asset Allocation-Moderate Portfolio		9,986		8.49
Transamerica Asset Allocation-Moderate Growth Portfolio		7,302		6.21
Transamerica Multi-Manager Alternative Strategies Portfolio		9,023		7.67
Transamerica Asset Allocation-Conservative VP		8,847		7.52
Transamerica Asset Allocation-Moderate Growth VP		20,173		17.15
Transamerica Asset Allocation-Moderate VP		19,157		16.29
Transamerica International Moderate Growth VP		299		0.26
Total	$	80,942		68.83	%
Transamerica Flexible Income	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	17,015		6.08	%
Transamerica Asset Allocation-Moderate Portfolio		43,089		15.40
Transamerica Asset Allocation-Conservative VP		11,854		4.24
Transamerica Asset Allocation-Moderate Growth VP		16,686		5.96
Transamerica Asset Allocation-Moderate VP		24,493		8.76
Total	$	113,137		40.44	%
Transamerica Growth Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	18,664		2.76	%
Transamerica Asset Allocation-Growth Portfolio		53,302		7.88
Transamerica Asset Allocation-Moderate Portfolio		52,435		7.75
Transamerica Asset Allocation-Moderate Growth Portfolio		98,115		14.50
Transamerica Asset Allocation-Conservative VP		11,342		1.68
Transamerica Asset Allocation-Growth VP		24,912		3.68
Transamerica Asset Allocation-Moderate Growth VP		126,645		18.72
Transamerica Asset Allocation-Moderate VP		55,237		8.17
Total	$	440,652		65.14	%
Transamerica High Yield Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	29,033		4.45	%
Transamerica Asset Allocation-Moderate Portfolio		35,199		5.40
Transamerica Asset Allocation-Moderate Growth Portfolio		51,011		7.83
Transamerica Multi-Manager Alternative Strategies Portfolio		33,581		5.15
Transamerica Asset Allocation-Conservative VP		15,907		2.44
Transamerica Asset Allocation-Moderate Growth VP		23,779		3.65
Transamerica Asset Allocation-Moderate VP		37,790		5.80
Total	$	226,300		34.72	%
Transamerica International Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	2,325		1.23	%
Transamerica Asset Allocation-Moderate Portfolio		5,383		2.85
Transamerica Asset Allocation-Moderate Growth Portfolio		17,713		9.36
Transamerica Multi-Manager International Portfolio		12,764		6.75
Transamerica International Moderate Growth VP		67,401		35.64
Total	$	105,586		55.83	%
Transamerica Money Market	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,357		2.35	%
Transamerica Asset Allocation-Growth Portfolio		60		0.03
Transamerica Asset Allocation-Moderate Portfolio		3,987		1.75
Transamerica Multi-Manager Alternative Strategies Portfolio		2,073		0.91
Transamerica Asset Allocation-Conservative VP		8,000		3.51
Transamerica Asset Allocation-Growth VP		6,000		2.64
Transamerica Asset Allocation-Moderate Growth VP		8,000		3.51
Transamerica Asset Allocation-Moderate VP		8,000		3.51
Transamerica International Moderate Growth VP		16,000		7.03
Total	$	57,477		25.24	%

Transamerica Funds		Semi-Annual Report 2012
	Page 111

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

Transamerica Quality Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	55,410		3.30	%
Transamerica Asset Allocation-Growth Portfolio		208,668		12.42
Transamerica Asset Allocation-Moderate Portfolio		159,493		9.50
Transamerica Asset Allocation-Moderate Growth Portfolio		315,551		18.79
Transamerica Asset Allocation-Conservative VP		87,902		5.23
Transamerica Asset Allocation-Growth VP		137,432		8.18
Transamerica Asset Allocation-Moderate Growth VP		415,362		24.73
Transamerica Asset Allocation-Moderate VP		270,565		16.11
Total	$	1,650,383		98.26	%
Transamerica Short-Term Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	93,101		3.31	%
Transamerica Asset Allocation-Moderate Portfolio		142,961		5.09
Transamerica Asset Allocation-Moderate Growth Portfolio		64		—	(A)
Transamerica Multi-Manager Alternative Strategies Portfolio		377		0.01
Transamerica Asset Allocation-Conservative VP		236,008		8.40
Transamerica Asset Allocation-Growth VP		2		—
Transamerica Asset Allocation-Moderate Growth VP		78,635		2.80
Transamerica Asset Allocation-Moderate VP		335,693		11.95
Transamerica International Moderate Growth VP		9,987		0.36
Total	$	896,828		31.92	%

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

Transamerica Capital Growth
First $500 million	0.80	%
Over $500 million	0.675
Transamerica Diversified Equity
First $500 million	0.73	%
Over $500 million up to $2.5 billion	0.70
Over $2.5 billion	0.65
Transamerica Emerging Markets Debt
First $400 million	0.60	%
Over $400 million	0.58
Transamerica Emerging Markets Equity
First $250 million	0.95	%
Over $250 million up to $500 million	0.93
Over $500 million	0.90
Transamerica Flexible Income
First $250 million	0.475	%
Over $250 million up to $350 million	0.425
Over $350 million	0.40
Transamerica Growth Opportunities
First $250 million	0.80	%
Over $250 million up to $500 million	0.75
Over $500 million	0.70
Transamerica High Yield Bond
First $400 million	0.59	%
Over $400 million up to $750 million	0.575
Over $750 million	0.55
Transamerica International Bond
First $100 million	0.55	%
Over $100 million up to $250 million	0.52
Over $250 million up to $500 million	0.51
Over $500 million up to $1 billion	0.50
Over $1 billion	0.47

Transamerica International Equity
First $250 million	0.80	%
Over $250 million up to $500 million	0.75
Over $500 million up to $1 billion	0.725
Over $1 billion	0.70
Transamerica Large Cap Growth
First $250 million	0.675	%
Over $250 million up to $1 billion	0.65
Over $1 billion	0.60
Transamerica Money Market
ANA	0.40	%
Transamerica Multi-Managed Balanced
First $500 million	0.75	%
Over $500 million up to $1 billion	0.65
Over $1 billion	0.60
Transamerica Quality Value
First $1 billion	0.70	%
Over $1 billion	0.675
Transamerica Short-Term Bond
First $250 million	0.55	%
Over $250 million up to $500 million	0.50
Over $500 million up to $1 billion	0.475
Over $1 billion	0.45
Transamerica Small Cap Value
First $250 million	0.86	%
Over $250 million	0.84
Transamerica Small/Mid Cap Value
First $500 million	0.80	%
Over $500 million	0.75
Transamerica Tactical Income
First $1 billion	0.47	%
Over $1 billion up to $2 billion	0.45
Over $2 billion	0.43

Transamerica Funds		Semi-Annual Report 2012
	Page 112

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

TAM has contractually agreed to waive its advisory fee and will reimburse the Funds to the extent that operating expenses, excluding distribution and service fees and certain extraordinary expenses, exceed the following stated annual limit:

Fund	Class A, B, C, I, I2, and T Expense Limit
Transamerica Capital Growth		1.20	%
Transamerica Diversified Equity		1.17
Transamerica Emerging Markets Debt		1.00
Transamerica Emerging Markets Equity		1.60
Transamerica Flexible Income		1.00
Transamerica Growth Opportunities		1.40
Transamerica High Yield Bond		0.95
Transamerica International Bond		0.75
Transamerica International Equity		1.15
Transamerica Large Cap Growth		0.95
Transamerica Money Market		0.48
Transamerica Multi-Managed Balanced		1.45
Transamerica Quality Value		1.00
Transamerica Short Term Bond		0.85
Transamerica Small Cap Value		1.15
Transamerica Small/Mid Cap Value		1.25
Transamerica Tactical Income		0.67

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

Amounts recaptured by the adviser during the period ended April 30, 2012 were as follows:

Fund	Recaptured Amount
Transamerica Capital Growth
Class A	$	11
Class C		4
Transamerica Diversified Equity
Class A		249
Class B		10
Class C		20
Class I		1
Transamerica Emerging Markets Debt
Fund Level		35
Class A		—	(A)
Class C		—	(A)
Class I		—	(A)
Class I2		1
Transamerica Growth Opportunities
Class A		84
Class B		1
Class C		1
Transamerica High Yield Bond
Fund Level		32
Transamerica International Equity
Class A		—	(A)
Transamerica Multi-Managed Balanced
Fund Level		88

^(A) Amount rounds to less than 1.

Transamerica Funds		Semi-Annual Report 2012
	Page 113

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

The following amounts were available for recapture as of April 30, 2012:

Fund	Reimbursement of Class Expenses		Available for Recapture Through
Transamerica Capital Growth
Fiscal Year 2010:				10/31/2012
Class A		83
Class B		39
Fiscal Year 2011:				10/31/2013
Class A		51
Class B		23
Transamerica Diversified Equity
Fiscal Year 2010:				10/31/2012
Class B		13
Fiscal Year 2011:				10/31/2013
Class A		26
Class B		9
Class C		11
Transamerica Growth Opportunities
Fiscal Year 2010:				10/31/2012
Class A		39
Transamerica Multi-Managed Balanced
Fiscal Year 2011:				10/31/2013
Fund Level		4

Fund	Reimbursement of Class Expenses		Available for RecaptureThrough
Transamerica Money Market
Fiscal Year 2010:				10/31/2012
Fund Level		752
Class A		876
Class B		344
Class C		446
Class I		1
Class I2		1
Fiscal Year 2011:				10/31/2013
Fund Level		749
Class A		783
Class B		213
Class C		376
Class I		2
Class I2		1

In addition to the advisory fee waiver for Transamerica Money Market, TAM or any of its affiliates waive fees or reimburse expenses of one or more classes of Transamerica Money Market in order to avoid a negative yield. At any point in which Transamerica Money Market, or any classes thereof, achieves a positive yield, the expenses previously waived or reimbursed within the succeeding 36 months pursuant to this paragraph may be reimbursed to TAM, to the extent that such reimbursement does not cause classes of Transamerica Money Market to experience a negative yield. Waived expenses related to the maintenance of the yield are included in the Statements of Operations, within the class expense (reimbursed). As of period ended April 30, 2012 and year ended October 31, 2011, the amounts waived were as follows:

Fund/Class	2012 Amount Waived ($)		2012 Amount Waived (Basis Points)		2011 Amount Waived ($)		2011 Amount Waived (Basis Points)
Fund	$	252		28	$	610		29
A		153		29		375		33
B		64		96		157		98
C		160		96		319		98
I		—		—		—		—
I2		—		—		—		—

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Funds. The Funds are authorized under the 12b-1 plans to pay fees on each class up to the following limits: 0.30% for Class A (effective March 1, 2012), 1.00% for Class B, and 1.00% for Class C. 12b-1 fees are not applicable for Class I, Class I2, and Class T. Prior to March 1, 2012, Class A was authorized under the 12b-1 plan to pay a 0.35% fee. Effective March 1, 2012, TAM has contractually agreed to waive 0.05% of 12b-1 fees on Class A shares of Transamerica Flexible Income, Transamerica Short-Term Bond, and Transamerica Tactical Income through March 1, 2013. Prior to March 1, 2012, TAM had contractually agreed to waive 0.10% of 12b-1 fees on Class A shares of Transamerica Flexible Income, Transamerica Short-Term Bond, and Transamerica Tactical Income.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the period ended April 30, 2012, the underwriter commissions were as follows:

Transamerica Capital Growth
Received by Underwriter	$	168
Retained by Underwriter		24
Contingent Deferred Sales Charge		5
Transamerica Diversified Equity
Received by Underwriter	$	126
Retained by Underwriter		19
Contingent Deferred Sales Charge		13

Transamerica Emerging Markets Debt
Received by Underwriter	$	37
Retained by Underwriter		6
Contingent Deferred Sales Charge		—	(A)
Transamerica Flexible Income
Received by Underwriter	$	140
Retained by Underwriter		26
Contingent Deferred Sales Charge		16

Transamerica Funds		Semi-Annual Report 2012
	Page 114

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

Transamerica Growth Opportunities
Received by Underwriter	$	35
Retained by Underwriter		6
Contingent Deferred Sales Charge		5
Transamerica High Yield Bond
Received by Underwriter	$	476
Retained by Underwriter		88
Contingent Deferred Sales Charge		16
Transamerica International Bond
Received by Underwriter	$	—	(A)
Retained by Underwriter		—	(A)
Contingent Deferred Sales Charge		—
Transamerica International Equity
Received by Underwriter	$	2
Retained by Underwriter		—	(A)
Contingent Deferred Sales Charge		—
Transamerica Money Market
Received by Underwriter	$	—
Retained by Underwriter		—
Contingent Deferred Sales Charge		52

Transamerica Multi-Managed Balanced
Received by Underwriter	$	205
Retained by Underwriter		31
Contingent Deferred Sales Charge		5
Transamerica Quality Value
Received by Underwriter	$	4
Retained by Underwriter		1
Contingent Deferred Sales Charge		—	(A)
Transamerica Short-Term Bond
Received by Underwriter	$	352
Retained by Underwriter		70
Contingent Deferred Sales Charge		148
Transamerica Small/Mid Cap Value
Received by Underwriter	$	231
Retained by Underwriter		35
Contingent Deferred Sales Charge		43
Transamerica Tactical Income
Received by Underwriter	$	996
Retained by Underwriter		184
Contingent Deferred Sales Charge		1

^(A)  Amount rounds to less than 1.

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. Effective March 1, 2012, the Fund pays TFS an annual fee of 0.025% of ANA. Prior to March 1, 2012, the Fund paid TFS an annual fee of 0.02% of ANA. The Legal fees on the Statements of Operations are fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services. Fees paid and the amounts due to TFS for the period ended April 30, 2012 are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Transamerica Capital Growth	$	219	$	43
Transamerica Diversified Equity		642		89
Transamerica Emerging Markets Debt		14		1
Transamerica Flexible Income		89		10
Transamerica Growth Opportunities		345		57
Transamerica High Yield Bond		186		44
Transamerica International Bond		13		1
Transamerica International Equity		44		8
Transamerica Money Market		248		49
Transamerica Multi-Managed Balanced		355		56
Transamerica Quality Value		63		12
Transamerica Short-Term Bond		657		80
Transamerica Small/Mid Cap Value		589		71
Transamerica Tactical Income		19		6

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

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers or sub-advisers for the period ended April 30, 2012.

Transamerica Funds		Semi-Annual Report 2012
	Page 115

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2012 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Capital Growth	$	167,498	$	—	$	43,989	$	—
Transamerica Diversified Equity		266,783		—		366,385		—
Transamerica Emerging Markets Debt		207,889		501		207,455		501
Transamerica Flexible Income		45,103		9,465		33,793		10,158
Transamerica Growth Opportunities		85,120		—		41,250		—
Transamerica High Yield Bond		274,974		—		402,222		—
Transamerica International Bond		64,848		—		299,981		—
Transamerica International Equity		62,045		—		12,439		—
Transamerica Multi-Managed Balanced		167,138		53,258		165,937		41,475
Transamerica Quality Value		447,588		—		239,656		—
Transamerica Short-Term Bond		1,018,536		—		1,008,516		—
Transamerica Small/Mid Cap Value		242,760		—		246,778		—
Transamerica Tactical Income		219,345		—		24,872		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Emerging Markets Debt:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the period decreased, starting with 21 contracts and decreasing to 13 contracts by period end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	48
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(123	)
Total	$	(75	)

Effect of Derivative Instruments on the Statements of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss from forward foreign currency contracts	$	(45	)
Net Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(66	)
Total	$	(111	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds		Semi-Annual Report 2012
	Page 116

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica International Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held at period end is indicative of the volume held throughout the period. The volume of forward foreign currency contracts held averaged 109 throughout the period, decreasing in the last three months from 145 to 107 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rates contracts			Foreign exchange contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts	$	354		$	—		$	354	*
Unrealized appreciation on forward foreign currency contracts		—			3,569			3,569
Liability derivatives
Unrealized depreciation on futures contracts		(354	)		—			(354	)*
Unrealized depreciation on forward foreign currency contracts		—			(1,596	)		(1,596	)
Total	$	—		$	1,973		$	1,973

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rates contracts			Foreign exchange contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on futures contracts	$	(553	)	$	—		$	(553	)
Net realized loss on forward foreign currency transactions		—			(3,938	)		(3,938	)
Net Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized depreciation on futures contracts		(69	)		—			(69	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		—			6,079			6,079
Total	$	(622	)	$	2,141		$	1,519

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Multi-Managed Balanced:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures and forward foreign currency contracts held throughout the period increased, starting with eight and zero contracts, respectively, and ending at 13 and one contracts, respectively. The volume of written options/swaptions and purchase options held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Equity contracts		Interest rate contracts			Foreign exchange contractsl			Total
Asset derivatives
Investment securities, at value	$	—	$	1			—		$	1
Unrealized appreciation on futures contracts		22		44			—			66	*
Liability derivatives
Written options, at value		—		(1	)		—			(1	)
Unrealized depreciation on futures contracts		—		(143	)		—			(143	)*
Unrealized depreciation on forward foreign currency contracts		—		—			(1	)		(1	)
Total	$	22	$	(99	)	$	(1	)	$	(78	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Transamerica Funds		Semi-Annual Report 2012
	Page 117

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Multi-Managed Balanced (continued):

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Equity contracts			Interest rate contracts			Foreign exchange contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on investment securities	$	—		$	(68	)	$	—		$	(68	)
Net realized gain on written option and swaption contracts		—			33			—			33
Net realized gain on futures contracts		391			305			—			696
Net realized loss on forward foreign currency contracts		—			—			(8	)		(8	)
Net change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation on investment securities		—			64			—			64
Net change in unrealized depreciation on written option and swaption contracts		—			(28	)		—			(28	)
Net change in unrealized appreciation depreciation on futures contracts		(22	)		(181	)		—			(203	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		—			—			(1	)		(1	)
Total	$	369		$	125		$	(9	)	$	485

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax positions taken for all open tax years (2008–2010), if applicable, or expected to be taken in the Funds’ 2011 tax returns, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, and capital loss carryforwards.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB” ) issued the authoritative guidance “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” which seeks to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The adoption of this disclosure requirement is effective for financial statements interim and annual periods beginning after December 15, 2011. Management is currently evaluating the application of the adoption of the additional disclosure requirements and its impact on the Fund’s financial statements.

In April 2011, FASB issued an amendment to authoritative guidance “Reconsideration of Effective Control for Repurchase Agreements” which amends specifically the criteria required to determine whether a repurchase agreement and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. The adoption of this guidance is effective for the first interim or annual period beginning on or after December 15, 2011 prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Management is currently evaluating the application of the adoption of the additional disclosure requirements and its impact on the Fund’s financial statements.

Transamerica Funds		Semi-Annual Report 2012
	Page 118

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 8. REORGANIZATION

Transamerica Diversified Equity:

On February 10, 2012, Transamerica Diversified Equity (formerly, Transamerica WMC Diversified Equity) acquired all of the net assets of Transamerica WMC Diversified Growth pursuant to a Plan of Reorganization. Transamerica Diversified Equity is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 76,145 shares of Transamerica Diversified Equity for 100,301 shares of Transamerica WMC Diversified Growth outstanding on February 10, 2012. Transamerica WMC Diversified Growth’s net assets at that date, $1,077,266, including $208,961 unrealized appreciation, were combined with those of Transamerica Diversified Equity. The aggregate net assets of Transamerica Diversified Equity immediately before the acquisition were $592,948; the combine net assets of Transamerica Diversified Equity immediately after the acquisition were $1,670,214. Shares issued with the acquisition were as follows:

Transamerica WMC Diversified Growth

Class	Shares		Amount
A		28,762	$	387,425
B		1,572		21,028
C		2,536		33,859
I		12,839		174,606
I2		27,327		371,097
T		3,110		89,251

The exchange ratios of the reorganization for the Fund is as follows (Transamerica Diversified Equity shares issuable/Transamerica WMC Diversified Growth):

Transamerica WMC Diversified Growth

Classes	Exchange Ratio
A		0.75
B		0.69
C		0.70
I		0.74
I2		0.77
T		1.00

Assuming the reorganization had been completed on November 1, 2011, the beginning of the annual reporting period of the Fund, the Fund’s pro forma result of operations for the period ended April 30, 2012, are as follows:

Net investment income	$	2,270
Net realized and unrealized gain		183,752
Net increase in net assets resulting from operations		186,022

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica WMC Diversified Growth that have been included on the Fund’s Statement of Operations since February 10, 2012.

Transamerica Funds		Semi-Annual Report 2012
	Page 119

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 8. (continued)

Transamerica Growth Opportunities:

On February 10, 2012, Transamerica Growth Opportunities (formerly, Transamerica Morgan Stanley Growth Opportunities) acquired all of the net assets of Transamerica Morgan Stanley Mid-Cap Growth pursuant to a Plan of Reorganization. Transamerica Growth Opportunities is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 29,633 shares of Transamerica Growth Opportunities for 24,617 shares of Transamerica Morgan Stanley Mid-Cap Growth outstanding on February 10, 2012. Transamerica Morgan Stanley Mid-Cap Growth’s net assets at that date, $274,998, including $54,483 unrealized appreciation, were combined with those of Transamerica Growth Opportunities. The aggregate net assets of Transamerica Growth Opportunities immediately before the acquisition were $348,798; the combined net assets of Transamerica Growth Opportunities immediately after the acquisition were $623,796. Shares issued with the acquisition were as follows:

Transamerica Morgan Stanley Mid-Cap Growth

Class	Shares		Amount
I2		29,633	$	274,998

The exchange ratio of the reorganization for the Fund is as follows (Transamerica Growth Opportunities shares issuable/ Transamerica Morgan Stanley Mid-Cap Growth):

Transamerica Morgan Stanley Mid-Cap Growth

Class	Exchange Ratio
I2		1.20

Assuming the reorganization had been completed on November 1, 2011, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2012, are as follows:

Net investment income	$	844
Net realized and unrealized gain		36,639
Net increase in net assets resulting from operations		37,483

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica Morgan Stanley Mid-Cap Growth that have been included in the Fund’s Statement of Operations since February 10, 2012.

Transamerica International Equity

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

TS&W International Equity Portfolio

Class	Shares		Amount
I		5,502	$	83,612

Transamerica Funds		Semi-Annual Report 2012
	Page 120

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 8. (continued)

Transamerica International Equity

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

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

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

TS&W International Equity Portfolio

Class	Exchange Ratio
I		1.00

The exchange ratios of the reorganization for each class are as follows:

Transamerica International Equity

Classes	Exchange Ratio
A		1.00
C		1.00
I		1.00
I2		1.00

NOTE 9. SUBSEQUENT EVENTS

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

Transamerica Funds		Semi-Annual Report 2012
	Page 121

TRANSAMERICA EMERGING MARKETS EQUITY

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on January 26, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Emerging Markets Equity as a new series of Transamerica Funds (the “Trust”). The Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Emerging Markets Equity (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and ClariVest Asset Management LLC (“ClariVest”) (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

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

In reaching their decision, the Board requested and obtained from TAM and ClariVest such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of Investment Advisory Agreement and Sub-Advisory Agreement, the Board evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each member of the Board may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and ClariVest. The Board considered the services to be provided by TAM for the portion of the management fee it will retain after payment of ClariVest’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the New Series as well as “manager of managers” services TAM will provide in the form of selection and oversight of ClariVest. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and ClariVest, TAM’s management oversight process and the professional qualifications of ClariVest’s portfolio management team. The Board Members determined that TAM and ClariVest are able to provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore has no historical performance for the Board to review. However, the Board Members were provided performance data for ClariVest’s investment strategy to be followed by the New Series as compared against the median of the eVestment Emerging Markets All Cap Equity peer group and the New Series’ proposed benchmark for the period October 1, 2006 through September 30, 2011 (annualized). It was noted that, according to the performance information for the strategy, the strategy outperformed the benchmark on an absolute and risk-adjusted basis over a trailing one-, three- and five-year period, while besting the majority of its peers. On the basis of the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and ClariVest, the Board Members concluded that TAM and ClariVest are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

The cost of advisory services provided and the level of profitability. The New Series is not yet in existence and therefore no 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 the New Series by TAM and its affiliates. The Board Members also reviewed information comparing the fees and expenses of the New Series to those of funds in its Lipper category, noting that the proposed advisory fee for the New Series was lower than the Lipper category median. The Board Members noted the anticipated profitability of the relationship between the New Series, TAM and its affiliates, and ClariVest, and determined that the management and sub-advisory fees to be received by TAM and ClariVest under the agreements are consistent with TAM’s fiduciary duty under applicable law.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the fees payable under the new investment advisory and sub-advisory agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and ClariVest’s pricing schedules and the proposed advisory fee and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, and noted each fee breakpoint with respect to the various asset levels to be achieved by the New Series. The Board concluded that the proposed fees and breakpoints may benefit investors by permitting economies of scale in the form of lower management fees as the level of assets grows for the New Series. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to ClariVest.

Transamerica Funds		Semi-Annual Report 2012
	Page    122

TRANSAMERICA EMERGING MARKETS EQUITY (continued)

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

Benefits to TAM, its affiliates, or ClariVest from their relationship with the New Series. The Board noted that TAM believes that other benefits anticipated to be derived by TAM, its affiliates, and ClariVest from their relationships with the New Series are expected to be consistent with industry practice. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that ClariVest may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategies and noted that TAM believes that the New Series would enhance the Trust’s retail product line-up as well as the investment options for the asset allocation funds. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of ClariVest. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, reflected by TAM’s expense limitation arrangement with the New Series that may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds		Semi-Annual Report 2012
	Page    123

TRANSAMERICA LARGE CAP GROWTH

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on January 26, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Large Cap Growth as a new series of Transamerica Funds (the “Trust”). The Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Large Cap Growth (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and BNP Paribas Asset Management, Inc. (“BNP”) (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

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

In reaching their decision, the Board requested and obtained from TAM and BNP such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of Investment Advisory Agreement and Sub-Advisory Agreement, the Board evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each member of the Board may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and BNP. The Board considered the services to be provided by TAM for the portion of the management fee it will retain after payment of BNP’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the New Series as well as “manager of managers” services TAM will provide in the form of selection and oversight of BNP. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and BNP, TAM’s management oversight process and the professional qualifications of BNP’s portfolio management team. The Board Members determined that TAM and BNP are able to provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore has no historical performance for the Board to review. However, the Board Members were provided performance data for BNP’s investment strategy to be followed by the New Series as compared against the median of the eVestment Large Cap Growth peer group and the New Series’ proposed benchmark for the period October 1, 2006 through September 30, 2011 (annualized). It was noted that, according to the performance information for the strategy, the strategy exhibited absolute and risk-adjusted returns comparable to the benchmark over a trailing one-, three- and five-year period, while besting the majority of its peers. On the basis of the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and BNP, the Board Members concluded that TAM and BNP are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

The cost of advisory services provided and the level of profitability. The New Series is not yet in existence and therefore no 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 the New Series by TAM and its affiliates. The Board Members also reviewed information comparing the fees and expenses of the New Series to those of funds in its Lipper category, noting that the proposed advisory fee for the New Series was lower than the Lipper category median. The Board Members noted the anticipated profitability of the relationship between the New Series, TAM and its affiliates, and BNP, and determined that the management and sub-advisory fees to be received by TAM and BNP under the agreements are consistent with TAM’s fiduciary duty under applicable law.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the fees payable under the new investment advisory and sub-advisory agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and BNP’s pricing schedules and the proposed advisory fee and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, and noted each fee breakpoint with respect to the various asset levels to be achieved by the New Series. The Board concluded that the proposed fees and breakpoints may benefit investors by permitting economies of scale in the form of lower management fees as the level of assets grows for the New Series. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to BNP.

Transamerica Funds		Semi-Annual Report 2012
	Page    124

TRANSAMERICA LARGE CAP GROWTH (continued)

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

Benefits to TAM, its affiliates, or BNP from their relationship with the New Series. The Board noted that TAM believes that other benefits anticipated to be derived by TAM, its affiliates, and BNP from their relationships with the New Series are expected to be consistent with industry practice. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that BNP may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategies and noted that TAM believes that the New Series would enhance the Trust’s retail product line-up as well as the investment options for the asset allocation funds. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of BNP. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, reflected by TAM’s expense limitation arrangement with the New Series that may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds		Semi-Annual Report 2012
	Page    125

TRANSAMERICA SMALL CAP VALUE

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on January 26, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Small Cap Value as a new series of Transamerica Funds (the “Trust”). The Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Small Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Lombardia Capital Partners, LLC (“Lombardia”) (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

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

In reaching their decision, the Board requested and obtained from TAM and Lombardia such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of Investment Advisory Agreement and Sub-Advisory Agreement, the Board evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each member of the Board may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and Lombardia. The Board considered the services to be provided by TAM for the portion of the management fee it will retain after payment of Lombardia’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the New Series as well as “manager of managers” services TAM will provide in the form of selection and oversight of Lombardia. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and Lombardia, TAM’s management oversight process and the professional qualifications of Lombardia’s portfolio management team. The Board Members determined that TAM and Lombardia are able to provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore has no historical performance for the Board to review. However, the Board Members were provided performance data for Lombardia’s investment strategy to be followed by the New Series as compared against the median of the eVestment US Small Cap Value peer group and the New Series’ proposed benchmark for the period October 1, 2006 through September 30, 2011 (annualized). It was noted that, according to the performance information for the strategy, the strategy outperformed the benchmark on an absolute and risk-adjusted basis over a trailing one-, three- and five-year period, while generally performing in line with or better than a majority of its peers. On the basis of the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and Lombardia, the Board Members concluded that TAM and Lombardia are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

The cost of advisory services provided and the level of profitability. The New Series is not yet in existence and therefore no 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 the New Series by TAM and its affiliates. The Board Members also reviewed information comparing the fees and expenses of the New Series to those of funds in its Lipper category. The Board Members considered the impact of capacity constraints in the small cap space on fee negotiations relating to the New Series, noting that the proposed advisory fee for the New Series was higher than the Lipper category median, but that the estimated total expenses of the New Series were comparable to the Lipper category median. The Board Members noted the anticipated profitability of the relationship between the New Series, TAM and its affiliates, and Lombardia, and determined that the management and sub-advisory fees to be received by TAM and Lombardia under the agreements are consistent with TAM’s fiduciary duty under applicable law.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the fees payable under the new investment advisory and sub-advisory agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and Lombardia’s pricing schedules and the proposed advisory fee and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, and noted each fee breakpoint with respect to the various asset levels to be achieved by the New Series. The Board concluded that the proposed fees and breakpoints may benefit investors by permitting economies of scale in the form of lower management fees as the level of assets grows for the New Series. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to Lombardia.

Transamerica Funds		Semi-Annual Report 2012
	Page    126

TRANSAMERICA SMALL CAP VALUE (continued)

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

Benefits to TAM, its affiliates, or Lombardia from their relationship with the New Series. The Board noted that TAM believes that other benefits anticipated to be derived by TAM, its affiliates, and Lombardia from their relationships with the New Series are expected to be consistent with industry practice. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that Lombardia may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategies and noted that TAM believes that the New Series would enhance the Trust’s retail product line-up as well as the investment options for the asset allocation funds. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of Lombardia. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, reflected by TAM’s expense limitation arrangement with the New Series that may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds		Semi-Annual Report 2012
	Page    127

TRANSAMERICA TACTICAL INCOME

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on August 17, 2011, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Tactical Income as a new series of Transamerica Funds (the “Trust”). The Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Tactical Income (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AEGON USA Investment Management, LLC (“AUIM”) (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

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

In reaching their decision, the Board requested and obtained from TAM and AUIM such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of Investment Advisory Agreement and Sub-Advisory Agreement, the Board evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each member of the Board may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and AUIM. The Board considered the services to be provided by TAM for the portion of the management fee it will retain after payment of AUIM’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the New Series as well as “manager of managers” services TAM will provide in the form of selection and oversight of AUIM. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and AUIM, TAM’s management oversight process and the professional qualifications of AUIM’s portfolio management team. The Board Members determined that TAM and AUIM can provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

It was noted that in order for the New Series to invest in the Vanguard, iShares, ProShares and SPDR Index Exchange Traded Funds (“ETFs”), as proposed, the Board was required to consider whether the fees to be charged by TAM and AUIM were duplicative of those to be charged by each of the ETF managers. It was noted that TAM will render “manager of managers” services to the New Series by, among other things, closely monitoring AUIM’s performance and by adding additional sub-advisers or altering the composition of sub-advisers as necessary to adapt to market conditions or the New Series’ performance. It also was noted that AUIM has developed an asset allocation model which they will utilize to select a basket of investments for the New Series in an attempt to match or exceed the return of an unmanaged benchmark. On these bases, the Board determined that the fees to be charged by TAM and AUIM are based on services that are in addition to, rather than duplicative of, the services provided by the investment advisers to the underlying ETFs in which the New Series will invest.

The investment performance of the New Series. The New Series is not yet in existence and therefore had no historical performance for the Board to review. However, the Board Members were provided with model performance data based on back testing against the proposed primary and composite benchmark for the period of July 2006 to June 2011. The Board Members noted that based on this model, the annualized performance of the New Series exhibited higher returns than the primary and composite benchmarks for the 1-, 3-and 5-year periods ended June 30, 2011. On the basis of the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and AUIM, the Board Members concluded that TAM and AUIM are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency, fund accounting and other services to the New Series by TAM and its affiliates. The Board Members noted that the proposed advisory fee for the New Series was higher than its Lipper category median, but noted that Lipper does not currently have a category devoted to tactical allocation funds and, as a result, the peer group information reflected fees for a variety of funds. The Board Members noted the anticipated profitability of the relationship between the New Series, TAM and its affiliates, and AUIM, as applicable, and determined that the management and sub-advisory fees to be received by TAM and AUIM under the agreements are consistent with TAM’s fiduciary duty under applicable law.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the management fees payable under the new investment advisory and sub-advisory agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and AUIM’s pricing schedules and the proposed advisory and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, and noted each fee breakpoint with respect to the various asset levels to be achieved by the New Series. The Board concluded that the proposed fees and breakpoints may benefit investors by permitting economies of scale in the form of lower management fees as the level of assets grows for the New Series. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM.

Transamerica Funds		Semi-Annual Report 2012
	Page    128

TRANSAMERICA TACTICAL INCOME (continued)

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

Benefits to TAM, its affiliates, or AUIM from their relationship with the New Series. The Board noted that TAM believes that other benefits anticipated to be derived by TAM, its affiliates, and AUIM from their relationships with the New Series are expected to be consistent with industry practice. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that AUIM may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. It was noted, however, that given the nature of the proposed New Series and the role of AUIM in selecting ETF investments for the proposed New Series, there were unlikely to be significant brokerage or soft dollar arrangements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that the New Series would enhance the retail product line-up of the Trust. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of AUIM. The Board Members also noted and favorably considered the procedures and policies created for investing in the Vanguard, iShares, ProShares and SPDR Index ETFs pursuant to their respective exemptive orders. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, reflected by TAM’s expense limitation and fee waiver arrangements with the New Series that may result in TAM waiving fees for the benefit of shareholders. In approving the New Series, the Board also considered the high quality of the sub-adviser’s portfolio management personnel who will manage the New Series under the sub-advisory agreement, and their overall portfolio management capabilities. The Board noted TAM’s belief that AUIM, too, has made substantial commitments to the recruitment and retention of high quality personnel, and maintain the financial and operational resources reasonably necessary to manage the New Series.

Transamerica Funds		Semi-Annual Report 2012
	Page    129

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds		Semi-Annual Report 2012
	Page    130

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    131

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Class I2 Funds

Semi-Annual Report

April 30, 2012

www.transamericainvestments.com

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to understand market conditions over the last six months in order to provide a context for reading this report. As the period began in November of 2011, the crisis in Europe had already driven most global asset prices down. Investors were gripped by the fear of both a European Sovereign default and a large European bank failure potentially causing a global banking crisis. In December, the European Central Bank responded by making unlimited loans available to troubled European banks. In turn, these European banks used a portion of this money to purchase Sovereign bonds. The combined effect was to significantly reduce market fear and selling pressure.

Then, in January and February of 2012, economic strength in the United States coincided with temporarily improved economic results in Asia and Europe. Relieved investors jumped back into risky assets, and as a result, equity and bond markets across the globe rallied strongly for the first two months of the year. In March and April, economic weakness in Europe and in China reasserted itself, and as a result, global equities gave up a significant portion of their gains. U.S. economics weakened slightly but remained strong relative to the rest of the world allowing U.S. equities to hold their ground. For the six month period ending April 30, 2012, the Standard & Poor’s 500^® Index gained 12.77%, the Morgan Stanley Capital International – Europe, Australasia, Far East Index gained 2.71%, and the Barclays U.S. Aggregate Bond Index gained 2.44%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2011 and held for the entire period until April 30, 2012.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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

			Actual Expenses				Hypothetical  Expenses(A)
Fund Name(B)	Beginning Account Value		Ending Account Value		Expenses Paid During Period(C)		Ending Account Value		Expenses Paid During Period(C)		Annualized Expense  Ratio
Transamerica Arbitrage Strategy	$	1,000.00	$	1,006.80	$	9.98	$	1,014.92	$	10.02		2.00	%(D)
Transamerica Bond		1,000.00		1,063.00		3.69		1,021.28		3.62		0.72
Transamerica Core Bond		1,000.00		1,030.00		2.32		1,022.58		2.31		0.46
Transamerica Developing Markets Debt		1,000.00		1,075.20		5.21		1,019.84		5.07		1.01
Transamerica Developing Markets Equity		1,000.00		1,061.80		6.87		1,018.20		6.72		1.34
Transamerica Emerging Markets		1,000.00		1,037.10		7.09		1,017.90		7.02		1.40
Transamerica Global Macro		1,000.00		988.00		7.12		1,017.70		7.22		1.44
Transamerica Global Real Estate Securities		1,000.00		1,093.40		5.05		1,020.04		4.87		0.97
Transamerica Growth		1,000.00		1,142.30		4.42		1,020.74		4.17		0.83
Transamerica International		1,000.00		1,062.50		5.64		1,019.39		5.52		1.10
Transamerica International Equity Opportunities		1,000.00		1,068.40		5.25		1,019.79		5.12		1.02
Transamerica International Small Cap		1,000.00		1,082.80		6.37		1,018.75		6.17		1.23
Transamerica International Value		1,000.00		1,025.20		5.29		1,019.64		5.27		1.05
Transamerica International Value Opportunities		1,000.00		1,051.40		5.81		1,019.19		5.72		1.14
Transamerica Large Cap Value		1,000.00		1,119.70		4.43		1,020.69		4.22		0.84
Transamerica Long/Short Strategy		1,000.00		1,016.50		17.35		1,007.66		17.27		3.46	(E)
Transamerica Mid Cap Value		1,000.00		1,141.90		4.79		1,020.39		4.52		0.90
Transamerica Real Return TIPS		1,000.00		1,042.10		3.66		1,021.28		3.62		0.72
Transamerica Select Equity		1,000.00		1,122.80		4.06		1,021.03		3.87		0.77
Transamerica Small- & Mid-Cap Value Select		1,000.00		1,048.70		4.99		1,019.99		4.92		0.98
Transamerica Small Company Growth		1,000.00		1,072.90		5.26		1,019.79		5.12		1.02
Transamerica Total Return		1,000.00		1,040.90		3.76		1,021.18		3.72		0.74
Transamerica Value		1,000.00		1,070.30		4.53		1,020.49		4.42		0.88

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

^(B) See the notes to the financial statements for information regarding name changes for the funds.

^(C) Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days), and divided by the number of days in the year (366 days).

^(D) Includes dividends and interest on securities sold short (representing 0.75% of average net assets).

^(E) Includes dividends and interest on securities sold short (representing 2.05% of average net assets).

Transamerica Funds		Semi-Annual Report 2012
	Page    1

Schedules of Investments Composition

At April 30, 2012

(The following charts summarize the Schedules of Investments of the funds by asset type.)

(unaudited)

Transamerica Arbitrage Strategy	% of Net Assets
Common Stocks		86.1	%
Repurchase Agreement		8.5
Investment Company		1.9
Purchased Options		0.7
Other Assets and Liabilities—Net(A)		2.8
Total		100.0	%

Transamerica Bond	% of Net Assets
Corporate Debt Securities		46.3	%
Securities Lending Collateral		21.8
Foreign Government Obligations		18.5
U.S. Government Obligations		8.4
Convertible Bonds		8.0
Mortgage-Backed Securities		7.2
Convertible Preferred Stocks		3.7
Repurchase Agreement		2.1
Common Stocks		1.5
Preferred Stocks		1.4
Asset-Backed Securities		0.9
Structured Notes Debt		0.8
Preferred Corporate Debt Securities		0.2
Other Assets and Liabilities—Net		(20.8	)
Total		100.0	%

Transamerica Core Bond	% of Net Assets
U.S. Government Agency Obligations		50.0	%
Corporate Debt Securities		15.8
U.S. Government Obligations		14.2
Mortgage-Backed Securities		10.6
Securities Lending Collateral		7.7
Repurchase Agreement		3.9
Asset-Backed Securities		3.3
Foreign Government Obligations		1.6
Municipal Government Obligations		0.2
Other Assets and Liabilities—Net		(7.3	)
Total		100.0	%

Transamerica Developing Markets Debt	% of Net Assets
Foreign Government Obligations		58.1	%
Corporate Debt Securities		30.6
Securities Lending Collateral		11.7
Repurchase Agreement		9.7
Other Assets and Liabilities—Net(A)		(10.1	)
Total		100.0	%

Transamerica Developing Markets Equity	% of Net Assets
Common Stocks		91.3	%
Securities Lending Collateral		12.9
Repurchase Agreement		5.3
Preferred Stocks		1.7
Other Assets and Liabilities—Net		(11.2	)
Total		100.0	%

Transamerica Emerging Markets	% of Net Assets
Common Stocks		92.2	%
Securities Lending Collateral		5.6
Repurchase Agreement		2.9
Preferred Stocks		1.0
Investment Company		0.2
Other Assets and Liabilities—Net		(1.9	)
Total		100.0	%

Transamerica Global Macro	% of Net Assets
Short-Term U.S. Government Obligations		62.7	%
Repurchase Agreement		36.1
Purchased Options		0.3
Other Assets and Liabilities—Net(A)		0.9
Total		100.0	%

Transamerica Global Real Estate Securities	% of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		17.3
Repurchase Agreement		1.3
Right		0.0	*
Other Assets and Liabilities—Net		(16.9	)
Total		100.0	%

Transamerica Growth	% of Net Assets
Common Stocks		99.3	%
Securities Lending Collateral		5.0
Repurchase Agreement		0.4
Other Assets and Liabilities—Net		(4.7	)
Total		100.0	%

Transamerica International	% of Net Assets
Common Stocks		95.2	%
Securities Lending Collateral		12.3
Repurchase Agreement		3.0
Other Assets and Liabilities—Net		(10.5	)
Total		100.0	%

Transamerica International Equity Opportunities	% of Net Assets
Common Stocks		100.5	%
Securities Lending Collateral		9.8
Other Assets and Liabilities—Net		(10.3	)
Total		100.0	%

Transamerica International Small Cap	% of Net Assets
Common Stocks		96.6	%
Securities Lending Collateral		13.5
Repurchase Agreement		0.7
Right		0.0	*
Other Assets and Liabilities—Net		(10.8	)
Total		100.0	%

Transamerica Funds		Semi-Annual Report 2012
	Page    2

Schedules of Investments Composition (continued)

At April 30, 2012

(The following charts summarize the Schedules of Investments of the funds by asset type.)

(unaudited)

Transamerica International Value	% of Net Assets
Common Stocks		95.7	%
Securities Lending Collateral		12.9
Preferred Stocks		2.5
Other Assets and Liabilities—Net		(11.1	)
Total		100.0	%

Transamerica International Value Opportunities	% of Net Assets
Common Stocks		95.9	%
Securities Lending Collateral		7.5
Preferred Stocks		1.8
Repurchase Agreement		1.8
Other Assets and Liabilities—Net(A)		(7.0	)
Total		100.0	%

Transamerica Large Cap Value	% of Net Assets
Common Stocks		99.9	%
Securities Lending Collateral		4.5
Short-Term Investment Company		0.1
Other Assets and Liabilities—Net		(4.5	)
Total		100.0	%

Transamerica Long/Short Strategy	% of Net Assets
Common Stocks		103.9	%
Repurchase Agreement		0.1
Other Assets and Liabilities—Net(A)		(4.0	)
Total		100.0	%

Transamerica Mid Cap Value	% of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		9.0
Repurchase Agreement		1.6
Other Assets and Liabilities—Net		(8.7	)
Total		100.0	%

Transamerica Real Return TIPS	% of Net Assets
U.S. Government Obligations		90.0	%
Corporate Debt Securities		10.8
Securities Lending Collateral		9.9
Mortgage-Backed Securities		3.7
Foreign Government Obligations		3.4
Asset-Backed Securities		0.8
Loan Assignments		0.7
U.S. Government Agency Obligations		0.4
Repurchase Agreement		0.2
Municipal Government Obligations		0.1
Short-Term U.S. Government Obligation		0.0	*
Purchased Swaptions		0.0	*
Other Assets and Liabilities—Net(A)		(20.0	)
Total		100.0	%

Transamerica Select Equity	% of Net Assets
Common Stocks		95.7	%
Repurchase Agreement		4.3
Other Assets and Liabilities—Net		—	*
Total		100.0	%

Transamerica Small- & Mid-Cap Value Select	% of Net Assets
Common Stocks		89.5	%
Repurchase Agreement		64.9
Securities Lending Collateral		12.5
Other Assets and Liabilities—Net		(66.9	)
Total		100.0	%

Transamerica Small Company Growth	% of Net Assets
Common Stocks		96.0	%
Securities Lending Collateral		25.8
Preferred Stocks		2.6
Convertible Preferred Stock		0.6
Repurchase Agreement		0.4
Corporate Debt Securities		0.0	*
Other Assets and Liabilities—Net		(25.4	)
Total		100.0	%

Transamerica Total Return	% of Net Assets
U.S. Government Agency Obligations		39.8	%
U.S. Government Obligations		18.9
Repurchase Agreements		17.9
Corporate Debt Securities		17.9
Foreign Government Obligations		8.4
Mortgage-Backed Securities		6.6
Securities Lending Collateral		5.1
Municipal Government Obligations		3.5
Asset-Backed Securities		3.0
Short-Term U.S. Government Obligations		1.7
Preferred Corporate Debt Security		0.3
Convertible Preferred Stock		0.2
Preferred Stock		0.1
Other Assets and Liabilities—Net(A)		(23.4	)
Total		100.0	%

Transamerica Value	% of Net Assets
Common Stocks		86.9	%
Securities Lending Collateral		14.4
Repurchase Agreement		12.2
Other Assets and Liabilities—Net		(13.5	)
Total		100.0	%

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

* Rounds to less than 0.1% or (0.1)%.

Transamerica Funds		Semi-Annual Report 2012
	Page    3

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—86.1%
Aerospace & Defense—5.0%
Goodrich Corp. Ŏ		53,983	$	6,773
Air Freight & Logistics—2.3%
TNT Express NV		263,213		3,191
Automobiles—1.7%
Proton Holdings Bhd		1,271,600		2,303
Biotechnology—1.3%
Allos Therapeutics, Inc. ‡		121,249		221
Ardea Biosciences, Inc. ‡		48,218		1,536
Building Products—0.8%
Wavin NV ‡		74,013		1,027
Capital Markets—0.2%
Edelman Financial Group, Inc.		35,904		317
Chemicals—5.3%
Neo Material Technologies, Inc. ‡		56,568		624
Solutia, Inc. Ŏ		232,685		6,594
Commercial Banks—0.2%
Encore Bancshares, Inc. ‡		10,651		218
Communications Equipment—5.8%
Motorola Mobility Holdings, Inc. ‡ Ŏ		201,857		7,836
Diversified Consumer Services—0.4%
Archipelago Learning, Inc. ‡		54,232		600
Diversified Financial Services—2.0%
Osaka Securities Exchange Co., Ltd.		469		2,685
Diversified Telecommunication Services—1.3%
AboveNet, Inc. ‡		15,595		1,297
SureWest Communications		10,002		226
TELUS Corp. (Non-Voting Shares)—Class A		4,403		258
Electric Utilities—8.3%
Central Vermont Public Service Corp.		66,001		2,327
Progress Energy, Inc. Ŏ		168,445		8,965
Electrical Equipment—3.3%
Thomas & Betts Corp. ‡ Ŏ		62,156		4,470
Electronic Equipment & Instruments—0.2%
DDi Corp.		17,751		231
X-Rite, Inc. ‡		8,200		45
Energy Equipment & Services—2.0%
Flint Energy Services, Ltd. ‡		107,400		2,708
Food Products—2.9%
Viterra, Inc.		248,576		4,003
Health Care Equipment & Supplies—1.6%
Gen-Probe, Inc. ‡		21,136		1,724
Oridion Systems, Ltd. ‡		21,006		463
Health Care Providers & Services—2.0%
Catalyst Health Solutions, Inc. ‡		22,314		1,927
Express Scripts Holding Co. ‡		9,422		526
Rhoen Klinikum AG		10,410		293
Hotels, Restaurants & Leisure—0.0% ¥
KFC Holdings Malaysia Bhd		12,208		15
Insurance—5.3%
Delphi Financial Group, Inc.—Class A Ŏ		159,738		7,255
Internet Software & Services—4.9%
Alibaba.com, Ltd. ‡		3,641,906		6,252
RADVision, Ltd. ‡		37,274		439
Leisure Equipment & Products—0.1%
Adams Golf, Inc. ‡		6,685		72
Life Sciences Tools & Services—1.9% eResearchTechnology, Inc. ‡		89,791		709
Illumina, Inc. ‡ Ŏ		40,681		1,812
Machinery—0.9%
ERA Mining Machinery, Ltd. ‡		9,588,855		1,087
Flanders Corp. ‡		27,445		121
Media—2.7%
Astral Media, Inc.—Class A		55,860		2,761
Knology, Inc. ‡		47,214		918
Metals & Mining—4.2%
BC Iron, Ltd. ‡		47,246		140

	Shares		Value (000’s)
Metals & Mining (continued)
Flinders Mines, Ltd. ‡		3,658,042	$	781
Pan American Silver Corp.		32,061		626
Sumitomo Metal Industries, Ltd.		1,588,994		2,855
Sundance Resources, Ltd. ‡		1,777,080		870
Trelawney Mining and Exploration, Inc. ‡		151,787		502
Oil, Gas & Consumable Fuels—7.4%
Cove Energy PLC ‡		225,146		828
El Paso Corp.		279,297		8,287
Energy Transfer Equity, LP		3,087		130
Sunoco, Inc.		4,079		201
Whitecap Resources, Inc. ‡		72,189		650
Pharmaceuticals—1.2%
ISTA Pharmaceuticals, Inc. ‡		175,698		1,590
Semiconductors & Semiconductor Equipment—4.8%
Novellus Systems, Inc. ‡ Ŏ		138,184		6,460
Software—0.6%
Convio, Inc. ‡		53,985		864
Specialty Retail—1.3%
Dreams, Inc. ‡		62,571		214
PEP Boys-Manny Moe & Jack		101,592		1,517
Textiles, Apparel & Luxury Goods—0.1%
Billabong International, Ltd.		24,548		68
Trading Companies & Distributors—4.1%
RSC Holdings, Inc. ‡		236,674		5,614
Total Common Stocks (cost $114,727)				117,026
INVESTMENT COMPANY—1.9%
Capital Markets—1.9%
SPDR S&P 500 ETF Trust		18,626		2,603
Total Investment Company (cost $2,319)

	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS—0.7%
Call Options—0.0% ¥
Eastman Chemical Co. Call Strike $60.00 Expires 06/16/2012	$	3		1
Eastman Chemical Co. Call Strike $65.00 Expires 06/16/2012		3		u
Express Scripts, Inc. Call Strike $60.00 Expires 08/18/2012		3		5
Put Options—0.7%
El Paso Corp. Put Strike $26.00 Expires 07/21/2012		10		3
Kinder Morgan GP, Inc. Put Strike $45.00 Expires 05/19/2012		10		111
Kinder Morgan GP, Inc. Put Strike $45.00 Expires 06/16/2012		24		287
Kinder Morgan, Inc. Put Strike $40.00 Expires 06/16/2012		60		429
Molycorp, Inc. Put Strike $40.00 Expires 09/22/2012		6		84

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

Transamerica Funds		Semi-Annual Report 2012
	Page    4

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
Pan American Silver Corp. Put Strike $18.00 Expires 07/21/2012	$	9	$	7
SPDR S&P 500 ETF Trust Put Strike $137.00 Expires 07/21/2012		6		21
SPDR S&P 500 ETF Trust Put Strike $138.00 Expires 07/21/2012		6		23
Sunoco, Inc. Put Strike $47.00 Expires 08/18/2012		2		3
Total Purchased Options (cost $1,111)				974

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT —8.5%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $11,504 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%—4.00%, due 05/01/2025 - 11/25/2040, and with a total value of $11,736.	$	11,504		11,504
Total Repurchase Agreement (cost $11,504)
Total Investment Securities (cost $129,661) P				132,107
Other Assets and Liabilities—Net				3,779
Net Assets			$	135,886

	Shares			Value (000’s)
SECURITIES SOLD SHORT—(22.4%)
COMMON STOCKS—(18.3%)
Chemicals—(1.1%)
Eastman Chemical Co.		(27,908	)	$	(1,506	)
Diversified Telecommunication Services—(0.7%)
TELUS Corp.		(16,869	)		(1,013	)
Electric Utilities—(6.8%)
Duke Energy Corp.		(431,855	)		(9,254	)
Health Care Technology—(0.7%)
SXC Health Solutions Corp. ‡		(10,297	)		(933	)
Metals & Mining—(2.2%)
Molycorp, Inc. ‡		(1,102	)		(30	)
Nippon Steel Corp.		(1,162,651	)		(2,897	)
Oil, Gas & Consumable Fuels—(0.7%)
Kinder Morgan, Inc.		(9,054	)		(325	)
Whitecap Resources, Inc.		(71,509	)		(644	)
Semiconductors & Semiconductor Equipment—(3.8%)
LAM Research Corp. ‡		(125,045	)		(5,208	)
Trading Companies & Distributors—(2.3%)
United Rentals, Inc. ‡		(65,867	)		(3,075	)
Total Common Stocks (proceeds $(23,816))					(24,885	)
INVESTMENT COMPANY—(3.8%)
Capital Markets—(3.8%)
SPDR S&P 500 ETF Trust		(36,522	)		(5,105	)
Total Investment Company (proceeds $(5,013))

	Shares			Value (000’s)
WARRANT—(0.3%)
Oil, Gas & Consumable Fuels—(0.3%)
Kinder Morgan, Inc.		(192,326	)	$	(423	)
Expires 02/15/2017
Exercise Price: $40.00
Total Warrant (proceeds $(405))
Total Securities Sold Short (proceeds $(29,234))					(30,413	)

	Notional Amount (000’s)		Value (000’s)
WRITTEN OPTIONS —(0.2%)
Call Options —(0.2%)
Duke Energy Corp. Call Strike $21.00 Expires 05/19/2012	$	(3)		(2)
El Paso Corp. Call Strike $30.00 Expires 05/19/2012		(1)		(u)
Energy Transfer Equity, LP Call Strike $42.50 Expires 05/19/2012		(1)		(u)
Express Scripts, Inc. Call Strike $60.00 Expires 05/19/2012		(10)		(1)
Express Scripts, Inc. Call Strike $57.50 Expires 05/19/2012		(7)		(5)
GEN Probe, Inc. Call Strike $85.00 Expires 06/16/2012		(1)		(u)
Goodrich Corp. Call Strike $125.00 Expires 05/19/2012		(2)		(2)
Illumina, Inc. Call Strike $44.00 Expires 05/19/2012		(15)		(23)
Illumina, Inc. Call Strike $48.00 Expires 05/19/2012		(6)		(2)
Illumina, Inc. Call Strike $49.00 Expires 05/19/2012		(6)		(1)
Illumina, Inc. Call Strike $45.00 Expires 05/19/2012		(16)		(15)
Illumina, Inc. Call Strike $50.00 Expires 05/19/2012		(2)		(u)
Illumina, Inc. Call Strike $47.00 Expires 05/19/2012		(13)		(5)
Illumina, Inc. Call Strike $43.00 Expires 05/19/2012		(12)		(26)
Illumina, Inc. Call Strike $46.00 Expires 05/19/2012		(13)		(8)
Illumina, Inc. Call Strike $40.00 Expires 05/19/2012		(u)		(u)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    5

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)			Value (000’s)
Call Options (continued)
Illumina, Inc. Call Strike $43.00 Expires 06/16/2012	$	(	w)	$	(1	)
Illumina, Inc. Call Strike $41.00 Expires 06/16/2012		(	w)		(2	)
Illumina, Inc. Call Strike $44.00 Expires 06/16/2012		(	w)		(1	)
Illumina, Inc. Call Strike $42.00 Expires 06/16/2012		(	w)		(1	)
Kinder Morgan GP, Inc. Call Strike $35.00 Expires 06/16/2012		(4	)		(6	)
Kinder Morgan GP, Inc. Call Strike $45.00 Expires 06/16/2012		(32	)		(5	)
Kinder Morgan GP, Inc. Call Strike $37.50 Expires 06/16/2012		(8	)		(6	)
Kinder Morgan GP, Inc. Call Strike $40.00 Expires 05/19/2012		(5	)		(1	)
Kinder Morgan GP, Inc. Call Strike $42.50 Expires 06/16/2012		(25	)		(5	)
Kinder Morgan GP, Inc. Call Strike $37.50 Expires 05/19/2012		(6	)		(2	)
Kinder Morgan, Inc. Call Strike $35.00 Expires 05/19/2012		(3	)		(3	)
Kinder Morgan, Inc. Call Strike $42.50 Expires 05/19/2012		(6	)		(	w)
Kinder Morgan, Inc. Call Strike $40.00 Expires 06/16/2012		(76	)		(29	)
LAM Research Corp. Call Strike $40.00 Expires 05/19/2012		(4	)		(8	)
LAM Research Corp. Call Strike $43.00 Expires 05/19/2012		(1	)		(	w)
LAM Research Corp. Call Strike $42.00 Expires 05/19/2012		(4	)		(3	)
LAM Research Corp. Call Strike $41.00 Expires 05/19/2012		(4	)		(6	)
LAM Research Corp. Call Strike $42.00 Expires 05/04/2012		(2	)		(1	)
Molycorp, Inc. Call Strike $40.00 Expires 09/22/2012		(6	)		(3	)
Motorola Mobility Holdings Call Strike $39.00 Expires 05/19/2012		(1	)		(1	)
Novellus Systems, Inc. Call Strike $46.00 Expires 05/19/2012		(2	)		(3	)

	Notional Amount (000’s)			Value (000’s)
Call Options (continued)
Novellus Systems, Inc. Call Strike $48.00 Expires 05/19/2012	$	(2)		$	(1)
Novellus Systems, Inc. Call Strike $47.00 Expires 05/04/2012		(1)			(w)
Novellus Systems, Inc. Call Strike $47.00 Expires 05/19/2012		(2)			(2)
Pan American Silver Corp. ə Call Strike $20.00 Expires 05/19/2012		(9)			(3)
Pan American Silver Corp. ə Call Strike $19.00 Expires 05/19/2012		(9)			(7)
PEP Boys-Manny Moe & Jack ə Call Strike $15.00 Expires 07/21/2012		(30)			(1)
Sunoco, Inc. Jun12 50 Call Call Strike $50.00 Expires 06/16/2012		(2)			(3)
Sxc Health Solutions Corp. Call Strike $77.50 Expires 05/19/2012		(1)			(11)
Sxc Health Solutions Corp. Call Strike $85.00 Expires 05/19/2012		(1)			(9)
Sxc Health Solutions Corp. Call Strike $82.50 Expires 05/19/2012		(1)			(8)
Sxc Health Solutions Corp. Call Strike $75.00 Expires 05/19/2012		(	w)		(6)
Sxc Health Solutions Corp. Call Strike $80.00 Expires 05/19/2012		(1)			(9)
TELUS Corp. (Non-Voting Shares) Call Strike $58.00 Expires 05/19/2012		CAD(5)			(8)
TELUS Corp. (Non-Voting Shares) Call Strike $60.00 Expires 05/19/2012		(3)			(1)
TELUS Corp. (Non-Voting Shares) Call Strike $56.00 Expires 05/19/2012		(4)			(15)
Put Options—0.0%¥
El Paso Corp. Put Strike $28.00 Expires 05/19/2012	$	(	w)		(w)
Express Scripts, Inc. Put Strike $52.50 Expires 05/19/2012		(	w)		(w)
Express Scripts, Inc. Put Strike $57.50 Expires 05/19/2012		(	w)		(1)
Express Scripts, Inc. Put Strike $55.00 Expires 05/19/2012		(	w)		(	w)
Express Scripts, Inc. Put Strike $45.00 Expires 05/19/2012		(16)			(1)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    6

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)			Value (000’s)
Put Options (continued)
Illumina, Inc. Put Strike $40.00 Expires 05/19/2012	$	(1	)	$	(	w)
Kinder Morgan, Inc. Put Strike $30.00 Expires 06/16/2012		(4	)		(3	)
Kinder Morgan, Inc. Put Strike $32.50 Expires 06/16/2012		(1	)		(2	)
Pan American Silver Corp. Put Strike $19.00 Expires 05/19/2012		(17	)		(9	)
SPDR S&P 500 ETF Trust Put Strike $139.00 Expires 05/04/2012		(5	)		(3	)
SPDR S&P 500 ETF Trust Put Strike $140.00 Expires 05/04/2012		(5	)		(4	)
SPDR S&P 500 ETF Trust Put Strike $138.00 Expires 05/04/2012		(5	)		(2	)
SPDR S&P 500 ETF Trust Put Strike $137.00 Expires 05/04/2012		(1	)		(	w)
Sunoco, Inc. Put Strike $46.00 Expires 06/16/2012		(2	)		(1	)
TELUS Corp. (Non-Voting Shares) Put Strike $56.00 Expires 05/19/2012		CAD	(5)		(2	)
Total Written Options (premiums: $(328))					(289	)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	GSC		305		06/15/2012	$	313		$	3
Australian Dollar	GSC		(150	)	06/15/2012		(154	)		(2)
Australian Dollar	GSC		(60	)	06/15/2012		(62	)		(w)
Australian Dollar	GSC		(30	)	06/15/2012		(31	)		w
Australian Dollar	GSC		(60	)	06/15/2012		(62	)		w
Australian Dollar	GSC		(280	)	06/15/2012		(294	)		4
Australian Dollar	GSC		(8	)	06/15/2012		(8	)		(w)
Australian Dollar	GSC		(6	)	06/15/2012		(6	)		(w)
Australian Dollar	GSC		(92	)	06/15/2012		(96	)		1
Australian Dollar	GSC		(50	)	06/15/2012		(52	)		1
Australian Dollar	GSC		(80	)	06/15/2012		(82	)		(1	)
Australian Dollar	GSC		(12	)	06/15/2012		(12	)		(w)
Australian Dollar	GSC		30		06/15/2012		31			(w)
Australian Dollar	GSC		550		06/15/2012		568			2
Australian Dollar	GSC		2,570		06/15/2012		2,662			2
Australian Dollar	GSC		50		06/15/2012		51			w
Australian Dollar	GSC		50		06/15/2012		51			1
Australian Dollar	GSC		15		06/15/2012		16			(w)
Australian Dollar	GSC		35		06/15/2012		36			w
Australian Dollar	GSC		86		06/15/2012		89			w
Australian Dollar	GSC		420		06/15/2012		438			(2)
Australian Dollar	GSC		(6,706	)	06/15/2012		(6,971	)		17
Australian Dollar	GSC		26		06/15/2012		27			w
Brazilian Real	GSC		(1,252	)	06/15/2012		(676	)		25
Canadian Dollar	GSC		460		06/15/2012		463			2
Canadian Dollar	GSC		170		06/15/2012		171			1

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

Transamerica Funds		Semi-Annual Report 2012
	Page    7

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Canadian Dollar	GSC		2,200			06/15/2012	$	2,224		$	1
Canadian Dollar	GSC		120			06/15/2012		121			1
Canadian Dollar	GSC		(8,017	)		06/15/2012		(8,052	)		(56)
Canadian Dollar	GSC		(240	)		06/15/2012		(242	)		(1)
Canadian Dollar	GSC		(2,400	)		06/15/2012		(2,427	)		(1)
Canadian Dollar	GSC		(90	)		06/15/2012		(91	)		u
Canadian Dollar	GSC		(470	)		06/15/2012		(477	)		2
Canadian Dollar	GSC		(90	)		06/15/2012		(91	)		u
Canadian Dollar	GSC		160			06/15/2012		160			1
Canadian Dollar	GSC		190			06/15/2012		192			1
Canadian Dollar	GSC		80			06/15/2012		80			1
Canadian Dollar	GSC		107			06/15/2012		107			1
Canadian Dollar	GSC		(135	)		06/15/2012		(134	)		(2)
Canadian Dollar	GSC		(450	)		06/15/2012		(448	)		(7)
Canadian Dollar	GSC		(2,860	)		06/15/2012		(2,875	)		(18)
Canadian Dollar	GSC		(218	)		06/15/2012		(218	)		(3)
Canadian Dollar	GSC		(80	)		06/15/2012		(80	)		(u	)
Canadian Dollar	GSC		(130	)		06/15/2012		(131	)		(1)
Canadian Dollar	GSC		(1,190	)		06/15/2012		(1,197	)		(6)
Canadian Dollar	GSC		(140	)		06/15/2012		(140	)		(2)
Canadian Dollar	GSC		(300	)		06/15/2012		(300	)		(3)
Canadian Dollar	GSC		(200	)		06/15/2012		(201	)		(2)
Canadian Dollar	GSC		50			06/15/2012		50			u
Canadian Dollar	GSC		590			06/15/2012		593			4
Canadian Dollar	GSC		130			06/15/2012		131			1
Canadian Dollar	GSC		900			06/15/2012		906			4
Canadian Dollar	GSC		100			06/15/2012		100			1
Canadian Dollar	GSC		2,242			06/15/2012		2,240			27
Canadian Dollar	GSC		42			06/15/2012		42			u
Euro	GSC		(103	)		06/15/2012		(135	)		(1)
Euro	GSC		(100	)		06/15/2012		(132	)		(u	)
Euro	GSC		(12	)		06/15/2012		(16	)		(u	)
Euro	GSC		(235	)		06/15/2012		(310	)		(1)
Euro	GSC		(44	)		06/15/2012		(58	)		(u	)
Euro	GSC		(15	)		06/15/2012		(20	)		u
Euro	GSC		(38	)		06/15/2012		(50	)		(1)
Euro	GSC		(1,200	)		06/15/2012		(1,588	)		(1)
Euro	GSC		(15	)		06/15/2012		(20	)		(u	)
Euro	GSC		(10	)		06/15/2012		(13	)		u
Euro	GSC		(56	)		06/15/2012		(73	)		(1)
Euro	GSC		(46	)		06/15/2012		(60	)		(u	)
Euro	GSC		516			06/15/2012		677			6
Euro	GSC		(1,208	)		06/15/2012		(1,586	)		(13)
Euro	GSC		(25	)		06/15/2012		(33	)		(u	)
Euro	GSC		(220	)		06/15/2012		(291	)		u
Euro	GSC		(115	)		06/15/2012		(151	)		(1)
Euro	GSC		(265	)		06/15/2012		(351	)		1
Euro	GSC		(68	)		06/15/2012		(89	)		(1)
Euro	GSC		(69	)		06/15/2012		(91	)		(1)
Hong Kong Dollar	GSC		1,570			06/15/2012		202			u
Hong Kong Dollar	GSC		(3,060	)		06/15/2012		(394	)		(u)
Hong Kong Dollar	GSC		(150	)		06/15/2012		(19	)		(u)
Hong Kong Dollar	GSC		(70	)		06/15/2012		(9	)		(u)
Hong Kong Dollar	GSC		(543	)		06/15/2012		(70	)		(u)
Hong Kong Dollar	GSC		(670	)		06/15/2012		(86	)		(u)
Hong Kong Dollar	GSC		60			06/15/2012		8			u
Hong Kong Dollar	GSC		30			06/15/2012		4			u
Hong Kong Dollar	GSC		260			06/15/2012		33			u
Hong Kong Dollar	GSC		(1,880	)		06/15/2012		(242	)		(u)
Hong Kong Dollar	GSC		(240	)		06/15/2012		(31	)		(u)
Hong Kong Dollar	GSC		(270	)		06/15/2012		(35	)		(u)
Hong Kong Dollar	GSC		(380	)		06/15/2012		(49	)		u
Hong Kong Dollar	GSC		(51,594	)		06/15/2012		(6,653	)		1
Hong Kong Dollar	GSC		(1,330	)		06/15/2012		(171	)		(u)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    8

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Hong Kong Dollar	GSC		(1,570	)		06/15/2012	$	(202	)		$            (u	)
Hong Kong Dollar	GSC		(200	)		06/15/2012		(26	)		(u	)
Hong Kong Dollar	GSC		950			06/15/2012		122			u
Hong Kong Dollar	GSC		1,620			06/15/2012		209			u
Japanese Yen	GSC		(2,182	)		06/15/2012		(26	)		(1	)
Japanese Yen	GSC		(27,670	)		06/15/2012		(332	)		(14	)
Japanese Yen	GSC		(2,388	)		06/15/2012		(29	)		(1	)
Japanese Yen	GSC		1,300			06/15/2012		16			u
Japanese Yen	GSC		129,900			06/15/2012		1,561			67
Japanese Yen	GSC		(1,260	)		06/15/2012		(15	)		(1	)
Japanese Yen	GSC		300			06/15/2012		4			u
Japanese Yen	GSC		(2,700	)		06/15/2012		(33	)		(u	)
Japanese Yen	GSC		(145,000	)		06/15/2012		(1,735	)		(82	)
Japanese Yen	GSC		(451,842	)		06/15/2012		(5,500	)		(163	)
Japanese Yen	GSC		(3,200	)		06/15/2012		(39	)		(1	)
Japanese Yen	GSC		230			06/15/2012		3			u
Japanese Yen	GSC		3,390			06/15/2012		42			1
Japanese Yen	GSC		2,600			06/15/2012		32			1
Japanese Yen	GSC		1,850			06/15/2012		23			u
Japanese Yen	GSC		2,000			06/15/2012		25			1
Japanese Yen	GSC		284,350			06/15/2012		3,488			74
Japanese Yen	GSC		900			06/15/2012		11			u
Japanese Yen	GSC		1,000			06/15/2012		12			u
Japanese Yen	GSC		(2,300	)		06/15/2012		(28	)		(1	)
Japanese Yen	GSC		(1,100	)		06/15/2012		(14	)		(u	)
Japanese Yen	GSC		260			06/15/2012		3			u
Japanese Yen	GSC		450			06/15/2012		5			u
Japanese Yen	GSC		(3,400	)		06/15/2012		(41	)		(1	)
Japanese Yen	GSC		1,450			06/15/2012		18			1
Japanese Yen	GSC		1,964			06/15/2012		24			1
Malaysian Ringgit	GSC		166			06/15/2012		54			1
Malaysian Ringgit	GSC		(12,395	)		06/15/2012		(4,071	)		(13	)
Malaysian Ringgit	GSC		(50	)		06/15/2012		(16	)		(u	)
Malaysian Ringgit	GSC		5,240			06/15/2012		1,703			23
Norwegian Krone	GSC		(6,605	)		06/15/2012		(1,154	)		2
Norwegian Krone	GSC		1,265			06/15/2012		221			(u	)
Norwegian Krone	GSC		5,340			06/15/2012		935			(4	)
Pound Sterling	GSC		(20	)		06/15/2012		(32	)		(u	)
Pound Sterling	GSC		18			06/15/2012		28			1
Pound Sterling	GSC		(20	)		06/15/2012		(32	)		(u	)
Pound Sterling	GSC		(110	)		06/15/2012		(175	)		(4	)
Pound Sterling	GSC		(8	)		06/15/2012		(13	)		(u	)
Pound Sterling	GSC		12			06/15/2012		19			u
Pound Sterling	GSC		1			06/15/2012		2			u
Pound Sterling	GSC		(116	)		06/15/2012		(182	)		(6	)
Pound Sterling	GSC		10			06/15/2012		16			u
Pound Sterling	GSC		(186	)		06/15/2012		(289	)		(12	)
Pound Sterling	GSC		(20	)		06/15/2012		(31	)		(1	)
Pound Sterling	GSC		(61	)		06/15/2012		(95	)		(4	)
Pound Sterling	GSC		(8	)		06/15/2012		(13	)		(u	)
Swiss Franc	GSC		(49	)		06/15/2012		(54	)		(u	)
Swiss Franc	GSC		428			06/15/2012		468			4
Swiss Franc	GSC		(132	)		06/15/2012		(144	)		(2	)
Swiss Franc	GSC		(93	)		06/15/2012		(101	)		(2	)
Swiss Franc	GSC		(84	)		06/15/2012		(92	)		(1	)
Swiss Franc	GSC		(248	)		06/15/2012		(271	)		(3	)
Swiss Franc	GSC		10			06/15/2012		11			u
										$	(156	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    9

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

SWAP AGREEMENTS: p

TOTAL RETURN SWAP AGREEMENTS—RECEIVABLE: ^(A)

Reference Entity	Floating Rate			Termination Date		Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (000’s)		Net Unrealized (Depreciation) (000’s)
Telus Corp.		CAD-BA-CDOR	ə		01/16/2013	UBS	$	4,989	$	(48	)	$	—	$	(48	)
Pembina Pipeline Corp.		CAD-BA-CDOR	ə		02/21/2013	UBS		1,891		(127	)		3		(130	)
									$	(175	)	$	3	$	(178	)

TOTAL RETURN SWAP AGREEMENTS—PAYABLE: ^(A)

Reference Entity	Floating Rate		Termination Date		Counterparty		Notional Amount (000’s)		Market Value (000’s)			Premiums (Received) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Flinders Mines Ltd.	AUD-1M-LIBOR BBA	ə		01/16/2013		UBS	$	500	$	(23	)	$	—		$	(23	)
Spotless Group Ltd.	AUD-1M-LIBOR BBA	ə		01/16/2013		UBS		341		(u	)		—			(u	)
Murchison Metals Ltd.	AUD-1M-LIBOR BBA	ə		01/21/2013		UBS		546		u			—			u
Gloucester Coal Ltd.	AUD-1M-LIBOR BBA	ə		01/21/2013		UBS		4,529		(52	)		—			(52	)
Charter Hall Office REIT	AUD-1M-LIBOR BBA	ə		01/21/2013		UBS		4,203		u			—			u
Telus Corp.	CAD-BA-CDOR	ə		01/16/2013		UBS		1,495		16			(1	)		17
Pembina Pipeline Corp.	CAD-BA-CDOR	ə		01/16/2013		UBS		2,018		130			—			130
Cove Energy PLC	GBP-LIBOR-BBA	ə		01/16/2013		UBS		297		21			—			21
Globeop Financial Services SA	GBP-LIBOR-BBA	ə		01/16/2013		UBS		194		(3	)		—			(3	)
International Power PLC	GBP-LIBOR-BBA	ə		04/17/2013		UBS		3,239		(4	)		—			(4	)
Statoil Fuel and Retail ASA	NOK-1M-LIBOR	ə		04/17/2013		UBS		399		(8	)		—			(8	)
Redecard SA	USD-1M-LIBOR BBA	ə		12/31/2013		UBS		593		(3	)		—			(3	)
									$	74		$	(1	)	$	75

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
GSC	$	(156	)	$	—	$	(156	)
UBS		(101	)		10,197		10,096

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

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

Ŏ      A portion of these securities in the amount of $42,269 has been segregated as collateral with the broker for option and short position contracts.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 04/30/2012.

p Cash in the amount of $10,197 has been segregated as collateral with the broker for open swap contracts.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $(112), or (0.08)% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $129,661. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,783 and $1,337, respectively. Net unrealized appreciation for tax purposes is $2,446.

u Amount is less than 1.

^(A)  At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference index less a financing rate, if any. As a receiver, the fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    10

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

DEFINITIONS:
BBA	British Bankers’ Association
CDOR	Canadian Dealer Offered Rate
ETF	Exchange-Traded Fund
GSC	Goldman Sachs & Co.
LIBOR	London Interbank Offered Rate
OTC	Over the Counter
SPDR	Standard & Poor’s Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
UBS	UBS Warburg LLC
CURRENCY ABBREVIATIONS:
AUD	Australian Dollar
CAD	Canadian Dollar
GBP	Pound Sterling
NOK	Norwegian Krone
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	94,168		$	22,858		$	—	$	117,026
Investment Company		2,603			—			—		2,603
Purchased Options		974			—			—		974
Repurchase Agreement		—			11,504			—		11,504
Total	$	97,745		$	34,362		$	—	$	132,107
Securities Sold Short	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	(21,988	)	$	(2,897	)	$	—	$	(24,885	)
Investment Company		(5,105	)		—			—		(5,105	)
Warrant		(423	)		—			—		(423	)
Total	$	(27,516	)	$	(2,897	)	$	—	$	(30,413	)
Other Financial Instruments	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Written Options	$	—		$	(289	)	$	—	$	(289	)
Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Forward Foreign Currency Contracts - Appreciation	$	—		$	289		$	—	$	289
Forward Foreign Currency Contracts - Depreciation		—			(445	)		—		(445	)
Total Return Swap - Appreciation		—			168			—		168
Total Return Swap - Depreciation		—			(271	)		—		(271	)
Total	$	—		$	(259	)	$	—	$	(259	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    11

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS —8.4%
United States—8.4%
U.S. Treasury Note 0.25%, 03/31/2014	$	12,630	$	12,629
0.88%, 01/31/2017 ^		29,905		30,063
Total U.S. Government Obligations (cost $42,622)				42,692
FOREIGN GOVERNMENT OBLIGATIONS—18.5%
Australia—1.6%
New South Wales Treasury Corp. 5.50%, 08/01/2013	AUD	1,105		1,178
Queensland Treasury Corp. 7.13%, 09/18/2017—144A	NZD	5,865		5,445
Queensland Treasury Corp. 5.75%, 11/21/2014	AUD	1,635		1,778
Brazil—1.5%
Republic of Brazil 10.25%, 01/10/2028	BRL	12,250		7,587
Canada—9.8%
Canada Housing Trust No. 1 3.60%, 06/15/2013—144A	CAD	19,980		20,724
Canadian Government Bond 4.25%, 06/01/2018		1,600		1,853
Province of Ontario Canada 2.95%, 02/05/2015 ^	$	15,610		16,509
4.20%, 03/08/2018—06/02/2020	CAD	6,965		7,753
Province of Quebec Canada 6.75%, 11/09/2015	NZD	2,825		2,530
Ireland—0.6%
Ireland Government Bond 5.00%, 10/18/2020	EUR	285		333
5.40%, 03/13/2025		2,060		2,400
Italy—0.1%
Italy Buoni Poliennali Del Tesoro 5.75%, 02/01/2033		560		716
Korea, Republic of—1.0%
Korea Treasury Bond 5.00%, 09/10/2014	KRW	5,405,540		4,949
Mexico—2.6%
United Mexican States 8.00%, 12/07/2023	MXN	150,800		13,197
New Zealand—0.2%
New Zealand Government Bond 6.50%, 04/15/2013	NZD	1,350		1,145
Philippines—0.2%
Republic of The Philippines 4.95%, 01/15/2021	PHP	50,000		1,221
Portugal—0.1%
Portugal Obrigacoes do Tesouro OT 4.95%, 10/25/2023	EUR	910		753
Supranational—0.8%
Asian Development Bank 2.50%, 03/15/2016 ^	$	2,845		3,026
European Investment Bank Zero Coupon, 04/24/2013—144A	IDR	10,131,000		1,046
Total Foreign Government Obligations (cost $86,951)				94,143
MORTGAGE-BACKED SECURITIES—7.2%
United States—7.2%
American Home Mortgage Investment Trust Series 2004-3, Class 3A 2.56%, 10/25/2034 *		461		325

	Principal (000’s)		Value (000’s)
United States (continued)
Banc of America Funding Corp. Series 2006-I, Class 1A1 2.55%, 12/20/2036 *	$	205	$	197
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2007-2, Class A4 5.82%, 04/10/2049 *		500		567
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-3, Class 2A 2.61%, 07/25/2034 *		244		208
Series 2004-10, Class 11A1 2.92%, 01/25/2035 *		82		67
Countrywide Home Loan Mortgage Pass- Through Trust Series 2005-11, Class 4A1 0.51%, 04/25/2035 *		866		548
Credit Suisse Mortgage Capital Certificates Series 2007-C3, Class A4 5.87%, 06/15/2039 *		2,410		2,616
Series 2007-C4, Class A4 5.97%, 09/15/2039 *		1,200		1,295
Series 2007-C5, Class A4 5.70%, 09/15/2040 *		4,785		5,240
Series 2008-C1, Class A3 6.41%, 02/15/2041 *		1,540		1,731
Extended Stay America Trust Series 2010-ESHA, Class D 5.50%, 11/05/2027—144A		4,035		4,082
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class A4 5.74%, 12/10/2049		3,100		3,452
GS Mortgage Securities Corp. II Series 2007-GG10, Class AM 5.98%, 08/10/2045 *		3,110		2,705
GSR Mortgage Loan Trust Series 2004-14, Class 3A1 2.90%, 12/25/2034 *		325		241
IndyMac Index Mortgage Loan Trust Series 2005-16IP, Class A1 0.56%, 07/25/2045 *		341		233
Series 2005-AR3, Class 4A1 2.92%, 04/25/2035 *		589		455
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2 2.78%, 07/25/2035 *		317		305
Series 2007-A1, Class 5A1 2.85%, 07/25/2035 *		983		924
MASTR Adjustable Rate Mortgages Trust Series 2004-15, Class 4A1 2.67%, 12/25/2034 *		1,789		1,487
Series 2005-2, Class 5A1 2.73%, 03/25/2035 *		1,016		884
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class AM 5.86%, 09/12/2049 *		1,900		1,624
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 7A5 5.50%, 11/25/2035		1,575		1,474
Series 2005-2AR, Class A 0.50%, 04/25/2035 *		949		724

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

Transamerica Funds		Semi-Annual Report 2012
	Page    12

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Morgan Stanley Re-REMIC Trust Series 2009-GG10, Class A4B 5.98%, 08/12/2045—144A *	$	2,900	$	3,014
WAMU Mortgage Pass-Through Certificates Series 2006-AR17, Class 1A1A 0.97%, 12/25/2046 *		314		226
Series 2007-OA3, Class 2A1A 0.92%, 04/25/2047 *		609		427
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR2, Class 2A2 2.61%, 03/25/2035 *		913		860
Series 2005-AR4, Class 2A2 2.69%, 04/25/2035 *		577		528
Total Mortgage-Backed Securities (cost $31,846)				36,439
ASSET-BACKED SECURITIES—0.9%
United States—0.9%
Chesapeake Funding LLC Series 2009-2A, Class B 1.99%, 09/15/2021—144A *		1,000		1,004
Series 2009-2A, Class C 1.99%, 09/15/2021—144A *		1,200		1,202
Countrywide Asset-Backed Certificates Series 2004-13, Class AF5B 5.10%, 05/25/2035 *		625		505
Diamond Resorts Owner Trust Series 2009-1, Class A 9.31%, 03/20/2026—144A		601		640
DSC Floorplan Master Owner Trust Series 2011-1, Class B 8.11%, 03/15/2016—144A		850		862
JPMorgan Mortgage Acquisition Corp. Series 2005-OPT1, Class M2 0.71%, 06/25/2035 *		350		196
Total Asset-Backed Securities (cost $4,050)				4,409
PREFERRED CORPORATE DEBT SECURITIES—0.2%
United States—0.2%
Hercules, Inc. 6.50%, 06/30/2029		1,260		989
NGC Corp., Capital Trust I 8.32%, 06/01/2027 Џ § ‡		200		50
Total Preferred Corporate Debt Securities (cost $1,268)				1,039
CORPORATE DEBT SECURITIES—46.3%
Australia—0.8%
Australia & New Zealand Banking Group, Ltd. 6.75%, 11/10/2014	AUD	2,920		3,185
National Australia Bank, Ltd. 6.50%, 11/05/2015		1,070		1,162
Austria—0.3%
OGX Austria GmbH 8.38%, 04/01/2022—144A ^	$	1,400		1,428
Canada—0.9%
Bell Canada 6.10%, 03/16/2035—144A	CAD	475		553
Bombardier, Inc. 7.45%, 05/01/2034—144A	$	800		808
Connacher Oil and Gas, Ltd. 8.50%, 08/01/2019—144A		2,325		2,313

	Principal (000’s)		Value (000’s)
Canada (continued)
Methanex Corp. 5.25%, 03/01/2022	$	350	$	364
Cayman Islands—0.5%
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.35%, 06/30/2021—144A		1,078		1,147
Schahin II Finance Co. SPV, Ltd. 5.88%, 09/25/2022—144A ^		1,400		1,400
France—0.0% ¥
Societe Generale SA 5.20%, 04/15/2021—144A ^		200		188
Korea, Republic of—2.0%
Export-Import Bank of Korea 4.00%, 11/26/2015—144A	PHP	386,300		9,058
Hyundai Capital Services, Inc. 3.50%, 09/13/2017—144A ^	$	800		807
Luxembourg—1.8%
ArcelorMittal 5.25%, 08/05/2020 ^		1,265		1,249
6.13%, 06/01/2018 ^		175		184
6.75%, 03/01/2041		815		771
7.00%, 10/15/2039 ^		4,530		4,417
Telecom Italia Capital SA 6.00%, 09/30/2034		2,930		2,458
6.38%, 11/15/2033		85		74
Mexico—0.2%
America Movil SAB de CV 8.46%, 12/18/2036	MXN	12,000		903
Netherlands—1.5%
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA 3.38%, 01/19/2017 ^	$	2,840		2,930
EDP Finance BV 4.90%, 10/01/2019—144A		300		246
6.00%, 02/02/2018—144A		200		177
Enel Finance International NV 5.13%, 10/07/2019—144A ^		800		789
6.00%, 10/07/2039—144A		4,100		3,468
United Arab Emirates—1.3%
DP World, Ltd. 6.85%, 07/02/2037—144A		5,210		5,015
Dubai Electricity & Water Authority 7.38%, 10/21/2020—144A		1,400		1,506
United Kingdom—0.1%
HBOS PLC 6.75%, 05/21/2018—144A		300		276
United States—36.9%
Alcatel-Lucent USA, Inc. 6.50%, 01/15/2028		1,275		927
American International Group, Inc. 8.18%, 05/15/2058 * ^		5,210		5,568
American Tower Corp. 4.70%, 03/15/2022		3,330		3,418
Aviation Capital Group Corp. 6.75%, 04/06/2021—144A		1,055		1,044
Bank of America Corp.—Series K 8.00%, 01/30/2018 * Ž ^		215		222
Braskem America Finance Co. 7.13%, 07/22/2041—144A ^		2,765		2,779
Bruce Mansfield Unit 6.85%, 06/01/2034		2,725		2,929

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

Transamerica Funds		Semi-Annual Report 2012
	Page    13

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
CCO Holdings LLC / CCO Holdings Capital Corp. 7.38%, 06/01/2020	$	350	$	382
CenturyLink, Inc. 7.20%, 12/01/2025		595		613
7.60%, 09/15/2039 ^		935		888
CHS/Community Health Systems, Inc. 8.00%, 11/15/2019—144A ^		2,675		2,822
CommScope, Inc. 8.25%, 01/15/2019 —144A		635		678
Continental Airlines Pass-Through Trust Series 2001-1, Class 01A1 6.70%, 06/15/2021		694		743
Continental Airlines Pass-Through Trust Series 2012-1, Class B 6.25%, 04/11/2020		300		304
CVS Pass-Through Trust 6.94%, 01/10/2030		1,199		1,412
DDR Corp. 7.88%, 09/01/2020		1,585		1,904
Delta Air Lines, Inc., Pass-Through Trust Series 2007-1, Class A 6.82%, 08/10/2022		2,202		2,384
Series 2007-1, Class B 8.02%, 08/10/2022		1,895		1,884
Dillard’s, Inc. 7.13%, 08/01/2018		990		1,044
Dynegy Holdings LLC 7.63%, 10/15/2026 Џ ‡		450		299
Energy Future Holdings Corp.—Series P 5.55%, 11/15/2014 ^		6,735		4,816
Energy Future Holdings Corp.—Series Q 6.50%, 11/15/2024 ^		1,110		588
Energy Future Holdings Corp.—Series R 6.55%, 11/15/2034 ^		305		153
Energy Transfer Partners, LP 5.20%, 02/01/2022 ^		1,095		1,167
First Data Corp. 7.38%, 06/15/2019—144A		1,285		1,314
Ford Motor Co. 7.50%, 08/01/2026		115		131
Forethought Financial Group, Inc. 8.63%, 04/15/2021—144A		1,430		1,462
Frontier Communications Corp. 7.88%, 01/15/2027 ^		2,160		1,922
General Electric Capital Corp. 5.50%, 02/01/2017		NZD230		194
7.63%, 12/10/2014		320		282
HCA, Inc.
7.05%, 12/01/2027	$	55		49
7.50%, 12/15/2023—11/06/2033		3,200		3,040
7.58%, 09/15/2025		755		696
7.69%, 06/15/2025		1,545		1,483
7.75%, 07/15/2036 ^		125		114
8.36%, 04/15/2024		190		192
IFM U.S. Colonial Pipeline 2 LLC 6.45%, 05/01/2021—144A		2,300		2,515
International Lease Finance Corp. 6.25%, 05/15/2019 ^		610		616
8.25%, 12/15/2020 ^		710		795

	Principal (000’s)		Value (000’s)
United States (continued)
International Lease Finance Corp. (continued) 8.63%, 01/15/2022 ^	$	3,555	$	4,067
JC Penney Corp., Inc. 7.63%, 03/01/2097 ^		430		386
Jefferies Group, Inc. 6.25%, 01/15/2036		80		70
6.45%, 06/08/2027		10		10
6.88%, 04/15/2021		1,385		1,380
KB Home 8.00%, 03/15/2020 ^		220		215
Level 3 Financing, Inc. 8.63%, 07/15/2020—144A		985		1,032
9.38%, 04/01/2019 ^		100		109
Mackinaw Power LLC 6.30%, 10/31/2023—144A §r		1,376		1,403
Macy’s Retail Holdings, Inc. 6.79%, 07/15/2027		1,065		1,153
Masco Corp. 5.85%, 03/15/2017 ^		2,440		2,522
6.50%, 08/15/2032 ^		895		862
7.13%, 03/15/2020		1,505		1,628
7.75%, 08/01/2029		360		372
Meccanica Holdings USA, Inc. 6.25%, 07/15/2019—01/15/2040—144A		2,200		1,832
7.38%, 07/15/2039—144A		4,600		3,879
Merrill Lynch & Co., Inc. 6.05%, 05/16/2016—06/01/2034		920		862
6.11%, 01/29/2037		8,010		7,647
MGM Resorts International 7.50%, 06/01/2016 ^		2,395		2,491
8.63%, 02/01/2019 - 144A ^		620		673
Midwest Generation LLC—Series B 8.56%, 01/02/2016 ^		526		510
Morgan Stanley 5.50%, 01/26/2020—07/24/2020		4,460		4,381
5.63%, 09/23/2019		900		889
5.75%, 01/25/2021		2,000		1,975
New Albertsons, Inc. 6.63%, 06/01/2028		4,210		2,979
7.45%, 08/01/2029		1,305		992
7.75%, 06/15/2026		680		547
8.00%, 05/01/2031 ^		905		719
NGPL PipeCo LLC 6.51%, 12/15/2012—144A ^		60		60
NLV Financial Corp. 7.50%, 08/15/2033—144A		190		188
Northwest Airlines Pass-Through Trust Series 2007-1, Class A 7.03%, 11/01/2019		6,145		6,513
Owens Corning, Inc. 7.00%, 12/01/2036		4,585		5,008
Parker Drilling Co. 9.13%, 04/01/2018 ^		325		345
PulteGroup, Inc. 6.00%, 02/15/2035		305		246
6.38%, 05/15/2033		1,850		1,539
7.88%, 06/15/2032		1,500		1,448
Qwest Capital Funding, Inc. 6.88%, 07/15/2028 ^		1,510		1,442
7.63%, 08/03/2021		1,000		1,070

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

Transamerica Funds		Semi-Annual Report 2012
	Page    14

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Qwest Corp. 6.88%, 09/15/2033 ^	$	2,770	$	2,780
7.20%, 11/10/2026 ^		895		902
7.25%, 10/15/2035 ^		290		291
7.50%, 06/15/2023		1,670		1,685
Ralcorp Holdings, Inc. 6.63%, 08/15/2039 ^		3,060		3,185
Reliance Holdings USA, Inc. 5.40%, 02/14/2022—144A		500		501
Residential Capital LLC 9.63%, 05/15/2015 ^		930		868
Reynolds Group Issuer, Inc. 8.50%, 02/15/2021—144A		1,500		1,448
9.88%, 08/15/2019—144A ^		400		417
RR Donnelley & Sons Co. 7.25%, 05/15/2018 ^		2,315		2,240
SandRidge Energy, Inc. 8.13%, 10/15/2022—144A ^		1,370		1,421
SLM Corp. 5.00%, 06/15/2018		175		165
5.63%, 08/01/2033		779		647
8.45%, 06/15/2018		4,030		4,413
Southwestern Energy Co. 4.10%, 03/15/2022—144A ^		1,570		1,567
Springleaf Finance Corp. 5.40%, 12/01/2015		110		94
6.90%, 12/15/2017		6,260		5,109
Sprint Capital Corp. 6.88%, 11/15/2028		8,800		6,579
6.90%, 05/01/2019 ^		70		61
8.75%, 03/15/2032		660		559
Sprint Nextel Corp. 9.00%, 11/15/2018—144A		1,090		1,201
Toys “R” Us, Inc. 7.38%, 10/15/2018 ^		3,880		3,376
U.S. Steel Corp. 6.65%, 06/01/2037 ^		1,925		1,603
UAL Pass-Through Trust Series 2007-1, Class A 6.64%, 07/02/2022		6,074		6,363
U.S. Airways Pass-Through Trust Series 2012-1, Class A 5.90%, 10/01/2024		1,835		1,835
Series 2012-1, Class B 8.00%, 10/01/2019		1,640		1,640
USG Corp. 6.30%, 11/15/2016		4,585		4,379
9.75%, 01/15/2018 ^		1,070		1,094
Valeant Pharmaceuticals International, Inc. 6.75%, 08/15/2021—144A		1,670		1,624
7.25%, 07/15/2022—144A		1,395		1,392
Westvaco Corp. 7.95%, 02/15/2031		1,135		1,261
8.20%, 01/15/2030		2,985		3,424
Weyerhaeuser Co. 6.88%, 12/15/2033		4,740		4,967
6.95%, 10/01/2027		130		142
7.38%, 03/15/2032		1,530		1,671
Total Corporate Debt Securities (cost $229,079)				234,997

	Principal (000’s)		Value (000’s)
STRUCTURED NOTES DEBT—0.8%
United States—0.8%
JPMorgan Chase & Co. Zero Coupon, 09/10/2012—144A		IDR37,004,100		3,935
Total Structured Notes Debt (cost $3,801)
CONVERTIBLE BONDS—8.0%
United States—8.0%
Chesapeake Energy Corp. 2.50%, 05/15/2037	$	135		117
2.75%, 11/15/2035		45		42
Ciena Corp. 0.88%, 06/15/2017 ^		4,510		3,822
3.75%, 10/15/2018—144A		860		920
Ford Motor Co. 4.25%, 11/15/2016 ^		3,715		5,517
Human Genome Sciences, Inc. 3.00%, 11/15/2018		2,800		3,598
Illumina, Inc. 0.25%, 03/15/2016—144A		265		242
Intel Corp. 2.95%, 12/15/2035 ^		1,645		1,873
3.25%, 08/01/2039		5,700		7,974
LAM Research Corp. 1.25%, 05/15/2018—144A		655		655
Lennar Corp. 2.00%, 12/01/2020—144A		65		77
2.75%, 12/15/2020—144A		75		106
Level 3 Communications, Inc. 7.00%, 03/15/2015—144A §r		2,110		2,606
Liberty Interactive LLC 3.50%, 01/15/2031		121		72
Micron Technology, Inc. 1.88%, 08/01/2031—144A		2,465		2,246
Old Republic International Corp. 3.75%, 03/15/2018 ^		1,790		1,721
Peabody Energy Corp. 4.75%, 12/15/2041 ^		535		510
Steel Dynamics, Inc. 5.13%, 06/15/2014		355		383
Trinity Industries, Inc. 3.88%, 06/01/2036 ^		3,050		3,210
Vertex Pharmaceuticals, Inc. 3.35%, 10/01/2015 ^		4,530		5,057
Total Convertible Bonds (cost $33,164)				40,748
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCKS—3.7%
United States—3.7%
AES Trust III, 6.75% ^		10,950		543
Bank of America Corp., 7.25%		805		783

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

Transamerica Funds		Semi-Annual Report 2012
	Page    15

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
United States (continued)
El Paso Energy Capital Trust I, 4.75%		6,300	$	287
General Motors Co., 4.75% ^		229,000		8,941
Goodyear Tire & Rubber Co., 5.88%		28,250		1,173
Health Care REIT, Inc., 6.50%		19,300		1,030
Lucent Technologies Capital Trust I, 7.75%		4,900		3,798
Newell Financial Trust I, 5.25%		12,300		584
United Rentals Trust I, 6.50%		3,243		186
Wells Fargo & Co., 7.50%		1,340		1,501
Total Convertible Preferred Stocks (cost $21,966)				18,826
PREFERRED STOCKS—1.4%
United States—1.4%
Ally Financial, Inc., 7.00%—144A		1,675		1,422
Ally Financial, Inc., 8.50% *		93,825		2,101
Countrywide Capital IV, 6.75%		88,375		2,098
SLM Corp., 6.00% ^		78,825		1,705
Total Preferred Stocks (cost $5,859)				7,326
COMMON STOCKS—1.5%
United States—1.5%
Ford Motor Co. ^		7,110		80
KB Home ^		181,675		1,577
Owens-Illinois, Inc. ‡ ^		10,796		251
Valeant Pharmaceuticals International, Inc. ‡		102,786		5,718
Total Common Stocks (cost $3,031)				7,626

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—21.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		110,957,793	$	110,958
Total Securities Lending Collateral (cost $110,958)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—2.1%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $10,592 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $10,805.	$	10,592		10,592
Total Repurchase Agreement (cost $10,592)
Total Investment Securities (cost $585,187) P				613,730
Other Assets and Liabilities—Net				(105,689	)
Net Assets			$	508,041

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Foreign Government Obligations		15.3	%	$	94,143
U.S. Government Obligations		7.0			42,692
Mortgage-Backed Securities		5.9			36,439
Diversified Telecommunication Services		4.2			25,623
Diversified Financial Services		3.9			24,205
Airlines		3.5			21,666
Commercial Banks		3.0			18,300
Building Products		2.6			15,865
Consumer Finance		2.6			15,656
Automobiles		2.4			14,668
Real Estate Investment Trusts		2.1			13,133
Semiconductors & Semiconductor Equipment		2.1			12,747
Electric Utilities		2.0			11,954
Oil, Gas & Consumable Fuels		1.9			11,868
Insurance		1.5			8,939
Pharmaceuticals		1.4			8,734
Capital Markets		1.4			8,705
Biotechnology		1.4			8,655
Metals & Mining		1.4			8,607
Health Care Providers & Services		1.4			8,396
Food & Staples Retailing		1.1			6,649
Aerospace & Defense		1.1			6,519
Communications Equipment		1.0			6,348
Household Durables		0.9			5,793
Transportation Infrastructure		0.8			5,015
Paper & Forest Products		0.8			4,685
Asset-Backed Securities		0.7			4,409
Chemicals		0.7			4,132
Electronic Equipment & Instruments		0.6			3,798
Independent Power Producers & Energy Traders		0.6			3,772
Specialty Retail		0.6			3,376
Machinery		0.5			3,210

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

Transamerica Funds		Semi-Annual Report 2012
	Page    16

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY: (continued)	Percentage of Total Investments			Value (000’s)
Food Products		0.5	%	$	3,185
Hotels, Restaurants & Leisure		0.5			3,164
Commercial Services & Supplies		0.5			3,042
Multiline Retail		0.4			2,583
Wireless Telecommunication Services		0.3			2,104
Household Products		0.3			1,865
Energy Equipment & Services		0.3			1,552
Multi-Utilities		0.3			1,506
Software		0.2			1,314
Auto Components		0.2			1,173
Road & Rail		0.2			1,044
Media		0.1			454
Containers & Packaging		0.0	¥		251
Life Sciences Tools & Services		0.0	¥		242
Investment Securities, at Value		80.2			492,180
Short-Term Investments		19.8			121,550
Total Investments		100.0	%	$	613,730

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

^ All or a portion of this security is on loan. The value of all securities on loan is $108,549.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

Џ In default.

§ Illiquid. Total aggregate market value of illiquid securities is $4,059, or 0.80% of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

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

‡ Non-income producing security.

D Restricted. At 04/30/2012, the fund owned the respective securities (representing 0.79% of the fund’s net assets) which were restricted as to public resale:

Description	Date of Acquisition		Principal		Cost		Market Value		Price
Mackinaw Power LLC		06/15/2007	$	1,376	$	1,376	$	1,403	$	101.96
Level 3 Communications, Inc.		06/22/2009		2,110		2,087		2,606		123.51

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $585,187. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $40,988 and $12,445, respectively. Net unrealized appreciation for tax purposes is $28,543.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $110,659, or 21.78% of the fund’s net assets.
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
NZD	New Zealand Dollar
PHP	Philippines Peso

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

Transamerica Funds		Semi-Annual Report 2012
	Page    17

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—	$	4,409	$	—	$	4,409
Common Stocks		7,626		—		—		7,626
Convertible Bonds		—		40,748		—		40,748
Convertible Preferred Stocks		18,826		—		—		18,826
Corporate Debt Securities		—		234,997		—		234,997
Foreign Government Obligations		—		94,143		—		94,143
Mortgage-Backed Securities		—		36,439		—		36,439
Preferred Corporate Debt Securities		—		1,039		—		1,039
Preferred Stocks		7,326		—		—		7,326
Repurchase Agreement		—		10,592		—		10,592
Securities Lending Collateral		110,958		—		—		110,958
Structured Notes Debt		—		3,935		—		3,935
U.S. Government Obligations		—		42,692		—		42,692
Total	$	144,736	$	468,994	$	—	$	613,730

'  See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    18

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—14.2%
U.S. Treasury Bond
4.50%, 02/15/2036	$	8,950	$	11,371
4.75%, 02/15/2037		600		791
5.38%, 02/15/2031 ^		3,500		4,888
5.50%, 08/15/2028		800		1,110
6.00%, 02/15/2026		200		285
6.13%, 11/15/2027 - 08/15/2029		1,600		2,372
6.25%, 05/15/2030		1,200		1,821
6.38%, 08/15/2027		50		75
6.50%, 11/15/2026		600		897
6.63%, 02/15/2027		150		227
6.75%, 08/15/2026 ^		250		381
7.50%, 11/15/2016		8,250		10,743
8.50%, 02/15/2020 ^		50		76
8.75%, 05/15/2020 ^		740		1,148
11.25%, 02/15/2015 ^		12,700		16,520
U.S. Treasury Inflation Indexed Bond 2.50%, 01/15/2029		2,651		3,612
U.S. Treasury Inflation Indexed Note 1.13%, 01/15/2021		2,081		2,387
U.S. Treasury Note
0.38%, 08/31/2012		2,000		2,002
0.63%, 07/31/2012		2,000		2,003
1.50%, 08/31/2018		2,000		2,043
2.00%, 04/30/2016		3,000		3,166
2.13%, 05/31/2015 - 12/31/2015		7,535		7,956
2.38%, 02/28/2015		300		317
2.63%, 04/30/2016 - 08/15/2020		12,815		13,831
2.75%, 05/31/2017 ^		5,580		6,108
2.88%, 03/31/2018 ^		1,425		1,576
3.00%, 09/30/2016		1,000		1,100
3.13%, 09/30/2013 ^		3,000		3,122
3.13%, 10/31/2016 - 04/30/2017		15,700		17,413
3.25%, 12/31/2016 ^		5,450		6,072
3.25%, 03/31/2017		2,300		2,570
4.00%, 02/15/2015		5,000		5,500
4.13%, 05/15/2015		3,100		3,446
4.25%, 11/15/2017		8,250		9,713
4.50%, 05/15/2017		6,180		7,300
4.75%, 08/15/2017 ^		1,630		1,956
U.S. Treasury STRIPS p
0.28%, 02/15/2014		2,100		2,090
0.31%, 05/15/2014		3,400		3,380
0.33%, 08/15/2014 ^		4,000		3,970
0.42%, 02/15/2015		5,100		5,040
0.70%, 05/15/2016 ^		200		195
0.81%, 11/15/2016 ^		150		145
0.85%, 02/15/2017 ^		3,960		3,803
0.95%, 08/15/2017		300		285
1.02%, 11/15/2017		3,625		3,427
1.08%, 02/15/2018		2,500		2,349
1.20%, 08/15/2018		550		510
1.42%, 05/15/2019 ^		3,090		2,798
1.49%, 08/15/2019		2,550		2,289
1.71%, 05/15/2020		50,423		43,989
1.75%, 08/15/2020 ^		29,550		25,563
1.82%, 11/15/2020 ^		2,200		1,886
1.88%, 02/15/2021		1,000		849

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury STRIPS (continued) p
1.93%, 05/15/2021 ^	$	6,800	$	5,718
1.98%, 08/15/2021 ^		9,900		8,247
2.08%, 02/15/2022		400		327
2.33%, 05/15/2023		1,000		774
2.46%, 02/15/2024		75		56
2.50%, 05/15/2024		300		222
2.53%, 08/15/2024		975		715
2.57%, 11/15/2024		1,600		1,160
2.62%, 02/15/2025		1,150		824
2.65%, 05/15/2025		700		496
2.75%, 02/15/2026		500		343
2.77%, 05/15/2026		600		407
2.80%, 08/15/2026 ^		1,900		1,276
2.85%, 02/15/2027 ^		3,900		2,564
2.87%, 05/15/2027		850		553
2.89%, 08/15/2027		100		64
2.90%, 11/15/2027		350		223
2.91%, 02/15/2028 ^		1,250		790
2.93%, 05/15/2028 ^		100		63
2.95%, 08/15/2028 ^		1,000		620
2.96%, 11/15/2028 ^		2,000		1,228
2.97%, 02/15/2029		2,950		1,796
2.98%, 05/15/2029 ^		100		60
2.99%, 08/15/2029		3,800		2,271
3.01%, 11/15/2029		1,500		888
3.02%, 02/15/2030		4,350		2,549
3.04%, 05/15/2030 ^		1,825		1,060
3.05%, 08/15/2030		950		546
3.06%, 11/15/2030 ^		900		512
3.09%, 05/15/2031 ^		150		84
3.11%, 11/15/2031		100		55
3.13%, 02/15/2032		50		27
3.16%, 11/15/2032		3,350		1,758
3.18%, 05/15/2033		4,350		2,235
3.19%, 08/15/2033		5,000		2,544
3.21%, 11/15/2033		600		302
3.22%, 02/15/2034		500		249
3.23%, 05/15/2034		400		197
3.24%, 08/15/2034		400		195
3.30%, 05/15/2036		100		46
Total U.S. Government Obligations (cost $278,773)				302,510
U.S. GOVERNMENT AGENCY OBLIGATIONS—50.0%
Fannie Mae
0.44%, 10/27/2037 *		1,600		1,591
0.46%, 02/25/2036 - 03/25/2045 *		599		596
0.48%, 10/25/2046 *		589		586
0.49%, 06/27/2036 - 09/25/2036 *		4,500		4,468
0.50%, 11/25/2046 *		4,361		4,341
0.53%, 07/25/2036 *		584		583
0.54%, 03/25/2036 *		445		445
0.56%, 03/25/2037 *		4,536		4,504
0.59%, 08/25/2036 *		969		968
0.64%, 06/25/2037 - 05/25/2042 *		1,012		1,009
0.69%, 07/25/2034 *		279		278
0.79%, 08/25/2041 *		1,960		1,966
0.84%, 04/25/2040 *		2,329		2,338

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

Transamerica Funds		Semi-Annual Report 2012
	Page    19

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
0.98%, 01/01/2019 *	$	1,096	$	1,109
1.33%, 07/05/2014 p		4,000		3,926
1.65%, 06/01/2017 p^		800		750
1.99%, 01/01/2017		1,500		1,500
2.19%, 09/01/2036 *		123		130
2.20%, 02/01/2037 *		253		266
2.25%, 02/01/2037 *		124		132
2.38%, 09/01/2036 *		348		371
2.42%, 10/01/2036 *		216		231
2.57%, 09/01/2036 *		96		103
2.58%, 06/01/2036 *		306		326
2.63%, 05/01/2036 *		447		476
2.65%, 12/01/2036 *		232		248
2.80%, 12/01/2036 *		496		532
2.92%, 11/01/2036 *		129		138
2.97%, 11/01/2018		1,465		1,547
3.00%, 01/25/2021		3,178		3,308
3.03%, 12/25/2039 *		987		1,055
3.10%, 03/01/2036 *		1,238		1,312
3.12%, 01/01/2022		2,000		2,087
3.23%, 11/01/2020		700		740
3.23%, 03/01/2036 *		459		488
3.27%, 11/01/2020		2,000		2,116
3.32%, 04/01/2037 *		87		93
3.38%, 01/01/2018		4,000		4,312
3.43%, 11/01/2020		4,800		5,131
3.50%, 12/25/2018 - 09/01/2020		4,955		5,265
3.52%, 01/01/2018 - 12/01/2020		11,641		12,574
3.54%, 01/01/2018		3,931		4,255
3.59%, 10/01/2021		2,000		2,143
3.63%, 01/01/2018		1,500		1,629
3.64%, 06/01/2018		6,000		6,530
3.73%, 06/25/2021		3,500		3,802
3.74%, 06/01/2018		1,988		2,177
3.76%, 06/25/2021 - 07/25/2021		10,500		11,395
3.77%, 01/01/2021 - 08/01/2021		6,500		7,068
3.80%, 03/01/2018		1,970		2,155
3.80%, 11/01/2037 *		239		255
3.86%, 07/01/2021		1,979		2,163
3.87%, 08/01/2021		1,985		2,169
3.88%, 09/01/2021		3,176		3,489
3.89%, 07/01/2021		6,000		6,567
3.92%, 08/01/2021		2,300		2,521
3.95%, 07/01/2021		7,000		7,685
3.95%, 11/01/2036 *		415		445
3.97%, 06/01/2021 - 07/01/2021		12,400		13,619
3.98%, 08/01/2021		4,942		5,419
3.99%, 07/01/2021 - 07/01/2026		6,796		7,410
4.00%, 04/01/2020 - 08/25/2023		6,052		6,553
4.02%, 08/01/2021		3,954		4,358
4.03%, 06/01/2021		4,873		5,373
4.05%, 01/01/2021 - 08/01/2021		10,035		11,072
4.06%, 07/01/2021		6,000		6,628
4.07%, 07/01/2020		1,800		1,963
4.13%, 08/01/2021		1,488		1,650
4.16%, 03/01/2021		2,463		2,737

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
4.18%, 12/01/2019	$	4,838	$	5,368
4.22%, 07/01/2021		8,300		9,252
4.23%, 03/01/2020		4,807		5,349
4.24%, 06/01/2021		3,000		3,348
4.25%, 04/01/2021		2,500		2,792
4.26%, 07/01/2021		2,500		2,795
4.28%, 01/01/2020		1,453		1,621
4.30%, 01/01/2021		1,480		1,664
4.31%, 06/01/2021		9,892		11,091
4.31%, 07/01/2037 *		192		204
4.32%, 06/01/2021		2,476		2,778
4.34%, 06/01/2021		7,000		7,860
4.36%, 05/01/2021		2,000		2,311
4.37%, 04/01/2020		977		1,100
4.38%, 01/01/2021 - 04/01/2021		4,462		5,018
4.39%, 05/01/2021		1,000		1,126
4.40%, 02/01/2020		2,000		2,249
4.45%, 07/01/2026		1,488		1,662
4.48%, 06/01/2021		2,180		2,468
4.50%, 09/25/2018 - 10/25/2039		14,731		16,226
4.53%, 12/01/2019		2,152		2,435
4.54%, 01/01/2020		972		1,098
4.55%, 06/25/2043		270		293
4.65%, 03/01/2021		3,606		4,103
4.75%, 09/25/2018		832		892
5.00%, 04/25/2016 - 09/25/2040		43,734		47,761
5.00%, 05/11/2017 ^		8,650		10,306
5.20%, 11/01/2037 *		263		279
5.24%, 05/01/2017		6,000		6,752
5.38%, 06/12/2017 ^		10,000		12,129
5.50%, 01/01/2018 - 10/25/2040		76,834		86,163
5.52%, 07/01/2037 *		151		162
5.53%, 05/01/2018		951		1,087
5.61%, 01/25/2032 *		247		270
5.73%, 08/01/2037 *		347		370
5.75%, 08/25/2034		1,000		1,103
5.89%, 04/01/2036 - 05/25/2051 *		1,980		2,210
5.90%, 09/01/2037 *		248		270
5.94%, 06/25/2040 *		610		672
5.96%, 07/01/2037 *		215		230
5.99%, 09/01/2037 *		18		20
6.00%, 03/01/2019 - 12/25/2049		77,347		86,623
6.15%, 02/25/2040 *		786		902
6.22%, 08/01/2036 *		108		118
6.25%, 09/25/2038		607		686
6.45%, 03/25/2040 *		709		817
6.50%, 05/25/2017 - 07/25/2042		22,302		25,131
6.75%, 04/25/2037		740		815
7.00%, 12/25/2033 - 02/25/2044		26,394		31,465
7.07%, 12/25/2042 *		250		292
7.50%, 05/17/2024 - 12/25/2045		3,438		4,077
8.00%, 02/25/2023 - 10/01/2031		2,419		2,918
8.54%, 11/25/2037 *		1,134		1,351
12.18%, 03/25/2040 *		1,188		1,396
15.72%, 01/25/2034 *		128		159
16.28%, 08/25/2035 - 10/25/2035 *		472		649

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

Transamerica Funds		Semi-Annual Report 2012
	Page    20

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
16.87%, 04/25/2040 *	$	398	$	627
17.22%, 09/25/2024 *		573		832
18.87%, 05/25/2034 *		427		634
19.47%, 05/25/2035 *		757		1,117
21.87%, 04/25/2037 *		494		748
23.69%, 11/25/2035 *		374		599
Fannie Mae, IO
0.64%, 10/25/2016 *		721		6
3.00%, 01/25/2021		3,786		251
4.00%, 10/25/2014		2,086		105
4.20%, 11/25/2040 *		4,397		466
4.67%, 04/25/2041 *		3,522		251
4.76%, 07/25/2040 *		5,228		675
5.00%, 07/25/2039		602		84
5.50%, 10/25/2039		1,308		186
5.66%, 10/25/2039 *		930		119
5.76%, 02/25/2038 - 06/25/2039 *		8,186		1,081
5.84%, 01/25/2038 *		297		16
5.94%, 12/25/2039 *		224		27
6.01%, 01/25/2040 *		2,993		368
6.11%, 12/25/2037 *		4,208		718
6.16%, 07/25/2037 - 05/25/2040 *		6,535		1,009
6.18%, 04/25/2040 *		1,546		187
6.21%, 10/25/2037 - 12/25/2037 *		1,879		290
6.38%, 07/25/2037 *		2,378		357
6.41%, 10/25/2026 - 03/25/2039 *		4,990		745
6.75%, 03/25/2038 *		1,048		165
6.86%, 02/25/2040 *		1,230		176
Fannie Mae, PO 10/25/2023 - 07/25/2040		16,621		15,604
Fannie Mae STRIPS 2.87%, 11/15/2021 p		1,000		780
Fannie Mae STRIPS, PO 12/01/2024 - 08/01/2032		2,019		1,819
Federal Farm Credit Bank 5.13%, 11/15/2018		2,000		2,434
Financing Corp. STRIPS 1.88%, 09/26/2019 p		500		430
Freddie Mac
0.49%, 08/15/2023 *		965		965
0.54%, 06/15/2024 - 03/15/2036 *		2,045		2,045
0.59%, 07/15/2034 *		1,504		1,502
0.64%, 02/15/2033 *		1,602		1,597
1.44%, 07/15/2039 *		745		749
2.42%, 12/01/2036 *		609		650
2.45%, 10/01/2036 *		249		266
2.47%, 12/01/2036 *		529		565
2.50%, 11/01/2036 *		250		267
2.89%, 11/01/2036 *		57		61
3.13%, 05/01/2037 *		253		270
3.18%, 05/01/2036 *		211		224
3.22%, 03/01/2037 *		398		424
3.33%, 03/01/2036 *		1,038		1,117
3.45%, 11/01/2036 *		863		914
3.46%, 04/01/2037 *		162		173
3.50%, 06/15/2021		2,000		2,168
3.68%, 05/01/2038 *		147		158

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
4.00%, 01/15/2018 - 12/15/2041	$	3,883	$	4,138
4.25%, 10/15/2030		287		289
4.50%, 07/01/2014 - 05/01/2041		55,714		60,185
4.52%, 04/01/2037 *		68		72
4.75%, 10/25/2037 *		949		968
4.87%, 05/01/2037 *		227		242
4.91%, 02/01/2036 *		2,529		2,710
5.00%, 10/01/2018 - 07/15/2041		32,854		36,302
5.00%, 01/01/2035 *		2,185		2,338
5.09%, 07/01/2036 *		1,893		2,028
5.10%, 12/01/2031 *		858		918
5.13%, 11/17/2017 ^		19,930		24,103
5.13%, 05/01/2037 *		199		211
5.23%, 05/25/2043		1,752		1,915
5.30%, 06/15/2012 - 01/15/2033		2,012		2,186
5.50%, 08/23/2017 ^		4,900		5,994
5.50%, 02/01/2018 - 01/15/2039		33,655		36,986
5.50%, 05/15/2041 *		3,846		4,260
5.63%, 06/01/2037 *		275		299
5.68%, 05/01/2037 *		742		775
5.69%, 10/15/2038 *		1,548		1,692
5.75%, 10/15/2035		1,200		1,288
5.89%, 04/01/2037 *		87		95
6.00%, 05/01/2017 - 06/15/2038		29,423		33,006
6.00%, 10/01/2037 *		201		214
6.16%, 09/01/2037 *		167		178
6.25%, 10/15/2023		934		976
6.39%, 02/01/2037 *		239		261
6.48%, 10/01/2037 *		249		275
6.50%, 08/15/2021 - 02/25/2043		12,974		14,640
6.50%, 09/25/2043 *		243		276
6.80%, 11/15/2021 *		1,173		1,295
7.00%, 12/15/2036 - 07/25/2043		3,018		3,559
7.16%, 11/15/2046 *		2,437		2,745
7.50%, 11/15/2036 - 09/25/2043		4,385		5,205
8.00%, 06/15/2035 *		379		410
8.50%, 09/01/2015		92		100
8.64%, 11/15/2033 *		1		1
8.71%, 11/15/2033 *		274		314
8.79%, 10/15/2033 *		140		142
10.00%, 03/17/2026 - 10/01/2030		1,144		1,356
11.00%, 02/17/2021		425		471
14.41%, 06/15/2033 *		188		231
15.84%, 10/15/2033 *		64		69
15.97%, 10/15/2033 *		159		166
16.70%, 02/15/2040 *		500		790
16.85%, 02/15/2038 *		101		139
19.50%, 07/15/2035 *		124		183
20.31%, 08/15/2031 *		189		273
21.04%, 05/15/2035 *		143		222
23.67%, 06/15/2035 *		133		212
Freddie Mac, IO
3.50%, 09/15/2024		2,013		139
4.00%, 11/15/2029 - 10/15/2037		15,913		1,559
4.25%, 01/15/2040 *		3,546		182
4.50%, 12/15/2024 - 07/15/2037		7,089		743

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

Transamerica Funds		Semi-Annual Report 2012
	Page    21

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac, IO (continued)
5.00%, 04/15/2032 - 08/15/2040	$	7,528	$	1,148
5.50%, 07/15/2037		630		71
5.76%, 11/15/2037 - 10/15/2040 *		5,120		976
5.81%, 05/15/2038 *		2,891		354
5.86%, 05/15/2039 *		2,332		335
6.01%, 12/15/2039 *		2,641		396
6.10%, 12/15/2039 *		1,800		388
6.16%, 01/15/2037 *		1,210		203
6.21%, 11/15/2037 *		188		28
6.46%, 01/15/2019 *		804		34
6.56%, 09/15/2039 *		1,153		208
7.46%, 08/15/2036 *		4,505		663
Freddie Mac, PO 03/15/2019 - 01/15/2040		17,916		16,569
Freddie Mac Re-REMIC 6.00%, 05/15/2036		3,277		3,887
Freddie Mac STRIPS, PO 04/01/2028		572		515
Ginnie Mae 0.44%, 04/16/2037 *		200		199
5.50%, 05/16/2019 - 09/20/2039		10,109		11,689
5.54%, 07/20/2040 *		5,648		6,336
5.75%, 02/20/2036 - 10/20/2037		11,211		12,369
5.85%, 10/20/2033 *		727		829
6.00%, 04/20/2020 - 12/20/2039		13,906		15,759
6.13%, 06/16/2031		1,584		1,822
6.50%, 04/20/2028 - 12/15/2035		3,931		4,518
7.00%, 09/15/2031 - 10/16/2040		3,117		3,734
7.00%, 09/20/2034 *		65		70
7.40%, 03/17/2033 *		252		268
7.50%, 12/20/2029 - 10/15/2037		1,459		1,696
8.76%, 04/20/2034 *		370		422
14.26%, 11/17/2032 *		112		136
16.80%, 02/20/2034 *		73		119
22.44%, 04/20/2037 *		681		1,025
Ginnie Mae, IO
4.00%, 09/16/2037		4,531		578
5.59%, 02/20/2038 *		386		60
5.66%, 09/20/2038 *		2,950		456
5.71%, 02/20/2039 - 06/20/2039 *		1,339		207
5.76%, 02/20/2038 *		3,687		584
5.80%, 02/20/2039 *		448		69
5.81%, 08/16/2039 *		2,590		346
5.85%, 09/20/2039 *		2,657		420
5.86%, 11/20/2034 - 08/20/2039 *		7,644		1,109
5.91%, 07/20/2038 *		2,443		358
5.96%, 03/20/2037 - 06/20/2038 *		5,910		1,002
6.06%, 03/20/2039 *		472		65
6.16%, 12/20/2038 - 11/16/2039 *		4,672		627
6.29%, 12/20/2037 *		186		30
6.31%, 11/16/2033 - 11/20/2037 *		549		93
6.36%, 05/20/2041 *		1,983		346
6.41%, 09/20/2033 *		2,004		153
6.44%, 07/20/2037 *		1,708		275
6.46%, 06/20/2037 *		2,901		505
6.50%, 03/20/2039		249		53
7.06%, 12/20/2038 *		1,981		322

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, IO (continued)
7.36%, 09/20/2038 *	$	231	$	37
7.46%, 04/16/2038 *		140		23
Ginnie Mae, PO 12/20/2032—12/20/2040		7,037		6,469
Government Trust Certificate Zero Coupon, 04/01/2016—04/01/2020		15,890		13,603
0.92%, 10/01/2015 p		4,000		3,812
Residual Funding Corp. Principal STRIPS, PO 2.23%, 07/15/2020 p		1,400		1,183
2.30%, 10/15/2020 p		1,000		833
Tennessee Valley Authority 4.63%, 09/15/2060		236		266
5.25%, 09/15/2039		40		50
5.88%, 04/01/2036		2,325		3,085
Tennessee Valley Authority Generic STRIPS 2.42%, 05/01/2019 p		500		433
Tennessee Valley Authority Principal STRIPS 3.36%, 11/01/2025 p		1,000		641
Total U.S. Government Agency Obligations (cost $1,025,170)				1,061,661
FOREIGN GOVERNMENT OBLIGATIONS—1.6%
Corp. Andina de Fomento 3.75%, 01/15/2016 ^		795		831
Israel Government AID Bond p
1.85%, 08/15/2018		1,500		1,355
2.06%, 03/15/2019		10,000		8,838
2.19%, 09/15/2019		7,500		6,497
2.30%, 02/15/2020		6,500		5,527
2.39%, 09/15/2020		7,996		6,634
3.28%, 02/15/2025		2,250		1,488
3.56%, 11/15/2026		1,400		853
Mexico Government International Bond 4.75%, 03/08/2044		888		913
Province of Manitoba Canada 2.13%, 04/22/2013 ^		100		102
Province of Ontario Canada 2.70%, 06/16/2015		700		737
2.95%, 02/05/2015 ^		515		545
Province of Quebec Canada 6.35%, 01/30/2026		285		385
Total Foreign Government Obligations (cost $33,560)				34,705
MORTGAGE-BACKED SECURITIES—10.6%
A10 Securitization LLC Series 2012-1, Class A 3.49%, 04/15/2024—144A		1,500		1,504
American General Mortgage Loan Trust Series 2006-1, Class A5 5.75%, 12/25/2035—144A *		339		357
Series 2009-1, Class A4 5.75%, 09/25/2048—144A *		1,650		1,667
Series 2009-1, Class A5 5.75%, 09/25/2048—144A *		1,100		1,120
Series 2009-1, Class A7 5.75%, 09/25/2048—144A *		1,900		1,948
Series 2010-1A, Class A1 5.15%, 03/25/2058—144A *		952		977

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

Transamerica Funds		Semi-Annual Report 2012
	Page    22

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
American General Mortgage Loan Trust (continued) Series 2010-1A, Class A3 5.65%, 03/25/2058—144A *	$	1,140	$	1,195
Series 2009-1, Class A60 4.78%, 06/26/2037—144A		145		143
Series 2009-2, Class A55 5.20%, 05/24/2036—144A *		231		229
Series 2009-2, Class G60 5.20%, 05/24/2036—144A *		400		389
Series 2009-3, Class A65 2.68%, 03/26/2037—144A *		1,254		1,233
Series 2009-4, Class A60 6.00%, 06/28/2037—144A		202		209
Series 2010-3, Class 2A22 0.52%, 10/28/2036—144A *		560		554
Series 2010-4, Class 2A20 0.39%, 11/28/2036—144A *		369		358
Series 2011-1, Class 3A50 2.66%, 11/28/2035—144A *		480		465
Banc of America Alternative Loan Trust Series 2003-7, Class 2A4 5.00%, 09/25/2018		417		426
Series 2003-9, Class 1CB2 5.50%, 11/25/2033		204		209
Series 2003-11, Class 1A1 6.00%, 01/25/2034		163		169
Series 2003-11, Class 2A1 6.00%, 01/25/2034		212		221
Series 2004-1, Class 1A1 6.00%, 02/25/2034		661		695
Series 2004-1, Class 5A1 5.50%, 02/25/2019		84		85
Series 2004-6, Class 3A2 6.00%, 07/25/2034		236		240
Series 2004-8, Class 3A1 5.50%, 09/25/2019		115		116
Banc of America Funding Corp. Series 2004-3, Class 1A1 5.50%, 10/25/2034		743		758
Series 2004-3, Class 1A7 5.50%, 10/25/2034		5		5
Series 2004-C, Class 1A1 5.04%, 12/20/2034 *		181		178
Series 2005-E, Class 4A1 2.66%, 03/20/2035 *		2,496		2,293
Series 2010-R4, Class 5A1 0.39%, 07/26/2036—144A *		244		238
Series 2010-R5, Class 1A1 5.50%, 10/26/2037—144A		1,172		1,216
Series 2010-R11A, Class 1A6 5.36%, 08/26/2035—144A *		903		952
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2005-3, Class A4 4.67%, 07/10/2043		300		328
Series 2005-3, Class AM 4.73%, 07/10/2043		800		832
Series 2005-5, Class A4 5.12%, 10/10/2045 *		200		223
Series 2006-3, Class A4 5.89%, 07/10/2044 *		600		678

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Merrill Lynch Commercial Mortgage, Inc. (continued) Series 2006-4, Class A4 5.63%, 07/10/2046	$	500	$	565
Series 2006-5, Class A4 5.41%, 09/10/2047		150		167
Banc of America Mortgage Securities, Inc. Series 2003-3, Class 1A7 5.50%, 05/25/2033		840		859
Series 2003-3, Class 2A1 0.79%, 05/25/2018 *		99		94
Series 2003-4, Class 2A1 0.79%, 06/25/2018 *		428		418
Series 2003-6, Class 2A1 0.69%, 08/25/2018 *		174		166
Series 2003-C, Class 3A1 3.09%, 04/25/2033 *		321		322
Series 2003-E, Class 2A2 2.89%, 06/25/2033 *		472		460
Series 2004-3, Class 1A26 5.50%, 04/25/2034		1,300		1,327
Series 2004-3, Class 3A1 5.00%, 04/25/2019		148		150
Series 2004-5, Class 4A1 4.75%, 06/25/2019		107		110
Series 2004-C, Class 2A2 3.13%, 04/25/2034 *		968		944
BCAP LLC Trust Series 2009-RR5, Class 8A1 5.50%, 11/26/2034—144A		547		578
Series 2009-RR10, Class 17A1 5.75%, 06/26/2037—144A		148		149
Series 2009-RR13, Class 17A2 5.50%, 04/26/2037—144A *		568		590
Series 2009-RR14, Class 3A2 2.70%, 08/26/2035—144A *		500		428
Series 2010-RR4, Class 12A1 4.00%, 07/26/2036—144A *		589		582
Series 2010-RR5, Class 2A5 5.10%, 04/26/2037—144A *		809		805
Series 2010-RR6, Class 22A3 5.00%, 06/26/2036—144A *		668		663
Series 2010-RR6, Class 5A1 5.50%, 11/26/2037—144A *		264		263
Series 2010-RR7, Class 1A5 5.01%, 04/26/2035—144A *		921		900
Series 2010-RR7, Class 2A1 4.55%, 07/26/2045—144A *		1,244		1,168
Series 2010-RR7, Class 15A1 1.04%, 01/26/2036—144A *		410		387
Series 2010-RR7, Class 16A1 0.86%, 02/26/2047—144A *		616		573
Series 2010-RR8, Class 3A3 5.08%, 05/26/2035—144A *		510		513
Series 2010-RR8, Class 3A4 5.08%, 05/26/2035—144A *		773		691
Series 2010-RR12, Class 2A5 4.50%, 01/26/2036—144A *		794		807
Series 2011-RR4, Class 6A3 5.00%, 08/26/2037—144A *		897		856
Series 2011-RR5, Class 11A3 0.39%, 05/28/2036—144A *		1,129		995

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

Transamerica Funds		Semi-Annual Report 2012
	Page    23

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued) Series 2011-RR5, Class 14A3 2.73%, 07/26/2036—144A *	$	1,085	$	1,031
Series 2011-RR10, Class 2A1 0.24%, 09/26/2037—144A *		2,432		2,131
Series 2012-RR2, Class 1A1 0.41%, 08/26/2036—144A *		1,595		1,479
Series 2012-RR3, Class 2A5 4.93%, 05/26/2037—144A		2,000		1,940
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-4, Class 3A1 4.99%, 07/25/2033 *		208		208
Series 2004-2, Class 14A 5.09%, 05/25/2034 *		268		267
Series 2005-5, Class A1 2.22%, 08/25/2035 *		368		355
Bear Stearns Alt-A Trust Series 2005-2, Class 1A1 0.74%, 03/25/2035 *		453		385
Bear Stearns Commercial Mortgage Securities Series 2004-PWR4, Class A3 5.47%, 06/11/2041 *		1,000		1,074
Series 2006-PW11, Class A4 5.62%, 03/11/2039 *		200		225
Bear Stearns Commercial Mortgage Securities, IO Series 2005-PWR8, Class X1 0.29%, 06/11/2041—144A *		14,540		210
Chase Mortgage Finance Corp. Series 2003-S2, Class A1 5.00%, 03/25/2018		261		264
Series 2004-S3, Class 2A5 5.50%, 03/25/2034		798		829
Series 2007-A1, Class 1A3 2.85%, 02/25/2037 *		2,937		2,947
Series 2007-A1, Class 2A1 2.75%, 02/25/2037 *		678		674
Series 2007-A1, Class 7A1 2.72%, 02/25/2037 *		510		488
Series 2007-A1, Class 9A1 2.79%, 02/25/2037 *		209		203
Series 2007-A2, Class 1A1 2.88%, 07/25/2037 *		136		122
Series 2007-A2, Class 2A1 2.77%, 07/25/2037 *		851		868
Chase Mortgage Finance Corp., PO Series 2003-S9, Class AP 10/25/2018		65		65
Citicorp Mortgage Securities, Inc. Series 2004-4, Class A4 5.50%, 06/25/2034		753		787
Citigroup Commercial Mortgage Trust Series 2005-C3, Class AM 4.83%, 05/15/2043 *		440		453
Series 2006-C5, Class A4 5.43%, 10/15/2049		500		568
Citigroup Mortgage Loan Trust, Inc. Series 2003-1, Class 3A4 5.25%, 09/25/2033		613		647
Series 2005-2, Class 2A11 5.50%, 05/25/2035		404		397
Series 2008-AR4, Class 1A1A 3.02%, 11/25/2038—144A *		1,502		1,492

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc. (continued) Series 2009-10, Class 1A1 2.46%, 09/25/2033—144A *	$	964	$	955
Series 2009-11, Class 3A1 5.75%, 05/25/2037—144A *		996		1,016
Series 2010-7, Class 10A1 2.61%, 02/25/2035—144A *		427		426
Series 2010-8, Class 5A6 4.00%, 11/25/2036—144A		8,662		8,892
Series 2010-8, Class 6A6 4.50%, 12/25/2036—144A		7,419		7,649
Series 2011-3, Class 1A1 0.32%, 02/25/2047—144A *		440		433
Series 2011-10, Class 4A1 0.43%, 02/25/2046—144A *		1,341		1,272
Citigroup/Deutsche Bank Commercial Mortgage Trust, IO Series 2007-CD4, Class XC 0.22%, 12/11/2049—144A *		41,500		322
Commercial Mortgage Asset Trust Series 1999-C1, Class D 7.35%, 01/17/2032 *		1,000		1,065
Countrywide Alternative Loan Trust, PO Series 2002-7 08/25/2032		135		100
Countrywide Home Loan Mortgage Pass- Through Trust Series 2003-34, Class A6 5.25%, 09/25/2033		35		35
Series 2003-39, Class A6 5.00%, 10/25/2033		771		763
Series 2003-50, Class A1 5.00%, 11/25/2018		501		514
Series 2003-J13, Class 1A7 5.25%, 01/25/2034		1,554		1,586
Series 2004-3, Class A4 5.75%, 04/25/2034		1,026		1,057
Series 2004-3, Class A26 5.50%, 04/25/2034		684		706
Series 2004-5, Class 1A4 5.50%, 06/25/2034		889		922
Series 2004-8, Class 2A1 4.50%, 06/25/2019		105		107
Series 2004-J4, Class 2A1 5.00%, 05/25/2019		222		228
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-21, Class 1A4 5.25%, 09/25/2033		352		356
Series 2003-27, Class 5A3 5.25%, 11/25/2033		777		800
Series 2003-27, Class 5A4 5.25%, 11/25/2033		523		541
Series 2003-29, Class 5A1 7.00%, 12/25/2033		278		297
Series 2003-29, Class 8A1 6.00%, 11/25/2018		132		136
Series 2003-AR15, Class 3A1 2.82%, 06/25/2033 *		375		346
Series 2004-4, Class 2A4 5.50%, 09/25/2034		758		790

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

Transamerica Funds		Semi-Annual Report 2012
	Page    24

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp. (continued) Series 2004-5, Class 3A1 5.25%, 08/25/2019	$	431	$	441
Series 2004-8, Class 1A4 5.50%, 12/25/2034		760	$	799
Series 2004-8, Class 3A5 5.50%, 12/25/2034		481		499
Series 2005-C3, Class AM 4.73%, 07/15/2037		400		423
Credit Suisse Mortgage Capital Certificates Series 2006-C2, Class A3 5.85%, 03/15/2039 *		1,600		1,762
Series 2009-3R, Class 19A3 6.00%, 01/27/2038—144A		389		391
Series 2010-16, Class A3 4.25%, 06/25/2050—144A *		400		366
Series 2010-16, Class A4 4.25%, 06/25/2050—144A *		1,000		790
Series 2010-1R, Class 5A1 5.00%, 01/27/2036—144A *		518		535
Series 2010-11R, Class A1 1.24%, 06/28/2047—144A *		231		230
Series 2010-12R, Class 14A1 2.72%, 09/26/2046—144A *		520		516
Series 2010-15R, Class 7A1 4.65%, 10/26/2037—144A *		210		205
Series 2010-17R, Class 1A1 2.55%, 06/26/2036—144A *		375		360
Series 2011-1R, Class A1 1.24%, 02/27/2047—144A *		1,309		1,289
Series 2011-6R, Class 3A1 2.76%, 07/28/2036—144A *		775		730
Series 2011-7R, Class A1 1.49%, 08/28/2047—144A *		1,820		1,787
Series 2011-9R, Class A1 2.24%, 03/27/2046—144A *		3,473		3,451
Series 2011-16R, Class 7A3 3.50%, 12/27/2036—144A *		863		850
Series 2012-3R, Class 1A1 3.25%, 07/27/2037—144A *		1,953		1,968
CW Capital Cobalt, Ltd. Series 2006-C1, Class A4 5.22%, 08/15/2048		600		657
CW Capital Cobalt, Ltd., IO Series 2006-C1 0.92%, 08/15/2048 *		27,584		743
DBRR Trust, IO Series 2011-C32, Class A3X1 2.02%, 06/17/2049—144A * ə		6,000		102
Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2005-1, Class 2A1 5.80%, 02/25/2020 *		285		293
Deutsche Mortgage Securities, Inc. Series 2009-RS2, Class 4A1 0.37%, 04/26/2037—144A *		273		264
Series 2010-RS2, Class A1 1.49%, 06/28/2047—144A *		338		335
FDIC Structured Sale Guaranteed Notes Series 2010-C1, Class A 2.98%, 12/06/2020—144A		1,187		1,234

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
First Horizon Asset Securities, Inc. Series 2003-8, Class 2A1 4.50%, 09/25/2018	$	137	$	138
Series 2004-AR2, Class 2A1 2.64%, 05/25/2034 *		813		781
Fontainebleau Miami Beach Trust 2.89%, 05/07/2027		1,146		1,157
GE Capital Commercial Mortgage Corp. Series 2005-C1, Class AJ 4.83%, 06/10/2048 *		1,000		1,027
GMAC Mortgage Corp., Loan Trust
Series 2003-AR1, Class A4 3.03%, 10/19/2033 *		228		228
Series 2003-AR2, Class 2A4 2.99%, 12/19/2033 *		1,240		1,228
Series 2004-J5, Class A7 6.50%, 01/25/2035		2,000		2,089
Series 2004-J6, Class 1A1 5.00%, 01/25/2020		222		227
Greenwich Capital Commercial Funding Corp. Series 2005-GG3, Class AJ 4.86%, 08/10/2042 *		220		228
GS Mortgage Securities Corp. II Series 2004-GG2, Class A6 5.40%, 08/10/2038 *		1,000		1,078
GS Mortgage Securities Corp. II, IO Series 2006-GG8, Class X 0.81%, 11/10/2039—144A *		11,299		242
GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF 0.59%, 09/25/2035—144A *		1,561		1,223
GSMPS Mortgage Loan Trust, IO Series 2005-RP3, Class 1AS 5.10%, 09/25/2035—144A *		1,171		177
GSR Mortgage Loan Trust Series 2003-7F, Class 1A4 5.25%, 06/25/2033		1,581		1,568
Series 2004-8F, Class 2A3 6.00%, 09/25/2034		1,684		1,761
Series 2005-5F, Class 8A3 0.74%, 06/25/2035 *		240		227
Impac CMB Trust Series 2005-4, Class 2A1 0.54%, 05/25/2035 *		435		405
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1 5.50%, 08/25/2033		136		144
Series 2006-1, Class 2A1 0.59%, 05/25/2036 *		960		880
Series 2006-2, Class 2A1 0.59%, 08/25/2036 *		938		837
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-CB8, Class A4 4.40%, 01/12/2039		1,000		1,048
Series 2004-CB9, Class A4 5.78%, 06/12/2041 *		1,000		1,078
Series 2005-CB11, Class AJ 5.54%, 08/12/2037 *		700		712
Series 2005-CB13, Class A4 5.46%, 01/12/2043 *		385		421

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

Transamerica Funds		Semi-Annual Report 2012
	Page    25

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. (continued) Series 2006-CB15, Class A4 5.81%, 06/12/2043 *	$	1,500	$	1,687
Series 2006-CB16, Class A4 5.55%, 05/12/2045		100		113
Series 2006-LDP9, Class A3SF 0.40%, 05/15/2047 *		1,000		924
JPMorgan Chase Commercial Mortgage Securities Corp., IO Series 2006-CB15, Class X1 0.11%, 06/12/2043 *		54,664		367
JPMorgan Mortgage Trust Series 2004-A3, Class 4A1 2.76%, 07/25/2034 *		165		161
Series 2004-A4, Class 1A1 2.76%, 09/25/2034 *		217		218
Series 2004-S1, Class 1A7 5.00%, 09/25/2034		81		83
Series 2005-A1, Class 3A4 5.01%, 02/25/2035 *		688		681
Series 2005-A1, Class 5A1 4.44%, 02/25/2035 *		59		59
Series 2006-A2, Class 4A1 2.75%, 08/25/2034 *		517		500
Series 2006-A2, Class 5A3 2.65%, 11/25/2033 *		1,195		1,183
Series 2006-A3, Class 6A1 2.78%, 08/25/2034 *		136		127
JPMorgan Re-REMIC Series 2009-6, Class 4A1 5.66%, 09/26/2036—144A *		435		433
Series 2010-4, Class 7A1 4.27%, 08/26/2035—144A *		508		498
LB-UBS Commercial Mortgage Trust Series 2004-C2, Class A4 4.37%, 03/15/2036		1,110		1,167
Series 2006-C1, Class A4 5.16%, 02/15/2031		150		167
Series 2006-C4, Class A4 6.07%, 06/15/2038 *		400		456
LB-UBS Commercial Mortgage Trust, IO Series 2006-C1, Class XCL 0.21%, 02/15/2041—144A *		24,528		279
LVII Resecuritization Trust Series 2009-2, Class A4 2.75%, 09/27/2037—144A *		59		58
Series 2009-2, Class A5 2.96%, 09/27/2037—144A *		2,000		1,998
Series 2009-3, Class M3 5.61%, 11/27/2037—144A *		600		631
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1 2.63%, 04/21/2034 *		1,439		1,415
Series 2004-13, Class 3A6 2.72%, 11/21/2034 *		88		88
Series 2004-13, Class 3A7 2.72%, 11/21/2034 *		700		677
MASTR Alternative Loans Trust Series 2003-9, Class 2A1 6.00%, 12/25/2033		185		186

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
MASTR Alternative Loans Trust (continued) Series 2004-5, Class 5A1 4.75%, 06/25/2019	$	218	$	220
MASTR Asset Securitization Trust Series 2003-2, Class 1A1 5.00%, 03/25/2018		112		115
Series 2003-3, Class 3A18 5.50%, 04/25/2033		329		340
Series 2003-11, Class 9A6 5.25%, 12/25/2033		1,088		1,141
Series 2004-P7, Class A6 5.50%, 12/27/2033—144A		579		611
MASTR Resecuritization Trust, PO Series 2005, Class 3 05/28/2035—144A		236		184
Merrill Lynch Mortgage Investors, Inc. Series 2003-A4, Class 2A 2.74%, 07/25/2033 *		192		194
Series 2003-A5, Class 2A6 2.51%, 08/25/2033 *		194		192
Series 2004-A4, Class A2 2.63%, 08/25/2034 *		298		288
Merrill Lynch Mortgage Trust Series 2005-LC1, Class AJ 5.51%, 01/12/2044 *		500		493
Series 2006-C1, Class A4 5.85%, 05/12/2039 *		730		826
Merrill Lynch/Countrywide Commercial Mortgage Trust, IO Series 2006-4, Class XC 0.25%, 12/12/2049—144A *		16,155		195
MLCC Mortgage Investors, Inc. Series 2004-1, Class 2A1 2.29%, 12/25/2034 *		626		626
Series 2004-D, Class A2 1.47%, 09/25/2029 *		422		389
Morgan Stanley Capital I Series 2004-HQ4, Class A7 4.97%, 04/14/2040		2,500		2,647
Series 2006-T21, Class A4 5.16%, 10/12/2052 *		200		221
Series 2007-T27, Class A4 5.82%, 06/11/2042 *		200		232
Series 2011-C3, Class A3 4.05%, 07/15/2049		637		689
Morgan Stanley Capital I, IO Series 2006-IQ12, Class X1 0.18%, 12/15/2043—144A *		39,645		557
Series 2006-T21, Class X 0.30%, 10/12/2052—144A *		97,191		759
Series 2007-HQ11, Class X 0.40%, 02/12/2044—144A *		69,776		505
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A 5.66%, 04/25/2034 *		677		687
Morgan Stanley Re-REMIC Trust 0.25%, 07/27/2049		500		332
2.00%, 07/27/2049		2,513		2,501
Series 2009-IO, Class A1 3.00%, 07/17/2056—144A		221		222
Series 2009-IO, Class A2 5.00%, 07/17/2056—144A ə		2,500		2,560

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

Transamerica Funds		Semi-Annual Report 2012
	Page    26

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Re-REMIC Trust (continued) Series 2010-C30A, Class A3A 3.25%, 12/17/2043—144A	$	682	$	681
Series 2010-HQ4B, Class A7A 4.97%, 04/16/2040—144A		1,400		1,481
Series 2011-IO, Class A 2.50%, 03/23/2051—144A		2,022		2,032
NCUA Guaranteed Notes Series 2010-C1, Class APT 2.65%, 10/29/2020		3,010		3,138
Series 2010-R3, Class 1A 0.80%, 12/08/2020 *		900		903
Series 2010-R3, Class 3A 2.40%, 12/08/2020		411		421
Prime Mortgage Trust Series 2004-CL1, Class 1A1 6.00%, 02/25/2034		279		296
Prime Mortgage Trust, PO Series 2004-CL1, Class 1 02/25/2034		25		23
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1 2.82%, 05/25/2035 *		555		544
RBSSP Resecuritization Trust Series 2009-1, Class 1A1 6.50%, 02/26/2036—144A		604		642
Series 2010-9, Class 7A5 4.00%, 05/26/2037—144A *		902		897
Residential Accredit Loans, Inc. Series 2003-QS1, Class A6 4.25%, 01/25/2033		155		157
Series 2003-QS13, Class A5 0.89%, 07/25/2033 *		465		401
Series 2003-QS15, Class A7 5.50%, 08/25/2033		1,287		1,324
Series 2003-QS18, Class A1 5.00%, 09/25/2018		159		163
Series 2004-QS7, Class A4 5.50%, 05/25/2034		386		348
Residential Asset Mortgage Products, Inc. Series 2004-SL2, Class A3 7.00%, 10/25/2031		446		467
Residential Asset Securitization Trust Series 2002-A13, Class A4 5.25%, 12/25/2017		80		81
Residential Funding Mortgage Securities I Series 2003-S4, Class A4 5.75%, 03/25/2033		735		773
Series 2003-S20, Class 2A1 4.75%, 12/25/2018		125		127
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HYB1, Class A 2.74%, 09/25/2033 *		564		549
Series 2003-UP1, Class A 3.95%, 04/25/2032—144A *		47		40
Sequoia Mortgage Trust Series 2004-11, Class A1 0.54%, 12/20/2034 *		725		632
Series 2004-11, Class A3 0.54%, 12/20/2034 *		880		829

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust (continued) Series 2004-12, Class A3 1.05%, 01/20/2035 *	$	471	$	362
Springleaf Mortgage Loan Trust Series 2011-1A, Class A1 4.05%, 01/25/2058—144A *		1,973		2,002
Series 2011-1A, Class A2 5.45%, 01/25/2058—144A *		1,500		1,500
Series 2012-1A, Class A 2.67%, 09/25/2057—144A *		818		816
Series 2012-1A, Class M3 6.00%, 09/25/2057—144A *		1,000		905
Structured Adjustable Rate Mortgage Loan Trust Series 2004-6, Class 5A4 4.91%, 06/25/2034 *		800		788
Structured Asset Mortgage Investments, Inc. Series 2004-AR5, Class 1A1 0.90%, 10/19/2034 *		613		538
Structured Asset Securities Corp. Series 2003-16, Class A3 0.74%, 06/25/2033 *		110		105
Series 2003-32, Class 1A1 5.27%, 11/25/2033 *		204		214
Series 2003-35, Class 3A1 0.74%, 12/25/2033 *		457		441
Series 2003-33H, Class 1A1 5.50%, 10/25/2033		186		189
Series 2003-37A, Class 2A 5.03%, 12/25/2033 *		251		250
Series 2004-5H, Class A4 5.54%, 12/25/2033		883		862
Series 2004-4XS, Class 1A5 5.49%, 02/25/2034 *		721		729
Thornburg Mortgage Securities Trust Series 2003-4, Class A1 0.88%, 09/25/2043 *		520		498
Series 2004-1, Class II2A 1.91%, 03/25/2044 *		234		217
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class A3 5.66%, 08/15/2039 *		650		700
Vendee Mortgage Trust Series 1993-1, Class ZB 7.25%, 02/15/2023		416		481
Series 1998-2, Class 1G 6.75%, 06/15/2028		734		849
Vericrest Opportunity Loan Transferee Series 2011-NL1A, Class A1 5.93%, 12/26/2050—144A *		549		551
Series 2011-NL1A, Class A2 9.08%, 12/26/2050—144A *		1,400		1,412
Series 2011-NL2A, Class A1 5.68%, 06/25/2051—144A *		480		481
Series 2011-NL2A, Class A2 9.32%, 06/25/2051—144A *		1,300		1,308
Series 2011-NL3A, Class A1 5.19%, 09/25/2051—144A *		979		981
Series 2011-NL3A, Class A2 9.32%, 09/25/2051—144A *		615		616
Series 2012-NL1A, Class A1 4.21%, 03/25/2049—144A *		517		517

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

Transamerica Funds		Semi-Annual Report 2012
	Page    27

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
MORTGAGE-BACKED SECURITIES (continued)
VOLT LLC Series 2012-1A, Class A1 4.95%, 03/25/2049—144A *	$	4,000	$	4,000
Wachovia Bank Commercial Mortgage Trust Series 2003-C9, Class A4 5.01%, 12/15/2035 *		1,500		1,573
Series 2004-C11, Class A5 5.22%, 01/15/2041 *		1,118		1,198
Wachovia Bank Commercial Mortgage Trust, IO Series 2006-C24, Class XC 0.08%, 03/15/2045—144A *		147,082		619
WaMu Mortgage Pass-Through Certificates Series 2003-AR6, Class A1 2.57%, 06/25/2033 *		1,022		1,018
Series 2003-AR7, Class A7 2.44%, 08/25/2033 *		374		366
Series 2003-AR8, Class A 2.49%, 08/25/2033 *		129		129
Series 2003-AR9, Class 1A6 2.46%, 09/25/2033 *		645		648
Series 2003-S3, Class 1A4 5.50%, 06/25/2033		717		731
Series 2003-S4, Class 2A10 16.81%, 06/25/2033 *		41		47
Series 2003-S8, Class A4 4.50%, 09/25/2018		133		134
Series 2003-S9, Class A8 5.25%, 10/25/2033		602		619
Series 2004-AR3, Class A1 2.59%, 06/25/2034 *		88		88
Series 2004-AR3, Class A2 2.59%, 06/25/2034 *		909		898
Series 2004-CB2, Class 7A 5.50%, 08/25/2019		487		508
Series 2004-CB3, Class 4A 6.00%, 10/25/2019		538		559
Series 2004-S1, Class 1A3 0.64%, 03/25/2034 *		131		128
Series 2004-S2, Class 2A4 5.50%, 06/25/2034		618		632
Washington Mutual MSC Mortgage Pass- Through Certificates Series 2003-MS2, Class 1A1 5.75%, 02/25/2033		426		442
Series 2004-RA2, Class 2A 7.00%, 07/25/2033		175		185
Wells Fargo Mortgage Backed Securities Trust Series 2003-11, Class 1A10 4.75%, 10/25/2018		914		938
Series 2003-11, Class 2A1 4.75%, 10/25/2018		678		697
Series 2003-15, Class 1A1 4.75%, 12/25/2018		167		173
Series 2003-J, Class 2A5 4.43%, 10/25/2033 *		17		17
Series 2003-K, Class 1A1 4.44%, 11/25/2033 *		67		68
Series 2004-4, Class A9 5.50%, 05/25/2034		647		666

	Principal		Value
	(000’s)		(000’s)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust (continued)
Series 2004-7, Class 2A2 5.00%, 07/25/2019	$	238	$	246
Series 2004-EE, Class 2A1 2.70%, 12/25/2034 *		484		484
Series 2004-EE, Class 2A2 2.70%, 12/25/2034 *		121		121
Series 2004-EE, Class 3A1 2.76%, 12/25/2034 *		117		118
Series 2004-EE, Class 3A2 2.76%, 12/25/2034 *		175		179
Series 2004-I, Class 1A1 2.70%, 07/25/2034 *		1,535		1,512
Series 2004-P, Class 2A1 2.67%, 09/25/2034 *		2,706		2,700
Series 2004-R, Class 2A1 2.63%, 09/25/2034 *		1,413		1,411
Series 2004-U, Class A1 2.72%, 10/25/2034 *		1,579		1,572
Series 2004-V, Class 1A1 2.70%, 10/25/2034 *		286		282
Series 2004-V, Class 1A2 2.70%, 10/25/2034 *		128		127
Series 2004-W, Class A9 2.61%, 11/25/2034 *		404		403
Series 2005-1, Class 2A1 5.00%, 01/25/2020		283		290
Series 2005-13, Class A1 5.00%, 11/25/2020		167		175
Series 2005-AR8, Class 2A1 2.69%, 06/25/2035 *		633		608
Series 2005-AR9, Class 2A1 2.67%, 10/25/2033 *		245		242
Wells Fargo Mortgage Loan Trust Series 2012-RR1, Class A1 2.85%, 08/27/2037—144A *		937		929
WF-RBS Commercial Mortgage Trust Series 2011-C3, Class A4 4.38%, 03/15/2044—144A		550		598
Total Mortgage-Backed Securities (cost $224,222)				226,308
ASSET-BACKED SECURITIES—3.3%
AH Mortgage Advance Trust Series SART-1, Class A1 2.63%, 05/10/2043—144A		1,691		1,686
Series SART-1, Class A2 3.37%, 05/10/2043—144A		4,434		4,442
Series SART-2, Class A1 3.27%, 09/15/2043—144A		2,134		2,149
Series SART-2, Class B1 6.90%, 09/15/2043—144A		800		808
Series SART-3, Class 1A1 2.98%, 03/13/2043—144A		1,035		1,035
Series SART-3, Class 1A2 3.72%, 03/13/2044—144A		1,969		1,974
Ally Auto Receivables Trust Series 2009-A, Class A3 2.33%, 06/17/2013—144A		20		20
Series 2010-1, Class A3 1.45%, 05/15/2014		139		139

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

Transamerica Funds		Semi-Annual Report 2012
	Page    28

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
ASSET-BACKED SECURITIES (continued)
Ally Auto Receivables Trust (continued) Series 2010-3, Class A3 1.11%, 10/15/2014	$	920	$	924
Series 2010-3, Class A4 1.55%, 08/17/2015		357		362
Series 2010-4, Class A3 0.91%, 11/17/2014		384		385
Series 2011-1, Class A3 1.38%, 01/15/2015		285		287
Series 2012-1, Class A3 0.93%, 02/16/2016		709		711
American Credit Acceptance Receivables Trust Series 2012-1, Class A1 1.96%, 01/15/2014—144A		419		419
Series 2012-1, Class A2 3.04%, 10/15/2015—144A		512		512
AmeriCredit Automobile Receivables Trust Series 2010-1, Class A3 1.66%, 03/17/2014		21		22
Series 2010-3, Class A3 1.14%, 04/08/2015		535		537
Series 2010-4, Class A2 0.96%, 05/08/2014		79		79
Series 2010-4, Class A3 1.27%, 04/08/2015		125		125
Series 2011-1, Class A2 0.84%, 06/09/2014		187		187
Series 2011-1, Class A3 1.39%, 09/08/2015		200		201
Series 2011-3, Class A2 0.84%, 11/10/2014		581		582
Series 2011-4, Class A2 0.92%, 03/09/2015		649		650
Series 2011-4, Class A3 1.17%, 05/09/2016		1,885		1,889
Series 2011-5, Class A3 1.55%, 07/08/2016		1,593		1,610
Series 2012-1, Class A2 0.91%, 10/08/2015		396		396
Arch Bay Asset-Backed Securities Series 2010-2, Class A 4.13%, 04/25/2057—144A *		74		74
Asset Backed Funding Certificates Series 2005-AQ1, Class A4 5.01%, 06/25/2035 *		715		709
Bank of America Auto Trust Series 2009-2A, Class A3 2.13%, 09/15/2013—144A		1		1
Series 2009-3A, Class A3 1.67%, 12/16/2013—144A		12		12
Series 2010-2, Class A3 1.31%, 07/15/2014		150		150
Series 2010-1A, Class A3 1.39%, 03/15/2014—144A		63		63
Series 2010-1A, Class A4 2.18%, 02/15/2017—144A		185		188
Series 2010-2, Class A4 1.94%, 06/15/2017		510		518
BMW Vehicle Lease Trust Series 2012-1, Class A3 0.75%, 02/20/2015		311		311

	Principal		Value
	(000’s)		(000’s)
ASSET-BACKED SECURITIES (continued)
CarMax Auto Owner Trust Series 2010-1, Class A3 1.56%, 07/15/2014	$	98	$	99
Series 2011-1, Class A3 1.29%, 09/15/2015		630		634
Series 2011-1, Class A4 2.16%, 09/15/2016		530		546
Series 2011-3, Class A3 1.07%, 06/15/2016		1,552		1,562
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2003-2, Class 2A2 0.80%, 02/25/2033 *		617		538
Series 2003-5, Class 1A4 4.40%, 02/25/2030		238		239
Series 2003-6, Class 1A4 4.50%, 11/25/2034		324		330
Series 2003-6, Class 1A5 5.35%, 11/25/2034 *		500		439
Chrysler Financial Auto Securitization Trust Series 2010-A, Class A3 0.91%, 08/08/2013		935		936
Series 2010-A, Class B 1.65%, 11/08/2013		2,000		2,009
Citigroup Mortgage Loan Trust, Inc. Series 2011-5, Class 1A1 0.43%, 02/25/2046—144A *		779		714
CNH Equipment Trust Series 2010-A, Class A3 1.54%, 07/15/2014		63		63
Series 2010-C, Class A3 1.17%, 05/15/2015		379		381
Series 2011-A, Class A3 1.20%, 05/16/2016		350		352
Series 2011-A, Class A4 2.04%, 10/17/2016		267		275
CPS Auto Trust Series 2011-C, Class A 4.21%, 03/15/2019—144A		1,136		1,136
Series 2012-A, Class A 2.78%, 06/17/2019—144A		380		381
Credit Acceptance Auto Loan Trust Series 2011-1, Class A 2.61%, 03/15/2019—144A		860		871
Ford Credit Auto Lease Trust Series 2011-A, Class A2 0.74%, 09/15/2013		1,510		1,510
Ford Credit Auto Owner Trust Series 2011-B, Class A2 0.68%, 01/15/2014		266		267
Series 2012-B, Class A3 0.72%, 12/15/2016		400		400
Fortress Opportunities Residential Transaction Series 2011-1A, Class A1 7.21%, 10/25/2047—144A *		1,996		2,006
Freedom Trust Series 2011-1, Class A13 0.37%, 11/30/2037—144A *		476		467
GE Capital Credit Card Master Note Trust Series 2009-2, Class A 3.69%, 07/15/2015		600		604

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

Transamerica Funds		Semi-Annual Report 2012
	Page    29

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
HSBC Home Equity Loan Trust Series 2005-2, Class A1 0.51%, 01/20/2035 *	$	80	$	75
Series 2006-1, Class A1 0.40%, 01/20/2036 *		147		135
Series 2007-1, Class A2F 5.60%, 03/20/2036 *		122		123
Series 2007-1, Class AS 0.44%, 03/20/2036 *		159		136
Series 2007-3, Class APT 1.44%, 11/20/2036 *		112		101
Huntington Auto Trust Series 2011-1A, Class A2 0.76%, 04/15/2014—144A		2,400		2,402
Series 2011-1A, Class A3 1.01%, 01/15/2016—144A		2,000		2,010
Series 2011-1A, Class A4 1.31%, 11/15/2016—144A		1,500		1,513
Hyundai Auto Receivables Trust Series 2010-B, Class A3 0.97%, 04/15/2015		304		305
Series 2010-B, Class A4 1.63%, 03/15/2017		375		382
Series 2011-A, Class A3 1.16%, 04/15/2015		275		277
Series 2011-A, Class A4 1.78%, 12/15/2015		310		316
Series 2011-B, Class A3 1.04%, 09/15/2015		257		258
Series 2011-B, Class A4 1.65%, 02/15/2017		288		293
John Deere Owner Trust Series 2011-A, Class A3 1.29%, 01/15/2016		335		337
Series 2011-A, Class A4 1.96%, 04/16/2018		285		292
LAI Vehicle Lease Securitization Trust Series 2010-A, Class A 2.55%, 09/15/2016—144A		329		328
Lake Country Mortgage Loan Trust Series 2006-HE1, Class A3 0.59%, 07/25/2034—144A *		628		603
Madison Avenue Manufactured Housing Contract Series 2002-A, Class M2 2.49%, 03/25/2032 *		1,103		1,013
Mercedes-Benz Auto Receivables Trust Series 2010-1, Class A3 1.42%, 08/15/2014		142		143
Series 2011-1, Class A3 0.85%, 03/16/2015		545		547
MMCA Automobile Trust Series 2012-A, Class A4 1.57%, 08/15/2017—144A		2,000		2,029
Morgan Stanley ABS Capital I Series 2004-WMC3, Class M1 0.99%, 01/25/2035 *		27		26
NCUA Guaranteed Notes Series 2010-A1, Class A 0.59%, 12/07/2020 *		240		240

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Newcastle Investment Trust Series 2011-MH1, Class A 2.45%, 12/10/2033—144A	$	237	$	240
Nissan Auto Receivables Owner Trust Series 2010-A, Class A3 0.87%, 07/15/2014		432		433
Series 2010-A, Class A4 1.31%, 09/15/2016		300		303
PennyMac Loan Trust Series 2010-NPL1, Class M1 5.00%, 05/25/2050—144A *		103		103
Series 2011-NPL1, Class A 5.25%, 09/25/2051—144A *		1,308		1,311
Residential Asset Mortgage Products, Inc. Series 2004-RS6, Class AI4 5.46%, 05/25/2032 *		315		313
Series 2004-RZ1, Class M1 4.32%, 03/25/2034 *		571		367
Series 2005-EFC5, Class A3 0.58%, 10/25/2035 *		600		515
Series 2006-RZ1, Class A3 0.54%, 03/25/2036 *		1,000		857
Residential Asset Securities Corp. Series 2005-KS9, Class A3 0.61%, 10/25/2035 *		497		480
Residential Credit Solutions Trust Series 2011-1, Class A1 6.00%, 03/25/2041—144A		861		861
Santander Drive Auto Receivables Trust Series 2010-A, Class A3 1.83%, 11/17/2014—144A		400		403
Series 2010-A, Class A4 2.39%, 06/15/2017—144A		400		409
Series 2011-S2A, Class B 2.06%, 06/15/2017—144A		151		151
Series 2011-S2A, Class D 3.35%, 06/15/2017—144A		302		301
Series 2012-1, Class A2 1.25%, 04/15/2015		1,124		1,127
Series 2012-1, Class A3 1.49%, 10/15/2015		411		413
Saxon Asset Securities Trust Series 2003-1, Class AF6 4.80%, 06/25/2033 *		297		297
Structured Asset Investment Loan Trust Series 2005-5, Class A9 0.51%, 06/25/2035 *		400		380
Structured Asset Securities Corp. Series 2002-AL1, Class A2 3.45%, 02/25/2032		272		248
Series 2004-6XS, Class A5A 5.53%, 03/25/2034 *		584		584
Series 2004-6XS, Class A5B 5.55%, 03/25/2034 *		584		585
Series 2005-NC1, Class A11 4.69%, 02/25/2035 *		1,120		1,109
Toyota Auto Receivables Owner Trust Series 2010-C, Class A3 0.77%, 04/15/2014		61		61
Series 2011-A, Class A3 0.98%, 10/15/2014		845		848

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

Transamerica Funds		Semi-Annual Report 2012
	Page    30

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
USAA Auto Owner Trust Series 2009-2, Class A3 1.54%, 10/15/2012	$	14	$	14
Series 2009-2, Class A4 2.53%, 06/17/2013		115		117
Westgate Resorts LLC Series 2012-1, Class A 4.50%, 09/20/2025—144A		2,111		2,111
Westlake Automobile Receivables Trust Series 2011-1A, Class A2 1.08%, 07/15/2013—144A		83		83
Series 2011-1A, Class A3 1.49%, 06/16/2014—144A		303		304
World Omni Auto Receivables Trust Series 2010-A, Class A4 2.21%, 05/15/2015		275		279
Total Asset-Backed Securities (cost $70,092)				70,407
MUNICIPAL GOVERNMENT OBLIGATIONS—0.2%
American Municipal Power, Inc. 7.50%, 02/15/2050		640		843
New York State Dormitory Authority, Revenue Bond 5.60%, 03/15/2040		280		341
Ohio State University 4.80%, 06/01/2111		1,370		1,437
Port Authority of New York & New Jersey 5.65%, 11/01/2040		485		594
State of Illinois 5.10%, 06/01/2033		85		81
Total Municipal Government Obligations (cost $2,849)				3,296
CORPORATE DEBT SECURITIES—15.8%
Aerospace & Defense—0.1%
BAE Systems Holdings, Inc. 5.20%, 08/15/2015—144A		380		416
BAE Systems PLC 5.80%, 10/11/2041—144A		439		480
Lockheed Martin Corp. 2.13%, 09/15/2016 ^		320		327
4.25%, 11/15/2019 ^		150		166
4.85%, 09/15/2041		190		199
5.72%, 06/01/2040		108		125
United Technologies Corp. 8.88%, 11/15/2019		250		345
Air Freight & Logistics—0.0% ¥
United Parcel Service of America, Inc. 8.38%, 04/01/2020		60		85
8.38%, 04/01/2030 *		200		287
Airlines—0.1%
American Airlines Pass-Through Trust—Series 2011-1, Class A 5.25%, 01/31/2021		106		109
American Airlines Pass-Through Trust—Series 2011-2, Class A 8.63%, 04/15/2023		609		643
Continental Airlines Pass-Through Trust—Series 2007-1A, Class A 5.98%, 04/19/2022		274		297
Delta Air Lines, Inc., Pass-Through Trust—Series 2010-2, Class A 4.95%, 05/23/2019		267		286

	Principal (000’s)		Value (000’s)
Airlines (continued)
Delta Air Lines, Inc., Pass-Through Trust—Series 2011-1, Class A 5.30%, 04/15/2019	$	86	$	90
Auto Components—0.1%
Johnson Controls, Inc. 3.75%, 12/01/2021		571		594
4.25%, 03/01/2021		335		361
5.25%, 12/01/2041		970		1,045
Automobiles—0.1%
Daimler Finance North America LLC 2.63%, 09/15/2016—144A		778		804
2.95%, 01/11/2017—144A		1,100		1,147
6.50%, 11/15/2013		80		87
Volkswagen International Finance NV 1.63%, 08/12/2013—144A		116		117
Beverages—0.1%
Anheuser-Busch InBev Worldwide, Inc. 1.50%, 07/14/2014		136		138
7.75%, 01/15/2019		650		861
8.20%, 01/15/2039		240		379
Diageo Capital PLC 4.83%, 07/15/2020		90		105
5.75%, 10/23/2017 ^		230		278
Diageo Finance BV 5.50%, 04/01/2013		290		303
PepsiCo, Inc. 3.00%, 08/25/2021		250		258
7.90%, 11/01/2018		21		28
SABMiller Holdings, Inc. 3.75%, 01/15/2022—144A		200		208
SABMiller PLC 5.50%, 08/15/2013—144A		180		190
5.70%, 01/15/2014—144A		330		356
Biotechnology—0.1%
Amgen, Inc. 3.45%, 10/01/2020		400		409
3.88%, 11/15/2021		435		457
4.50%, 03/15/2020 ^		56		62
5.15%, 11/15/2041		1,075		1,121
5.65%, 06/15/2042		252		280
5.75%, 03/15/2040		165		186
Capital Markets—1.7%
Bank of New York Mellon Corp. 2.40%, 01/17/2017 ^		994		1,029
2.95%, 06/18/2015 ^		675		712
3.10%, 01/15/2015 ^		125		132
3.55%, 09/23/2021 ^		509		533
4.60%, 01/15/2020		40		45
5.45%, 05/15/2019		200		233
BlackRock, Inc. 6.25%, 09/15/2017 ^		635		772
BP Capital Markets PLC 3.88%, 03/10/2015		675		723
4.74%, 03/11/2021 ^		100		114
Charles Schwab Corp. 4.95%, 06/01/2014		100		108
Credit Suisse 4.38%, 08/05/2020 ^		316		333
5.30%, 08/13/2019 ^		1,200		1,339
5.40%, 01/14/2020		200		206

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

Transamerica Funds		Semi-Annual Report 2012
	Page    31

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Capital Markets (continued)
Credit Suisse (continued) 6.00%, 02/15/2018	$	1,825	$	1,971
Credit Suisse USA, Inc. 5.13%, 08/15/2015		170		187
Deutsche Bank AG 2.38%, 01/11/2013 ^		250		252
3.25%, 01/11/2016 ^		400		411
3.88%, 08/18/2014 ^		100		105
6.00%, 09/01/2017		190		216
Goldman Sachs Group, Inc. 3.63%, 02/07/2016 ^		255		256
3.70%, 08/01/2015		308		313
5.25%, 10/15/2013 - 07/27/2021		691		707
5.38%, 03/15/2020		390		405
6.00%, 06/15/2020		2,047		2,190
6.15%, 04/01/2018		200		218
6.25%, 09/01/2017		650		707
6.75%, 10/01/2037		200		198
7.50%, 02/15/2019		4,875		5,639
Jefferies Group, Inc. 3.88%, 11/09/2015 ^		171		168
6.25%, 01/15/2036		260		227
6.45%, 06/08/2027		180		171
8.50%, 07/15/2019		1,720		1,901
Macquarie Group, Ltd. 6.00%, 01/14/2020—144A		450		449
6.25%, 01/14/2021—144A		525		532
7.30%, 08/01/2014—144A		700		747
7.63%, 08/13/2019—144A		1,000		1,077
Morgan Stanley 4.00%, 07/24/2015		333		331
4.20%, 11/20/2014		156		156
5.45%, 01/09/2017		500		508
5.63%, 09/23/2019		2,610		2,578
5.75%, 01/25/2021		400		395
5.95%, 12/28/2017		700		720
7.30%, 05/13/2019		1,800		1,932
Morgan Stanley—Series F 5.55%, 04/27/2017		170		173
6.25%, 08/28/2017		450		470
Morgan Stanley—Series MTN 6.63%, 04/01/2018		1,200		1,254
Nomura Holdings, Inc. 4.13%, 01/19/2016 ^		200		205
5.00%, 03/04/2015 ^		350		366
6.70%, 03/04/2020		543		594
UBS AG 2.25%, 08/12/2013		250		252
3.88%, 01/15/2015		600		623
4.88%, 08/04/2020		525		550
Chemicals—0.4%
Dow Chemical Co. 4.13%, 11/15/2021 ^		438		457
4.25%, 11/15/2020		174		185
5.25%, 11/15/2041		283		296
7.60%, 05/15/2014		640		720
8.55%, 05/15/2019		456		605
E.I. du Pont de Nemours & Co. 1.95%, 01/15/2016		173		179

	Principal (000’s)		Value (000’s)
Chemicals (continued)
E.I. du Pont de Nemours & Co. (continued) 4.90%, 01/15/2041	$	125	$	138
5.60%, 12/15/2036		550		664
Ecolab, Inc. 5.50%, 12/08/2041 ^		570		655
Mosaic Co. 3.75%, 11/15/2021 ^		209		218
4.88%, 11/15/2041		253		264
Potash Corp. of Saskatchewan, Inc. 6.50%, 05/15/2019		260		325
PPG Industries, Inc. 5.75%, 03/15/2013		120		125
6.65%, 03/15/2018		470		580
7.40%, 08/15/2019		300		370
9.00%, 05/01/2021		310		418
Praxair, Inc. 4.38%, 03/31/2014		375		401
5.20%, 03/15/2017		150		176
Union Carbide Corp. 7.50%, 06/01/2025		400		476
7.75%, 10/01/2096		210		230
Commercial Banks—2.4%
ANZ National International, Ltd. 2.38%, 12/21/2012—144A		105		106
Australia & New Zealand Banking Group, Ltd. 2.40%, 11/23/2016—144A ^		997		1,017
3.25%, 03/01/2016—144A ^		130		135
4.88%, 01/12/2021—144A ^		137		152
Bank of Montreal 1.30%, 10/31/2014—144A ^		642		651
Bank of Nova Scotia 1.65%, 10/29/2015—144A ^		359		366
2.55%, 01/12/2017 ^		855		888
3.40%, 01/22/2015		405		429
Bank of Tokyo-Mitsubishi UFJ, Ltd. 2.35%, 02/23/2017—144A ^		785		796
3.85%, 01/22/2015—144A		227		241
Barclays Bank PLC 2.50%, 01/23/2013		150		151
2.50%, 09/21/2015—144A ^		510		523
2.75%, 02/23/2015		950		958
3.90%, 04/07/2015 ^		170		177
5.00%, 09/22/2016 ^		100		108
5.13%, 01/08/2020		350		369
5.20%, 07/10/2014		125		132
6.75%, 05/22/2019 ^		400		461
BB&T Corp. 3.38%, 09/25/2013 ^		220		228
3.85%, 07/27/2012		265		267
3.95%, 04/29/2016		515		561
4.90%, 06/30/2017		550		607
5.20%, 12/23/2015		250		278
5.25%, 11/01/2019 ^		90		100
5.70%, 04/30/2014		195		213
6.85%, 04/30/2019		250		313
Canadian Imperial Bank of Commerce 2.60%, 07/02/2015—144A ^		1,750		1,841
Comerica, Inc. 3.00%, 09/16/2015		150		156

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

Transamerica Funds		Semi-Annual Report 2012
	Page    32

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Commonwealth Bank of Australia 2.25%, 03/16/2017—144A ^	$	530	$	536
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA 3.38%, 01/19/2017		205		212
4.50%, 01/11/2021		300		314
5.80%, 09/30/2110—144A		300		300
DNB Boligkreditt AS 2.10%, 10/14/2015—144A		1,057		1,077
HSBC Bank PLC 1.63%, 07/07/2014—144A ^		1,437		1,439
3.10%, 05/24/2016—144A		262		271
3.50%, 06/28/2015—144A		1,175		1,226
4.13%, 08/12/2020—144A		275		284
HSBC Holdings PLC 4.88%, 01/14/2022		1,520		1,639
5.10%, 04/05/2021		911		1,003
ING Bank NV 3.75%, 03/07/2017—144A		943		932
KeyBank NA 5.70%, 11/01/2017 ^		245		261
5.80%, 07/01/2014		250		271
M&T Bank Corp. 5.38%, 05/24/2012		80		80
Manufacturers & Traders Trust Co. 1.97%, 04/01/2013 *		300		300
6.63%, 12/04/2017		250		291
National Australia Bank, Ltd. 2.50%, 01/08/2013—144A		400		405
2.75%, 09/28/2015—144A		280		288
3.00%, 07/27/2016—144A ^		1,730		1,780
3.75%, 03/02/2015—144A		280		295
National Bank of Canada 1.65%, 01/30/2014—144A ^		271		276
National City Corp. 4.90%, 01/15/2015 ^		165		181
Nordea Bank AB 1.75%, 10/04/2013—144A ^		200		200
3.13%, 03/20/2017—144A ^		1,070		1,080
4.88%, 05/13/2021—144A ^		384		369
Oversea-Chinese Banking Corp., Ltd. 1.63%, 03/13/2015—144A		598		600
PNC Bank NA 6.88%, 04/01/2018		1,600		1,924
PNC Funding Corp. 2.70%, 09/19/2016		720		749
3.00%, 05/19/2014		180		187
4.38%, 08/11/2020		433		477
5.13%, 02/08/2020		250		288
5.25%, 11/15/2015		130		144
5.63%, 02/01/2017		130		145
6.70%, 06/10/2019 ^		150		185
Rabobank Nederland NV 2.13%, 10/13/2015		105		106
3.20%, 03/11/2015—144A		500		519
Royal Bank of Canada 2.30%, 07/20/2016 ^		800		822
Stadshypotek AB 1.45%, 09/30/2013—144A ^		1,394		1,408

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Svenska Handelsbanken AB 3.13%, 07/12/2016 ^	$	388	$	399
Toronto-Dominion Bank 2.20%, 07/29/2015—144A ^		895		930
2.50%, 07/14/2016 ^		718		746
U.S. Bancorp 2.45%, 07/27/2015		540		561
2.88%, 11/20/2014 ^		121		127
3.00%, 03/15/2022		233		236
4.13%, 05/24/2021		133		147
7.50%, 06/01/2026		111		141
UBS AG 5.88%, 12/20/2017		110		122
Wachovia Bank NA 0.80%, 03/15/2016 *		450		426
5.00%, 08/15/2015		500		545
6.00%, 11/15/2017		3,100		3,613
Wachovia Corp. 5.50%, 05/01/2013		420		440
5.75%, 06/15/2017—02/01/2018		2,170		2,531
Wells Fargo & Co. 2.63%, 12/15/2016^		995		1,028
3.68%, 06/15/2016 *		390		418
5.63%, 12/11/2017 ^		550		645
Wells Fargo Bank NA—Series AI 4.75%, 02/09/2015		2,000		2,153
Westpac Banking Corp. 2.45%, 11/28/2016—144A		600		613
4.88%, 11/19/2019 ^		750		816
Commercial Services & Supplies—0.1%
ERAC USA Finance LLC 2.25%, 01/10/2014—144A		257		259
2.75%, 03/15/2017—144A		65		65
4.50%, 08/16/2021—144A		175		183
5.63%, 03/15/2042—144A		450		443
Pitney Bowes, Inc. 4.88%, 08/15/2014		350		372
5.00%, 03/15/2015 ^		250		266
5.60%, 03/15/2018		100		105
Waste Management, Inc. 4.75%, 06/30/2020		319		360
Communications Equipment—0.0% ¥
Cisco Systems, Inc. 4.45%, 01/15/2020		150		172
5.50%, 01/15/2040		250		301
5.90%, 02/15/2039		100		124
Computers & Peripherals—0.1%
Dell, Inc. 3.10%, 04/01/2016		371		396
5.65%, 04/15/2018		90		106
Hewlett-Packard Co. 2.60%, 09/15/2017		225		225
4.05%, 09/15/2022 ^		97		98
4.30%, 06/01/2021		200		206
4.38%, 09/15/2021		312		324
6.00%, 09/15/2041		1,360		1,502
Construction & Engineering—0.0%¥
Fluor Corp. 3.38%, 09/15/2021		547		561

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

Transamerica Funds		Semi-Annual Report 2012
	Page    33

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Construction Materials—0.0% ¥
CRH America, Inc. 6.00%, 09/30/2016	$	221	$	243
Consumer Finance—0.6%
American Express Co. 7.00%, 03/19/2018		700		866
American Express Credit Corp. 2.38%, 03/24/2017		277		282
2.80%, 09/19/2016		1,617		1,676
5.13%, 08/25/2014		200		217
7.30%, 08/20/2013		200		216
American Express Credit Corp.—Series C 5.88%, 05/02/2013		300		315
Capital One Bank USA NA 8.80%, 07/15/2019		1,300		1,642
Capital One Financial Corp. 2.15%, 03/23/2015		400		403
4.75%, 07/15/2021		625		674
6.75%, 09/15/2017		730		875
7.38%, 05/23/2014		75		83
Caterpillar Financial Services Corp. 7.15%, 02/15/2019		100		130
Caterpillar Financial Services Corp.—Series F 5.85%, 09/01/2017		150		180
7.05%, 10/01/2018		150		192
HSBC Finance Corp. 4.75%, 07/15/2013 ^		165		171
5.00%, 06/30/2015		455		488
5.50%, 01/19/2016		260		282
John Deere Capital Corp. 2.25%, 04/17/2019		333		336
2.75%, 03/15/2022 ^		153		153
3.15%, 10/15/2021 ^		290		301
5.75%, 09/10/2018 ^		100		122
PACCAR Financial Corp. 1.55%, 09/29/2014		497		505
1.60%, 03/15/2017		197		197
Toyota Motor Credit Corp. 2.00%, 09/15/2016		1,675		1,717
3.20%, 06/17/2015		385		410
Diversified Financial Services—2.3%
Allstate Life Global Funding Trust 5.38%, 04/30/2013		200		209
American Honda Finance Corp. 2.60%, 09/20/2016—144A		902		933
7.63%, 10/01/2018—144A		300		383
Aon Corp. 3.13%, 05/27/2016		235		243
3.50%, 09/30/2015		46		48
6.25%, 09/30/2040		83		101
ASIF Global Financing XIX 4.90%, 01/17/2013—144A		2,236		2,267
Associates Corp. 6.95%, 11/01/2018		3,010		3,408
Bank of America Corp. 3.88%, 03/22/2017 ^		533		532
5.00%, 05/13/2021		75		75
5.63%, 07/01/2020		3,840		3,970
5.75%, 12/01/2017		220		233
5.88%, 02/07/2042		400		395
6.50%, 08/01/2016		500		547

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Bank of America Corp.—Series L 7.38%, 05/15/2014	$	650	$	704
Bank of America Corp.—Series MTNL 5.65%, 05/01/2018		770		814
Blackstone Holdings Finance Co., LLC 5.88%, 03/15/2021—144A		1,205		1,262
Caisse Centrale Desjardins du Quebec 2.55%, 03/24/2016—144A		580		608
Citigroup, Inc. 4.45%, 01/10/2017		1,080		1,128
4.59%, 12/15/2015		485		508
4.75%, 05/19/2015		842		885
5.38%, 08/09/2020		355		381
6.00%, 12/13/2013—08/15/2017		1,870		2,059
6.01%, 01/15/2015		420		455
6.13%, 11/21/2017		345		383
6.38%, 08/12/2014		310		334
6.50%, 08/19/2013		110		116
6.88%, 03/05/2038		340		396
8.13%, 07/15/2039		100		130
8.50%, 05/22/2019		550		683
CME Group, Inc. 5.75%, 02/15/2014		196		213
Countrywide Financial Corp. 6.25%, 05/15/2016		550		570
FUEL Trust 3.98%, 06/15/2016—144A		555		575
4.21%, 04/15/2016—144A		401		419
General Electric Capital Corp. 4.38%, 09/16/2020		1,190		1,275
4.65%, 10/17/2021		1,300		1,413
5.40%, 02/15/2017		400		458
5.50%, 06/04/2014 ^		685		744
5.50%, 01/08/2020		1,140		1,303
5.63%, 09/15/2017—05/01/2018		6,213		7,186
6.00%, 08/07/2019		1,420		1,678
6.75%, 03/15/2032		485		591
Goldman Sachs Group, LP 8.00%, 03/01/2013—144A		325		339
Macquarie Bank, Ltd. 5.00%, 02/22/2017—144A ^		1,092		1,110
MassMutual Global Funding II 2.00%, 04/05/2017—144A		370		372
2.88%, 04/21/2014—144A		100		103
3.63%, 07/16/2012—144A		600		603
Merrill Lynch & Co., Inc. 5.00%, 01/15/2015		650		679
5.45%, 02/05/2013		390		401
6.88%, 04/25/2018		600		669
Merrill Lynch & Co., Inc.—Series C 6.40%, 08/28/2017		2,325		2,514
National Rural Utilities Cooperative Finance Corp. 2.63%, 09/16/2012 ^		25		25
10.38%, 11/01/2018		250		367
Tyco International Finance SA 8.50%, 01/15/2019		100		131
Diversified Telecommunication Services—1.0%
AT&T Corp. 8.00%, 11/15/2031		27		39

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

Transamerica Funds		Semi-Annual Report 2012
	Page    34

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services (continued)
AT&T, Inc. 4.45%, 05/15/2021	$	1,200	$	1,346
4.85%, 02/15/2014		400		429
5.35%, 09/01/2040		898		982
5.50%, 02/01/2018		300		354
5.80%, 02/15/2019		1,300		1,563
6.30%, 01/15/2038		500		599
Bellsouth Capital Funding Corp. 7.12%, 07/15/2097		335		407
BellSouth Corp. 6.55%, 06/15/2034 ^		500		578
6.88%, 10/15/2031		270		330
BellSouth Telecommunications, Inc. 6.30%, 12/15/2015		124		131
7.00%, 10/01/2025		300		369
British Telecommunications PLC 5.95%, 01/15/2018 ^		200		234
9.63%, 12/15/2030		180		268
Centel Capital Corp. 9.00%, 10/15/2019		450		525
CenturyLink, Inc. 6.45%, 06/15/2021		540		562
7.60%, 09/15/2039		360		342
Deutsche Telekom International Finance BV 6.00%, 07/08/2019		395		464
8.75%, 06/15/2030		330		454
France Telecom SA 2.75%, 09/14/2016 ^		350		359
8.50%, 03/01/2031		430		588
GTE Corp. 6.84%, 04/15/2018		1,792		2,211
8.75%, 11/01/2021		250		350
GTP Acquisition Partners I LLC 4.35%, 06/15/2016—144A		758		783
Qwest Corp. 6.75%, 12/01/2021 ^		1,296		1,460
Telecom Italia Capital SA 4.95%, 09/30/2014 ^		250		253
6.18%, 06/18/2014		281		290
7.00%, 06/04/2018		250		262
Telefonica Emisiones SAU 5.46%, 02/16/2021 ^		91		86
6.22%, 07/03/2017		650		663
6.42%, 06/20/2016		380		391
Verizon Communications, Inc. 4.75%, 11/01/2041 ^		200		210
6.10%, 04/15/2018		411		499
8.75%, 11/01/2018 ^		1,000		1,366
8.95%, 03/01/2039		520		824
Verizon Global Funding Corp. 5.85%, 09/15/2035		175		207
7.75%, 12/01/2030		300		414
Verizon Maryland, Inc. 7.15%, 05/01/2023 ^		600		630
Verizon Pennsylvania, Inc. 8.35%, 12/15/2030		240		306
Electric Utilities—1.0%
AEP Texas Central Co. 6.65%, 02/15/2033		100		123

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Alabama Power Co. 6.13%, 05/15/2038	$	77	$	100
Alabama Power Co.—Series S 5.88%, 12/01/2022		370		451
Appalachian Power Co. 5.95%, 05/15/2033		50		55
6.38%, 04/01/2036		200		243
6.70%, 08/15/2037		225		285
Arizona Public Service Co. 4.50%, 04/01/2042		121		123
5.05%, 09/01/2041 ^		303		336
Carolina Power & Light Co. 3.00%, 09/15/2021		610		627
5.30%, 01/15/2019 ^		80		96
CenterPoint Energy Houston Electric LLC—Series U 7.00%, 03/01/2014		100		111
Cleveland Electric Illuminating Co. 7.88%, 11/01/2017		180		226
8.88%, 11/15/2018		337		450
Comision Federal de Electricidad 4.88%, 05/26/2021—144A		261		276
Consumers Energy Co. 6.70%, 09/15/2019		100		127
Duke Energy Carolinas LLC 3.90%, 06/15/2021 ^		260		287
4.25%, 12/15/2041		264		274
4.30%, 06/15/2020 ^		156		177
6.45%, 10/15/2032		100		129
Duke Energy Corp. 3.55%, 09/15/2021		348		363
Duke Energy Indiana, Inc. 3.75%, 07/15/2020		200		217
Enel Finance International NV 5.13%, 10/07/2019—144A		450		444
Florida Power & Light Co. 5.13%, 06/01/2041		112		132
5.95%, 10/01/2033 ^		425		543
Great Plains Energy, Inc. 4.85%, 06/01/2021 ^		26		28
Indiana Michigan Power Co. 7.00%, 03/15/2019		338		420
Jersey Central Power & Light Co. 7.35%, 02/01/2019 ^		330		418
John Sevier Combined Cycle Generation LLC 4.63%, 01/15/2042		503		544
Kansas City Power & Light Co. 5.30%, 10/01/2041		1,040		1,128
KCP&L Greater Missouri Operations Co. 11.88%, 07/01/2012		300		305
Massachusetts Electric Co. 5.90%, 11/15/2039—144A		55		68
MidAmerican Energy Co. 5.30%, 03/15/2018		500		591
Nevada Power Co. 5.38%, 09/15/2040		52		61
5.45%, 05/15/2041 ^		400		475
6.50%, 08/01/2018		910		1,126
Nevada Power Co.—Series V 7.13%, 03/15/2019 ^		100		128

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

Transamerica Funds		Semi-Annual Report 2012
	Page    35

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Niagara Mohawk Power Corp. 4.88%, 08/15/2019—144A	$	50	$	56
NiSource Finance Corp. 5.80%, 02/01/2042		1,119		1,217
6.80%, 01/15/2019		604		722
Northern States Power Co. 5.35%, 11/01/2039		19		23
6.25%, 06/01/2036 ^		100		135
Oncor Electric Delivery Co., LLC 6.80%, 09/01/2018		775		921
7.00%, 09/01/2022		175		214
Pacific Gas & Electric Co. 3.25%, 09/15/2021 ^		159		165
4.45%, 04/15/2042		167		170
4.50%, 12/15/2041		540		553
5.40%, 01/15/2040		42		49
6.05%, 03/01/2034		60		74
8.25%, 10/15/2018 ^		395		532
PacifiCorp 5.50%, 01/15/2019		125		149
5.65%, 07/15/2018		100		120
6.25%, 10/15/2037		360		474
Pennsylvania Electric Co. 6.05%, 09/01/2017		150		172
PPL Energy Supply LLC 4.60%, 12/15/2021		460		476
Progress Energy, Inc. 3.15%, 04/01/2022		156		156
4.40%, 01/15/2021 ^		140		156
4.88%, 12/01/2019		200		228
6.00%, 12/01/2039		50		61
7.75%, 03/01/2031		150		208
Public Service Co., of Colorado 3.20%, 11/15/2020		56		59
Public Service Co., of Oklahoma 5.15%, 12/01/2019		133		152
Public Service Electric & Gas Co. 2.70%, 05/01/2015		150		158
5.38%, 11/01/2039		28		34
Southern California Edison Co. 3.90%, 12/01/2041		660		650
5.50%, 03/15/2040 ^		130		160
6.65%, 04/01/2029		300		397
Southern Co. 1.95%, 09/01/2016 ^		254		260
Southwestern Public Service Co.—Series G 8.75%, 12/01/2018		405		547
Virginia Electric and Power Co. 2.95%, 01/15/2022		157		161
Wisconsin Electric Power Co. 2.95%, 09/15/2021		26		27
Electronic Equipment & Instruments—0.0% ¥
Arrow Electronics, Inc. 3.38%, 11/01/2015 ^		75		78
6.00%, 04/01/2020		385		425
6.88%, 07/01/2013		160		170
6.88%, 06/01/2018 ^		92		107
Energy Equipment & Services—0.2%
ANR Pipeline Co. 9.63%, 11/01/2021		200		297

	Principal (000’s)		Value (000’s)
Energy Equipment & Services (continued)
Halliburton Co. 6.15%, 09/15/2019	$	70	$	86
7.60%, 08/15/2096—144A		160		222
Nabors Industries, Inc. 6.15%, 02/15/2018		205		239
Noble Holding International, Ltd. 3.95%, 03/15/2022		87		88
5.25%, 03/15/2042		253		255
Schlumberger Investment SA 3.30%, 09/14/2021—144A		344		357
Spectra Energy Capital LLC 6.20%, 04/15/2018		325		382
7.50%, 09/15/2038		125		164
8.00%, 10/01/2019 ^		490		631
TransCanada PipeLines, Ltd. 6.50%, 08/15/2018		175		219
7.13%, 01/15/2019		400		513
Transocean, Inc. 6.38%, 12/15/2021		161		189
6.50%, 11/15/2020		500		574
7.35%, 12/15/2041 ^		124		152
7.50%, 04/15/2031		200		233
Weatherford International, Ltd. 5.95%, 04/15/2042		105		109
Food & Staples Retailing—0.1%
CVS Caremark Corp. 4.13%, 05/15/2021		360		389
6.13%, 09/15/2039		150		181
CVS Pass-Through Trust 5.93%, 01/10/2034—144A		663		739
Kroger Co. 2.20%, 01/15/2017		123		126
3.40%, 04/15/2022 ^		700		700
5.40%, 07/15/2040		51		54
6.15%, 01/15/2020		300		368
7.50%, 04/01/2031		100		127
8.00%, 09/15/2029		175		233
Food Products—0.3%
Bunge, Ltd. Finance Corp. 5.88%, 05/15/2013		400		416
8.50%, 06/15/2019		310		386
Cargill, Inc. 3.30%, 03/01/2022—144A		1,260		1,271
6.00%, 11/27/2017—144A		220		263
7.35%, 03/06/2019—144A		250		315
Kraft Foods, Inc. 5.38%, 02/10/2020		609		713
6.13%, 08/23/2018		225		272
6.50%, 08/11/2017—02/09/2040		2,016		2,478
Gas Utilities—0.2%
AGL Capital Corp. 3.50%, 09/15/2021		601		614
4.45%, 04/15/2013		300		309
5.25%, 08/15/2019		100		115
5.88%, 03/15/2041		109		133
6.38%, 07/15/2016		300		348
Atmos Energy Corp. 4.95%, 10/15/2014		200		217
8.50%, 03/15/2019		44		58

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

Transamerica Funds		Semi-Annual Report 2012
	Page    36

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Gas Utilities (continued)
Boston Gas Co. 4.49%, 02/15/2042—144A ^	$	330	$	343
CenterPoint Energy Resources Corp. 4.50%, 01/15/2021		352		386
5.95%, 01/15/2014		150		161
6.13%, 11/01/2017		630		736
Health Care Providers & Services—0.1%
Medco Health Solutions, Inc. 2.75%, 09/15/2015		140		144
7.13%, 03/15/2018		250		309
UnitedHealth Group, Inc. 3.38%, 11/15/2021 ^		412		430
WellPoint, Inc. 5.88%, 06/15/2017		650		765
Household Durables—0.0% ¥
Newell Rubbermaid, Inc. 4.70%, 08/15/2020		183		198
Household Products—0.0% ¥
Kimberly-Clark Corp. 2.40%, 03/01/2022		68		67
Independent Power Producers & Energy Traders—0.2%
Exelon Generation Co., LLC 4.00%, 10/01/2020 ^		600		619
5.75%, 10/01/2041		86		96
6.20%, 10/01/2017		940		1,104
PSEG Power LLC 4.15%, 09/15/2021		417		440
5.13%, 04/15/2020 ^		151		170
5.32%, 09/15/2016 ^		800		899
5.50%, 12/01/2015		100		113
Southern Power Co. 5.15%, 09/15/2041		360		389
Industrial Conglomerates—0.1%
Danaher Corp. 3.90%, 06/23/2021		261		291
Koninklijke Philips Electronics NV 3.75%, 03/15/2022		606		624
7.20%, 06/01/2026		500		660
Tyco International, Ltd. 7.00%, 12/15/2019		325		405
Insurance—1.1%
ACE INA Holdings, Inc. 5.60%, 05/15/2015		425		479
Aflac, Inc. 4.00%, 02/15/2022 ^		466		483
6.45%, 08/15/2040		108		124
8.50%, 05/15/2019 ^		235		311
AIG SunAmerica Global Financing X 6.90%, 03/15/2032—144A		350		411
Allstate Corp. 5.00%, 08/15/2014 ^		70		76
7.45%, 05/16/2019 ^		100		128
Berkshire Hathaway Finance Corp. 2.45%, 12/15/2015 ^		187		195
5.40%, 05/15/2018 ^		2,000		2,364
5.75%, 01/15/2040		100		119
Berkshire Hathaway, Inc. 3.75%, 08/15/2021 ^		727		769
CNA Financial Corp. 5.85%, 12/15/2014		200		216
5.88%, 08/15/2020		282		308

	Principal (000’s)		Value (000’s)
Insurance (continued)
Jackson National Life Global Funding 4.70%, 06/01/2018—144A	$	1,400	$	1,538
5.38%, 05/08/2013—144A		950		989
Lincoln National Corp. 4.20%, 03/15/2022		53		53
4.85%, 06/24/2021		58		61
Massachusetts Mutual Life Insurance Co. 5.38%, 12/01/2041—144A ^		297		316
MetLife, Inc. 6.75%, 06/01/2016 ^		580		688
MetLife Institutional Funding II 1.37%, 04/04/2014—144A *		230		231
Metropolitan Life Global Funding I 2.00%, 01/10/2014—01/09/2015—144A		2,400		2,438
2.50%, 01/11/2013—144A		870		881
3.65%, 06/14/2018—144A		520		547
3.88%, 04/11/2022—144A		720		727
5.13%, 06/10/2014—144A		300		324
Nationwide Mutual Insurance Co. 6.60%, 04/15/2034—144A		260		257
9.38%, 08/15/2039—144A		1,425		1,821
New York Life Global Funding 1.30%, 01/12/2015—144A ^		420		423
3.00%, 05/04/2015—144A		600		633
4.65%, 05/09/2013—144A		150		156
Pacific Life Global Funding 5.00%, 05/15/2017—144A		100		106
5.15%, 04/15/2013—144A		280		291
Pacific Life Insurance Co. 9.25%, 06/15/2039—144A		1,150		1,503
Principal Life Income Funding Trusts 5.10%, 04/15/2014		385		413
5.30%, 12/14/2012—04/24/2013		510		528
Prudential Insurance Co. of America 8.30%, 07/01/2025—144A		900		1,203
Travelers Property Casualty Corp. 7.75%, 04/15/2026		450		611
Internet Software & Services—0.0% ¥
eBay, Inc. 3.25%, 10/15/2020		420		435
IT Services—0.1%
HP Enterprise Services LLC 7.45%, 10/15/2029		500		612
International Business Machines Corp. 1.25%, 02/06/2017		315		314
1.95%, 07/22/2016		264		273
7.00%, 10/30/2025		508		697
8.00%, 10/15/2038		100		158
Machinery—0.0% ¥
Caterpillar, Inc. 7.90%, 12/15/2018 ^		250		340
Eaton Corp. 7.63%, 04/01/2024		500		689
Media—0.8%
CBS Corp. 5.50%, 05/15/2033		150		161
5.75%, 04/15/2020		63		73
7.88%, 07/30/2030		130		171
8.88%, 05/15/2019		100		133

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

Transamerica Funds		Semi-Annual Report 2012
	Page    37

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Media (continued)
Comcast Cable Communications LLC 8.88%, 05/01/2017	$	250	$	325
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414		607
Comcast Corp. 5.85%, 11/15/2015		300		346
6.45%, 03/15/2037		100		122
6.50%, 11/15/2035		100		122
7.05%, 03/15/2033		1,300		1,611
COX Communications, Inc. 5.45%, 12/15/2014		50		55
COX Enterprises, Inc. 7.38%, 07/15/2027—144A		200		242
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.80%, 03/15/2022—144A		910		906
4.60%, 02/15/2021		400		428
6.00%, 08/15/2040		700		749
6.38%, 03/01/2041		240		269
Discovery Communications LLC 4.38%, 06/15/2021 ^		344		375
Historic TW, Inc. 9.15%, 02/01/2023		200		276
NBCUniversal Media LLC 4.38%, 04/01/2021		1,000		1,090
5.95%, 04/01/2041		210		245
News America, Inc. 6.20%, 12/15/2034		250		281
6.65%, 11/15/2037		600		698
7.25%, 05/18/2018		155		188
7.30%, 04/30/2028		130		147
7.70%, 10/30/2025		300		370
8.88%, 04/26/2023		200		254
TCI Communications, Inc. 7.13%, 02/15/2028		100		125
8.75%, 08/01/2015		700		860
Thomson Reuters Corp. 3.95%, 09/30/2021 ^		1,005		1,067
4.70%, 10/15/2019 ^		75		84
Time Warner Cable, Inc. 5.50%, 09/01/2041		388		409
6.55%, 05/01/2037		700		815
6.75%, 07/01/2018		40		49
7.30%, 07/01/2038		90		114
8.25%, 02/14/2014—04/01/2019		930		1,140
8.75%, 02/14/2019		380		502
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		250		335
Time Warner, Inc. 4.75%, 03/29/2021 ^		140		156
5.38%, 10/15/2041 ^		112		119
6.20%, 03/15/2040 ^		100		116
6.25%, 03/29/2041		87		101
7.63%, 04/15/2031		300		389
7.70%, 05/01/2032		100		131
Viacom, Inc. 3.88%, 12/15/2021		606		635
Metals & Mining—0.2%
BHP Billiton Finance USA, Ltd. 1.63%, 02/24/2017		111		112

	Principal (000’s)		Value (000’s)
Metals & Mining (continued)
BHP Billiton Finance USA, Ltd. (continued) 3.25%, 11/21/2021	$	670	$	693
4.13%, 02/24/2042		300		294
6.50%, 04/01/2019		270		342
Placer Dome, Inc. 6.45%, 10/15/2035		399		469
Rio Tinto Finance USA, Ltd. 3.50%, 11/02/2020		80		83
3.75%, 09/20/2021		941		996
8.95%, 05/01/2014		400		461
Multiline Retail—0.1%
Kohl’s Corp. 4.00%, 11/01/2021 ^		262		276
Macy’s Retail Holdings, Inc. 3.88%, 01/15/2022 ^		203		209
5.13%, 01/15/2042		100		101
6.90%, 04/01/2029		200		232
7.45%, 07/15/2017		240		293
Nordstrom, Inc. 4.00%, 10/15/2021 ^		301		332
Target Corp. 7.00%, 01/15/2038		140		191
Multi-Utilities—0.2%
CenterPoint Energy, Inc. 6.50%, 05/01/2018		180		214
Consolidated Edison Co., of New York, Inc. 5.70%, 06/15/2040		154		194
Dominion Resources, Inc. 4.90%, 08/01/2041 ^		103		112
5.25%, 08/01/2033		500		563
6.00%, 11/30/2017		450		544
6.40%, 06/15/2018		170		210
San Diego Gas & Electric Co. 3.95%, 11/15/2041		376		382
Sempra Energy 2.00%, 03/15/2014		110		112
6.00%, 10/15/2039		150		186
8.90%, 11/15/2013		180		201
9.80%, 02/15/2019		764		1,060
Xcel Energy, Inc. 4.70%, 05/15/2020 ^		50		57
4.80%, 09/15/2041 ^		116		124
Office Electronics—0.1%
Xerox Corp. 4.50%, 05/15/2021 ^		80		84
5.63%, 12/15/2019		535		604
6.75%, 02/01/2017		330		386
8.25%, 05/15/2014		90		102
Oil, Gas & Consumable Fuels—0.7%
Alberta Energy Co., Ltd. 7.38%, 11/01/2031		500		588
Anadarko Finance Co.—Series B 7.50%, 05/01/2031 ^		530		667
Anadarko Holding Co. 7.15%, 05/15/2028 ^		52		60
Anadarko Petroleum Corp. 7.63%, 03/15/2014		400		444
8.70%, 03/15/2019		150		200
Apache Corp. 3.25%, 04/15/2022		152		157

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

Transamerica Funds		Semi-Annual Report 2012
	Page    38

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Apache Corp. (continued) 4.75%, 04/15/2043	$	268	$	286
6.90%, 09/15/2018		180		228
BG Energy Capital PLC 5.13%, 10/15/2041—144A		200		223
Canadian Natural Resources, Ltd. 6.45%, 06/30/2033		150		186
ConocoPhillips 6.00%, 01/15/2020 ^		105		132
6.65%, 07/15/2018		350		436
Devon Energy Corp. 6.30%, 01/15/2019		600		741
EnCana Corp. 6.50%, 05/15/2019—08/15/2034		610		684
ENI SpA 5.70%, 10/01/2040—144A		900		912
EOG Resources, Inc. 4.10%, 02/01/2021		300		330
Occidental Petroleum Corp. 1.75%, 02/15/2017		208		211
Petrobras International Finance Co. 5.38%, 01/27/2021		400		438
Petro-Canada 5.35%, 07/15/2033		100		108
6.05%, 05/15/2018		312		375
7.88%, 06/15/2026		100		140
Phillips 66 2.95%, 05/01/2017—144A		161		165
4.30%, 04/01/2022—144A		130		136
Shell International Finance BV 3.10%, 06/28/2015		478		510
4.30%, 09/22/2019		300		344
4.38%, 03/25/2020		410		474
6.38%, 12/15/2038		100		136
Statoil ASA 3.13%, 08/17/2017		200		216
3.15%, 01/23/2022		313		322
4.25%, 11/23/2041		236		241
5.25%, 04/15/2019		1,130		1,346
Suncor Energy, Inc. 5.95%, 12/01/2034 ^		400		464
6.10%, 06/01/2018		250		300
Talisman Energy, Inc. 7.75%, 06/01/2019		385		478
Tosco Corp. 7.80%, 01/01/2027		160		222
8.13%, 02/15/2030		230		334
Total Capital International SA 2.88%, 02/17/2022 ^		688		687
Total Capital SA 2.30%, 03/15/2016		400		414
4.13%, 01/28/2021 ^		82		90
Pharmaceuticals—0.1%
Pharmacia Corp. 6.50%, 12/01/2018		260		331
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021 ^		830		860
Real Estate Investment Trusts—0.3%
CommonWealth REIT 5.88%, 09/15/2020 ^		400		413

	Principal (000’s)		Value (000’s)
Real Estate Investment Trusts (continued)
CommonWealth REIT (continued) 6.25%, 08/15/2016	$	400	$	424
6.65%, 01/15/2018		215		233
ERP Operating, LP 4.63%, 12/15/2021		479		511
5.25%, 09/15/2014		860		928
5.75%, 06/15/2017 ^		120		138
HCP, Inc. 3.75%, 02/01/2019		232		234
5.38%, 02/01/2021 ^		105		116
Simon Property Group, LP 4.13%, 12/01/2021		404		431
4.38%, 03/01/2021		210		228
5.65%, 02/01/2020 ^		247		288
6.13%, 05/30/2018		280		331
6.75%, 05/15/2014		50		55
10.35%, 04/01/2019		220		305
WEA Finance LLC 7.13%, 04/15/2018—144A		260		309
WEA Finance LLC / WT Finance AUST Pty, Ltd. 6.75%, 09/02/2019—144A		580		680
Road & Rail—0.3%
Burlington Northern Santa Fe LLC 3.45%, 09/15/2021		176		183
3.60%, 09/01/2020		125		132
4.70%, 10/01/2019		75		85
5.40%, 06/01/2041		175		195
5.65%, 05/01/2017		387		456
5.75%, 03/15/2018—05/01/2040		1,000		1,180
7.29%, 06/01/2036		90		116
Canadian National Railway Co. 5.85%, 11/15/2017		180		216
CSX Corp. 4.25%, 06/01/2021 ^		65		71
6.25%, 04/01/2015—03/15/2018		285		338
7.38%, 02/01/2019		350		446
7.90%, 05/01/2017		400		503
Norfolk Southern Corp. 3.25%, 12/01/2021		166		171
6.00%, 03/15/2105—05/23/2111		944		1,104
Ryder System, Inc. 2.50%, 03/01/2017		440		444
3.60%, 03/01/2016		132		139
Union Pacific Corp. 4.16%, 07/15/2022		306		336
5.78%, 07/15/2040		300		368
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp. 3.30%, 10/01/2021		586		619
4.80%, 10/01/2041		535		585
National Semiconductor Corp. 3.95%, 04/15/2015		500		545
6.60%, 06/15/2017		200		248
Software—0.1%
Intuit, Inc. 5.75%, 03/15/2017		70		81
Microsoft Corp.
1.63%, 09/25/2015		390		403
4.50%, 10/01/2040		70		77

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

Transamerica Funds		Semi-Annual Report 2012
	Page    39

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Software (continued)
Oracle Corp. 5.00%, 07/08/2019	$	100	$	119
5.38%, 07/15/2040		123		145
6.13%, 07/08/2039		731		936
6.50%, 04/15/2038		200		265
Specialty Retail—0.1%
Gap, Inc. 5.95%, 04/12/2021		913		943
Lowe’s Cos., Inc. 4.65%, 04/15/2042		443		449
5.13%, 11/15/2041		189		202
5.50%, 10/15/2035		140		159
7.11%, 05/15/2037		120		158
Staples, Inc. 9.75%, 01/15/2014		80		91
Water Utilities—0.0% ¥
American Water Capital Corp. 6.09%, 10/15/2017		780		917
Wireless Telecommunication Services—0.1%
America Movil SAB de CV 2.38%, 09/08/2016		421		430
Crown Castle Towers LLC 3.21%, 08/15/2015—144A		290		295
Vodafone Group PLC 1.63%, 03/20/2017 ^		470		467
5.45%, 06/10/2019 ^		75		90
Total Corporate Debt Securities (cost $318,353)				334,652

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—7.7%
State Street Navigator Securities LendingTrust—Prime Portfolio, 0.29% p		163,546,706	$	163,547
Total Securities Lending Collateral (cost $163,547)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—3.9%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $83,814 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%, due 12/01/2026, and with a total value of $85,495.	$	83,814		83,814
Total Repurchase Agreement (cost $83,814)
Total Investment Securities (cost $2,200,380) P				2,280,900
Other Assets and Liabilities—Net				(154,855	)
Net Assets			$	2,126,045

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

^ All or a portion of this security is on loan. The value of all securities on loan is $160,276.

p Rate shown reflects the yield at 04/30/2012.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $2,662, or 0.13% of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

P Aggregate cost for federal income tax purposes is $2,200,380. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $85,833 and $5,313, respectively. Net unrealized appreciation for tax purposes is $80,520.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $199,516, or 9.38%, of the fund’s net assets.
IO	Interest Only
PO	Principal Only
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds		Semi-Annual Report 2012
	Page    40

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level  3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—	$	70,407	$	—	$	70,407
Corporate Debt Securities		—		334,652		—		334,652
Foreign Government Obligations		—		34,705		—		34,705
Mortgage-Backed Securities		—		226,308		—		226,308
Municipal Government Obligations		—		3,296		—		3,296
Repurchase Agreement		—		83,814		—		83,814
Securities Lending Collateral		163,547		—		—		163,547
U.S. Government Agency Obligations		—		1,061,661		—		1,061,661
U.S. Government Obligations		—		302,510		—		302,510
Total	$	163,547	$	2,117,353	$	—	$	2,280,900

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    41

Transamerica Developing Markets Debt

(formerly, Transamerica Morgan Stanley Emerging Markets Debt)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS—58.1%
Argentina—1.6%
Argentina Boden Bonds 7.00%, 10/03/2015	$	4,864	$	4,375
Brazil—8.1%
Banco Nacional de Desenvolvimento Economico e Social 5.50%, 07/12/2020—144A		2,970		3,337
5.50%, 07/12/2020—Reg S ^		1,800		2,022
6.37%, 06/16/2018—144A ^		478		559
6.37%, 06/16/2018—Reg S		1,300		1,519
Brazilian Government International Bond 4.88%, 01/22/2021 ^		1,270		1,458
Republic of Brazil 5.88%, 01/15/2019		1,390		1,676
7.13%, 01/20/2037		3,677		5,175
8.00%, 01/15/2018 ^		1,221		1,456
8.88%, 10/14/2019		3,623		5,156
Chile—1.6%
Republic of Chile 5.50%, 08/05/2020	CLP	2,104,500		4,513
Colombia—3.6%
Colombia Government International Bond 4.38%, 07/12/2021	$	1,170		1,293
6.13%, 01/18/2041		1,400		1,768
Republic of Colombia 7.38%, 03/18/2019		260		337
11.75%, 02/25/2020		2,160		3,461
12.00%, 10/22/2015	COP	4,200,000		2,978
Croatia—0.6%
Republic of Croatia 6.63%, 07/14/2020—144A	$	1,630		1,629
Ecuador—0.8%
Republic of Ecuador 9.38%, 12/15/2015—Reg S		2,020		2,063
Ghana—0.2%
Republic of Ghana 8.50%, 10/04/2017—144A ^		486		553
Hungary—0.6%
Hungary Government International Bond 6.38%, 03/29/2021 ^		1,210		1,162
7.63%, 03/29/2041		540		512
Indonesia—1.8%
Republic of Indonesia 6.88%, 01/17/2018—144A		740		874
7.75%, 01/17/2038—144A		584		791
7.75%, 01/17/2038—Reg S		670		908
11.63%, 03/04/2019—Reg S		1,600		2,360
Ireland—2.0%
Vnesheconombank Via VEB Finance PLC—Reg S 6.90%, 07/09/2020		4,870		5,369
Lithuania—1.5%
Lithuania Government International Bond 6.63%, 02/01/2022—144A		990		1,109
Republic of Lithuania 6.13%, 03/09/2021—144A		550		597
6.75%, 01/15/2015—144A		710		769
7.38%, 02/11/2020—Reg S		1,370		1,606
Malaysia—1.1%
Republic of Malaysia 3.21%, 05/31/2013	MYR	9,280		3,072

	Principal (000’s)		Value (000’s)
Mexico—5.2%
Mexico Government International Bond 3.63%, 03/15/2022 ^	$	3,100	$	3,236
United Mexican States 6.05%, 01/11/2040		750		936
6.75%, 09/27/2034		3,657		4,873
8.00%, 06/11/2020	MXN	59,340		5,155
Panama—1.9%
Republic of Panama 5.20%, 01/30/2020	$	1,230		1,430
8.88%, 09/30/2027		1,694		2,655
9.38%, 04/01/2029		700		1,145
Peru—1.8%
Peruvian Government International Bond 5.63%, 11/18/2050		1,750		2,026
Republic of Peru 7.35%, 07/21/2025		10		14
8.75%, 11/21/2033		1,881		3,014
Philippines—4.6%
Republic of The Philippines 4.00%, 01/15/2021 ^		6,943		7,325
8.38%, 06/17/2019		1,841		2,457
9.50%, 02/02/2030		1,796		2,858
Poland—0.3%
Poland Government International Bond 5.00%, 03/23/2022		860		920
Russian Federation—5.7%
Russian Federation 5.00%, 04/29/2020—Reg S		6,500		7,028
12.75%, 06/24/2028—Reg S		3,470		6,282
Russian Foreign Bond—Eurobond 5.63%, 04/04/2042—144A		2,200		2,329
South Africa—1.9%
Eskom Holdings SOC, Ltd. 5.75%, 01/26/2021—144A		3,754		4,036
5.75%, 01/26/2021—Reg S ^		1,110		1,193
Sri Lanka—0.3%
Republic of Sri Lanka 6.25%, 10/04/2020—144A		680		692
6.25%, 10/04/2020—Reg S		100		102
Turkey—4.2%
Export Credit Bank of Turkey 5.38%, 11/04/2016—144A ^		865		876
Republic of Turkey 5.63%, 03/30/2021		2,000		2,140
6.88%, 03/17/2036		4,584		5,191
7.00%, 03/11/2019		2,420		2,807
8.00%, 02/14/2034		390		496
Ukraine—1.9%
Republic of Ukraine 6.58%, 11/21/2016—Reg S ^		862		793
7.75%, 09/23/2020—144A ^		1,780		1,611
7.75%, 09/23/2020—Reg S ^		3,120		2,824
Uruguay—0.5%
Republic of Uruguay 8.00%, 11/18/2022		953		1,317
Venezuela—6.3%
Republic of Venezuela 6.00%, 12/09/2020—Reg S		1,940		1,494
7.65%, 04/21/2025		4,700		3,643
9.00%, 05/07/2023—Reg S		2,110		1,836

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

Transamerica Funds		Semi-Annual Report 2012
	Page    42

Transamerica Developing Markets Debt

(formerly, Transamerica Morgan Stanley Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Venezuela (continued)
Republic of Venezuela (continued) 9.25%, 09/15/2027	$	11,607	$	10,272
Total Foreign Government Obligations (cost $142,338)				159,463
CORPORATE DEBT SECURITIES—30.6%
Brazil—1.9%
Banco Safra Cayman Islands, Ltd. 6.75%, 01/27/2021—144A		1,440		1,541
6.75%, 01/27/2021—Reg S ^		890		952
Centrais Eletricas Brasileiras SA 5.75%, 10/27/2021—144A ^		2,450		2,664
Cayman Islands—1.0%
Odebrecht Finance, Ltd. 6.00%, 04/05/2023—144A ^		2,570		2,711
Chile—0.4%
Banco Santander Chile 6.50%, 09/22/2020—Reg S		CLP538,000		1,079
Ireland—0.6%
Vimpel Communications Via VIP FinanceIreland, Ltd. OJSC 7.75%, 02/02/2021—144A	$	1,480		1,473
Kazakhstan—3.8%
Development Bank of Kazakhstan JSC 5.50%, 12/20/2015—144A ^		1,280		1,366
KazMunayGas National Co. 6.38%, 04/09/2021—144A		2,550		2,839
6.38%, 04/09/2021—Reg S ^		1,960		2,182
9.13%, 07/02/2018—Reg S		550		685
9.13%, 07/02/2018—144A		2,870		3,577
Luxembourg—3.5%
Russian Agricultural Bank OJSC Via RSHB Capital SA 6.30%, 05/15/2017—144A		1,527		1,619
6.30%, 05/15/2017—Reg S		1,500		1,590
7.18%, 05/16/2013—144A		4,130		4,319
7.18%, 05/16/2013—Reg S		450		471
7.75%, 05/29/2018—Reg S		1,600		1,812
Mexico—6.1%
Cemex SAB de CV 9.00%, 01/11/2018—144A ^		2,020		1,889
9.00%, 01/11/2018—Reg S		340		318
Petroleos Mexicanos 4.88%, 01/24/2022—144A ^		2,080		2,218
5.50%, 01/21/2021		8,740		9,728
8.00%, 05/03/2019		2,097		2,663
Netherlands—3.4%
Intergas Finance BV 6.38%, 05/14/2017—Reg S		900		988
Majapahit Holding BV 7.75%, 01/20/2020—Reg S		6,090		7,217
VimpelCom Holdings BV 7.50%, 03/01/2022—144A ^		1,200		1,164
Turkey—0.3%
Export Credit Bank of Turkey 5.88%, 04/24/2019—144A		750		757
United States—3.3%
Pemex Project Funding Master Trust 6.63%, 06/15/2035—06/15/2038		5,173		6,071
8.63%, 12/01/2023		1,750		2,249
Reliance Holdings USA, Inc. 6.25%, 10/19/2040—144A		850		796

	Principal (000’s)		Value (000’s)
Venezuela—6.3%
Petroleos de Venezuela SA 8.50%, 11/02/2017—Reg S		19,240	$	17,171
Total Corporate Debt Securities (cost $77,408)				84,109
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—11.7%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		32,103,094		32,103
Total Securities Lending Collateral (cost $32,103)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—9.7%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $26,718 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $27,257.	$	26,718		26,718
Total Repurchase Agreement (cost $26,718)
Total Investment Securities (cost $278,567) P				302,393
Other Assets and Liabilities—Net				(27,768	)
Net Assets			$	274,625

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

Transamerica Funds		Semi-Annual Report 2012
	Page    43

Transamerica Developing Markets Debt

(formerly, Transamerica Morgan Stanley Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Foreign Government Obligation		52.7	%	$	159,463
Oil, Gas & Consumable Fuels		16.6			50,179
Commercial Banks		5.1			15,506
Electric Utilities		3.3			9,881
Construction & Engineering		0.9			2,711
Wireless Telecommunication Services		0.9			2,637
Construction Materials		0.7			2,207
Gas Utilities		0.3			988
Investment Securities, at Value		80.5			243,572
Short-Term Investments		19.5			58,821
Total Investments		100.0	%	$	302,393

FUTURES CONTRACTS: g
Description	Type		Contracts			Expiration Date		Net Unrealized (Depreciation) (000’s)
10-Year U.S. Treasury Note		Short		(51	)		06/20/2012	$	(24	)

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

^ All or a portion of this security is on loan. The value of all securities on loan is $31,456.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $278,567. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $24,656 and $830, respectively. Net unrealized appreciation for tax purposes is $23,826.

g Cash in the amount of $74 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

DEFINITIONS (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $48,695, or 17.73% of the fund’s net assets.

JSC Joint Stock Company

OJSC Open Joint Stock Company

CURRENCY ABBREVIATIONS:

CLP Chilean Peso

COP Columbian Peso

MXN Mexican Peso

MYR Malaysian Riggit

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs		Level  3— Significant Unobservable Inputs		Value at 04/30/2012
Corporate Debt Securities	$	—		$	84,109	$	—	$	84,109
Foreign Government Obligations		—			159,463		—		159,463
Repurchase Agreement		—			26,718		—		26,718
Securities Lending Collateral		32,103			—		—		32,103
Total	$	32,103		$	270,290	$	—	$	302,393
Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs		Level  3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Depreciation	$	(24	)	$	—	$	—	$	(24	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    44

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCKS—1.7%
Brazil—1.2%
Kroton Educacional SA , 0.00% ‡ə §		2,769	$	5
Lojas Americanas SA , 0.60% p		625,578		5,881
Colombia—0.5%
Banco Davivienda SA , 2.12% p		187,031		2,163
Total Preferred Stocks (cost $6,646)				8,049
COMMON STOCKS—91.3%
Belgium—0.1%
Anheuser-Busch InBev NV ^		6,874		495
Brazil—7.8%
B2W Cia Global Do Varejo ‡		226,316		965
BM&FBovespa SA		1,394,746		7,845
Cia de Bebidas das Americas ADR ^		109,200		4,584
Embraer SA ADR ‡ ^		145,820		5,051
Estacio Participacoes SA		198,000		2,472
Kroton Educacional SA ‡ ə §		15,774		8
Kroton Educacional SA ‡		174,355		2,543
Natura Cosmeticos SA		202,600		4,650
Petroleo Brasileiro SA—Class A ADR		196,900		4,363
Vale SA—Class B ADR ^		202,680		4,384
Chile—0.3%
Banco Santander Chile		17,429,517		1,376
China—4.6%
Ambow Education Holding, Ltd. ADR ‡ ^		43,740		309
Baidu, Inc. ADR ‡		67,920		9,013
Ctrip.com International, Ltd. ADR ‡ ^		247,020		5,353
Home Inns & Hotels Management, Inc. ADR ‡ ^		86,650		2,059
NetEase, Inc. ADR ‡		24,750		1,493
New Oriental Education & Technology Group ADR ‡		88,200		2,357
Shanghai Zhenhua Heavy Industries Co., Ltd. ‡		930,470		427
Youku, Inc. ADR ‡ ^		26,370		634
Colombia—1.3%
Almacenes Exito SA		238,103		3,864
BanColombia SA ADR		34,600		2,347
Denmark—2.1%
Carlsberg AS—Class B		116,945		10,079
Egypt—0.7%
Commercial International Bank Egypt SAE		467,917		1,999
Eastern Tobacco		19,966		298
Egyptian Financial Group-Hermes Holding ‡		447,344		992
Medinet Nasr Housing ‡		27,980		79
France—1.2%
CFAO SA		70,662		3,047
Technip SA		2,490		282
Vallourec SA		39,520		2,377
Hong Kong—10.5%
AIA Group, Ltd.		1,349,200		4,808
China Shenhua Energy Co., Ltd.—Class H ‡		1,067,000		4,738
CNOOC, Ltd.		1,976,000		4,212
Hang Lung Group, Ltd.		349,750		2,193
Hang Lung Properties, Ltd.		1,024,549		3,797
Hengdeli Holdings, Ltd.		72,000		29
Hong Kong Exchanges & Clearing, Ltd. ^		220,700		3,527
Prada SpA ‡ ^		665,300		4,519
Sun Art Retail Group, Ltd. ‡ ^		48,000		64
Tencent Holdings, Ltd. ^		295,800		9,303
Tingyi Cayman Islands Holding Corp. ^		2,315,000		6,191
Want Want China Holdings, Ltd.		4,135,000		5,095
Wumart Stores, Inc. ^		391,000		901

	Shares		Value (000’s)
India—12.0%
Asian Paints, Ltd.		36,111	$	2,406
Cipla, Ltd.		253,959		1,504
Colgate-Palmolive India, Ltd.		133,417		2,810
Dabur India, Ltd.		610,820		1,296
HDFC Bank, Ltd. ADR ^		194,220		6,668
Hindustan Unilever, Ltd.		431,103		3,394
Housing Development Finance Corp.		585,905		7,485
ICICI Bank, Ltd. ADR		131,170		4,445
Infosys, Ltd.		300,610		14,027
Marico, Ltd.		611,952		2,075
Sun Pharmaceuticals Industries, Ltd.		223,266		2,567
Tata Consultancy Services, Ltd.		201,982		4,791
TV18 Broadcast, Ltd. ‡		322,898		165
Zee Entertainment Enterprises, Ltd.		1,385,548		3,318
Indonesia—1.4%
Astra International PT		481,600		3,721
Kalbe Farma PT		1,777,000		778
Unilever Indonesia PT		1,081,500		2,336
Korea, Republic of—5.3%
E-Mart Co., Ltd.		26,405		6,274
MegaStudy Co., Ltd.		9,887		922
NHN Corp.		67,619		15,317
Shinsegae Co., Ltd.		10,774		2,364
Luxembourg—1.1%
Tenaris SA ADR ^		131,840		5,167
Malaysia—0.5%
Genting Bhd		686,900		2,347
Mexico—10.0%
America Movil SAB de CV—Series L ADR		658,300		17,544
Fomento Economico Mexicano SAB de CV ADR		137,000		11,132
Fomento Economico Mexicano SAB de CV		1,003,626		8,151
Grupo Financiero Inbursa SA—Class O		1,044,627		2,298
Grupo Televisa SAB ADR		183,050		4,022
Wal-Mart de Mexico SAB de CV—Series V		1,342,606		3,839
Philippines—3.6%
Jollibee Foods Corp.		1,108,810		2,944
Philippine Long Distance Telephone Co.		31,345		1,921
SM Investments Corp.		200,040		3,312
SM Prime Holdings, Inc.		22,176,170		8,772
Portugal—0.5%
Galp Energia SGPS SA—Class B		142,339		2,240
Russian Federation—2.3%
Magnit OJSC ə		86,416		10,881
Singapore—1.0%
Dairy Farm International Holdings, Ltd. ^		154,942		1,607
Genting Singapore PLC ‡ ^		2,132,000		2,980
South Africa—3.8%
Anglo American Platinum, Ltd. ^		54,348		3,524
Impala Platinum Holdings, Ltd. ^		259,124		5,043
MTN Group, Ltd. ^		375,465		6,564
Standard Bank Group, Ltd.		195,125		2,880
Taiwan—3.5%
Epistar Corp.		1,180,500		2,870
HTC Corp.		292,263		4,433
Synnex Technology International Corp.		1,308,801		3,069
Taiwan Semiconductor Manufacturing Co., Ltd.		2,014,459		5,986
Thailand—0.7%
Siam Commercial Bank PCL		667,500		3,267
Turkey—4.5%
Akbank TAS		496,313		1,843

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

Transamerica Funds		Semi-Annual Report 2012
	Page    45

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Turkey (continued)
Anadolu Efes Biracilik Ve Malt Sanayii AS		269,435	$	3,797
BIM Birlesik Magazalar AS		82,025		3,421
Enka Insaat ve Sanayi AS		1,292,007		4,046
Haci OMER Sabanci Holding AS		1,404,606		5,838
Turkiye Garanti Bankasi AS ‡		652,507		2,400
United Kingdom—8.6%
Anglo American PLC		158,866		6,105
BG Group PLC		105,360		2,480
Eurasia Drilling Co., Ltd. GDR		84,470		2,407
Magnit OJSC GDR ^		77,970		2,283
Mail.ru Group, Ltd. GDR ‡		12,400		536
NovaTek OAO GDR		56,500		7,181
SABMiller PLC		169,590		7,124
Tullow Oil PLC		333,790		8,311
Unilever PLC		116,840		3,988
United States—3.9%
Almacenes Exito SA—144A GDR		205,000		3,325
Cia Brasileira de Distribuicao Grupo Pao de Acucar—Class A ADR ^		140,040		6,586
Credicorp, Ltd.		19,680		2,576
NovaTek OAO—144A GDR		17,900		2,307
Yandex NV—Class A ‡ ^		159,700		3,788
Total Common Stocks (cost $394,592)				430,920

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—12.9%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		60,717,679	$	60,718
Total Securities Lending Collateral (cost $60,718)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—5.3%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $24,890 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $25,389.	$	24,890		24,890
Total Repurchase Agreement (cost $24,890)
Total Investment Securities (cost $486,846) P				524,577
Other Assets and Liabilities—Net				(52,792	)
Net Assets			$	471,785

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Food & Staples Retailing		8.7	%	$	45,408
Beverages		8.7			45,364
Internet Software & Services		7.6			40,084
Oil, Gas & Consumable Fuels		6.8			35,832
Commercial Banks		6.5			34,261
Wireless Telecommunication Services		5.0			26,029
Metals & Mining		3.6			19,057
IT Services		3.6			18,817
Diversified Financial Services		3.3			17,210
Hotels, Restaurants & Leisure		3.0			15,683
Food Products		2.9			15,274
Real Estate Management & Development		2.8			14,840
Semiconductors & Semiconductor Equipment		1.7			8,856
Diversified Consumer Services		1.6			8,617
Household Products		1.6			8,540
Personal Products		1.5			8,022
Energy Equipment & Services		1.5			7,856
Media		1.4			7,505
Thrifts & Mortgage Finance		1.4			7,485
Industrial Conglomerates		1.4			7,358
Multiline Retail		1.1			5,881
Aerospace & Defense		1.0			5,051
Pharmaceuticals		0.9			4,849
Insurance		0.9			4,808
Textiles, Apparel & Luxury Goods		0.9			4,519
Communications Equipment		0.9			4,433
Automobiles		0.7			3,720
Electronic Equipment & Instruments		0.6			3,069
Distributors		0.6			3,047
Machinery		0.5			2,804
Chemicals		0.5			2,406
Capital Markets		0.2			992
Internet & Catalog Retail		0.2			965
Tobacco		0.1			298
Specialty Retail		0.0	¥		29
Investment Securities, at Value		83.7			438,969
Short-Term Investments		16.3			85,608
Total Investments		100.0	%	$	524,577

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

Transamerica Funds		Semi-Annual Report 2012
	Page    46

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $10,894, or 2.31% of the fund’s net assets.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $13, or less than 0.01% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $58,401.

P Aggregate cost for federal income tax purposes is $486,846. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $67,016 and $29,285, respectively. Net unrealized appreciation for tax purposes is $37,731.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $5,632, or 1.19% of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OJSC	Open Joint Stock Company

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	110,014	$	320,898	$	8	$	430,920
Preferred Stocks		8,044		—		5		8,049
Repurchase Agreement		—		24,890		—		24,890
Securities Lending Collateral		60,718		—		—		60,718
Total	$	178,776	$	345,788	$	13	$	524,577

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into  Level '		Transfers out of  Level '		Ending Balance at 04/30/2012		Net Change  in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012
Common   Stocks	$	—	$	23	$	—		$	—	$	—	$	(15	)	$	—	$	—	$	8	$	(15	)
Preferred   Stocks		—		4		—			—		—		1			—		—		5		1
Rights		u		—		$(u	)ə		—		—		—			—		—		—		—
Total	$	—	$	27	$	—		$	—	$	—	$	(14	)	$	—	$	—	$	13	$	(14	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ə Rights exercised on 11/10/2011.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    47

Transamerica Emerging Markets

(formerly, Transamerica WMC Emerging Markets)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCKS—1.0%
Brazil—0.5%
Braskem SA , 4.53% p		149,400	$	1,050
Russian Federation—0.5%
AK Transneft OAO , 0.54% pə		720		1,343
Total Preferred Stocks (cost $2,937)				2,393
COMMON STOCKS—92.2%
Brazil—7.7%
Banco Santander Brasil SA ADR		177,400		1,432
BM&FBovespa SA		443,300		2,494
BR Malls Participacoes SA		259,000		3,218
BTG Pactual Participations, Ltd. ‡		40,800		655
CCR SA		172,100		1,336
Embraer SA ADR ‡		46,100		1,597
GOL Linhas Aereas Inteligentes SA ADR ^		251,998		1,336
JSL SA		239,300		1,199
Localiza Rent a Car SA		21,500		367
Petroleo Brasileiro SA ADR		120,100		2,827
TAM SA ADR ‡^		18,600		455
Totvs SA		49,200		959
Canada—0.6%
Pacific Rubiales Energy Corp.		48,000		1,377
China—2.5%
CNOOC, Ltd. ADR		26,600		5,630
Colombia—0.4%
Ecopetrol SA		303,599		982
Czech Republic—1.0%
CEZ AS		58,231		2,348
Hong Kong—15.4%
AIA Group, Ltd.		517,600		1,845
Anhui Conch Cement Co., Ltd.—Series H ‡ ^		687,000		2,302
China Construction Bank Corp.—Class H		6,521,000		5,084
China Pacific Insurance Group Co., Ltd. ‡		800,800		2,606
China Railway Construction Corp., Ltd. ^		1,800,000		1,436
China Shenhua Energy Co., Ltd.—Class H ‡		756,500		3,359
COSCO Pacific, Ltd.		580,000		845
CSR Corp., Ltd. ‡ ^		2,680,000		2,166
Dongfeng Motor Group Co., Ltd.—Class H ^		1,278,000		2,524
Hengan International Group Co., Ltd.		245,500		2,605
Industrial & Commercial Bank of China—Class H ^		1,728,000		1,151
Ping An Insurance Group Co.—Class H ^		276,500		2,313
Shangri-La Asia, Ltd.		1,242,000		2,641
Sinopharm Group Co., Ltd.—Class H ‡		532,800		1,391
Tencent Holdings, Ltd.		117,600		3,698
Hungary—0.5%
Richter Gedeon		7,322		1,265
India—4.6%
Bharti Airtel, Ltd.		265,024		1,561
Infosys, Ltd. ADR ^		32,900		1,558
Jindal Steel & Power, Ltd.		97,840		937
Ranbaxy Laboratories, Ltd. ‡		282,339		2,697
Tata Consultancy Services, Ltd.		72,260		1,714
Tata Motors, Ltd.		202,443		1,218
Tata Power Co., Ltd.		496,826		998
Indonesia—2.0%
Astra International PT		85,000		657
Bank Mandiri Persero PT		1,291,800		1,040
Perusahaan Gas Negara Persero PT		4,658,000		1,698
Telekomunikasi Indonesia Persero PT Tbk ADR ^		38,400		1,390
Korea, Republic of—16.7%
Amorepacific Corp.		1,437		1,380
GS Engineering & Construction Corp.		17,984		1,341
GS Holdings		48,503		2,558
Hyundai Mobis		6,987		1,901
Hyundai Motor Co.		31,026		7,370
KB Financial Group, Inc.		59,498		2,027
LG Chem, Ltd.		10,749		2,706

	Shares		Value (000’s)
Korea, Republic of (continued)
Lotte Shopping Co., Ltd.		6,697	$	2,080
POSCO		4,395		1,459
Samsung Card Co., Ltd.		26,418		811
Samsung Electronics Co., Ltd.		8,208		10,096
Samsung Engineering Co., Ltd.		14,274		2,716
Shinhan Financial Group Co., Ltd.		52,177		1,824
Malaysia—2.7%
AirAsia Bhd		1,615,500		1,777
AMMB Holdings Bhd		718,500		1,486
Axiata Group Bhd		1,081,000		1,898
Sime Darby Bhd		440,900		1,419
Mexico—3.0%
Cemex SAB de CV ADR		474,847		3,433
Grupo Financiero Banorte SAB de CV—Class O		379,800		1,832
Wal-Mart de Mexico SAB de CV—Series V		605,600		1,732
Philippines—0.8%
Metropolitan Bank & Trust		390,240		845
Philippine Long Distance Telephone Co. ADR		15,200		923
Poland—1.1%
Powszechny Zaklad Ubezpieczen SA		25,857		2,614
Russian Federation—5.5%
Gazprom OAO ADR		345,264		3,960
Lukoil OAO ADR		69,577		4,269
Sberbank of Russia ADR		353,427		4,577
Singapore—1.4%
Golden Agri-Resources, Ltd.		4,434,000		2,634
Sakari Resources, Ltd. ^		400,000		637
South Africa—2.0%
Naspers, Ltd.—Class N		77,524		4,672
Taiwan—11.3%
Chinatrust Financial Holding Co., Ltd.		4,114,492		2,627
Delta Electronics, Inc.		297,000		883
Hiwin Technologies Corp.		123,000		1,166
Hon Hai Precision Industry Co., Ltd.		2,969,177		9,393
Quanta Computer, Inc.		825,000		2,169
Synnex Technology International Corp.		1,035,620		2,429
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		49,300		768
Taiwan Semiconductor Manufacturing Co., Ltd.		1,898,354		5,641
TPK Holding Co., Ltd.		118,400		1,459
Thailand—7.2%
Advanced Info Service PCL		235,800		1,403
Bangkok Bank PCL		454,200		2,821
Banpu PCL		102,050		1,845
Kasikornbank PCL		505,700		2,681
PTT Global Chemical PCL		1,464,396		3,274
PTT PCL		121,400		1,382
Thai Oil PCL		856,900		1,881
Total Access Communication PCL		495,700		1,330
Turkey—2.3%
Haci OMER Sabanci Holding AS		348,950		1,450
Tupras Turkiye Petrol Rafinerileri AS		63,438		1,326
Turkiye Garanti Bankasi AS ‡		697,998		2,567
United Kingdom—2.8%
Aquarius Platinum, Ltd.		691,336		1,459
Mail.ru Group, Ltd.—Reg S GDR ‡		59,418		2,570
NovaTek OAO GDR		6,460		821
Rosneft Oil Co. GDR ‡		240,520		1,716
United States—0.7%
Yandex NV—Class A ‡ ^		71,300		1,691
Total Common Stocks (cost $213,534)				214,640

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

Transamerica Funds		Semi-Annual Report 2012
	Page    48

Transamerica Emerging Markets

(formerly, Transamerica WMC Emerging Markets)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANY—0.2%
United States—0.2%
Vanguard MSCI Emerging Markets ETF		13,600	$	578
Total Investment Company (cost $592)
SECURITIES LENDING COLLATERAL—5.6%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		13,149,554		13,150
Total Securities Lending Collateral (cost $13,150)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—2.9%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $6,674 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $6,809.	$	6,674	$	6,674
Total Repurchase Agreement (cost $6,674)
Total Investment Securities (cost $236,887) P				237,435
Other Assets and Liabilities—Net				(4,386	)
Net Assets			$	233,049

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Oil, Gas & Consumable Fuels		15.1	%	$	35,912
Commercial Banks		12.8			30,509
Semiconductors & Semiconductor Equipment		6.9			16,505
Electronic Equipment & Instruments		6.0			14,164
Automobiles		5.0			11,769
Insurance		3.9			9,378
Internet Software & Services		3.4			7,959
Wireless Telecommunication Services		3.0			7,115
Chemicals		3.0			7,030
Diversified Financial Services		2.6			6,085
Construction Materials		2.4			5,735
Construction & Engineering		2.3			5,493
Media		2.0			4,672
Personal Products		1.7			3,985
Pharmaceuticals		1.7			3,962
Metals & Mining		1.6			3,855
Airlines		1.5			3,568
Electric Utilities		1.4			3,346
Machinery		1.4			3,332
IT Services		1.4			3,272
Real Estate Management & Development		1.4			3,218
Hotels, Restaurants & Leisure		1.1			2,641
Food Products		1.1			2,634
Transportation Infrastructure		0.9			2,181
Computers & Peripherals		0.9			2,169
Multiline Retail		0.9			2,080
Auto Components		0.8			1,901
Food & Staples Retailing		0.7			1,732
Gas Utilities		0.7			1,698
Aerospace & Defense		0.7			1,597
Road & Rail		0.7			1,566
Industrial Conglomerates		0.6			1,419
Health Care Providers & Services		0.6			1,391
Diversified Telecommunication Services		0.6			1,390
Software		0.4			959
Consumer Finance		0.3			811
Emerging Market—Equity		0.2			578
Investment Securities, at Value		91.7			217,611
Short-Term Investments		8.3			19,824
Total Investments		100.0	%	$	237,435

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

Transamerica Funds		Semi-Annual Report 2012
	Page    49

Transamerica Emerging Markets

(formerly, Transamerica WMC Emerging Markets)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

p Rate shown reflects the yield at 04/30/2012.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1,343, or 0.58% of the fund’s net assets.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $12,524.

P Aggregate cost for federal income tax purposes is $236,887. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $16,729 and $16,181, respectively. Net unrealized appreciation for tax purposes is $548.

DEFINITIONS:

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Exchange)

VALUATION SUMMARY (all amounts in thousands): З

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	28,922	$	185,718	$	—	$	214,640
Investment Companies		578		—		—		578
Preferred Stocks		1,050		1,343		—		2,393
Repurchase Agreement		—		6,674		—		6,674
Securities Lending Collateral		13,150		—		—		13,150
Total	$	43,700	$	193,735	$	—	$	237,435

З See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    50

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—62.7%
U.S. Treasury Bill 0.04%, 05/17/2012 p n	$	7,000	$	6,999
0.04%, 06/07/2012 p g		23,500		23,498
0.05%, 05/10/2012 p n		6,000		6,000
0.06%, 06/21/2012 p n		11,500		11,499
Total Short-Term U.S. Government Obligations (cost $47,996)				47,996

	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS—0.3%
Call Options—0.1%
S&P 500 Index Call Strike $1,530.00 Expires 05/19/2012		25		4
S&P 500 Index Call Strike $1,425.00 Expires 05/19/2012		6		33
S&P 500 Index Call Strike $1,360.00 Expires 06/16/2012		u		5
S&P 500 Index Call Strike $1,400.00 Expires 06/16/2012		2		53
S&P 500 Index Call Strike $1,370.00 Expires 06/16/2012		1		23
S&P 500 Index Call Strike $1,365.00 Expires 06/16/2012		u		10
Put Options—0.2%
S&P 500 Index Put Strike $950.00 Expires 05/19/2012		13		1
S&P 500 Index Put Strike $1,275.00 Expires 06/16/2012		2		12
S&P 500 Index Put Strike $1,405.00 Expires 06/16/2012		u		11
S&P 500 Index Put Strike $1,395.00 Expires 06/16/2012		2		65
S&P 500 Index Put Strike $1,385.00 Expires 06/16/2012		1		20
Total Purchased Options (cost $297)				237

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—36.1%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $27,652 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%, due 12/21/2026, and with a total value of $28,205.		27,652		27,652
Total Repurchase Agreement  (cost $27,652)
Total Investment Securities (cost $75,945)P				75,885
Other Assets and Liabilities—Net				702
Net Assets			$	76,587

	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS—(0.3%)
Call Options—(0.2%)
S&P 500 Index Call Strike $1,510.00 Expires 05/19/2012	$	(13)		$	(3)
S&P 500 Index Call Strike $1,385.00 Expires 06/16/2012		(1)			(28)
S&P 500 Index Call Strike $1,480.00 Expires 06/16/2012		(4)			(8)
S&P 500 Index Call Strike $1,395.00 Expires 06/16/2012		(2)			(62)
S&P 500 Index Call Strike $1,525.00 Expires 05/19/2012		(13)			(2)
S&P 500 Index Call Strike $1,460.00 Expires 05/19/2012		(11)			(8)
S&P 500 Index Call Strike $1,475.00 Expires 06/16/2012		(5)			(14)
S&P 500 Index Call Strike $1,405.00 Expires 06/16/2012		(u)			(7)
S&P 500 Index Call Strike $1,475.00 Expires 05/19/2012		(5)			(2)
Put Options—(0.1%)
S&P 500 Index Put Strike $1,360.00 Expires 06/16/2012		(u	)		(2)
S&P 500 Index Put Strike $1,150.00 Expires 05/19/2012		(19)			(3)
S&P 500 Index Put Strike $1,365.00 Expires 06/16/2012		(u	)		(4)
S&P 500 Index Put Strike $1,370.00 Expires 06/16/2012		(1)			(11)
S&P 500 Index Put Strike $1,200.00 Expires 05/19/2012		(28)			(8)
S&P 500 Index Put Strike $1,150.00 Expires 06/16/2012		(4)			(6)
S&P 500 Index Put Strike $1,200.00 Expires 06/16/2012		(3)			(6)
S&P 500 Index Put Strike $1,100.00 Expires 06/16/2012		(3)			(2)
S&P 500 Index Put Strike $1,400.00 Expires 06/16/2012		(2)			(59)
Total Written Options (premiums: $(367))					(235)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    51

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	MSC		(1,374	)		06/20/2012	$	(1,407	)	$	(17	)
Australian Dollar	MSC		(1,692	)		06/20/2012		(1,765	)		12
Australian Dollar	MSC		(920	)		06/20/2012		(949	)		(5	)
Australian Dollar	MSC		(2,274	)		06/20/2012		(2,368	)		11
Australian Dollar	MSC		593			06/20/2012		610			4
Australian Dollar	MSC		(445	)		06/20/2012		(459	)		(3	)
Australian Dollar	MSC		4,908			06/20/2012		5,046			40
Australian Dollar	MSC		355			06/20/2012		362			6
Australian Dollar	MSC		(10,936	)		06/20/2012		(11,418	)		85
Canadian Dollar	MSC		(1,355	)		06/20/2012		(1,363	)		(7	)
Canadian Dollar	MSC		464			06/20/2012		466			3
Canadian Dollar	MSC		704			06/20/2012		709			2
Canadian Dollar	MSC		1,396			06/20/2012		1,412			(1	)
Canadian Dollar	MSC		412			06/20/2012		412			5
Canadian Dollar	MSC		751			06/20/2012		754			6
Canadian Dollar	MSC		697			06/20/2012		710			(5	)
Canadian Dollar	MSC		486			06/20/2012		487			4
Canadian Dollar	MSC		1,819			06/20/2012		1,820			20
Canadian Dollar	MSC		1,234			06/20/2012		1,243			5
Canadian Dollar	MSC		(6,021	)		06/20/2012		(5,998	)		(90	)
Canadian Dollar	MSC		1,598			06/20/2012		1,598			18
Canadian Dollar	MSC		(699	)		06/20/2012		(700	)		(7	)
Canadian Dollar	MSC		1,177			06/20/2012		1,172			17
Euro	MSC		1,897			06/20/2012		2,495			17
Euro	MSC		1,869			06/20/2012		2,449			26
Euro	MSC		1,129			06/20/2012		1,489			6
Euro	MSC		(949	)		06/20/2012		(1,265	)		8
Euro	MSC		(924	)		06/20/2012		(1,225	)		2
Euro	MSC		701			06/20/2012		920			9
Euro	MSC		(661	)		06/20/2012		(876	)		2
Euro	MSC		(654	)		06/20/2012		(873	)		7
Euro	MSC		(584	)		06/20/2012		(764	)		(10	)
Euro	MSC		(922	)		06/20/2012		(1,211	)		(10	)
Euro	MSC		(96	)		06/20/2012		(126	)		(1	)
Japanese Yen	MSC		(1,678,756	)		06/20/2012		(20,764	)		(272	)
Japanese Yen	MSC		226,031			06/20/2012		2,736			96
Japanese Yen	MSC		493,108			06/20/2012		5,971			208
Japanese Yen	MSC		230,222			06/20/2012		2,833			52
Japanese Yen	MSC		78,815			06/20/2012		949			39
Japanese Yen	MSC		69,447			06/20/2012		854			16
Japanese Yen	MSC		109,125			06/20/2012		1,351			16
Japanese Yen	MSC		95,417			06/20/2012		1,161			34
Japanese Yen	MSC		41,824			06/20/2012		514			10
New Zealand Dollar	MSC		1,341			06/20/2012		1,094			(1	)
New Zealand Dollar	MSC		(1,253	)		06/20/2012		(1,018	)		(3	)
New Zealand Dollar	MSC		(2,123	)		06/20/2012		(1,729	)		(1	)
New Zealand Dollar	MSC		(5,353	)		06/20/2012		(4,347	)		(16	)
New Zealand Dollar	MSC		(2,168	)		06/20/2012		(1,780	)		13
New Zealand Dollar	MSC		97			06/20/2012		79			u
New Zealand Dollar	MSC		(902	)		06/20/2012		(734	)		(2	)
New Zealand Dollar	MSC		(1,255	)		06/20/2012		(1,020	)		(3	)
New Zealand Dollar	MSC		(1,639	)		06/20/2012		(1,342	)		7
New Zealand Dollar	MSC		(1,640	)		06/20/2012		(1,343	)		7
New Zealand Dollar	MSC		15,521			06/20/2012		12,526			122
New Zealand Dollar	MSC		(927	)		06/20/2012		(749	)		(6	)
Pound Sterling	MSC		703			06/20/2012		1,120			21
Pound Sterling	MSC		(324	)		06/20/2012		(518	)		(7	)
Pound Sterling	MSC		(4,254	)		06/20/2012		(6,762	)		(139	)
Pound Sterling	MSC		13,837			06/20/2012		21,800			650
Pound Sterling	MSC		(1,240	)		06/20/2012		(1,966	)		(45	)
Pound Sterling	MSC		(1,253	)		06/20/2012		(1,998	)		(35	)
Pound Sterling	MSC		(227	)		06/20/2012		(363	)		(6	)
Pound Sterling	MSC		424			06/20/2012		684			4
Swedish Krona	MSC		(8,195	)		06/20/2012		(1,211	)		(6	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    52

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Swedish Krona	MSC		(8,704	)	06/20/2012	$	(1,301	)	$	9
Swedish Krona	MSC		(8,202	)	06/20/2012		(1,206	)		(12	)
Swedish Krona	MSC		(10,778	)	06/20/2012		(1,582	)		(19	)
Swedish Krona	MSC		(9,764	)	06/20/2012		(1,429	)		(20	)
Swedish Krona	MSC		4,161		06/20/2012		616			2
Swedish Krona	MSC		5,179		06/20/2012		770			(1	)
Swedish Krona	MSC		(28,558	)	06/20/2012		(4,275	)		35
Swedish Krona	MSC		11,696		06/20/2012		1,749			(12	)
Swedish Krona	MSC		(13,289	)	06/20/2012		(1,961	)		(12	)
Swedish Krona	MSC		4,278		06/20/2012		644			(8	)
Swedish Krona	MSC		102,441		06/20/2012		15,036			175
Swiss Franc	MSC		114		06/20/2012		125			u
Swiss Franc	MSC		863		06/20/2012		941			10
Swiss Franc	MSC		12,236		06/20/2012		13,544			(53	)
Swiss Franc	MSC		18		06/20/2012		20			(u	)
Swiss Franc	MSC		(2	)	06/20/2012		(2	)		(u	)
Swiss Franc	MSC		7		06/20/2012		7			u
Swiss Franc	MSC		335		06/20/2012		369			u
Swiss Franc	MSC		164		06/20/2012		179			1
Swiss Franc	MSC		(30,888	)	06/20/2012		(33,664	)		(388	)
Swiss Franc	MSC		(872	)	06/20/2012		(951	)		(10	)
Swiss Franc	MSC		(428	)	06/20/2012		(465	)		(7	)
Swiss Franc	MSC		73		06/20/2012		80			u
Swiss Franc	MSC		129		06/20/2012		141			1
Swiss Franc	MSC		357		06/20/2012		393			u
Swiss Franc	MSC		(1	)	06/20/2012		(1	)		(u	)
Swiss Franc	MSC		(30	)	06/20/2012		(33	)		(u	)
Swiss Franc	MSC		(592	)	06/20/2012		(656	)		3
									$	606

FUTURES CONTRACTS:

Description	Type	Contracts			Expiration Date	Net Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond	Short		(148	)	06/15/2012	$	(556	)
10-Year Government of Canada Bond	Long		10		06/20/2012		13
10-Year Japan Government Bond Mini	Short		(41	)	06/08/2012		(74	)
10-Year U.S. Treasury Note	Short		(51	)	06/20/2012		(71	)
AEX Index	Long		35		05/18/2012		2
ASX SPI 200 Index	Short		(16	)	06/21/2012		(55	)
CAC 40 Index	Short		(19	)	05/18/2012		(7	)
DAX Index	Long		5		06/15/2012		14
FTSE 100 Index	Long		21		06/15/2012		(71	)
FTSE MIB INDEX	Short		(7	)	06/15/2012		31
German Euro Bund	Long		97		06/07/2012		375
Hang Seng Index	Short		(6	)	05/30/2012		(16	)
IBEX 35 Index	Long		12		05/18/2012		(44	)
S&P 500 E-Mini Index	Short		(13	)	06/15/2012		(2	)
S&P 500 E-Mini Index	Long		13		06/15/2012		22
S&P 500 TSE 60 Index	Long		7		06/14/2012		(10	)
TOPIX Index	Long		6		06/08/2012		(16	)
U.K. Long Gilt Bond	Long		39		06/27/2012		69
						$	(396	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    53

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received)/Pledged (000’s)		Net Exposures (1)          (000’s)
MSC	$	606	$	—	$	606

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

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

n A portion of these securities in the amount of $10,499 has been segregated with the broker to cover open written options.

p Rate shown reflects the yield at 04/30/2012.

g A portion of this security in the amount of $7,000 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

P Aggregate cost for federal income tax purposes is $75,945. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7 and $67, respectively. Net unrealized depreciation for tax purposes is $60.

u Amount is less than 1.

DEFINITIONS:

MSC	Morgan Stanley
OTC	Over the Counter

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Purchased Options	$	237		$	—		$	—	$	237
Repurchase Agreement		—			27,652			—		27,652
Short-Term U.S. Government Obligations		—			47,996			—		47,996
Total	$	237		$	75,648		$	—	$	75,885
Other Financial Instruments	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Written Options	$	—		$	(235	)	$	—	$	(235	)
Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	526		$	—		$	—	$	526
Futures Contracts—Depreciation		(922	)		—			—		(922	)
Forward Foreign Currency Contracts—Appreciation		—			1,846			—		1,846
Forward Foreign Currency Contracts—Depreciation		—			(1,240	)		—		(1,240	)
Total	$	(396	)	$	606		$	—	$	210

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    54

Transamerica Global Real Estate Securities

(formerly, Transamerica Clarion Global Real Estate Securities)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—98.3%
Australia—7.9%
Dexus Property Group REIT		1,814,391	$	1,768
Goodman Group REIT ^		457,411		1,716
GPT Group REIT ^		188,359		642
Investa Office Fund REIT		455,800		1,297
Mirvac Group REIT		243,751		329
Stockland REIT		302,584		977
Westfield Group REIT		433,648		4,175
Westfield Retail Trust REIT		621,979		1,763
Brazil—0.2%
Sonae Sierra Brasil SA		19,800		317
Canada—2.6%
Boardwalk Real Estate Investment Trust		14,900		887
Brookfield Office Properties, Inc. ^		63,300		1,150
Calloway Real Estate Investment Trust		11,300		314
Canadian Real Estate Investment Trust		12,300		482
Primaris Retail Real Estate Investment Trust		14,000		328
RioCan Real Estate Investment Trust		34,700		953
France—4.5%
Fonciere Des Regions REIT ^		13,609		1,055
ICADE REIT ‡^		9,520		803
Klepierre REIT		31,050		983
Societe Immobiliere de Location pour l’Industrie et le Commerce REIT ^		4,605		486
Unibail-Rodamco SE REIT ^		20,140		3,764
Germany—0.5%
GSW Immobilien AG ‡^		21,921		730
Hong Kong—11.7%
Cheung Kong Holdings, Ltd.		310,924		4,143
Country Garden Holdings Co., Ltd. ‡^		1,913,200		829
Evergrande Real Estate Group, Ltd. ^		2,917,000		1,688
Great Eagle Holdings, Ltd.		158,400		468
Hang Lung Group, Ltd.		120,848		758
Hang Lung Properties, Ltd.		458,748		1,700
Kerry Properties, Ltd.		303,000		1,381
Link Real Estate Investment Trust		403,300		1,674
Longfor Properties Co., Ltd. ‡^		494,000		788
Sino Land Co., Ltd.		1,075,900		1,861
Sun Hung Kai Properties, Ltd.		186,245		2,249
Wharf Holdings, Ltd.		180,405		1,077
Japan—13.0%
Advance Residence Investment Corp.—Class A REIT		161		311
Daito Trust Construction Co., Ltd.		22,300		2,005
Daiwa House Industry Co., Ltd.		36,000		465
Japan Real Estate Investment Corp. REIT		209		1,851
Japan Retail Fund Investment Corp. REIT		508		810
Kenedix Realty Investment Corp.—Class A REIT ^		84		293
Mitsubishi Estate Co., Ltd.		303,820		5,370
Mitsui Fudosan Co., Ltd.		300,746		5,508
Nippon Accommodations Fund, Inc.—Class A REIT		69		456
Nippon Building Fund, Inc. REIT		98		931
Nomura Real Estate Holdings, Inc.		46,000		804
Tokyo Tatemono Co., Ltd. ‡		336,000		1,241
United Urban Investment Corp.—Class A REIT		532		627
Netherlands—0.8%
Corio NV REIT		27,870		1,247
Singapore—5.2%
Ascendas Real Estate Investment Trust		97,000		163
CapitaCommercial Trust REIT ^		1,168,000		1,218
CapitaLand, Ltd.		1,047,050		2,487
CapitaMall Trust REIT		793,114		1,154
Frasers Centrepoint Trust REIT		124,100		160
Global Logistic Properties, Ltd.—Class L ‡		1,167,200		1,943

	Shares		Value (000’s)
Singapore (continued)
Hongkong Land Holdings, Ltd. ^		98,897	$	614
Keppel Land, Ltd. ^		174,000		446
Sweden—0.5%
Castellum AB		41,330		523
Hufvudstaden AB—Class A		29,870		321
United Kingdom—4.5%
British Land Co., PLC REIT		85,068		676
Derwent London PLC REIT		43,339		1,225
Great Portland Estates PLC REIT		138,960		812
Hammerson PLC REIT		219,392		1,487
Land Securities Group PLC REIT		179,117		2,115
Safestore Holdings PLC		197,600		359
Segro PLC REIT		193,320		694
United States—46.9%
AvalonBay Communities, Inc. REIT ^		30,525		4,438
Boston Properties, Inc. REIT		44,000		4,764
BRE Properties, Inc. REIT		36,800		1,932
DDR Corp. REIT ^		118,700		1,757
Douglas Emmett, Inc. REIT ^		31,600		734
Equity Residential REIT		55,000		3,379
Essex Property Trust, Inc. REIT ^		14,200		2,243
Federal Realty Investment Trust REIT		11,200		1,127
General Growth Properties, Inc. REIT		147,090		2,618
HCP, Inc. REIT		43,300		1,795
Health Care REIT, Inc.		37,300		2,113
Highwoods Properties, Inc. REIT ^		23,300		809
Host Hotels & Resorts, Inc. REIT ^		198,077		3,296
Kilroy Realty Corp. REIT ^		20,000		949
Kimco Realty Corp. REIT		108,900		2,114
Liberty Property Trust REIT		51,900		1,892
Macerich Co. REIT ^		58,207		3,584
Pebblebrook Hotel Trust REIT		27,900		672
Post Properties, Inc. REIT		33,300		1,622
ProLogis, Inc. REIT		122,713		4,391
Public Storage REIT		17,900		2,564
Simon Property Group, Inc. REIT		59,463		9,253
SL Green Realty Corp. REIT ^		41,800		3,446
Starwood Hotels & Resorts Worldwide, Inc.		36,100		2,137
Tanger Factory Outlet Centers REIT ^		26,000		814
Taubman Centers, Inc. REIT		22,900		1,767
UDR, Inc. REIT		93,483		2,461
Ventas, Inc. REIT		43,835		2,577
Vornado Realty Trust REIT		41,337		3,548
Total Common Stocks (cost $118,628)				156,647
RIGHT—0.0% ¥
Germany—0.0% ¥
GSW Immobilien AG ‡ə		21,921		21
Total Right (cost $u)
SECURITIES LENDING COLLATERAL—17.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		27,588,493		27,588
Total Securities Lending Collateral (cost $27,588)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    55

Transamerica Global Real Estate Securities

(formerly, Transamerica Clarion Global Real Estate Securities)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.3%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $2,111 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $2,157.	$	2,111	$	2,111
Total Repurchase Agreement (cost $2,111)
Total Investment Securities (cost $148,327) P				186,367
Other Assets and Liabilities—Net				(26,897	)
Net Assets			$	159,470

INVESTMENTS BY INDUSTRY:	Percentage of Total  Investments			Value (000’s)
Real Estate Investment Trusts		60.8	%	$	113,285
Real Estate Management & Development		22.1			41,247
Hotels, Restaurants & Leisure		1.2			2,136
Investment Securities, at Value		84.1			156,668
Short-Term Investments		15.9			29,699
Total Investments		100.0	%	$	186,367

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

^ All or a portion of this security is on loan. The value of all securities on loan is $26,591.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $21, or 0.01% of the fund’s net assets.

p Rate shown reflects the yield at 04/30/2012.

u Amount is less than 1.

P Aggregate cost for federal income tax purposes is $148,327. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $39,922 and $1,882, respectively. Net unrealized appreciation for tax purposes is $38,040.

DEFINITION:

REIT     Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	79,227	$	77,420	$	—	$	156,647
Repurchase Agreement		—		2,111		—		2,111
Right		—		21		—		21
Securities Lending Collateral		27,588		—		—		27,588
Total	$	106,815	$	79,552	$	—	$	186,367

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    56

Transamerica Growth

(formerly, Transamerica Jennison Growth)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—99.3%
Aerospace & Defense—5.0%
Boeing Co.		116,702	$	8,963
Precision Castparts Corp.		78,076		13,770
United Technologies Corp.		105,112		8,581
Auto Components—0.8%
BorgWarner, Inc. ‡ ^		66,590		5,263
Automobiles—2.0%
Bayerische Motoren Werke AG		47,951		4,558
Harley-Davidson, Inc.		150,266		7,863
Biotechnology—3.1%
Alexion Pharmaceuticals, Inc. ‡		79,422		7,173
Celgene Corp. ‡		107,919		7,869
Vertex Pharmaceuticals, Inc. ‡		110,538		4,254
Capital Markets—2.2%
Goldman Sachs Group, Inc.		119,476		13,758
Chemicals—1.4%
Monsanto Co.		117,293		8,935
Communications Equipment—2.2%
Juniper Networks, Inc. ‡		225,922		4,842
QUALCOMM, Inc.		137,861		8,801
Computers & Peripherals—10.0%
Apple, Inc. ‡		70,127		40,972
EMC Corp. ‡		522,886		14,751
NetApp, Inc. ‡		190,396		7,393
Consumer Finance—1.3%
American Express Co.		132,785		7,995
Electrical Equipment—0.4%
Roper Industries, Inc.		27,206		2,772
Energy Equipment & Services—2.0%
National Oilwell Varco, Inc.		89,670		6,793
Schlumberger, Ltd.		82,115		6,088
Food & Staples Retailing—3.0%
Costco Wholesale Corp.		108,565		9,572
Whole Foods Market, Inc.		111,692		9,278
Food Products—1.1%
Mead Johnson Nutrition Co.—Class A		84,348		7,217
Health Care Providers & Services—2.5%
Express Scripts Holding Co. ‡		113,785		6,348
UnitedHealth Group, Inc.		163,245		9,166
Hotels, Restaurants & Leisure—6.1%
Chipotle Mexican Grill, Inc.—Class A ‡		21,553		8,926
Dunkin’ Brands Group, Inc. ^		164,393		5,321
Panera Bread Co.—Class A ‡		19,634		3,101
Starbucks Corp.		261,630		15,012
Yum! Brands, Inc.		85,875		6,246
Internet & Catalog Retail—4.4%
Amazon.com, Inc. ‡		77,695		18,018
priceline.com, Inc. ‡		12,993		9,885
Internet Software & Services—6.3%
Baidu, Inc. ADR ‡		78,753		10,451
Google, Inc.—Class A ‡		20,399		12,345
LinkedIn Corp.—Class A ‡		82,739		8,973
Tencent Holdings, Ltd.		230,619		7,253
Youku, Inc. ADR ‡ ^		37,709		907
IT Services—7.1%
Cognizant Technology Solutions Corp.—Class A ‡		60,385		4,427
International Business Machines Corp.		58,438		12,101
Mastercard, Inc.—Class A		41,300		18,680
Visa, Inc.—Class A		77,121		9,484
Life Sciences Tools & Services—2.0%
Agilent Technologies, Inc.		209,674		8,844
Illumina, Inc. ‡ ^		81,085		3,611
Media—1.2%
Walt Disney Co.		170,530		7,352

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels—3.8%
Anadarko Petroleum Corp.		85,918	$	6,290
Concho Resources, Inc. ‡		60,095		6,441
EOG Resources, Inc.		47,424		5,208
Occidental Petroleum Corp.		65,576		5,982
Personal Products—1.6%
Estee Lauder Cos., Inc.—Class A		153,297		10,018
Pharmaceuticals—6.1%
Allergan, Inc.		107,670		10,336
Bristol-Myers Squibb Co.		182,870		6,102
Novo Nordisk A/S ADR		82,174		12,081
Shire PLC ADR		100,323		9,788
Real Estate Investment Trusts—1.4%
American Tower Corp.—Class A		138,654		9,093
Road & Rail—1.3%
Union Pacific Corp.		75,340		8,471
Semiconductors & Semiconductor Equipment—1.9%
Altera Corp.		129,920		4,621
ARM Holdings PLC ADR ^		112,841		2,858
Avago Technologies, Ltd.		130,354		4,495
Software—6.7%
Intuit, Inc.		61,126		3,543
Oracle Corp.		216,366		6,359
Red Hat, Inc. ‡		164,729		9,819
Salesforce.com, Inc. ‡ ^		72,602		11,307
VMware, Inc.—Class A ‡		98,504		11,005
Specialty Retail—3.7%
Inditex SA ^		103,339		9,295
Lowe’s Cos., Inc.		256,021		8,057
Tiffany & Co.		44,272		3,031
TJX Cos., Inc.		77,858		3,247
Textiles, Apparel & Luxury Goods—8.1%
Burberry Group PLC		264,187		6,367
Coach, Inc.		105,189		7,696
Fossil, Inc. ‡ ^		54,374		7,105
Lululemon Athletica, Inc. ‡ ^		108,739		8,062
NIKE, Inc.—Class B		109,716		12,274
Ralph Lauren Corp.—Class A		56,893		9,801
Wireless Telecommunication Services—0.6%
Crown Castle International Corp. ‡		69,931		3,959
Total Common Stocks (cost $421,629)				626,623
SECURITIES LENDING COLLATERAL—5.0%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		31,493,282		31,493
Total Securities Lending Collateral (cost $31,493)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.4%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $2,402 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $2,454.	$	2,402		2,402
Total Repurchase Agreement (cost $2,402)
Total Investment Securities (cost $455,524) P				660,518
Other Assets and Liabilities—Net				(29,847	)
Net Assets			$	630,671

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

Transamerica Funds		Semi-Annual Report 2012
	Page    57

Transamerica Growth

(formerly, Transamerica Jennison Growth)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

^ All or a portion of this security is on loan. The value of all securities on loan is $30,613.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $455,524. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $207,013 and $2,019, respectively. Net unrealized appreciation for tax purposes is $204,994.

DEFINITION:

ADR     American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	563,065	$	63,558	$	—	$	626,623
Repurchase Agreement		—		2,402		—		2,402
Securities Lending Collateral		31,493		—		—		31,493
Total	$	594,558	$	65,960	$	—	$	660,518

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    58

Transamerica International

(formerly, Transamerica Neuberger Berman International)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—95.2%
Australia—1.8%
CSL, Ltd.		133,675	$	5,106
Imdex, Ltd.		957,790		2,515
Belgium—1.7%
Anheuser-Busch InBev NV ^		44,120		3,180
Anheuser-Busch InBev NV—STRIP VVPR ‡		130,726		u
Colruyt SA		93,320		3,823
Canada—7.4%
Cenovus Energy, Inc.		89,896		3,262
Corus Entertainment, Inc.—Class B ^		220,660		5,441
Goldcorp, Inc.		112,000		4,288
Home Capital Group, Inc.—Class B		59,100		2,875
MacDonald Dettwiler & Associates, Ltd.		79,515		3,611
New Gold, Inc. ‡		421,100		3,837
Silver Wheaton Corp.		128,600		3,926
Vermilion Energy, Inc. ^		71,300		3,457
Chile—1.1%
Sociedad Quimica y Minera de Chile SA ADR		78,085		4,552
Denmark—3.1%
Novo Nordisk A/S—Class B		39,042		5,759
Sydbank A/S ‡		176,710		3,072
Tryg A/S ^		74,650		4,164
France—7.5%
Alcatel-Lucent ‡ ^		2,333,130		3,595
Arkema SA		44,985		3,984
CFAO SA ^		116,536		5,026
Eutelsat Communications SA		70,957		2,526
LVMH Moet Hennessy Louis Vuitton SA ^		22,295		3,693
Rexel SA		201,375		4,212
Sodexo		103,840		8,269
Germany—7.6%
Brenntag AG		55,070		6,859
Continental AG ^		22,330		2,164
Deutsche Boerse AG		86,620		5,438
Deutsche Telekom AG		283,010		3,191
Fresenius Medical Care AG & Co., KGaA		88,481		6,281
Linde AG ^		35,809		6,130
NORMA Group ‡		62,085		1,671
Hong Kong—2.3%
China Liansu Group Holdings, Ltd. ^		4,242,900		2,674
China Mobile, Ltd. ADR		74,265		4,110
Dongfeng Motor Group Co., Ltd.—Class H ^		1,529,300		3,020
Indonesia—0.4%
Bank Mandiri Persero PT		2,230,900		1,796
Ireland—0.6%
DCC PLC		101,376		2,561
Japan—12.9%
Bridgestone Corp.		131,300		3,107
Jupiter Telecommunications Co., Ltd.		7,921		8,394
Kansai Paint Co., Ltd. ^		433,800		4,669
Kenedix Realty Investment Corp.—Class A REIT ^		1,126		3,925
Nihon Kohden Corp. ^		207,700		6,058
NTT DoCoMo, Inc.		2,195		3,748
Pigeon Corp. ^		69,600		2,777
SMC Corp.		23,100		3,858
Softbank Corp.		72,100		2,152
Sugi Holdings Co., Ltd.		108,800		3,526
Sundrug Co., Ltd. ^		178,500		5,467
Toyota Motor Corp.		153,100		6,273

	Shares		Value (000’s)
Korea, Republic of—3.2%
Hyundai Mobis		16,315	$	4,439
Samsung Electronics Co., Ltd.		4,381		5,388
Shinhan Financial Group Co., Ltd.		101,625		3,552
Netherlands—5.6%
Akzo Nobel NV		71,717		3,843
Imtech NV		150,195		4,247
Koninklijke Ahold NV ^		359,883		4,565
Nutreco NV		67,359		4,895
Sligro Food Group NV ^		2,170		66
Unilever NV		184,595		6,322
Norway—3.1%
DnB ASA ^		329,690		3,554
ProSafe SE		505,730		3,946
Subsea 7 SA ‡ ^		195,028		5,054
Singapore—1.1%
United Overseas Bank, Ltd.		281,000		4,372
Sweden—2.9%
Axfood AB		54,175		1,970
Elekta AB—Class B		83,412		4,232
Nordea Bank AB		212,605		1,885
Telefonaktiebolaget LM Ericsson—Class B ‡		361,105		3,578
Switzerland—11.2%
Bucher Industries AG		21,512		4,264
Credit Suisse Group AG ‡		118,879		2,843
Givaudan SA ‡		5,544		5,381
Nestle SA		79,393		4,863
Novartis AG		69,681		3,842
Roche Holding AG		37,854		6,915
SGS SA		3,349		6,468
Sika AG		2,099		4,447
Sulzer AG		56,131		8,070
Turkey—0.5%
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT		2,827,763		2,013
United Kingdom—19.8%
Amlin PLC		856,346		4,583
BG Group PLC		180,795		4,256
BHP Billiton PLC		93,360		2,992
Bunzl PLC		365,054		6,061
Cairn Energy PLC ‡		562,990		3,141
Chemring Group PLC		736,010		3,900
Diploma PLC		383,340		2,853
Experian Group, Ltd.		281,377		4,441
Fidessa Group PLC		83,332		2,096
ICAP PLC		504,995		3,112
Informa PLC		466,682		3,140
Mitie Group PLC §		1,288,829		6,101
NovaTek OAO GDR		22,190		2,820
Petrofac, Ltd.		138,485		3,899
Reed Elsevier PLC		474,680		3,929
Rio Tinto PLC ADR ^		59,100		3,314
RPS Group PLC §		1,141,838		4,388
Synergy Health PLC §		318,587		4,297
Tullow Oil PLC		192,497		4,793
Vodafone Group PLC		3,529,572		9,766
United States—1.4%
Willis Group Holdings PLC		162,700		5,933
Total Common Stocks (cost $339,875)				398,851
SECURITIES LENDING COLLATERAL—12.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		51,433,727		51,434
Total Securities Lending Collateral (cost $51,434)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    59

Transamerica International

(formerly, Transamerica Neuberger Berman International)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—3.0%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $12,670 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $12,928.	$	12,670	$	12,670
Total Repurchase Agreement (cost $12,670)
Total Investment Securities (cost $403,979)P				462,955
Other Assets and Liabilities—Net				(44,123	)
Net Assets			$	418,832

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Chemicals		7.1	%	$	33,005
Media		5.1			23,429
Oil, Gas & Consumable Fuels		4.7			21,730
Metals & Mining		4.5			20,872
Wireless Telecommunication Services		4.3			19,776
Food & Staples Retailing		4.2			19,417
Commercial Banks		3.9			18,231
Machinery		3.9			17,863
Trading Companies & Distributors		3.7			17,132
Pharmaceuticals		3.6			16,516
Food Products		3.5			16,080
Insurance		3.2			14,680
Energy Equipment & Services		2.8			12,899
Professional Services		2.3			10,909
Health Care Providers & Services		2.3			10,578
Commercial Services & Supplies		2.3			10,490
Health Care Equipment & Supplies		2.2			10,290
Auto Components		2.1			9,710
Automobiles		2.0			9,293
Hotels, Restaurants & Leisure		1.8			8,269
Communications Equipment		1.5			7,173
Capital Markets		1.3			5,955
Real Estate Investment Trusts		1.3			5,938
Software		1.2			5,707
Diversified Financial Services		1.2			5,438
Semiconductors & Semiconductor Equipment		1.2			5,388
Biotechnology		1.1			5,106
Distributors		1.1			5,026
Construction & Engineering		0.9			4,247
Aerospace & Defense		0.8			3,900
Textiles, Apparel & Luxury Goods		0.8			3,693
Diversified Telecommunication Services		0.7			3,191
Beverages		0.7			3,180
Thrifts & Mortgage Finance		0.6			2,875
Electronic Equipment & Instruments		0.6			2,853
Household Products		0.6			2,777
Building Products		0.6			2,674
Industrial Conglomerates		0.5			2,561
Investment Securities, at Value		86.2			398,851
Short-Term Investments		13.8			64,104
Total Investments		100.0	%	$	462,955

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

Transamerica Funds

	Semi-Annual Report 2012
Page    60

Transamerica International

(formerly, Transamerica Neuberger Berman International)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

^ All or a portion of this security is on loan. The value of all securities on loan is $48,918.

‡ Non-income producing security.

u Amount is less than 1.

§ Illiquid. Total aggregate market value of illiquid securities is $14,786, or 3.53% of the fund’s net assets.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $403,979. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $73,353 and $14,377, respectively. Net unrealized appreciation for tax purposes is $58,976.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionemoe Obshchestvo (Russian: Open Joint Stock Corporation)
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
STRIP VVPR	Is a coupon which, if presented along with the corresponding coupon of the share, allows to benefit from a reduced withholding tax of 15% (rather than 25%) on the dividends paid by the company.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	41,182	$	357,669	$	—	$	398,851
Repurchase Agreement		—		12,670		—		12,670
Securities Lending Collateral		51,434		—		—		51,434
Total	$	92,616	$	370,339	$	—	$	462,955

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    61

Transamerica International Equity Opportunities

(formerly, Transamerica MFS International Equity)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—100.5%
Australia—3.0%
QBE Insurance Group, Ltd.		339,109	$	4,890
Westpac Banking Corp.		209,880		4,971
Brazil—2.2%
BM&FBovespa SA		575,600		3,237
Tim Participacoes SA ADR ^		142,170		4,255
Canada—2.3%
Canadian National Railway Co.		92,543		7,892
Czech Republic—0.9%
Komercni Banka AS ^		16,668		3,065
France—11.9%
Air Liquide SA ^		50,072		6,440
Dassault Systemes SA		19,628		1,905
Groupe Danone SA		102,396		7,204
Legrand SA		101,700		3,433
LVMH Moet Hennessy Louis Vuitton SA ^		52,440		8,687
Pernod-Ricard SA		60,432		6,272
Schneider Electric SA ‡		109,941		6,754
Germany—12.1%
Bayer AG ^		99,855		7,033
Beiersdorf AG ^		120,577		8,459
Deutsche Boerse AG		43,123		2,707
Linde AG ^		76,793		13,144
Merck KGaA ^		34,471		3,787
SAP AG		94,316		6,254
Hong Kong—3.9%
AIA Group, Ltd.		872,800		3,110
China Unicom, Ltd. ^		1,664,000		2,964
CNOOC, Ltd.		877,000		1,870
Li & Fung, Ltd.		2,560,000		5,477
India—2.1%
ICICI Bank, Ltd. ADR		155,510		5,270
Infosys, Ltd. ADR ^		40,340		1,910
Japan—13.4%
Canon, Inc.		108,400		4,914
Denso Corp.		161,300		5,216
FANUC Corp.		27,800		4,688
Honda Motor Co., Ltd.		131,900		4,747
Hoya Corp.		169,600		3,890
INPEX Corp.		913		6,028
Lawson, Inc. ^		94,000		6,223
NTT DoCoMo, Inc.		1,271		2,170
Shin-Etsu Chemical Co., Ltd.		135,300		7,809
Korea, Republic of—1.9%
Samsung Electronics Co., Ltd.		5,351		6,582
Netherlands—8.0%
Akzo Nobel NV		95,713		5,129
Heineken NV		177,246		9,694
ING Groep NV ‡		840,301		5,926
Randstad Holding NV		153,752		5,324
Wolters Kluwer NV ^		66,198		1,143
Singapore—0.3%
Singapore Telecommunications, Ltd.		415,150		1,047
South Africa—0.6%
MTN Group, Ltd.		117,997		2,063
Spain—3.0%
Amadeus IT Holding SA—Class A		266,569		5,448
Banco Santander SA		558,431		3,489
Red Electrica Corp. SA		28,701		1,250
Sweden—0.7%
Hennes & Mauritz AB—Class B ‡		72,190		2,480
Switzerland—10.7%
Cie Financiere Richemont SA		37,181		2,298
Givaudan SA ‡		1,125		1,092
Julius Baer Group, Ltd. ‡		139,499		5,341
Nestle SA		179,034		10,967

	Shares		Value (000’s)
Switzerland—(continued)
Roche Holding AG		38,561	$	7,044
Sonova Holding AG ‡		20,347		2,246
Swiss Re AG ‡		28,357		1,778
Synthes, Inc.—144A		10,415		1,796
UBS AG ‡		349,344		4,361
Taiwan—2.8%
Hon Hai Precision Industry Co., Ltd.		870,300		2,753
HTC Corp.		91,700		1,391
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		355,141		5,533
United Kingdom—20.3%
Barclays PLC		620,764		2,199
BG Group PLC		119,319		2,809
Burberry Group PLC		85,964		2,072
Compass Group PLC		761,930		7,963
Diageo PLC		320,449		8,066
Hays PLC		1,275,997		1,849
HSBC Holdings PLC		1,263,926		11,385
Reckitt Benckiser Group PLC		92,433		5,381
Rio Tinto PLC		92,070		5,129
Royal Dutch Shell PLC—Class A		164,945		5,870
Smiths Group PLC		184,206		3,199
Standard Chartered PLC		245,353		5,997
TESCO PLC		165,833		854
WPP PLC		504,481		6,824
United States—0.4%
Delphi Automotive PLC ‡		43,860		1,346
Total Common Stocks  (cost $333,627)				343,793
SECURITIES LENDING COLLATERAL—9.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		33,669,953		33,670
Total Securities Lending Collateral  (cost $33,670)
Total Investment Securities (cost $367,297) P				377,463
Other Assets and Liabilities—Net				(35,327	)
Net Assets			$	342,136

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

Transamerica Funds		Semi-Annual Report 2012
	Page    62

Transamerica International Equity Opportunities

(formerly, Transamerica MFS International Equity)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		9.6	%	$	36,377
Chemicals		8.9			33,615
Beverages		6.4			24,032
Food Products		4.8			18,171
Pharmaceuticals		4.7			17,864
Oil, Gas & Consumable Fuels		4.4			16,577
Textiles, Apparel & Luxury Goods		3.5			13,057
Semiconductors & Semiconductor Equipment		3.2			12,115
Diversified Financial Services		3.1			11,870
Electrical Equipment		2.7			10,187
Insurance		2.6			9,778
Capital Markets		2.6			9,702
Wireless Telecommunication Services		2.2			8,488
Personal Products		2.2			8,459
Software		2.2			8,158
Media		2.1			7,967
Hotels, Restaurants & Leisure		2.1			7,963
Road & Rail		2.1			7,892
IT Services		1.9			7,358
Professional Services		1.9			7,173
Food & Staples Retailing		1.9			7,077
Electronic Equipment & Instruments		1.8			6,643
Auto Components		1.7			6,562
Distributors		1.5			5,477
Household Products		1.4			5,381
Metals & Mining		1.4			5,129
Office Electronics		1.3			4,913
Automobiles		1.3			4,747
Machinery		1.2			4,688
Health Care Equipment & Supplies		1.1			4,042
Diversified Telecommunication Services		1.1			4,011
Industrial Conglomerates		0.8			3,199
Specialty Retail		0.7			2,480
Communications Equipment		0.4			1,391
Electric Utilities		0.3			1,250
Investment Securities, at Value		91.1			343,793
Short-Term Investments		8.9			33,670
Total Investments		100.0	%	$	377,463

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

^ All or a portion of this security is on loan. The value of all securities on loan is $32,137.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $367,297. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $36,695 and $26,529, respectively. Net unrealized appreciation for tax purposes is $10,166.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $1,796, or 0.52% of the fund’s net assets.
ADR	American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	16,730	$	327,063	$	—	$	343,793
Securities Lending Collateral		33,670		—		—		33,670
Total	$	50,400	$	327,063	$	—	$	377,463

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    63

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—96.6%
Australia—8.7%
Amcor, Ltd.		308,224	$	2,415
Ansell, Ltd. ^		164,557		2,545
Computershare, Ltd.		369,778		3,240
Dart Energy, Ltd. ‡		3,651,228		1,084
Fletcher Building, Ltd. ^		164,951		844
Iluka Resources, Ltd. ^		118,189		2,093
James Hardie Industries SE		87,388		682
Mesoblast, Ltd. ‡ ^		146,085		1,149
Mineral Deposits, Ltd. ‡		153,730		964
Mirvac Group REIT		1,347,359		1,818
Myer Holdings, Ltd. ^		776,157		1,900
Sims Metal Management, Ltd. ^		156,203		2,315
Starpharma Holdings, Ltd. ‡		995,372		1,924
Transfield Services, Ltd.		645,222		1,533
Whitehaven Coal, Ltd. ‡ ^		265,975		1,460
Austria—2.5%
Kapsch TrafficCom AG ^		38,000		3,395
Mayr Melnhof Karton AG ^		16,000		1,631
Rosenbauer International AG §		50,000		2,979
Belgium—0.6%
Tessenderlo Chemie NV		55,000		1,742
Brazil—0.6%
BR Properties SA ‡		86,558		1,074
Brazil Pharma SA ‡		180,000		1,039
Canada—0.3%
Niko Resources, Ltd. ^		20,030		844
China—0.2%
Concord Medical Services Holdings, Ltd. ADR ^		132,886		508
Denmark—1.2%
Jyske Bank A/S ‡		60,000		1,879
Sydbank A/S ‡		105,000		1,825
France—3.9%
Alten, Ltd.		20,000		581
Bourbon SA ^		75,000		2,194
Club Mediterranee ‡ ^		90,000		1,726
Groupe Eurotunnel SA		350,000		2,945
ID Logistics Group ‡		14,250		402
IPSOS		20,000		649
Lectra §		284,000		1,617
Medica SA		115,000		1,778
Pierre & Vacances SA		8,100		241
Germany—8.3%
CANCOM AG		34,985		617
Carl Zeiss Meditec AG		8,221		229
Cewe Color Holding AG		15,000		661
Freenet AG ^		250,000		4,345
MTU Aero Engines Holding AG		7,000		589
Prime Office REIT-AG ‡		90,000		486
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		15,500		349
Rheinmetall AG		70,000		3,931
RIB Software AG ‡		180,000		1,266
SAF-Holland SA ‡		290,000		2,438
STRATEC Biomedical AG ‡		40,000		1,905
Takkt AG		80,000		1,175
Tipp24 SE ‡		30,000		1,704
Tom Tailor Holding AG ‡		160,000		2,975
Wirecard AG		92,000		1,705
XING AG ‡		8,500		633
Hong Kong—5.4%
Comba Telecom Systems Holdings, Ltd. ^		1,711,500		946
Convenience Retail Asia, Ltd.		1,192,000		639
Dah Sing Banking Group, Ltd.		1,749,640		1,815
EVA Precision Industrial Holdings, Ltd.		3,578,000		604
Evergreen International Holdings, Ltd.		4,115,000		1,162

	Shares		Value (000’s)
Hong Kong (continued)
Leoch International Technology, Ltd.		7,959,000	$	1,990
Parkson Retail PLC		931,500		1,041
Ports Design, Ltd. ^ə		1,430,500		2,101
Techtronic Industries Co. ^		2,004,000		2,420
West China Cement, Ltd. ^		2,704,000		652
Yue Yuen Industrial Holdings		405,500		1,359
Yuexiu Transport Infrastructure, Ltd.		4,480,000		2,165
India—0.2%
Natuzzi SpA ADR ^‡ §		200,000		556
Indonesia—1.0%
Ciputra Property PT		36,066,000		3,100
Ireland—3.1%
DCC PLC		140,000		3,521
Grafton Group PLC		400,000		1,765
IFG Group PLC		740,000		1,480
Irish Continental Group PLC		85,000		1,772
Smurfit Kappa Group PLC		100,000		842
Italy—3.8%
Amplifon SpA		150,000		822
Azimut Holding SpA		350,000		3,438
Banca Popolare di Milano Scarl ^		1,000,000		491
Brunello Cucinelli SpA ‡		34,984		556
Cairo Communication SpA		330,000		1,389
Prysmian SpA		180,000		2,930
Safilo Group SpA ‡ ^		120,000		788
Sorin SpA ‡		300,000		563
Japan—17.1%
Accordia Golf Co., Ltd.		2,304		1,788
AICA Kogyo Co., Ltd. ^		29,300		429
Arcs Co., Ltd.		92,300		1,984
Asahi Diamond Industrial Co., Ltd.^		72,400		801
Capcom Co., Ltd.		67,700		1,546
Daido Steel Co., Ltd. ^		153,000		949
Exedy Corp. ^		30,700		863
Fujikura Kasei Co., Ltd.		71,600		417
Glory, Ltd.		79,700		1,714
Hitachi Transport System, Ltd. ^		59,900		1,096
Icom, Inc.		10,900		273
JSP Corp.		81,900		1,118
Koito Manufacturing Co., Ltd. ^		59,000		913
Kureha Corp. ^		385,000		1,838
Kuroda Electric Co., Ltd.		100,500		1,027
Lintec Corp.		56,400		1,090
Mitsui Sugar Co., Ltd.		199,000		650
Miura Co., Ltd.		14,300		370
Modec, Inc. ^		121,300		2,538
Musashi Seimitsu Industry Co., Ltd.		112,700		2,638
Nabtesco Corp. ^		27,600		589
NEC Networks & System Integration Corp. ^		130,900		1,948
Nichi-iko Pharmaceutical Co., Ltd. ^		78,300		1,625
Nidec Copal Corp. ^		52,600		639
Nifco, Inc. ^		19,600		527
Nihon Parkerizing Co., Ltd.		160,000		2,390
Nippon Soda Co., Ltd.		457,000		1,973
Nippon Thompson Co., Ltd. ^		204,000		1,128
Nitta Corp. ^		110,200		2,092
Shinko Plantech Co., Ltd. ^		62,100		524
Takasago International Corp.		265,000		1,331
Tokai Tokyo Financial Holdings, Inc. ^		593,000		2,112
Toyo Tanso Co., Ltd. ^		35,800		1,307
Trusco Nakayama Corp.		114,900		2,438
Tsumura & Co.		51,000		1,363
Tsuruha Holdings, Inc. ^		17,300		1,036
Tsutsumi Jewelry Co., Ltd.		52,300		1,530
Unipres Corp.		64,800		2,036
Yushin Precision Equipment Co., Ltd.		75,500		1,714

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

Transamerica Funds		Semi-Annual Report 2012
	Page    64

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Korea, Republic of—2.5%
BS Financial Group, Inc.		281,410	$	2,902
Hankook Tire Co., Ltd.		52,170		2,211
Mando Corp.		18,474		2,960
Malaysia—0.2%
Media Prima Bhd		855,900		721
Netherlands—4.2%
Delta Lloyd NV		240,000		4,045
Imtech NV ^		140,000		3,958
Koninklijke Ten Cate NV ^		65,000		1,981
LBi International NV ‡		600,000		2,121
Mediq NV		61,410		815
New Zealand—1.8%
Chorus, Ltd. ‡		733,407		2,057
Fletcher Building, Ltd.		673,748		3,449
Norway—1.4%
Dockwise, Ltd. ‡ ^		55,000		1,096
Morpol ASA ‡		400,000		666
Pronova BioPharma AS ‡		433,871		544
Storebrand ASA ‡		400,000		1,798
Singapore—2.4%
First Resources, Ltd. ^		677,000		1,028
Goodpack, Ltd.		126,000		164
Mapletree Industrial Trust REIT ^		2,089,800		1,907
STX OSV Holdings, Ltd. ^		1,691,000		2,186
UOL Group, Ltd.		317,000		1,158
Yanlord Land Group, Ltd. ^		1,174,000		1,100
Spain—0.5%
Codere SA ‡ ^		110,000		874
Pescanova SA		25,000		755
Sweden—1.3%
Byggmax Group AB		450,000		2,845
FinnvedenBulten AB		205,000		1,281
Switzerland—4.7%
Forbo Holding AG ‡		3,000		2,168
Gategroup Holding AG ‡		110,000		3,732
Helvetia Holding AG		10,500		3,760
Kuoni Reisen Holding AG ‡		7,700		2,777
Orior AG ‡ §		40,000		2,186
Taiwan—1.2%
CTCI Corp.		681,000		1,315
Lung Yen Life Service Corp.		292,000		886
Merida Industry Co., Ltd.		351,000		1,322
United Kingdom—19.5%
A.G.BARR PLC		60,000		1,132
Albemarle & Bond Holdings ^		250,000		1,294
AMEC PLC		55,000		1,013
Anglo Pacific Group PLC		350,000		1,818
Ashtead Group PLC		500,000		2,016
Berendsen PLC		150,000		1,254
Berkeley Group Holdings PLC ‡		67,000		1,393
Bovis Homes Group PLC		135,741		1,019
Consort Medical PLC		100,000		1,076
CSR PLC		250,000		936
Daily Mail & General Trust PLC		150,000		1,013
De La Rue PLC		50,000		792
Debenhams PLC		1,000,000		1,341
Dechra Pharmaceuticals PLC		200,000		1,498
Derwent London PLC REIT		50,285		1,422
Devro PLC		450,000		2,252
Dignity PLC		110,000		1,500
E2V Technologies PLC		750,000		1,777
Elementis PLC		550,000		1,857
Exillon Energy PLC ‡		325,000		732
Fidessa Group PLC		25,000		629
Future PLC		1,200,000		209
Grainger PLC		854,036		1,375
Halma PLC		150,000		986

	Shares		Value (000’s)
United Kingdom (continued)
IG Group Holdings PLC		100,000	$	751
Inchcape PLC		200,000		1,188
John Wood Group PLC		155,555		1,972
Keller Group PLC		154,801		1,131
Kier Group PLC		50,000		946
Lamprell PLC		325,000		1,835
Millennium & Copthorne Hotels PLC		210,000		1,656
Morgan Crucible Co. PLC		270,000		1,424
Pennon Group PLC		140,000		1,672
Premier Oil PLC ‡		225,000		1,366
PZ Cussons PLC ^		175,000		944
Regus PLC		600,000		1,039
SDL PLC		140,000		1,617
Senior PLC		750,000		2,594
Shanks Group PLC		950,000		1,426
SIG PLC		800,000		1,367
Travis Perkins PLC ^		100,000		1,704
TT electronics PLC		221,688		684
Ultra Electronics Holdings PLC		40,000		1,094
Vitec Group PLC		117,844		1,274
William Hill PLC		325,000		1,484
Yule Catto & Co. PLC		250,000		945
Total Common Stocks (cost $269,160)				296,489
RIGHT—0.0% ¥
United Kingdom—0.0% ¥
Dechra Pharmaceuticals PLC ‡		60,000		153
Total Right (cost $u)
SECURITIES LENDING COLLATERAL—13.5%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		41,386,848		41,387
Total Securities Lending Collateral (cost $41,387)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.7%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $2,280 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $2,327.	$	2,280		2,280
Total Repurchase Agreement (cost $2,280)
Total Investment Securities  (cost $312,827)P				340,309
Other Assets and Liabilities—Net				(33,148	)
Net Assets			$	307,161

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

Transamerica Funds		Semi-Annual Report 2012
	Page    65

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Machinery		4.7	%	$	16,008
Auto Components		4.7			15,867
Chemicals		4.3			14,701
Hotels, Restaurants & Leisure		3.6			12,250
Energy Equipment & Services		3.3			11,172
Commercial Services & Supplies		3.1			10,437
Trading Companies & Distributors		3.0			10,317
Construction & Engineering		3.0			10,184
Insurance		2.8			9,603
Commercial Banks		2.6			8,912
Specialty Retail		2.5			8,513
Real Estate Management & Development		2.3			7,807
Household Durables		2.2			7,556
Industrial Conglomerates		2.2			7,452
Oil, Gas & Consumable Fuels		2.1			7,304
Pharmaceuticals		2.1			7,107
Software		2.1			7,024
Food & Staples Retailing		2.0			6,884
Electronic Equipment & Instruments		2.0			6,842
Textiles, Apparel & Luxury Goods		2.0			6,785
Metals & Mining		1.9			6,321
Health Care Equipment & Supplies		1.9			6,318
Electrical Equipment		1.8			6,227
IT Services		1.8			6,143
Real Estate Investment Trusts		1.7			5,633
Construction Materials		1.7			5,627
Capital Markets		1.6			5,550
Food Products		1.6			5,351
Containers & Packaging		1.4			4,888
Wireless Telecommunication Services		1.3			4,345
Multiline Retail		1.3			4,282
Road & Rail		1.2			4,041
Media		1.2			3,981
Marine		1.2			3,958
Health Care Providers & Services		1.1			3,923
Leisure Equipment & Products		0.9			3,235
Internet Software & Services		0.8			2,754
Diversified Financial Services		0.7			2,231
Transportation Infrastructure		0.6			2,165
Diversified Telecommunication Services		0.6			2,057
Aerospace & Defense		0.5			1,683
Water Utilities		0.5			1,672
Diversified Consumer Services		0.4			1,500
Consumer Finance		0.4			1,294
Communications Equipment		0.4			1,219
Distributors		0.3			1,188
Internet & Catalog Retail		0.3			1,175
Biotechnology		0.3			1,149
Beverages		0.3			1,132
Household Products		0.3			944
Semiconductors & Semiconductor Equipment		0.3			936
Air Freight & Logistics		0.2			566
Building Products		0.1			429
Investment Securities, at Value		87.2			296,642
Short-Term Investments		12.8			43,667
Total Investments		100.0	%	$	340,309

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

^ All or a portion of this security is on loan. The value of all securities on loan is $38,751.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $7,338, or 2.39% of the fund’s net assets.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $2,101 or 0.68% of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $312,827. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55,530 and $28,048, respectively. Net unrealized appreciation for tax purposes is $27,482.

u Amount is less than 1.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    66

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	2,957	$	293,532	$	—	$	296,489
Repurchase Agreement		—		2,280		—		2,280
Right		—		153		—		153
Securities Lending Collateral		41,387		—		—		41,387
Total	$	44,344	$	295,965	$	—	$	340,309

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    67

Transamerica International Value

(formerly, Transamerica Hansberger International Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCKS—2.5%
Germany—2.5%
Henkel AG & Co., KGaA , 1.42% p		23,045	$	1,714
Volkswagen AG , 3.74% p^		9,420		1,785
Total Preferred Stocks (cost $3,020)				3,499
COMMON STOCKS—95.7%
Australia—3.0%
Commonwealth Bank of Australia		35,508		1,923
Westpac Banking Corp. ^		94,981		2,249
Brazil—4.8%
Banco Bradesco SA ADR ^		103,382		1,657
Cia Energetica de Minas Gerais ADR ^		76,960		1,899
Gafisa SA ADR ^		167,975		618
Petroleo Brasileiro SA ADR		54,334		1,279
Vale SA—Class B ADR ^		65,339		1,413
Canada—5.4%
Bank of Nova Scotia ^		46,875		2,599
Canadian National Railway Co.		22,821		1,946
Potash Corp. of Saskatchewan, Inc.		30,926		1,314
Teck Resources, Ltd.—Class B		46,269		1,727
France—5.3%
BNP Paribas SA		41,539		1,669
Faurecia ^		65,071		1,399
GDF Suez ^		40,945		943
Sanofi		24,805		1,893
Total SA		33,422		1,596
Germany—5.1%
Adidas AG		18,933		1,579
Bayer AG ^		24,858		1,751
SAP AG		34,629		2,296
Siemens AG		19,021		1,762
Hong Kong—13.1%
China Construction Bank Corp.—Class H		2,570,000		2,004
China Overseas Land & Investment, Ltd. ^		860,000		1,867
China Shenhua Energy Co., Ltd.—Class H ‡		441,500		1,960
China State Construction International Holdings, Ltd. ^		3,514,800		3,248
China ZhengTong Auto Services Holdings, Ltd. ‡ ^		1,325,000		1,308
Chow Tai Fook Jewellery Group, Ltd. ‡ ^		879,400		1,324
HSBC Holdings PLC		150,800		1,374
Ping An Insurance Group Co.—Class H ^		211,500		1,770
Weichai Power Co., Ltd. ‡ ^		407,000		1,912
Wing Hang Bank, Ltd.		161,500		1,718
India—2.1%
ICICI Bank, Ltd. ADR		50,773		1,721
Infosys, Ltd. ADR ^		27,447		1,300
Italy—1.3%
ENI SpA		80,319		1,783
Japan—15.2%
Asahi Glass Co., Ltd.		168,000		1,321
Astellas Pharma, Inc.		51,900		2,104
Bank of Yokohama, Ltd. ^		286,000		1,385
Canon, Inc.		51,400		2,330
FANUC Corp.		16,000		2,698
Mitsui & Co., Ltd. ^		85,600		1,337
Nintendo Co., Ltd.		10,000		1,350
Shin-Etsu Chemical Co., Ltd.		43,900		2,534
Sumitomo Corp.		109,800		1,560
Sumitomo Mitsui Trust Holdings, Inc. ^		502,999		1,474
THK Co., Ltd.		79,800		1,596
Toyota Motor Corp.		41,600		1,705
Korea, Republic of—3.0%
KB Financial Group, Inc.		41,684		1,420
Samsung Electronics Co., Ltd.		2,269		2,791

	Shares		Value (000’s)
Netherlands—0.8%
ArcelorMittal		68,618	$	1,187
Norway—1.0%
Subsea 7 SA ‡		54,705		1,418
Russian Federation—3.5%
Gazprom OAO ADR		107,315		1,231
Lukoil OAO ADR		23,712		1,455
MMC Norilsk Nickel OJSC ADR		64,822		1,150
Sberbank of Russia		488,382		1,103
Singapore—1.4%
DBS Group Holdings, Ltd.		177,000		1,997
South Africa—1.6%
MTN Group, Ltd. ^		128,647		2,249
Sweden—1.2%
Sandvik AB		111,044		1,760
Switzerland—7.8%
ABB, Ltd. ‡		99,698		1,817
Cie Financiere Richemont SA		24,669		1,525
Credit Suisse Group AG ‡		45,390		1,086
Nestle SA		53,383		3,270
Novartis AG		26,038		1,436
Roche Holding AG		10,383		1,897
Taiwan—2.1%
HTC Corp.		69,000		1,047
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		131,672		2,051
United Kingdom—16.5%
Barclays PLC		607,288		2,151
BHP Billiton PLC		68,300		2,188
BP PLC		328,902		2,374
Eurasian Natural Resources Corp., PLC		186,755		1,696
Evraz PLC ‡		229,702		1,377
GlaxoSmithKline PLC		57,631		1,333
ICAP PLC		235,270		1,449
Prudential PLC		131,267		1,607
Standard Chartered PLC		60,425		1,477
TESCO PLC		346,486		1,784
Unilever PLC		113,287		3,867
Vodafone Group PLC		850,534		2,353
United States—1.5%
Suncor Energy, Inc. ^		63,785		2,107
Total Common Stocks (cost $149,536)				135,848
SECURITIES LENDING COLLATERAL—12.9%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		18,280,082		18,280
Total Securities Lending Collateral (cost $18,280)
Total Investment Securities (cost $170,836) P				157,627
Other Assets and Liabilities—Net				(15,699	)
Net Assets			$	141,928

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

Transamerica Funds		Semi-Annual Report 2012
	Page    68

Transamerica International Value

(formerly, Transamerica Hansberger International Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		17.7	%	$	27,922
Oil, Gas & Consumable Fuels		8.8			13,786
Metals & Mining		6.8			10,739
Pharmaceuticals		6.6			10,414
Machinery		5.1			7,966
Food Products		4.5			7,137
Semiconductors & Semiconductor Equipment		3.1			4,842
Wireless Telecommunication Services		2.9			4,602
Chemicals		2.4			3,848
Software		2.3			3,646
Automobiles		2.2			3,489
Insurance		2.1			3,376
Construction & Engineering		2.1			3,248
Textiles, Apparel & Luxury Goods		2.0			3,104
Trading Companies & Distributors		1.8			2,897
Specialty Retail		1.7			2,632
Capital Markets		1.6			2,534
Office Electronics		1.5			2,330
Road & Rail		1.2			1,946
Electric Utilities		1.2			1,899
Real Estate Management & Development		1.2			1,867
Electrical Equipment		1.2			1,817
Food & Staples Retailing		1.1			1,784
Industrial Conglomerates		1.1			1,762
Household Products		1.1			1,714
Energy Equipment & Services		0.9			1,418
Auto Components		0.9			1,399
Building Products		0.8			1,321
IT Services		0.8			1,300
Communications Equipment		0.7			1,047
Multi-Utilities		0.6			943
Household Durables		0.4			618
Investment Securities, at Value		88.4			139,347
Short-Term Investments		11.6			18,280
Total Investments		100.0	%	$	157,627

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

p Rate shown reflects the yield at 04/30/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $17,460.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $170,836. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,055 and $22,264, respectively. Net unrealized depreciation for tax purposes is $13,209.

DEFINITIONS:

ADR	American Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschesto (Russian: Open Joint Stock Corporation)
OJSC	Open Joint Stock Company

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	16,559	$	119,289	$	—	$	135,848
Preferred Stocks		—		3,499		—		3,499
Securities Lending Collateral		18,280		—		—		18,280
Total	$	34,839	$	122,788	$	—	$	157,627

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    69

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCKS—1.8%
Germany—1.8%
Volkswagen AG , 3.74% p		42,941	$	8,134
United Kingdom—0.0% ¥
Rolls-Royce Holdings PLC (C Entitlement Shares) ‡ ə §		34,070,520		55
Total Preferred Stocks (cost $4,314)				8,189
COMMON STOCKS—95.9%
Australia—1.3%
BHP Billiton, Ltd. ^		159,892		5,923
Brazil—4.0%
BM&FBovespa SA		687,600		3,867
Embraer SA ADR ‡		154,427		5,349
Itau Unibanco Holding SA ADR		224,600		3,524
Natura Cosmeticos SA		224,500		5,153
Canada—5.7%
Canadian National Railway Co.		97,689		8,336
Canadian Natural Resources, Ltd.		171,414		5,955
Cenovus Energy, Inc.		130,397		4,732
Potash Corp. of Saskatchewan, Inc.		155,545		6,608
China—0.5%
Baidu, Inc. ADR ‡		17,388		2,307
Denmark—3.0%
Novo Nordisk A/S—Class B		91,232		13,457
France—7.3%
Air Liquide SA		64,492		8,295
Cie Generale des Etablissements Michelin—Class B		62,633		4,678
LVMH Moet Hennessy Louis Vuitton SA		66,090		10,949
Publicis Groupe SA		132,647		6,841
Vallourec SA		46,200		2,778
Germany—9.7%
Adidas AG		136,526		11,385
Allianz SE		62,000		6,909
Fresenius Medical Care AG & Co., KGaA		115,235		8,181
SAP AG		153,227		10,160
Siemens AG		82,500		7,641
Hong Kong—10.6%
China Life Insurance Co., Ltd.—Class H ‡		1,367,688		3,702
China Merchants Bank Co., Ltd.—Class H ‡^		2,753,950		5,977
CNOOC, Ltd.		4,058,926		8,653
Hong Kong Exchanges & Clearing, Ltd. ^		419,100		6,698
HSBC Holdings PLC ^		935,342		8,523
Industrial & Commercial Bank of China—Class H ^		8,572,900		5,713
Sinopharm Group Co., Ltd.—Class H ‡		1,404,729		3,666
Tencent Holdings, Ltd. ^		160,171		5,038
India—0.9%
Coal India, Ltd.		630,337		4,219
Israel—2.1%
Teva Pharmaceutical Industries, Ltd. ADR		204,638		9,360
Japan—10.4%
Canon, Inc.		153,027		6,936
Dai-ichi Life Insurance Co., Ltd. ^		3,097		3,878
FANUC Corp.		33,457		5,643
KDDI Corp.		994		6,507
Komatsu, Ltd.		269,500		7,756
Mitsubishi UFJ Financial Group, Inc. ^		1,666,400		8,001
Toyota Motor Corp.		199,274		8,165
Korea, Republic of—1.7%
Hyundai Motor Co.		33,094		7,863
Mexico—1.3%
Wal-Mart de Mexico SAB de CV—Series V		2,018,080		5,771
Sweden—2.3%
Hennes & Mauritz AB—Class B ‡		221,830		7,621
Svenska Handelsbanken AB—Class A		81,200		2,631

	Shares		Value (000’s)
Switzerland—7.6%
Credit Suisse Group AG ‡		115,700	$	2,767
Julius Baer Group, Ltd. ‡		119,855		4,589
Nestle SA		176,696		10,824
Novartis AG		147,241		8,119
Swatch Group AG—BR		7,470		3,445
Syngenta AG		12,780		4,487
Taiwan—0.3%
HTC Corp.		96,376		1,462
United Kingdom—20.3%
ARM Holdings PLC		482,222		4,101
BG Group PLC		392,166		9,232
British American Tobacco PLC		216,929		11,121
Carnival PLC		178,963		5,817
Kingfisher PLC		1,673,790		7,891
Pearson PLC		262,207		4,936
Reckitt Benckiser Group PLC		193,862		11,285
Rolls-Royce Holdings PLC ‡		321,420		4,296
SABMiller PLC		140,865		5,918
Standard Chartered PLC		446,575		10,915
TESCO PLC		1,611,123		8,298
Vodafone Group PLC		3,033,700		8,394
United States—6.9%
Check Point Software Technologies, Ltd. ‡ ^		108,587		6,312
Covidien PLC		119,422		6,596
Schlumberger, Ltd.		134,474		9,970
Yandex NV—Class A ‡ ^		127,500		3,024
Yum! Brands, Inc.		65,500		4,764
Total Common Stocks (cost $393,975)				433,912
SECURITIES LENDING COLLATERAL—7.5%
State Street Navigator Securities Lending
Trust—Prime Portfolio, 0.29% p		33,992,883		33,993
Total Securities Lending Collateral (cost $33,993)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.8%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $7,936 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $8,097.	$	7,936		7,936
Total Repurchase Agreement (cost $7,936)
Total Investment Securities (cost $440,218) P				484,030
Other Assets and Liabilities—Net				(31,808	)
Net Assets			$	452,222

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

Transamerica Funds		Semi-Annual Report 2012
	Page    70

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars (Sold) (000’s)			Net Unrealized Appreciation (000’s)
Euro	SSB		(17,737	)	05/09/2012	$	(24,353	)	$	873

Collateral (Received) Pledged for OTC Financial Derivative Instruments:

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
SSB	$	873	$	—	$	873

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

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		9.4	%	$	45,284
Oil, Gas & Consumable Fuels		6.8			32,791
Pharmaceuticals		6.4			30,936
Textiles, Apparel & Luxury Goods		5.3			25,779
Automobiles		5.0			24,162
Chemicals		4.0			19,390
Software		3.4			16,472
Machinery		3.3			16,177
Specialty Retail		3.2			15,512
Wireless Telecommunication Services		3.1			14,901
Insurance		3.0			14,489
Food & Staples Retailing		2.9			14,069
Health Care Providers & Services		2.4			11,847
Media		2.4			11,777
Household Products		2.3			11,285
Tobacco		2.3			11,121
Food Products		2.2			10,824
Hotels, Restaurants & Leisure		2.2			10,581
Diversified Financial Services		2.2			10,565
Internet Software & Services		2.1			10,369
Energy Equipment & Services		2.1			9,970
Aerospace & Defense		2.0			9,700
Road & Rail		1.7			8,336
Industrial Conglomerates		1.6			7,641
Capital Markets		1.5			7,356
Office Electronics		1.4			6,936
Health Care Equipment & Supplies		1.4			6,596
Metals & Mining		1.2			5,923
Beverages		1.2			5,918
Personal Products		1.1			5,153
Auto Components		1.0			4,678
Semiconductors & Semiconductor Equipment		0.9			4,101
Communications Equipment		0.3			1,462
Investment Securities, at Value		91.3			442,101
Short-Term Investments		8.7			41,929
Total Investments		100.0	%	$	484,030

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

Transamerica Funds		Semi-Annual Report 2012
	Page    71

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

p Rate shown reflects the yield at 04/30/2012.

¥ Percentage rounds to less than 0.1%.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $55, or 0.01% of the fund’s net assets.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $55, or 0.01% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $32,258.

P Aggregate cost for federal income tax purposes is $440,218. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $67,191 and $23,379, respectively. Net unrealized appreciation for tax purposes is $43,812.

DEFINITIONS:

ADR	American Depositary Receipt
OTC	Over the Counter
SSB	State Street Bank & Trust Co.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	79,961	$	353,951	$	—	$	433,912
Preferred Stocks		—		8,189		—		8,189
Repurchase Agreement		—		7,936		—		7,936
Securities Lending Collateral		33,993		—		—		33,993
Total	$	113,954	$	370,076	$	—	$	484,030

Other Financial Instruments ₣	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Forward Foreign Currency Contracts—Appreciation	$	—	$	873	$	—	$	873

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    72

Transamerica Large Cap Value

(formerly, Transamerica BlackRock Large Cap Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—99.9%
Aerospace & Defense—6.0%
General Dynamics Corp.		106,000	$	7,155
L-3 Communications Holdings, Inc.		81,000		5,957
Lockheed Martin Corp.		65,000		5,885
Northrop Grumman Corp.		117,000		7,404
Raytheon Co.		139,000		7,525
Auto Components—0.6%
Autoliv, Inc. ^		54,000		3,388
Beverages—1.3%
Coca-Cola Enterprises, Inc.		62,000		1,867
Constellation Brands, Inc.—Class A ‡		260,000		5,616
Capital Markets—1.9%
Goldman Sachs Group, Inc.		92,000		10,594
Chemicals—1.2%
CF Industries Holdings, Inc.		30,000		5,792
Huntsman Corp.		87,000		1,232
Commercial Banks—0.2%
Wells Fargo & Co.		34,000		1,137
Commercial Services & Supplies—1.3%
Corrections Corp., of America ‡		184,000		5,316
Pitney Bowes, Inc. ^		110,000		1,884
Communications Equipment—2.7%
Cisco Systems, Inc.		747,000		15,052
Computers & Peripherals—5.9%
Dell, Inc. ‡		386,000		6,319
Hewlett-Packard Co.		385,000		9,532
Lexmark International, Inc.—Class A		161,000		4,846
Seagate Technology PLC		202,000		6,214
Western Digital Corp. ‡		169,000		6,559
Consumer Finance—1.3%
Discover Financial Services		214,000		7,255
Diversified Consumer Services—0.3%
Service Corp., International		126,000		1,459
Diversified Financial Services—4.4%
JPMorgan Chase & Co.		454,000		19,513
Moody’s Corp.		133,000		5,446
Diversified Telecommunication Services—3.0%
AT&T, Inc.		130,000		4,278
Verizon Communications, Inc.		318,000		12,841
Electronic Equipment & Instruments—1.2%
Ingram Micro, Inc.—Class A ‡		231,000		4,495
Tech Data Corp. ‡		42,000		2,259
Energy Equipment & Services—1.2%
Nabors Industries, Ltd. ‡		301,000		5,012
Unit Corp. ‡		36,000		1,521
Food & Staples Retailing—2.0%
Kroger Co.		240,000		5,585
Safeway, Inc. ^		296,000		6,017
Health Care Providers & Services—8.3%
Aetna, Inc.		159,000		7,002
AmerisourceBergen Corp.—Class A		135,000		5,023
Cardinal Health, Inc.		141,000		5,960
Coventry Health Care, Inc.		175,000		5,248
Humana, Inc.		75,000		6,051
UnitedHealth Group, Inc.		187,000		10,501
WellPoint, Inc.		105,000		7,121
Household Products—0.4%
Procter & Gamble Co.		34,000		2,164
Independent Power Producers & Energy Traders—1.8%
AES Corp. ‡		473,000		5,922
NRG Energy, Inc. ‡		247,800		4,213
Industrial Conglomerates—2.4%
General Electric Co.		293,000		5,737
Tyco International, Ltd.		137,000		7,690
Insurance—10.2%
American Financial Group, Inc.		133,800		5,207
Arch Capital Group, Ltd. ‡		64,000		2,514
Assurant, Inc.		46,000		1,856

	Shares		Value (000’s)
Insurance (continued)
Chubb Corp.		100,000	$	7,307
CNA Financial Corp.		25,000		766
Fidelity National Financial, Inc.—Class A		126,000		2,428
HCC Insurance Holdings, Inc.		134,000		4,283
MetLife, Inc.		83,000		2,990
Principal Financial Group, Inc.		169,000		4,676
Protective Life Corp.		92,000		2,692
Prudential Financial, Inc.		136,000		8,233
RenaissanceRe Holdings, Ltd.		40,000		3,122
Torchmark Corp.		72,000		3,507
Travelers Cos., Inc.		30,000		1,930
Unum Group		258,000		6,125
Internet & Catalog Retail—0.8%
Expedia, Inc. ^		112,000		4,775
Internet Software & Services—0.8%
IAC/InterActiveCorp		96,000		4,622
IT Services—1.1%
Amdocs, Ltd. ‡		128,000		4,096
DST Systems, Inc.		34,000		1,903
Machinery—0.9%
AGCO Corp. ‡		113,000		5,262
Media—2.3%
CBS Corp.—Class B		211,000		7,037
Time Warner Cable, Inc.		73,000		5,873
Metals & Mining—0.2%
Alcoa, Inc.		110,000		1,070
Multiline Retail—2.1%
Dillard’s, Inc.—Class A		82,000		5,294
Macy’s, Inc.		168,000		6,891
Multi-Utilities—0.4%
Ameren Corp.		71,000		2,328
Oil, Gas & Consumable Fuels—16.2%
Apache Corp.		84,000		8,059
Chevron Corp.		209,000		22,272
ConocoPhillips		186,000		13,323
Denbury Resources, Inc. ‡		112,000		2,132
Devon Energy Corp.		116,000		8,103
Exxon Mobil Corp.		171,000		14,765
Marathon Oil Corp.		229,000		6,719
Murphy Oil Corp.		99,000		5,442
Tesoro Corp. ‡		201,000		4,673
Valero Energy Corp.		283,000		6,990
Paper & Forest Products—1.6%
Domtar Corp.		34,000		2,974
International Paper Co.		190,000		6,329
Pharmaceuticals—7.3%
Abbott Laboratories		100,000		6,206
Eli Lilly & Co.		205,000		8,485
Forest Laboratories, Inc. ‡		185,000		6,444
Pfizer, Inc.		890,000		20,407
Semiconductors & Semiconductor Equipment—1.8%
Intel Corp.		359,000		10,196
Software—2.3%
CA, Inc.		207,600		5,485
Microsoft Corp.		174,000		5,571
Symantec Corp. ‡		107,000		1,768
Specialty Retail—2.6%
Best Buy Co., Inc. ^		286,000		6,311
GameStop Corp.—Class A ^		217,000		4,939
Gap, Inc.		131,000		3,734
Thrifts & Mortgage Finance—0.2%
Washington Federal, Inc.		74,000		1,298
Tobacco—1.2%
Philip Morris International, Inc.		77,000		6,892
Wireless Telecommunication Services—0.5%
Telephone & Data Systems, Inc.		109,786		2,667
Total Common Stocks (cost $478,893)				566,558

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

Transamerica Funds		Semi-Annual Report 2012
	Page    73

Transamerica Large Cap Value

(formerly, Transamerica BlackRock Large Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
SHORT-TERM INVESTMENT COMPANY — 0.1%
Capital Markets — 0.1%
BlackRock Provident TempFund 24 à		399	$	399
Total Short-Term Investment Company (cost $399)
SECURITIES LENDING COLLATERAL—4.5%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		25,559,939		25,560
Total Securities Lending Collateral (cost $25,560)
Total Investment Securities (cost $504,852) P				592,517
Other Assets and Liabilities—Net				(25,648	)
Net Assets			$	566,869

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

^ All or a portion of this security is on loan. The value of all securities on loan is $24,967.

‡ Non-income producing security.

à The investment issuer is affiliated with the sub-adviser of the fund.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $504,852. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $98,611 and $10,946, respectively. Net unrealized appreciation for tax purposes is $87,665.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	566,558	$	—	$	—	$	566,558
Securities Lending Collateral		25,560		—		—		25,560
Short-Term Investment Company		399		—		—		399
Total	$	592,517	$	—	$	—	$	592,517

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    74

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—103.9%
Aerospace & Defense—1.7%
United Technologies Corp. ⌂		15,360	$	1,254
Auto Components—1.5%
Johnson Controls, Inc. ⌂		29,560		945
TRW Automotive Holdings Corp. ‡		3,400		155
Automobiles—1.1%
General Motors Co. ⌂ ‡		35,790		823
Beverages—3.8%
Coca-Cola Co. ⌂		8,530		651
Coca-Cola Enterprises, Inc. ⌂		34,230		1,031
Dr. Pepper Snapple Group, Inc. ⌂		19,940		809
PepsiCo, Inc. ⌂		6,210		410
Biotechnology—3.0%
Alexion Pharmaceuticals, Inc. ‡		950		86
Biogen Idec, Inc. ⌂ ‡		6,770		907
Celgene Corp. ⌂ ‡		12,330		899
Dendreon Corp. ⌂ ‡		5,950		69
Vertex Pharmaceuticals, Inc. ‡		7,580		292
Building Products—0.5%
Masco Corp.		25,910		341
Capital Markets—2.1%
Ameriprise Financial, Inc.		3,560		193
Goldman Sachs Group, Inc. ⌂		3,270		377
Invesco, Ltd.		10,710		266
Morgan Stanley ⌂		11,060		191
State Street Corp. ⌂		7,600		351
TD Ameritrade Holding Corp. ⌂		11,460		215
Chemicals—4.3%
Air Products & Chemicals, Inc. ⌂		11,900		1,017
E.I. du Pont de Nemours & Co. ⌂		32,870		1,757
Georgia Gulf Corp. ⌂ ‡		13,280		471
Commercial Banks—1.4%
Huntington Bancshares, Inc.		19,480		130
SunTrust Banks, Inc.		10,610		258
Wells Fargo & Co. ⌂		17,530		586
Zions Bancorporation ⌂		4,640		95
Communications Equipment—1.7%
Cisco Systems, Inc. ⌂		29,930		603
Juniper Networks, Inc. ⌂ ‡		10,130		217
QUALCOMM, Inc. ⌂		7,030		449
Computers & Peripherals—1.2%
Apple, Inc. ⌂ ‡		830		485
NetApp, Inc. ‡		5,340		207
SanDisk Corp. ‡		6,610		245
Construction & Engineering—1.2%
Fluor Corp. ⌂		16,220		937
Consumer Finance—0.4%
Capital One Financial Corp.		5,950		330
Containers & Packaging—0.1%
Sealed Air Corp.		5,510		106
Diversified Financial Services—1.5%
Bank of America Corp. ⌂		28,670		233
Citigroup, Inc.		11,619		384
CME Group, Inc.—Class A		520		138
IntercontinentalExchange, Inc. ‡		2,730		363
Electric Utilities—2.7%
FirstEnergy Corp.		6,210		291
NextEra Energy, Inc. ⌂		8,600		553
NV Energy, Inc. ⌂		51,950		866
PPL Corp. ⌂		10,950		299
Electrical Equipment—1.5%
Emerson Electric Co.		21,540		1,132
Electronic Equipment & Instruments—0.7%
Corning, Inc. ⌂		12,420		178
TE Connectivity, Ltd. ⌂		9,540		348
Energy Equipment & Services—1.1%
Baker Hughes, Inc.		7,570		334

	Shares		Value (000’s)
Energy Equipment & Services (continued)
Ensco PLC ADR		2,810	$	154
Halliburton Co.		3,350		115
Schlumberger, Ltd. ⌂		3,310		245
Food Products—5.2%
Archer-Daniels-Midland Co. ⌂		17,640		544
Campbell Soup Co. ⌂		20,270		686
General Mills, Inc. ⌂		27,010		1,050
Kraft Foods, Inc.—Class A ⌂		41,990		1,674
Gas Utilities—0.7%
AGL Resources, Inc.		5,380		212
EQT Corp.		6,930		345
Health Care Equipment & Supplies—1.7%
CareFusion Corp. ‡		13,267		344
Covidien PLC ⌂		17,700		977
Health Care Providers & Services—1.6%
AMERIGROUP Corp. ‡		3,050		188
Humana, Inc.		4,760		384
UnitedHealth Group, Inc.		11,060		621
Hotels, Restaurants & Leisure—0.3%
Carnival Corp. ⌂		7,070		230
Household Durables—1.2%
D.R. Horton, Inc.		10,780		176
Lennar Corp.—Class A		10,530		292
PulteGroup, Inc. ‡		21,510		212
Ryland Group, Inc.		10,940		246
Household Products—1.3%
Colgate-Palmolive Co. ⌂		590		58
Procter & Gamble Co. ⌂		14,210		905
Industrial Conglomerates—1.6%
Tyco International, Ltd. ⌂		22,150		1,243
Insurance—6.8%
ACE, Ltd. ⌂		21,120		1,605
Aflac, Inc. ⌂		2,140		96
Axis Capital Holdings, Ltd.		13,370		455
Everest RE Group, Ltd. ⌂		6,680		662
First American Financial Corp.		15,520		260
MetLife, Inc. ⌂		26,900		970
PartnerRe, Ltd. ⌂		1,840		128
Prudential Financial, Inc. ⌂		11,320		685
XL Group PLC—Class A		11,690		251
Internet & Catalog Retail—1.7%
Amazon.com, Inc. ⌂‡		4,480		1,039
Expedia, Inc.		5,660		241
Internet Software & Services—0.4%
eBay, Inc. ‡		8,000		328
IT Services—1.8%
Cognizant Technology Solutions Corp.—Class A ⌂‡		7,880		577
Fidelity National Information Services, Inc.		5,600		189
Genpact, Ltd. ⌂‡		17,190		287
Mastercard, Inc.—Class A		760		344
Machinery—2.2%
PACCAR, Inc. ⌂		29,020		1,247
SPX Corp.		5,290		406
Media—6.1%
CBS Corp.—Class B ⌂		50,970		1,700
DIRECTV—Class A ‡		4,510		222
Discovery Communications, Inc.—Series A ⌂ ‡		12,850		699
DISH Network Corp.—Class A		5,460		175
Time Warner, Inc. ⌂		49,480		1,853
Metals & Mining—2.4%
Alcoa, Inc. ⌂		61,970		604
Freeport-McMoRan Copper & Gold, Inc. ⌂		13,310		510
U.S. Steel Corp.		20,490		580
Walter Energy, Inc.		1,710		113
Multi-Utilities—2.5%
DTE Energy Co.		6,330		357

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

Transamerica Funds		Semi-Annual Report 2012
	Page    75

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Multi-Utilities (continued)
PG&E Corp.		17,790	$	786
Sempra Energy		11,380		737
Oil, Gas & Consumable Fuels—3.2%
Anadarko Petroleum Corp.		2,840		208
Devon Energy Corp. ⌂		3,560		249
EOG Resources, Inc.		2,340		257
Occidental Petroleum Corp. ⌂		2,570		234
Peabody Energy Corp.		4,920		153
Pioneer Natural Resources Co.		3,200		370
Range Resources Corp.		5,430		362
Southwestern Energy Co. ⌂ ‡		8,410		266
Williams Cos., Inc.		9,550		325
Pharmaceuticals—3.6%
Abbott Laboratories ⌂		3,110		193
Allergan, Inc.		4,330		416
Merck & Co., Inc. ⌂		45,700		1,793
Mylan, Inc. ‡		16,290		354
Real Estate Investment Trusts—8.8%
BRE Properties, Inc.		3,640		191
CubeSmart ⌂		6,240		78
DDR Corp.		34,140		506
DuPont Fabros Technology, Inc. ⌂		9,210		250
Education Realty Trust, Inc. ⌂		42,780		483
Equity Lifestyle Properties, Inc.		5,620		393
Equity Residential		7,420		456
Glimcher Realty Trust		38,430		380
HCP, Inc.		4,670		194
Liberty Property Trust		9,360		341
Macerich Co.		9,780		603
Pebblebrook Hotel Trust		19,580		471
Post Properties, Inc.		8,790		428
ProLogis, Inc.		12,000		429
Senior Housing Properties Trust ⌂		16,210		358
Simon Property Group, Inc. ⌂		2,850		443
Tanger Factory Outlet Centers		8,530		267
Ventas, Inc.		5,430		319
Road & Rail—4.0%
CSX Corp. ⌂		54,680		1,220
Norfolk Southern Corp. ⌂		11,910		869
Union Pacific Corp. ⌂		8,620		969
Semiconductors & Semiconductor Equipment—7.7%
Altera Corp. ⌂		46,900		1,668
Analog Devices, Inc. ⌂		9,200		359
Applied Materials, Inc. ⌂		15,010		180
Avago Technologies, Ltd.		2,690		93
Broadcom Corp.—Class A ⌂ ‡		3,830		140
Freescale Semiconductor, Ltd. ⌂ ‡		15,100		187
LAM Research Corp. ⌂ ‡		24,960		1,040
LSI Corp. ‡		13,260		107
Marvell Technology Group, Ltd. ‡		14,690		220
Micron Technology, Inc. ‡		3,420		23
ON Semiconductor Corp. ‡		17,580		145
Texas Instruments, Inc.		25,310		808
Xilinx, Inc. ⌂		21,900		797
Software—2.2%
Adobe Systems, Inc. ⌂ ‡		9,080		305
Citrix Systems, Inc. ⌂ ‡		1,840		158
Microsoft Corp. ⌂		14,540		465
Oracle Corp.		19,050		559
VMware, Inc.—Class A ‡		1,430		160
Specialty Retail—1.7%
AutoZone, Inc. ⌂ ‡		1,540		610
Home Depot, Inc.		5,540		287
Lowe’s Cos., Inc.		12,440		391
Textiles, Apparel & Luxury Goods—1.5%
Coach, Inc. ⌂		3,380		247
Lululemon Athletica, Inc. ‡		2,190		162

	Shares		Value (000’s)
Textiles, Apparel & Luxury Goods (continued)
NIKE, Inc.—Class B		2,740	$	307
V.F. Corp.		2,520		383
Tobacco—1.4%
Philip Morris International, Inc.		12,120		1,085
Wireless Telecommunication Services—0.8%
Sprint Nextel Corp. ⌂ ‡		245,810		610
Total Common Stocks (cost $73,487)				78,608

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.1%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $47 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 2.55%, due 07/01/2034, and with a value of $48.	$	47		47
Total Repurchase Agreement (cost $47)
Total Investment Securities (cost $73,534) P				78,655
Other Assets and Liabilities—Net				(3,002	)
Net Assets			$	75,653

	Shares			Value (000’s)
SECURITIES SOLD SHORT—(74.3%)
COMMON STOCKS—(74.3%)
Aerospace & Defense—(4.1%)
Boeing Co.		(10,190	)		(783	)
Lockheed Martin Corp.		(18,700	)		(1,693	)
Northrop Grumman Corp.		(3,490	)		(221	)
Raytheon Co.		(7,100	)		(384	)
Air Freight & Logistics—(1.7%)
FedEx Corp.		(8,860	)		(782	)
United Parcel Service, Inc.—Class B		(6,080	)		(475	)
Auto Components—(0.2%)
Autoliv, Inc.		(2,310	)		(145	)
Automobiles—(0.8%)
Ford Motor Co.		(53,750	)		(606	)
Biotechnology—(0.7%)
Amgen, Inc.		(4,490	)		(319	)
Isis Pharmaceuticals, Inc. ‡		(15,020	)		(120	)
Regeneron Pharmaceuticals, Inc. ‡		(480	)		(65	)
Capital Markets—(0.8%)
Federated Investors, Inc.—Class B		(6,180	)		(136	)
Franklin Resources, Inc.		(3,670	)		(461	)
Chemicals—(3.5%)
Dow Chemical Co.		(17,140	)		(581	)
OM Group, Inc. ‡		(12,600	)		(304	)
Praxair, Inc.		(12,520	)		(1,449	)
Valspar Corp.		(5,520	)		(282	)
Commercial Banks—(2.1%)
Bank of Hawaii Corp.		(7,090	)		(347	)
BB&T Corp.		(5,090	)		(163	)
Commerce Bancshares, Inc.		(4,122	)		(165	)
UMB Financial Corp.		(11,020	)		(530	)
Valley National Bancorp		(31,379	)		(395	)
Communications Equipment—(0.5%)
JDS Uniphase Corp. ‡		(9,310	)		(113	)
Motorola Solutions, Inc.		(5,460	)		(279	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    76

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares			Value (000’s)
Computers & Peripherals—(0.1%)
Hewlett-Packard Co.		(4,480	)	$	(111	)
Electric Utilities—(2.2%)
Consolidated Edison, Inc.		(15,340	)		(912	)
Edison International		(11,610	)		(511	)
Entergy Corp.		(2,710	)		(178	)
Exelon Corp.		(1,000	)		(39	)
Electrical Equipment—(0.9%)
Rockwell Automation, Inc.		(8,340	)		(645	)
Energy Equipment & Services—(0.9%)
Diamond Offshore Drilling, Inc.		(2,860	)		(196	)
Tenaris SA ADR		(11,420	)		(448	)
Food & Staples Retailing—(0.0%) ¥
Safeway, Inc.		(1,740	)		(35	)
Food Products—(3.2%)
Hershey Co.		(26,890	)		(1,802	)
Mead Johnson Nutrition Co.—Class A		(5,180	)		(443	)
Sara Lee Corp.		(9,070	)		(200	)
Gas Utilities—(0.2%)
National Fuel Gas Co.		(3,020	)		(143	)
Health Care Equipment & Supplies—(2.3%)
Edwards Life sciences Corp. ‡		(1,470	)		(122	)
Medtronic, Inc.		(11,180	)		(427	)
Stryker Corp.		(4,290	)		(234	)
Varian Medical Systems, Inc. ‡		(6,840	)		(434	)
Zimmer Holdings, Inc.		(8,030	)		(505	)
Health Care Providers & Services—(0.3%)
Coventry Health Care, Inc.		(7,510	)		(225	)
Hotels, Restaurants & Leisure—(0.6%)
Choice Hotels International, Inc.		(2,330	)		(88	)
Hyatt Hotels Corp.—Class A ‡		(7,720	)		(332	)
Household Products—(1.6%)
Church & Dwight Co., Inc.		(20,530	)		(1,043	)
Kimberly-Clark Corp.		(2,410	)		(189	)
Industrial Conglomerates—(0.4%)
Danaher Corp.		(5,770	)		(313	)
Insurance—(7.5%)
American International Group, Inc. ‡		(10,000	)		(340	)
Aon PLC		(17,150	)		(888	)
Arch Capital Group, Ltd. ‡		(7,710	)		(303	)
Assurant, Inc.		(4,640	)		(187	)
Chubb Corp.		(9,420	)		(688	)
Fidelity National Financial, Inc.—Class A		(11,490	)		(221	)
Lincoln National Corp.		(7,260	)		(180	)
Principal Financial Group, Inc.		(7,590	)		(210	)
Progressive Corp.		(18,530	)		(395	)
RenaissanceRe Holdings, Ltd.		(5,050	)		(394	)
Torchmark Corp.		(8,540	)		(416	)
Travelers Cos., Inc.		(7,420	)		(477	)
WR Berkley Corp.		(27,530	)		(1,038	)
Internet Software & Services—(0.5%)
AOL, Inc. ‡		(7,340	)		(184	)
Google, Inc.—Class A ‡		(320	)		(193	)
IT Services—(1.1%)
Automatic Data Processing, Inc.		(4,210	)		(234	)
Paychex, Inc.		(8,000	)		(248	)
SAIC, Inc.		(11,540	)		(140	)
Total System Services, Inc.		(7,950	)		(187	)
Life Sciences Tools & Services—(0.2%)
Agilent Technologies, Inc.		(4,360	)		(184	)

	Shares			Value (000’s)
Machinery—(4.4%)
Caterpillar, Inc.		(5,710	)	$	(587	)
Deere & Co.		(4,780	)		(394	)
Dover Corp.		(19,460	)		(1,219	)
Eaton Corp.		(11,930	)		(575	)
Parker Hannifin Corp.		(6,480	)		(568	)
Media—(4.3%)
Gannett Co., Inc.		(18,100	)		(250	)
New York Times Co.—Class A ‡		(10,480	)		(66	)
News Corp.—Class B		(28,730	)		(570	)
Omnicom Group, Inc.		(18,870	)		(969	)
Scripps Networks Interactive, Inc.—Class A		(15,790	)		(793	)
Washington Post Co.—Class B		(1,540	)		(582	)
Metals & Mining—(2.6%)
AK Steel Holding Corp.		(6,390	)		(47	)
Cliffs Natural Resources, Inc.		(12,870	)		(802	)
Nucor Corp.		(19,720	)		(773	)
Vale SA—Class B ADR		(17,120	)		(380	)
Multiline Retail—(0.4%)
JC Penney Co., Inc.		(7,390	)		(266	)
Multi-Utilities—(1.1%)
Wisconsin Energy Corp.		(23,580	)		(869	)
Oil, Gas & Consumable Fuels—(1.3%)
CONSOL Energy, Inc.		(4,350	)		(145	)
EnCana Corp.		(11,760	)		(246	)
Newfield Exploration Co. ‡		(3,860	)		(139	)
TransCanada Corp.		(10,640	)		(467	)
Personal Products—(0.6%)
Estee Lauder Cos., Inc.—Class A		(7,240	)		(473	)
Pharmaceuticals—(2.3%)
Eli Lilly & Co.		(23,010	)		(952	)
Forest Laboratories, Inc. ‡		(8,210	)		(286	)
Hospira, Inc. ‡		(9,340	)		(328	)
Warner Chilcott PLC—Class A ‡		(7,290	)		(159	)
Real Estate Investment Trusts—(9.1%)
BioMed Realty Trust, Inc.—Class A		(10,820	)		(214	)
Digital Realty Trust, Inc.		(5,080	)		(381	)
Duke Realty Corp.		(27,030	)		(401	)
EastGroup Properties, Inc.		(7,820	)		(393	)
Equity One, Inc.		(29,170	)		(606	)
Extra Space Storage, Inc.		(2,660	)		(81	)
Federal Realty Investment Trust		(7,580	)		(764	)
General Growth Properties, Inc.		(32,410	)		(577	)
Health Care REIT, Inc.		(5,670	)		(321	)
National Retail Properties, Inc.		(12,130	)		(332	)
Realty Income Corp.		(12,940	)		(509	)
Strategic Hotels & Resorts, Inc. ‡		(41,070	)		(280	)
Taubman Centers, Inc.		(9,810	)		(758	)
Washington Real Estate Investment Trust		(24,170	)		(715	)
Weingarten Realty Investors		(23,170	)		(615	)
Road & Rail—(1.5%)
Heartland Express, Inc.		(28,840	)		(399	)
Knight Transportation, Inc.		(21,540	)		(354	)
Werner Enterprises, Inc.		(17,080	)		(403	)
Semiconductors & Semiconductor Equipment—(7.4%)
Advanced Micro Devices, Inc. ‡		(22,000	)		(162	)
Cypress Semiconductor Corp. ‡		(25,520	)		(396	)
Intel Corp.		(56,620	)		(1,607	)
KLA-Tencor Corp.		(13,740	)		(717	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    77

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares			Value (000’s)
Semiconductors & Semiconductor Equipment (continued)
Linear Technology Corp.		(5,230	)	$	(171	)
Microchip Technology, Inc.		(39,490	)		(1,396	)
NVIDIA Corp. ‡		(13,020	)		(169	)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		(60,750	)		(946	)
Software—(0.5%)
Electronic Arts, Inc. ‡		(25,620	)		(394	)
Specialty Retail—(0.1%)
O’Reilly Automotive, Inc. ‡		(390	)		(41	)
Tobacco—(2.3%)
Altria Group, Inc.		(54,610	)		(1,759	)
Total Common Stocks (proceeds $(51,579))					(56,246	)
Total Securities Sold Short (proceeds $(51,579))				$	(56,246	)

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

⌂ Securities or a portion thereof with an aggregate market value of $49,890 have been pledged to the broker as collateral for open securities sold short transactions.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $73,534. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,042 and $2,921, respectively. Net unrealized appreciation for tax purposes is $5,121.

¥ Percentage rounds to less than 0.1%.

DEFINITION:

ADR         American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	78,454		$	154		$	—	$	78,608
Repurchase Agreement		—			47			—		47
Total	$	78,454		$	201		$	—	$	78,655
Securities Sold Short	Level 1— Quoted Prices			Level 2— Other Significant Observable Unobservable Inputs			Level 3— Significant Inputs		Value at 04/30/2012
Common Stocks	$	(54,852	)	$	(1,394	)	$	—	$	(56,246	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    78

Transamerica Mid Cap Value

(formely,Transamerica JPMorgan Mid Cap Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—98.1%
Aerospace & Defense—0.6%
Alliant Techsystems, Inc.		19,220	$	1,024
Beverages—2.3%
Beam, Inc.		35,440		2,012
Brown-Forman Corp.—Class B		11,800		1,019
Dr. Pepper Snapple Group, Inc.		25,125		1,020
Building Products—0.7%
Fortune Brands Home & Security, Inc. ‡		51,800		1,178
Capital Markets—5.5%
Ameriprise Financial, Inc.		49,890		2,704
Charles Schwab Corp.		138,805		1,985
Invesco, Ltd.		75,670		1,880
Northern Trust Corp.		26,095		1,242
T. Rowe Price Group, Inc.		30,735		1,940
Chemicals—4.2%
Airgas, Inc.		15,020		1,376
Albemarle Corp.		30,705		2,005
Sherwin-Williams Co.		19,040		2,291
Sigma-Aldrich Corp. ^		25,690		1,821
Commercial Banks—5.5%
City National Corp. ^		29,070		1,548
Cullen/Frost Bankers, Inc. ^		19,130		1,128
Fifth Third Bancorp		127,630		1,816
Huntington Bancshares, Inc.		106,990		716
M&T Bank Corp.		24,275		2,094
SunTrust Banks, Inc.		81,430		1,977
Zions Bancorporation		27,060		552
Commercial Services & Supplies—1.7%
Republic Services, Inc.—Class A		112,640		3,083
Containers & Packaging—3.4%
Ball Corp.		67,680		2,826
Rock-Tenn Co.—Class A		22,930		1,429
Silgan Holdings, Inc.		41,640		1,827
Distributors—1.0%
Genuine Parts Co.		26,660		1,727
Electric Utilities—3.9%
Northeast Utilities		72,463		2,664
NV Energy, Inc.		127,345		2,120
Westar Energy, Inc.		77,020		2,210
Electrical Equipment—3.1%
AMETEK, Inc.		38,320		1,929
Cooper Industries PLC—Class A		30,290		1,895
Regal Beloit Corp.		25,630		1,734
Electronic Equipment & Instruments—2.4%
Amphenol Corp.—Class A		41,000		2,384
Arrow Electronics, Inc. ‡		44,875		1,887
Food Products—2.7%
Hershey Co.		23,770		1,593
JM Smucker Co.		15,605		1,243
Ralcorp Holdings, Inc. ‡		26,215		1,908
Gas Utilities—1.9%
EQT Corp.		39,840		1,985
Oneok, Inc.		15,540		1,335
Health Care Equipment & Supplies—0.7%
Becton Dickinson and Co.		16,810		1,319
Health Care Providers & Services—4.3%
AmerisourceBergen Corp.—Class A		45,075		1,677
CIGNA Corp.		43,425		2,008
HCA Holdings, Inc.		17,750		478
Humana, Inc.		17,230		1,390
Lincare Holdings, Inc.		82,474		2,012
Hotels, Restaurants & Leisure—3.1%
Darden Restaurants, Inc. ^		31,025		1,554
Marriott International, Inc.—Class A ^		63,665		2,488
Yum! Brands, Inc.		19,300		1,404

	Shares		Value (000’s)
Household Durables—1.5%
Jarden Corp.		26,310	$	1,103
Mohawk Industries, Inc. ‡		23,340		1,564
Household Products—0.6%
Energizer Holdings, Inc. ‡		15,620		1,114
Industrial Conglomerates—1.1%
Carlisle Cos., Inc.		36,640		2,017
Insurance—10.3%
Alleghany Corp. ‡		6,736		2,310
Arch Capital Group, Ltd. ‡		16,024		629
Axis Capital Holdings, Ltd.		18,010		613
Chubb Corp.		23,070		1,686
Loews Corp.		80,245		3,299
Marsh & McLennan Cos., Inc.		81,005		2,710
Old Republic International Corp. ^		116,170		1,156
OneBeacon Insurance Group, Ltd.—Class A ^		49,535		705
Unum Group		37,550		891
WR Berkley Corp. ^		60,110		2,264
XL Group PLC—Class A		86,100		1,852
Internet & Catalog Retail—1.2%
Expedia, Inc. ^		36,345		1,550
TripAdvisor, Inc. ‡ ^		14,540		545
IT Services—1.2%
Jack Henry & Associates, Inc. ^		62,980		2,139
Machinery—1.4%
Rexnord Corp. ‡		29,540		652
Snap-on, Inc.		30,720		1,921
Media—3.5%
AMC Networks, Inc. ‡		7,905		336
Cablevision Systems Corp.—Class A		30,460		451
CBS Corp.—Class B		59,470		1,984
Clear Channel Outdoor Holdings, Inc.—Class A ‡		55,213		418
DISH Network Corp.—Class A		55,670		1,780
Gannett Co., Inc. ^		61,075		844
Washington Post Co.—Class B ^		1,005		380
Multiline Retail—2.5%
Family Dollar Stores, Inc.		30,000		2,027
Kohl’s Corp.		47,265		2,369
Multi-Utilities—6.6%
CenterPoint Energy, Inc.		47,040		951
CMS Energy Corp.		98,140		2,256
PG&E Corp.		40,300		1,780
Sempra Energy		34,930		2,261
Wisconsin Energy Corp.		58,020		2,137
Xcel Energy, Inc.		88,700		2,401
Oil, Gas & Consumable Fuels—4.8%
Devon Energy Corp.		31,570		2,205
Energen Corp.		57,202		2,996
QEP Resources, Inc.		23,200		715
Williams Cos., Inc.		76,360		2,599
Professional Services—0.6%
Equifax, Inc.		21,680		993
Real Estate Investment Trusts—2.6%
HCP, Inc.		32,825		1,361
Regency Centers Corp.		36,415		1,637
Vornado Realty Trust		18,986		1,630
Real Estate Management & Development—0.8%
Brookfield Office Properties, Inc. ^		82,245		1,494
Semiconductors & Semiconductor Equipment—1.9%
Analog Devices, Inc.		55,980		2,182
Xilinx, Inc.		33,105		1,204
Software—1.0%
Synopsys, Inc. ‡		60,010		1,801

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

Transamerica Funds		Semi-Annual Report 2012
	Page    79

Transamerica Mid Cap Value

(formely,Transamerica JPMorgan Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Specialty Retail—7.0%
AutoZone, Inc. ‡		5,426	$	2,150
Bed Bath & Beyond, Inc. ‡		22,010		1,549
Gap, Inc.		62,715		1,787
PetSmart, Inc.		19,470		1,134
Tiffany & Co.		17,960		1,230
TJX Cos., Inc.		66,250		2,764
Williams-Sonoma, Inc. ^		44,670		1,728
Textiles, Apparel & Luxury Goods—1.0%
PVH Corp.		20,210		1,795
Thrifts & Mortgage Finance—1.0%
Capitol Federal Financial, Inc.		48,000		567
People’s United Financial, Inc. ^		103,870		1,282
Wireless Telecommunication Services—0.5%
Telephone & Data Systems, Inc.		39,610		962
Total Common Stocks (cost $128,689)				174,297
SECURITIES LENDING COLLATERAL—9.0%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		16,040,216		16,040
Total Securities Lending Collateral (cost $16,040)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.6%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $2,860 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%, due 12/01/2026, and with a total value of $2,918.	$	2,860		2,860
Total Repurchase Agreement (cost $2,860)
Total Investment Securities (cost $147,589) P				193,197
Other Assets and Liabilities—Net				(15,446	)
Net Assets			$	177,751

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

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $15,647.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $147,589. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $46,946 and $1,338, respectively. Net unrealized appreciation for tax purposes is $45,608.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	174,297	$	—	$	—	$	174,297
Repurchase Agreement		—		2,860		—		2,860
Securities Lending Collateral		16,040		—		—		16,040
Total	$	190,337	$	2,860	$	—	$	193,197

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    80

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—90.0%
U.S. Treasury Inflation Indexed Bond 1.75%, 01/15/2028 g	$	42,508	$	52,377
2.00%, 01/15/2026		38,879		49,042
2.13%, 02/15/2040		1,474		2,017
2.13%, 02/15/2041 ^		7,068		9,716
2.38%, 01/15/2025 - 01/15/2027		48,266		63,186
2.50%, 01/15/2029		19,656		26,790
3.38%, 04/15/2032		641		1,012
3.63%, 04/15/2028		42,950		65,264
3.88%, 04/15/2029		52,439		83,288
U.S. Treasury Inflation Indexed Note 0.13%, 04/15/2016 g b		18,305		19,403
0.13%, 04/15/2017		3,608		3,862
0.13%, 01/15/2022 ^		26,501		27,714
0.50%, 04/15/2015		11,134		11,788
0.63%, 04/15/2013		323		329
0.63%, 07/15/2021 g		46,761		51,627
1.13%, 01/15/2021		16,285		18,677
1.25%, 04/15/2014-07/15/2020		27,394		31,669
1.38%, 01/15/2020		9,053		10,567
1.63%, 01/15/2015-01/15/2018		49,938		56,093
1.88%, 07/15/2013 ^		41,271		43,154
1.88%, 07/15/2015-07/15/2019		36,479		41,978
2.00%, 01/15/2014-01/15/2016		63,833		69,686
2.13%, 01/15/2019		20,165		24,438
2.38%, 01/15/2017		22,462		26,460
2.63%, 07/15/2017		7,249		8,777
3.00%, 07/15/2012		24,308		24,684
Total U.S. Government Obligations (cost $770,151)				823,598
U.S. GOVERNMENT AGENCY OBLIGATIONS—0.4%
Fannie Mae 0.39%, 08/25/2034 *		109		106
0.92%, 02/25/2041 *		2,835		2,840
1.36%, 10/01/2044 *		38		39
Freddie Mac 0.47%, 02/15/2019 *		1,040		1,040
Total U.S. Government Agency Obligations (cost $4,037)				4,025
FOREIGN GOVERNMENT OBLIGATIONS— 3.4%
Australia Government Bond 2.50%, 09/20/2030	AUD	1,300		1,678
3.00%, 09/20/2025		6,600		9,034
4.00%, 08/20/2020		2,800		5,467
Canadian Government Bond 1.50%, 08/01/2015	CAD	1,600		1,620
2.00%, 12/01/2041		327		459
2.75%, 09/01/2016		2,600		2,759
3.00%, 12/01/2036		353		567
4.25%, 12/01/2021		292		416
New South Wales Treasury Corp. 2.75%, 11/20/2025	AUD	3,500		4,417
U.K. Gilt Inflation Linked 1.88%, 11/22/2022	GBP	2,332		4,800
Total Foreign Government Obligations (cost $26,203)				31,217

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES—3.7%
Arran Residential Mortgages Funding PLC Series 2010-1A, Class A1B 2.25%, 05/16/2047—144A *	$	210	$	278
Series 2011-1A, Class A1B 2.24%, 11/19/2047—144A *		2,761		3,659
Series 2011-1A, Class A2B 2.49%, 11/19/2047—144A *		7,900		10,484
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2007-3, Class A2 5.84%, 06/10/2049 *		65		65
Series 2007-3, Class A2FL 0.41%, 06/10/2049—144A *		65		65
Series 2007-5, Class A4 5.49%, 02/10/2051		530		603
Banc of America Mortgage Securities, Inc. Series 2004-1, Class 5A1 6.50%, 09/25/2033		25		27
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2, Class A1 2.62%, 03/25/2035 *		584		566
Series 2005-2, Class A2 3.08%, 03/25/2035 *		174		170
Series 2005-5, Class A1 2.22%, 08/25/2035 *		186		179
Series 2005-5, Class A2 2.25%, 08/25/2035 *		326		300
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1 2.23%, 09/25/2035 *		237		219
Series 2005-6, Class A2 2.45%, 09/25/2035 *		289		253
Series 2005-6, Class A3 2.10%, 09/25/2035 *		40		38
Series 2005-11, Class A1A 2.60%, 05/25/2035 *		32		30
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class A 4 5.89%, 11/15/2044 *		400		462
Countrywide Home Loan Mortgage Pass-Through Trust Series 2005-3, Class 1A2 0.53%, 04/25/2035 *		985		635
Series 2005-R2, Class 1AF1 0.58%, 06/25/2035—144A *		206		175
DBUBS Mortgage Trust Series 2011-LC2A, Class A2 3.39%, 07/10/2044—144A		6,700		7,088
Greenpoint Mortgage Funding Trust Series 2005-AR1, Class A2 0.46%, 06/25/2045 *		386		259
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 2.65%, 09/25/2035 *		607		589
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2006-CB17, Class A4 5.43%, 12/12/2043		510		569
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3 5.87%, 09/15/2045 * §		200		228

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

Transamerica Funds		Semi-Annual Report 2012
	Page    81

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
MASTR Alternative Loans Trust Series 2006-2, Class 2A1 0.64%, 03/25/2036 *	$	625	$	125
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class A4 5.70%, 09/12/2049		300		329
Morgan Stanley Capital I Series 2007-IQ15, Class A4 6.08%, 06/11/2049 *		1,200		1,350
Permanent Master Issuer PLC Series 2011-1A, Class 1A3 2.06%, 07/15/2042—144A *		400		532
Residential Accredit Loans, Inc. Series 2006-QO6, Class A1 0.42%, 06/25/2046 *		1,008		379
Sequoia Mortgage Trust Series 5, Class A 0.59%, 10/19/2026 *		80		73
Structured Asset Mortgage Investments, Inc. Series 2006-AR5, Class 1A1 0.45%, 05/25/2046 *		917		447
Wachovia Bank Commercial Mortgage Trust Series 2006-C23, Class A 4 5.42%, 01/15/2045 *		720		799
Series 2006-C28, Class A4 5.57%, 10/15/2048		400		447
WaMu Mortgage Pass-Through Certificates Series 2003-AR9, Class 2A 2.55%, 09/25/2033 *		652		656
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR8, Class 2A1 2.69%, 04/25/2036 *		1,795		1,453
Total Mortgage-Backed Securities (cost $34,285)				33,531
ASSET-BACKED SECURITIES—0.8%
ARES CLO, Ltd. Series 2006-6RA, Class A1B 0.70%, 03/12/2018—144A *		737		729
Countrywide Asset-Backed Certificates Series 2005-13, Class 3AV3 0.49%, 04/25/2036 *		222		199
CSAB Mortgage Backed Trust Series 2006-1, Class A6A 6.17%, 06/25/2036 *		1,152		730
Duane Street CLO Series 2005-1A, Class A2 0.77%, 11/08/2017—144A *		485		476
Equity One, Inc. Series 2004-1, Class AV2 0.54%, 04/25/2034 *		46		33
Harvest CLO SA Series I-X, Class A1 1.59%, 03/29/2017 * ə		147		189
Katonah, Ltd. Series 6A, Class A1A 0.79%, 09/20/2016—144A *		990		981
Magi Funding PLC Series I-A, Class A 1.31%, 04/11/2021—144A * ə		651		817

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Magnolia Funding, Ltd. Series 2010-1A, Class A1 3.00%, 04/20/2017—144A ə	$	226	$	300
Morgan Stanley Mortgage Loan Trust Series 2006-12XS, Class A6A 5.73%, 10/25/2036 *		427		229
Saxon Asset Securities Trust Series 2003-1, Class AF7 4.03%, 06/25/2033 *		453		413
SLM Student Loan Trust Series 2003-6, Class A4 0.67%, 12/17/2018 *		498		497
Series 2010-B, Class A1 2.16%, 08/15/2016—144A *		422		424
Structured Asset Securities Corp. Series 2007-BC3, Class 2A2 0.38%, 05/25/2047 *		900		631
Wood Street CLO BV Series II-A, Class A1 1.35%, 03/29/2021—144A * ə		227		285
Total Asset-Backed Securities (cost $7,291)				6,933
MUNICIPAL GOVERNMENT OBLIGATIONS—0.1%
Tobacco Settlement Finance Authority—Series A 7.47%, 06/01/2047		665		493
Tobacco Settlement Financing Corp.—Series A 6.00%, 06/01/2023		315		316
Total Municipal Government Obligations (cost $920)				809
CORPORATE DEBT SECURITIES—10.8%
Capital Markets—1.2%
Morgan Stanley 1.32%, 03/01/2013 *	EUR	1,000		1,307
3.01%, 05/14/2013 *	$	8,800		8,815
Morgan Stanley—Series F 0.92%, 10/18/2016 *		800		687
Commercial Banks—3.7%
Banco Bradesco SA 2.60%, 05/16/2014—144A * ^		4,600		4,612
BBVA Bancomer SA 6.50%, 03/10/2021—144A ^		1,900		1,919
CIT Group, Inc. 5.25%, 04/01/2014—144A ^		1,000		1,030
HBOS PLC 0.68%, 09/06/2017 *		9,400		6,775
ICICI Bank, Ltd. 2.24%, 02/24/2014—144A *		600		580
ING Bank NV 1.88%, 06/09/2014—144A *		8,200		8,116
Royal Bank of Scotland PLC 2.91%, 08/23/2013 *		7,000		6,996
Societe Generale SA 1.52%, 04/11/2014—144A * ^		3,800		3,626
Turkiye Garanti Bankasi AS 2.97%, 04/20/2016—144A *		500		464
Consumer Finance—0.4%
Ally Financial, Inc. 3.71%, 02/11/2014 *		100		99
3.87%, 06/20/2014 *		200		197
6.63%, 05/15/2012 ^		3,500		3,500

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

Transamerica Funds		Semi-Annual Report 2012
	Page    82

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Consumer Finance (continued)
SLM Corp. 5.05%, 11/14/2014	$	300	$	306
Diversified Financial Services—2.2%
Countrywide Financial Corp. 5.80%, 06/07/2012 ^		500		502
Credit Agricole Home Loan SFH 1.22%, 07/21/2014—144A *		3,400		3,334
Ford Motor Credit Co., LLC 7.50%, 08/01/2012 ^		900		914
7.80%, 06/01/2012		450		452
FUEL Trust 3.98%, 06/15/2016—144A		3,600		3,730
International Lease Finance Corp. 6.50%, 09/01/2014—144A		600		638
6.75%, 09/01/2016—144A		500		540
Merrill Lynch & Co., Inc. 1.56%, 09/27/2012 *	EUR	400		9,779
Diversified Telecommunication Services—0.3%
TDC A/S 3.50%, 02/23/2015—Reg S		2,000		2,790
Energy Equipment & Services—0.3%
Transocean, Inc. 4.95%, 11/15/2015	$	2,300		2,473
Food Products—0.6%
Tyson Foods, Inc. 10.50%, 03/01/2014		5,000		5,763
Insurance—0.6%
American International Group, Inc. 6.77%, 11/15/2017—144A	GBP	227		399
8.18%, 05/15/2058 * ^	$	3,650		3,901
8.63%, 05/22/2038—Reg S *	GBP	250		400
Marsh & McLennan Cos., Inc. 5.75%, 09/15/2015	$	1,093		1,225
Machinery—0.4%
Black & Decker Corp. 8.95%, 04/15/2014 ^		3,000		3,427
Media—0.4%
CSC Holdings LLC 8.50%, 06/15/2015 ^		3,200		3,352
Metals & Mining—0.0% ¥
Gerdau Holdings, Inc. 7.00%, 01/20/2020—144A ^		200		228
Oil, Gas & Consumable Fuels—0.7%
Gazprom OAO Via GAZ Capital SA 5.09%, 11/29/2015—144A		500		528
Gazprom OAO Via GAZ Capital SA—Series 16 7.34%, 04/11/2013—144A		300		314
Petrobras International Finance Co. 3.88%, 01/27/2016		3,700		3,874
Petroleos Mexicanos
5.50%, 01/21/2021		800		890
6.50%, 06/02/2041 ^		700		812
Total Corporate Debt Securities (cost $97,241)				99,294
LOAN ASSIGNMENTS—0.7%
Consumer Finance—0.5%
Springleaf Financial Funding Co. 5.50%, 05/10/2017 *		4,400		4,157

	Principal (000’s)		Value (000’s)
Independent Power Producers & Energy Traders—0.2%
NRG Energy, Inc. 4.00%, 07/01/2018 *	$	1,985	$	1,988
Total Loan Assignments (cost $6,362)				6,145
SHORT-TERM U.S. GOVERNMENT OBLIGATION—0.0% ¥
U.S. Treasury Bill 0.06%, 06/28/2012 pß		411		411
Total Short-Term U.S. Government Obligation (cost $411)
	Notional Amount (000’s)		Value (000’s)
PURCHASED SWAPTION—0.0% ¥
Put Options—0.0% ¥
If exercised the Series receives floating 3 month LIBOR, and pays 3.875%, European Style Expires 04/14/2014 §		5,000		248
Total Purchased Swaption (cost $254)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—9.9%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		90,185,051		90,185
Total Securities Lending Collateral (cost $90,185)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.2%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $1,563 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $1,597.	$	1,563		1,563
Total Repurchase Agreement (cost $1,563)
Total Investment Securities (cost $1,038,903) P				1,097,959
Other Assets and Liabilities—Net				(182,633	)
Net Assets			$	915,326

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

Transamerica Funds		Semi-Annual Report 2012
	Page    83

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INFLATION FLOOR OPTIONS:

Description	Counterparty	Strike Index	Exercise Index			Expiration Date		Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Floor—OTC CPURNSA Index	DUB	215.95		Maximum of ((1 + 0.000% Inflation Adjustment	)10 —  ) or 0		03/10/2020	$	(1,800	)	$	(14	)	$	(4	)
Floor—OTC CPURNSA Index	CITI	215.95		Maximum of ((1 + 0.000% Inflation Adjustment	)10—  ) or 0		03/12/2020		(7,600	)		(64	)		(10	)
Floor—OTC CPURNSA Index	CITI	216.69		Maximum of ((1 + 0.000% Inflation Adjustment	)10—  ) or 0		04/07/2020		(14,200	)		(127	)		(19	)
Floor—OTC CPURNSA Index	CITI	217.97		Maximum of ((1 + 0.000% Inflation Adjustment	)10—  ) or 0		09/29/2020		(1,700	)		(22	)		(3	)
											$	(227	)		(36	)

WRITTEN SWAPTIONS: p

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Call—Interest Rate Swap, European Style	JPM	1-Year IRO USD	Receive		0.80	%		10/11/2012	$	(5,500	)		$(u	)	$	(1	)
Call—Interest Rate Swap, European Style	MSC	2-Year IRO USD	Receive		0.92			11/14/2012		(13,400	)		(u	)		(81	)
Call—Interest Rate Swap, European Style	MSC	2-Year IRO USD	Receive		1.06			10/11/2012		(11,800	)		(u	)		(103	)
Call—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Receive		1.50			09/24/2012		(14,900	)		(128	)		(228	)
Call—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Receive		1.70			03/18/2013		(22,900	)		(271	)		(456	)
Call—Interest Rate Swap, European Style	CITI	5-Year IRO USD	Receive		1.70			03/18/2013		(7,600	)		(90	)		(151	)
Put—Interest Rate Swap, European Style	JPM	1-Year IRO USD	Pay		0.80			10/11/2012		(5,500	)		(u	)		(14	)
Put—Interest Rate Swap, European Style	MSC	2-Year IRO USD	Pay		0.92			11/14/2012		(13,400	)		(u	)		(8	)
Put—Interest Rate Swap, European Style	MSC	2-Year IRO USD	Pay		1.06			10/11/2012		(11,800	)		(u	)		(2	)
Put—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay		1.50			09/24/2012		(14,900	)		(202	)		(54	)
Put—Interest Rate Swap, European Style	CITI	5-Year IRO USD	Pay		1.70			03/18/2013		(7,600	)		(143	)		(63	)
Put—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay		1.70			03/18/2013		(22,900	)		(445	)		(190	)
Put—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay		2.00			03/18/2013		(3,100	)		(29	)		(15	)
Put—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay		2.85			04/14/2014		(21,200	)		(254	)		(219	)
Put—Interest Rate Swap, European Style	MSC	10-Year IRO USD	Pay		10.00			07/10/2012		(1,400	)		(9	)		(u	)
Put—Interest Rate Swap, European Style	RBS	10-Year IRO USD	Pay		10.00			07/10/2012		(2,600	)		(18	)		(u	)
												$	(1,589	)	$	(1,585	)

OTC SWAP AGREEMENTS: p

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 04/30/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (000’s)		Unrealized Appreciation (Depreciation) (000’s)
Black and Decker Corp., 8.95%, 04/15/2014		2.20	%		06/20/2014	CITI		15.72	$	3,000	$	(130	)	$	u	$	(130	)
Marsh & McLennan Cos., Inc., 5.75%, 09/15/2015		0.76			09/20/2015	BCLY		35.35		6,000		(76	)		u		(76	)
Societe Generale SA, 5.25%, 03/28/2013 §		1.00			06/20/2014	BCLY		247.54		3,800		122			120		2
Tyson Foods, Inc., 6.60%, 03/20/2014		1.00			03/20/2014	BNP		71.24		6,000		(14	)		167		(181	)
											$	(98	)	$	287	$	(385	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 04/30/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)		Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00	%		12/20/2015	BOA		69.17	$	2,900	$	31	$	46		$	(15	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00			12/20/2015	RBS		69.17		700		8		11			(3	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00			12/20/2015	GSC		69.17		500		5		7			(2	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00			12/20/2015	BOA		69.17		500		5		7			(2	)
American International Group, Inc., 6.25%, 05/01/2036 §		5.00			12/20/2013	DUB		97.65		800		52		(26	)		78

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

Transamerica Funds		Semi-Annual Report 2012
	Page    84

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

OTC SWAP AGREEMENTS (continued): P

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—SELL PROTECTION ⁽⁴⁾ (continued):

Reference Obligation	Fixed Deal Receive Rate		Maturity Date	Counterparty	Implied Credit Spread (BP) at 04/30/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00	06/20/2015	HSBC		88.63		1,000		3			(9	)		12
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00	06/20/2015	BCLY		88.63		1,000		3			(5	)		8
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00	06/20/2015	BCLY		88.63		1,000		3			(12	)		15
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00	06/20/2020	DUB		150.98		2,500		(89	)		(66	)		(23	)
Petrobras International Finance Co., 8.38%, 12/10/2018		1.00	09/20/2012	DUB		57.95		300		u			(1	)		1
United Kingdom Gilt, 4.25%, 06/07/2032		1.00	06/20/2015	CITI		29.07		600		13			3			10
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00	06/20/2015	DUB		29.07		700		15			2			13
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00	06/20/2015	DUB		29.07		2,200		47			12			35
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00	12/20/2015	DUB		39.25		900		19			15			4
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00	06/20/2016	CITI		46.91		1,000		20			11			9
									$	135		$	(5	)	$	140

CREDIT DEFAULT SWAPS ON CREDIT INDICES—SELL PROTECTION ⁽⁴⁾ (continued):

Reference Obligation	Fixed Deal Receive Rate			Maturity Date	Counterparty	Implied Credit Spread (BP) at 04/30/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)  (5)		Premiums Paid (000’s)		Unrealized Appreciation (Depreciation) (000’s)
Emerging Markets Index—Series 14, 5.00%		1.00	%	12/20/2015	UBS		219.68	$	1,300	$	126	$	128	$	(2	)
Emerging Markets Index—Series 14, 5.00%		1.00		12/20/2015	RBS		219.68		600		58		61		(3	)
Emerging Markets Index—Series 14, 5.00%		1.00		12/20/2015	CITI		219.68		1,600		155		149		6
Emerging Markets Index—Series 15, 5.00%		1.00		06/20/2016	BCLY		229.88		5,500		545		586		(41	)
										$	884	$	924	$	(40	)

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Net  Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR		1.50	%	11/02/2012	BCLY	USD	$	1,100	$	(5	)	$	(u	)	$	(5	)
BRL-CDI §		10.18		01/02/2014	HSBC	BRL		4,800		48			19			29
BRL-CDI §		10.38		01/02/2014	UBS	BRL		67,900		765			277			488
BRL-CDI		10.58		01/02/2014	MSC	BRL		14,800		181			53			128
BRL-CDI		10.53		01/02/2014	HSBC	BRL		49,900		585			153			432
BRL-CDI §		9.98		01/02/2014	GSC	BRL		4,500		37			6			31
									$	1,611		$	508		$	1,103

TOTAL RETURN SWAP AGREEMENTS—PAYABLE:

Index	Financing Rate (BP)		Maturity Date	Counterparty	# of Units (000’s)		Market Value (000’s)		Premiums Paid(Received) (000’s)		Net  Unrealized Appreciation (000’s)
3-Month USD-LIBOR §		23.522	07/15/2012	BNP	$	1,557	$	1	$	—	$	1

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

Transamerica Funds		Semi-Annual Report 2012
	Page    85

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: p

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	BOA		(20,634	)		06/07/2012	$	(21,274	)	$	(136	)
Brazilian Real	MSC		(1,822	)		06/04/2012		(1,043	)		93
Canadian Dollar	BCLY		(3,878	)		06/21/2012		(3,915	)		(6	)
Canadian Dollar	DUB		100			06/21/2012		100			1
Canadian Dollar	UBS		(2,492	)		06/21/2012		(2,530	)		11
Chinese Yuan Renminbi	DUB		(6,186	)		06/01/2012		(976	)		(3	)
Chinese Yuan Renminbi	CITI		18,343			06/01/2012		2,881			23
Chinese Yuan Renminbi	BCLY		(9,707	)		06/01/2012		(1,540	)		3
Chinese Yuan Renminbi	HSBC		(11,556	)		06/01/2012		(1,830	)		u
Chinese Yuan Renminbi	BCLY		(7,646	)		06/01/2012		(1,210	)		(1	)
Chinese Yuan Renminbi	BCLY		16,915			02/01/2013		2,683			(12	)
Euro	CITI		492			05/02/2012		651			(u	)
Euro	BCLY		(37,445	)		06/14/2012		(48,922	)		(655	)
Euro	BCLY		346			06/14/2012		462			(4	)
Euro	UBS		642			06/14/2012		843			7
Euro	BCLY		863			06/14/2012		1,149			(6	)
Euro	BCLY		468			06/14/2012		620			(1	)
Euro	BNS		(33	)		06/14/2012		(43	)		(u	)
Euro	UBS		(142	)		06/14/2012		(186	)		(2	)
Indian Rupee	BCLY		(31,602	)		07/12/2012		(600	)		10
Indian Rupee	JPM		360,287			07/12/2012		7,751			(1,021	)
Indian Rupee	HSBC		(16,329	)		07/12/2012		(300	)		(5	)
Indian Rupee	GSC		(13,106	)		07/12/2012		(235	)		(10	)
Indian Rupee	JPM		(34,997	)		07/12/2012		(630	)		(24	)
Indian Rupee	HSBC		(13,115	)		07/12/2012		(235	)		(10	)
Indian Rupee	BCLY		(32,880	)		07/12/2012		(600	)		(14	)
Indian Rupee	JPM		(33,196	)		07/12/2012		(650	)		30
Indian Rupee	JPM		(33,235	)		07/12/2012		(650	)		29
Indian Rupee	BCLY		(31,908	)		07/12/2012		(600	)		4
Indian Rupee	DUB		(28,120	)		07/12/2012		(508	)		(18	)
Indian Rupee	BCLY		(91,800	)		07/12/2012		(1,800	)		85
Indonesian Rupiah	UBS		(148	)		07/02/2012		u			(u	)
Japanese Yen	BCLY		(79,081	)		06/07/2012		(962	)		(28	)
Mexican Peso	HSBC		80			06/15/2012		6			(u	)
Philippine Peso	CITI		10			06/08/2012		u			u
Pound Sterling	UBS		(3,473	)		06/12/2012		(5,474	)		(161	)
Republic of Korea Won	UBS		1,084			07/12/2012		1			(u	)
Singapore Dollar	UBS		u			05/15/2012		u			u
Singapore Dollar	UBS		u			05/15/2012		u			u
Singapore Dollar	UBS		u			08/03/2012		u			u
										$	(1,821	)

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
90-Day Eurodollar		Long		300			12/16/2013	$	449
90-Day Eurodollar		Long		112			03/16/2015		124
90-Day Eurodollar		Long		44			06/15/2015		43
German Euro Bund		Short		(93	)		06/07/2012		(351	)
								$	265

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

Transamerica Funds		Semi-Annual Report 2012
	Page    86

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments:

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of  OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)			Net Exposures  (1) (000’s)
BCLY	$	(33	)	$	—		$	(33	)
BNP		(13	)		—			(13	)
BNS		(u	)		—			(u	)
BOA		(100	)		—			(100	)
CITI		(165	)		—			(165	)
DUB		(1,142	)		1,028			(114	)
GSC		32			(20	)		12
HSBC		621			(590	)		31
JPM		(1,001	)		801			(200	)
MSC		80			(145	)		(65	)
RBS		66			—			66
UBS		746			(720	)		26

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

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

^ All or a portion of this security is on loan. The value of all securities on loan is $88,389.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1,591, or 0.17% of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 04/30/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $476, or 0.05% of the fund’s net assets, and total aggregate market value of illiquid derivatives is $1,175, or 0.13% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $1,038,903. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $65,124 and $6,068, respectively. Net unrealized appreciation for tax purposes is $59,056.

u Amount is less than 1.

(1) If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(5) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the references entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

g A portion of these securities in the amount of $610 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

ß A portion of these securities in the amount of $1,829 has been segregated as collateral with the custodian for open swaps, swaptions, and/or forward foreign currency contracts.

P Cash in the amount of $1,475 has been pledged by the broker as collateral for open swaps, swaptions, and/or forward foreign currency contracts.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    87

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $56,351, or 6.16% of the fund’s net assets.
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BNS	Bank of Nova Scotia
BOA	Bank of America
BP	Basis Point
CDI	Credit Default Index
CITI	Citibank, Inc.
CLO	Collateralized Loan Obligation
CPURNSA	US CPI Urban Consumers Non-Seasonably Adjusted Index
DUB	Deutsche Bank AG
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
IRO	Interest Rate Option
JPM	JP Morgan Chase & Co.
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
OTC	Over the Counter
RBS	Royal Bank of Scotland PLC
UBS	UBS Warburg LLC

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—	$	6,633	$	300	$	6,933
Corporate Debt Securities		—		92,294		—		92,294
Foreign Government Obligations		—		31,217		—		31,217
Loan Assignments		—		6,145		—		6,145
Mortgage-Backed Securities		—		33,531		—		33,531
Municipal Government Obligations		—		809		—		809
Purchased Swaption		248		—		—		248
Repurchase Agreement		—		1,563		—		1,563
Securities Lending Collateral		90,185		—		—		90,185
Short-Term U.S. Government Obligation		—		411		—		411
U.S. Government Agency Obligations		—		4,025		—		4,025
U.S. Government Obligations		—		823,598		—		823,598
Total	$	90,433	$	1,007,226	$	300	$	1,097,959

Other Financial Instruments	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Inflation Floor Options	$	—	$	(36	)	$	—	$	(36	)
Written Swaptions		—		(1,585	)		—		(1,585	)
Total	$	—	$	(1,621	)	$	—	$	(1,621	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    88

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	616		$	—		$	—	$	616
Futures Contracts—Depreciation		(351	)		—			—		(351	)
Credit Default Swaps—Appreciation		—			193			—		193
Credit Default Swaps—Depreciation		—			(478	)		—		(478	)
Forward Foreign Currency Contracts—Appreciation		—			296			—		296
Forward Foreign Currency Contracts—Depreciation		—			(2,117	)		—		(2,117	)
Interest Rate Swaps—Appreciation		—			1,108			—		1,108
Interest Rate Swaps—Depreciation		—			(5	)		—		(5	)
Total Return Swaps—Appreciation		—			1			—		1
Total	$	265		$	(1,002	)	$	—	$	(737	)

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total     Realized     Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3 y		Transfers out of Level 3		Ending Balance at 04/30/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ
Asset—Backed Securities	$	—	$	—	$	—	$	—	$	—	$	—	$	300	$	—	$	300	$	(16	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or becomes categorized as Level 3 at period end.

y Transferred into Level 3 because of unavailability of observable inputs.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    89

Transamerica Select Equity

(formerly, Transamerica ICAP Select Equity)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—95.7%
Aerospace & Defense—4.3%
Honeywell International, Inc.		907,600	$	55,055
Auto Components—3.5%
Johnson Controls, Inc.		1,371,700		43,853
Beverages—1.3%
Coca-Cola Co.		213,550		16,298
Chemicals—2.5%
Monsanto Co.		412,150		31,398
Commercial Banks—5.1%
BB&T Corp.		992,600		31,803
Wells Fargo & Co.		997,850		33,358
Communications Equipment—4.7%
Cisco Systems, Inc.		2,929,700		59,033
Consumer Finance—3.4%
Capital One Financial Corp.		785,450		43,577
Diversified Financial Services—6.3%
Citigroup, Inc.		832,750		27,514
JPMorgan Chase & Co.		1,214,900		52,216
Food Products—1.9%
Archer-Daniels-Midland Co.		794,150		24,484
Health Care Equipment & Supplies—2.1%
Covidien PLC		491,700		27,157
Household Products—6.2%
Procter & Gamble Co.		1,240,400		78,939
Industrial Conglomerates—3.1%
General Electric Co.		1,978,250		38,734
Insurance—2.5%
MetLife, Inc.		872,700		31,443
Machinery—0.8%
Cummins, Inc.		87,450		10,129
Media—8.3%
Time Warner, Inc.		1,776,950		66,564
Viacom, Inc.—Class B		824,650		38,256

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels—13.6%
ConocoPhillips		516,700	$	37,011
Exxon Mobil Corp.		678,850		58,612
Marathon Petroleum Corp.		398,150		16,567
Occidental Petroleum Corp.		452,400		41,268
Southwestern Energy Co. ‡		576,250		18,198
Pharmaceuticals—9.9%
Merck & Co., Inc.		390,950		15,341
Pfizer, Inc.		3,700,450		84,851
Sanofi ADR		659,950		25,197
Semiconductors & Semiconductor Equipment—5.8%
Applied Materials, Inc.		2,138,750		25,644
Texas Instruments, Inc.		1,507,300		48,143
Software—6.1%
Microsoft Corp.		2,410,450		77,183
Wireless Telecommunication Services—4.3%
Vodafone Group PLC ADR		1,975,700		54,984
Total Common Stocks (cost $1,089,327)				1,212,810

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—4.3%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $54,995 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $56,096.	$	54,995		54,995
Total Repurchase Agreement (cost $54,995)
Total Investment Securities (cost $1,144,322)P				1,267,805
Other Assets and Liabilities—Net				461
Net Assets			$	1,268,266

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

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $1,144,322. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $127,384 and $3,901, respectively. Net unrealized appreciation for tax purposes is $123,483.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	1,132,629	$	80,181	$	—	$	1,212,810
Repurchase Agreement		—		54,995		—		54,995
Total	$	1,132,629	$	135,176	$	—	$	1,267,805

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    90

Transamerica Small- & Mid-Cap Value Select

(formerly, Transamerica Oppenheimer Small- & Mid-Cap Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS — 89.5%
Airlines - 0.6%
United Continental Holdings, Inc. ‡^		48,320	$	1,059
Auto Components—1.3%
Lear Corp.		58,070		2,410
Capital Markets—3.2%
Affiliated Managers Group, Inc. ‡		14,514		1,649
Lazard, Ltd.—Class A		38,740		1,066
Northern Trust Corp.		29,060		1,383
Raymond James Financial, Inc.		49,170		1,800
Chemicals—4.2%
Airgas, Inc.		24,200		2,218
Celanese Corp.—Class A		38,730		1,877
Mosaic Co.		68,340		3,609
Commercial Banks—8.2%
Fifth Third Bancorp		121,020		1,722
M&T Bank Corp.		48,320		4,168
Prosperity Bancshares, Inc. ^		48,320		2,254
Signature Bank ‡^		43,500		2,858
SunTrust Banks, Inc.		37,790		918
Zions Bancorporation ^		145,140		2,959
Commercial Services & Supplies—0.9%
Republic Services, Inc.—Class A		58,070		1,589
Communications Equipment—2.5%
Ciena Corp. ‡^		145,100		2,150
Juniper Networks, Inc. ‡		116,140		2,489
Computers & Peripherals—0.6%
Western Digital Corp. ‡		29,030		1,127
Containers & Packaging—1.3%
Rock-Tenn Co.—Class A		38,720		2,413
Electric Utilities—3.7%
Cleco Corp. ^		48,320		1,971
NV Energy, Inc.		145,070		2,416
Pepco Holdings, Inc. ^		125,780		2,380
Electrical Equipment—1.0%
Cooper Industries PLC—Class A		29,000		1,815
Energy Equipment & Services—2.6%
Ensco PLC ADR		33,910		1,853
Nabors Industries, Ltd. ‡		82,280		1,370
Tidewater, Inc.		29,030		1,598
Food & Staples Retailing—0.5%
Kroger Co.		39,810		926
Food Products—3.4%
Adecoagro SA ‡^		96,610		862
ConAgra Foods, Inc.		68,970		1,780
JM Smucker Co.		21,930		1,746
Sara Lee Corp.		79,520		1,753
Gas Utilities—2.2%
AGL Resources, Inc.		67,710		2,670
EQT Corp.		29,030		1,446
Health Care Providers & Services—5.4%
Aetna, Inc.		38,680		1,703
DaVita, Inc. ‡		38,677		3,427
Humana, Inc.		29,030		2,342
Universal Health Services, Inc.—Class B		58,070		2,480
Hotels, Restaurants & Leisure—0.7%
Pinnacle Entertainment, Inc. ‡		116,141		1,289
Household Durables—3.3%
Mohawk Industries, Inc. ‡		38,680		2,592
Newell Rubbermaid, Inc.		193,590		3,524
Household Products—2.3%
Church & Dwight Co., Inc.		29,690		1,508
Energizer Holdings, Inc. ‡		38,678		2,759

	Shares		Value (000’s)
Independent Power Producers & Energy Traders - 0.2%
GenOn Energy, Inc. ‡		194,660	$	415
Industrial Conglomerates—2.7%
Tyco International, Ltd.		87,100		4,889
Insurance—8.9%
ACE, Ltd.		29,038		2,206
AON PLC		29,400		1,523
Brown & Brown, Inc.		77,380		2,087
Everest RE Group, Ltd.		38,674		3,832
Progressive Corp.		145,070		3,090
Reinsurance Group of America, Inc.—Class A		58,070		3,376
IT Services—0.0% ¥
Teletech Holdings, Inc. ‡		3,360		51
Leisure Equipment & Products—2.6%
Hasbro, Inc. ^		58,070		2,133
Mattel, Inc.		78,040		2,623
Life Sciences Tools & Services—0.7%
Agilent Technologies, Inc.		29,030		1,224
Machinery—6.1%
AGCO Corp. ‡		58,070		2,704
Navistar International Corp. ‡^		99,210		3,368
SPX Corp.		29,030		2,229
Stanley Black & Decker, Inc.		38,680		2,830
Metals & Mining—1.4%
Allegheny Technologies, Inc.		58,070		2,494
Multi-Utilities—2.5%
CMS Energy Corp.		119,668		2,751
Scana Corp.^		39,760		1,834
Oil, Gas & Consumable Fuels—3.8%
Alpha Natural Resources, Inc. ‡		48,320		779
Bill Barrett Corp. ‡^		77,380		1,856
Cimarex Energy Co.		21,730		1,502
Noble Energy, Inc.		9,640		957
Whiting Petroleum Corp. ‡		31,470		1,800
Pharmaceuticals—1.3%
Mylan, Inc. ‡		107,640		2,337
Real Estate Investment Trusts—1.0%
BioMed Realty Trust, Inc.		96,746		1,918
Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.		9,640		771
Semiconductors & Semiconductor Equipment—2.7%
Atmel Corp. ‡		97,620		866
Marvell Technology Group, Ltd. ‡		116,140		1,743
Skyworks Solutions, Inc. ‡		59,470		1,614
Xilinx, Inc.		19,570		712
Software—3.5%
Electronic Arts, Inc. ‡		214,940		3,306
Take-Two Interactive Software, Inc. ‡		215,950		3,045
Specialty Retail—1.3%
Abercrombie & Fitch Co.—Class A		48,320		2,424
Textiles, Apparel & Luxury Goods—0.9%
PVH Corp.		19,320		1,716
Trading Companies & Distributors—0.9%
AerCap Holdings NV ‡		149,370		1,730
Wireless Telecommunication Services—0.7%
NII Holdings, Inc. ‡ ^		96,770		1,354
Total Common Stocks (cost $141,716)				164,017
SECURITIES LENDING COLLATERAL—12.5%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		22,838,173		22,838
Total Securities Lending Collateral (cost $22,838)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    91

Transamerica Small- & Mid-Cap Value Select

(formerly, Transamerica Oppenheimer Small- & Mid-Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 64.9%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $118,838 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $121,217.	$	118,838	$	118,838
Total Repurchase Agreement (cost $118,838)
Total Investment Securities (cost $283,392) P				305,693
Other Assets and Liabilities—Net				(122,484	)
Net Assets			$	183,209

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

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $22,260.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $283,392. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $25,841 and $3,540, respectively. Net unrealized appreciation for tax purposes is $22,301.

DEFINITION:

ADR         American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	162,164	$	1,853	$	—	$	164,017
Repurchase Agreement		—		118,838		—		118,838
Securities Lending Collateral		22,838		—		—		22,838
Total	$	185,002	$	120,691	$	—	$	305,693

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    92

Transamerica Small Company Growth

(formerly, Transamerica Morgan Stanley Small Company Growth)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK—0.6%
Automobiles—0.6%
Better Place ‡ ə § D		347,133	$	1,402
Total Convertible Preferred Stock (cost $868)
PREFERRED STOCKS—2.6%
Health Care Providers & Services—0.5%
Castlight Health, Inc. ‡ ə § D		193,841		1,170
Internet Software & Services—1.9%
Peixe Urbano, Inc. ‡ ə § D		15,034		421
Twitter, Inc.—Series E ‡ ə § D		198,284		3,191
Xoom, Inc.—Series F ‡ ə § D		264,130		726
Media—0.1%
Glam Media, Inc.—Series M ‡ ə § D		33,059		172
Glam Media, Inc. (Escrow Shares) ‡ ə § D		4,722		16
Software—0.1%
Workday, Inc. ‡ ə § D		20,219		268
Total Preferred Stocks (cost $3,388)				5,964
COMMON STOCKS—96.0%
Air Freight & Logistics—1.1%
XPO Logistics, Inc. ‡ ^		147,684		2,453
Biotechnology—2.0%
Abcam PLC		370,174		2,223
Ironwood Pharmaceuticals, Inc.—Class A ‡ ^		190,396		2,515
Capital Markets—4.0%
CETIP SA—Mercados Organizados		121,883		1,878
Financial Engines, Inc. ‡ ^		157,871		3,606
Greenhill & Co., Inc. ^		98,636		3,832
Chemicals—4.5%
Intrepid Potash, Inc. ‡ ^		117,776		2,927
Rockwood Holdings, Inc. ‡		138,143		7,645
Commercial Services & Supplies—1.2%
Covanta Holding Corp. ^		177,998		2,857
Construction Materials—2.1%
Eagle Materials, Inc. ^		136,465		4,806
Diversified Financial Services—0.4%
PICO Holdings, Inc. ‡ ^		40,288		967
Diversified Telecommunication Services—1.1%
Cogent Communications Group, Inc. ‡ ^		137,253		2,571
Electric Utilities—5.1%
Brookfield Infrastructure Partners, LP		377,643		11,911
Prime AET&D Holdings No. 1 Pty, Ltd. ‡ ə		737,572		u
Food Products—0.6%
Annie’s, Inc. ‡		37,532		1,493
Health Care Equipment & Supplies—2.1%
Gen-Probe, Inc. ‡ ^		54,498		4,444
Zeltiq Aesthetics, Inc. ‡ ^		77,311		481
Health Care Providers & Services—2.3%
HMS Holdings Corp. ‡ ^		189,047		4,549
LCA-Vision, Inc. ‡ ^		109,235		808
Health Care Technology—4.2%
athenahealth, Inc. ‡ ^		136,245		9,871
Hotels, Restaurants & Leisure—7.9%
Country Style Cooking Restaurant Chain Co., Ltd. ADR ‡ ^		117,847		966
Dunkin’ Brands Group, Inc. ^		102,656		3,323
PF Chang’s China Bistro, Inc. ^		218,459		8,671
Vail Resorts, Inc. ^		132,041		5,385
Household Durables—1.7%
Brookfield Incorporacoes SA		694,708		1,830
iRobot Corp. ‡ ^		89,617		2,115
Insurance—2.1%
Greenlight Capital Re, Ltd.—Class A ‡ ^		198,544		4,944
Internet & Catalog Retail—5.3%
Blue Nile, Inc. ‡ ^		136,939		4,147
MakeMyTrip, Ltd. ‡ ^		163,780		3,179

	Shares		Value (000’s)
Internet & Catalog Retail (continued)
Ocado Group PLC ‡ ^		1,305,524	$	2,750
Shutterfly, Inc. ‡ ^		69,930		2,176
Internet Software & Services—17.8%
Ancestry.com, Inc. ‡ ^		90,328		2,412
Angie’s List, Inc. ‡ ^		231,314		3,227
Bankrate, Inc. ‡ ^		208,370		4,880
CoStar Group, Inc. ‡ ^		122,265		8,911
MercadoLibre, Inc. ^		67,040		6,484
OpenTable, Inc. ‡ ^		114,975		5,143
Sohu.com, Inc. ‡ ^		42,700		2,202
VistaPrint NV ‡ ^		75,025		2,798
Yelp, Inc.—Class A ‡ ^		57,598		1,317
Youku, Inc. ADR ‡ ^		110,521		2,657
Youku.com, Inc.—Class A ‡ ə § D		10		u
Zillow, Inc.—Class A ‡ ^		34,902		1,217
Leisure Equipment & Products—0.5%
Universal Entertainment Corp. ^		50,400		1,160
Life Sciences Tools & Services—3.4%
Techne Corp. ^		119,617		8,007
Machinery—1.8%
Rexnord Corp. ‡		188,829		4,169
Media—2.7%
Lamar Advertising Co.—Class A ‡ ^		154,648		4,921
Pandora Media, Inc. ‡ ^		160,700		1,382
Metals & Mining—3.0%
Lynas Corp., Ltd. ‡ ^		5,884,065		6,897
Oil, Gas & Consumable Fuels—1.6%
Oasis Petroleum, Inc. ‡ ^		110,208		3,645
Professional Services—8.7%
Advisory Board Co. ‡ ^		142,356		12,977
Corporate Executive Board Co.		178,760		7,395
Semiconductors & Semiconductor Equipment—1.5%
Tessera Technologies, Inc. ‡ ^		215,968		3,378
Software—5.7%
NetSuite, Inc. ‡ ^		172,746		7,667
Solera Holdings, Inc. ^		93,348		4,195
Splunk, Inc. ‡		40,416		1,372
Specialty Retail—0.5%
Citi Trends, Inc. ‡ ^		110,733		1,234
Transportation Infrastructure—1.1%
LLX Logistica SA ‡		1,565,939		2,621
Total Common Stocks (cost $179,909)				223,591
	Principal (000’s)		Value (000’s)
CORPORATE DEBT SECURITIES — 0.0% ¥
Media—0.0% ¥
Glam Media, Inc. ‡ ə § D 9.00%, 12/03/2013	$	10		7
Glam Media, Inc. (Escrow Shares) ‡ ə § D 9.00%, 12/03/2013		72		72
Total Corporate Debt Securities (cost $230)				79
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—25.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		60,047,223		60,047
Total Securities Lending Collateral (cost $60,047)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    93

Transamerica Small Company Growth

(formerly, Transamerica Morgan Stanley Small Company Growth)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.4%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $884 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $902.	$	884	$	884
Total Repurchase Agreement (cost $884)
Total Investment Securities (cost $245,326) P				291,967
Other Assets and Liabilities—Net				(59,100	)
Net Assets			$	232,867

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

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $7,445, or 3.20%, of the fund’s net assets.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $7,445, or 3.20% of the fund’s net assets.

D Restricted. At 04/30/2012, the fund owned the respective securities (representing 3.20% of the fund’s net assets) which were restricted as to public resale:

Description	Date of Acquisition		Shares*		Cost		Value		Price *
Better Place		01/25/2010		347,133		868	$	1,402	$	4.04
Castlight Health, Inc.		06/04/2010		193,841		797		1,170		6.04
Peixe Urbano, Inc.		12/02/2011		15,034		495		421		28.00
Twitter, Inc.—Series E		09/24/2009		198,284		528		3,191		16.09
Xoom, Inc.—Series F		02/23/2010		264,130		756		726		2.75
Glam Media, Inc.—Series M		03/19/2008		33,059		476		172		5.19
Glam Media, Inc. (Escrow Shares)		03/19/2008		4,722		68		16		3.37
Workday, Inc.		10/12/2011		20,219		268		268		13.26
Youku.com, Inc.—Class A		09/16/2010		10		u		u		1.34
Description	Date of Acquisition		Principal		Cost		Value		Price *
Glam Media, Inc.		03/19/2008		10		29		7		65.00
Glam Media, Inc., (Escrow Shares)		03/19/2008		72		201		72		100.00

* Amount not in thousands.

^ All or a portion of this security is on loan. The value of all securities on loan is $58,178.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 04/30/2012.

u Amount is less than 1.

P Aggregate cost for federal income tax purposes is $245,326. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $60,502 and $13,861, respectively. Net unrealized appreciation for tax purposes is $46,641.

DEFINITION:

ADR         American Depositary Receipt

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

Transamerica Funds		Semi-Annual Report 2012
	Page    94

Transamerica Small Company Growth

(formerly, Transamerica Morgan Stanley Small Company Growth)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	206,938	$	16,653	$	u	$	223,591
Convertible Preferred Stock		—		—		1,402		1,402
Corporate Debt Securities		—		—		79		79
Preferred Stocks		—		—		5,964		5,964
Repurchase Agreement		—		884		—		884
Securities Lending Collateral		60,047		—		—		60,047
Total	$	266,985	$	17,537	$	7,445	$	291,967

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases			Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012ƒ
Common Stocks	$	u	$	—		$	—		$	—	$	—	$	u		$	—	$	—	$	u	$	u
Convertible Preferred Stocks		868		—			—			—		—		534			—		—		1,402		534
Corporate Debt Securities		—		230	Б		—			—		—		(151	)		—		—		79		(151	)
Preferred Stocks		5,118		1,039	Б		(774	) Б		—		—		581			—		—		5,964		561
Total	$	5,986	$	1,269		$	(774	)	$	—	$	—	$	964		$	—	$	—	$	7,445	$	944

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

Б Amount includes transactions related to a corporate action of a Level 3 security that occurred during the current period.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    95

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—18.9%
U.S. Treasury Bond 3.13%, 11/15/2041	$	8,700	$	8,727
3.75%, 08/15/2041		5,700		6,436
3.88%, 08/15/2040		7,200		8,316
4.38%, 02/15/2038—05/15/2041		4,500		5,642
7.50%, 11/15/2024		1,400		2,210
U.S. Treasury Inflation Indexed Bond 2.13%, 02/15/2041		2,910		4,001
U.S. Treasury Inflation Indexed Note 0.13%, 01/15/2022		18,204		19,037
1.13%, 01/15/2021 g		11,863		13,605
U.S. Treasury Note 1.25%, 01/31/2019 ^		4,500		4,499
2.00%, 11/15/2021 ß		31,100		31,440
2.00%, 02/15/2022 ^		2,800		2,821
2.13%, 08/15/2021		600		615
2.38%, 05/31/2018 ^		15,000		16,145
2.63%, 11/15/2020 ^ ß		16,300		17,563
Total U.S. Government Obligations (cost $134,394)				141,057
U.S. GOVERNMENT AGENCY OBLIGATIONS—39.8%
Fannie Mae 0.34%, 01/25/2021 *		216		215
0.59%, 09/25/2042 *		357		354
1.36%, 10/01/2044 *		479		490
1.37%, 03/01/2044 *		995		1,024
2.11%, 07/01/2035 *		372		389
2.17%, 09/01/2035 *		659		691
2.33%, 01/01/2026 *		3		3
2.38%, 01/01/2028 *		43		45
2.40%, 11/01/2033 *		176		186
2.82%, 03/01/2034 *		275		294
3.50%, 10/01/2013—04/01/2041		31,445		32,853
4.00%, 04/01/2022—04/01/2041		50,613		53,820
4.50%, 12/01/2024		1,156		1,242
5.00%, 08/01/2020—01/01/2030		6,223		6,766
5.50%, 01/01/2035—03/01/2037		12,459		13,649
6.00%, 07/01/2038—09/01/2038		1,896		2,098
6.30%, 10/17/2038		407		437
Fannie Mae, IO 6.86%, 07/25/2034 * §		1,615		330
Fannie Mae, TBA 3.50%		77,000		81,177
4.50%		3,000		3,208
Freddie Mac 1.34%, 10/25/2044 *		412		413
1.55%, 07/25/2044 *		422		433
2.10%, 09/01/2035 *		48		51
2.25%, 03/01/2034 *		160		167
2.35%, 11/01/2033 *		151		159
2.36%, 03/01/2034 *		169		178
2.38%, 01/01/2036 *		2,830		2,996
2.62%, 09/01/2035 *		705		754
4.00%, 01/01/2041		4,380		4,629
4.50%, 05/15/2018—07/01/2041		18,642		19,902
5.00%, 02/15/2020—08/15/2020		574		587
6.50%, 04/15/2029—07/25/2043		25		29
Ginnie Mae 2.38%, 05/20/2024 *		43		45

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae (continued) 6.50%, 06/20/2032	$	24	$	28
Ginnie Mae, IO 6.32%, 04/16/2033—10/16/2033 * §		1,427		270
6.36%, 08/16/2033—09/20/2034 * §		3,353		661
Ginnie Mae, TBA 3.50%		51,000		53,709
Overseas Private Investment Corp. Zero Coupon, 12/10/2012 ə		2,600		2,674
0.02%, 05/02/2013 p		9,320		9,443
U.S. Small Business Administration 4.50%, 02/01/2014		35		36
Total U.S. Government Agency Obligations (cost $289,731)				296,435
FOREIGN GOVERNMENT OBLIGATIONS—8.4%
Australia Government Bond 4.75%, 06/15/2016	AUD	12,900		14,303
5.50%, 12/15/2013—01/21/2018		15,000		16,929
6.00%, 02/15/2017		4,000		4,698
Canadian Government Bond 1.75%, 03/01/2013	CAD	5,300		5,387
2.25%, 08/01/2014		20,200		20,838
Republic of Brazil 10.25%, 01/10/2028	BRL	1,000		619
Total Foreign Government Obligations (cost $58,776)				62,774
MORTGAGE-BACKED SECURITIES—6.6%
American Home Mortgage Assets LLC Series 2006-2, Class 2A1 0.43%, 09/25/2046 *	$	899		474
Series 2006-4, Class 1A12 0.45%, 10/25/2046 *		2,036		1,019
Banc of America Funding Corp. Series 2005-D, Class A1 2.65%, 05/25/2035 *		810		807
Series 2006-J, Class 4A1 5.74%, 01/20/2047 *		99		60
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-5, Class 2A1 2.61%, 08/25/2033 *		707		700
Series 2003-8, Class 2A1 2.92%, 01/25/2034 *		16		15
Series 2003-8, Class 4A1 2.86%, 01/25/2034 *		131		131
Series 2005-2, Class A2 3.08%, 03/25/2035 *		511		499
Series 2005-5, Class A2 2.25%, 08/25/2035 *		239		220
Bear Stearns Alt-A Trust Series 2005-7, Class 22A1 2.82%, 09/25/2035 *		287		196
Series 2006-6, Class 32A1 2.86%, 11/25/2036 *		334		179
Bear Stearns Structured Products, Inc. Series 2007-R6, Class 1A1 2.76%, 01/26/2036 *		293		174
CC Mortgage Funding Corp. Series 2004-3A,Class A1 0.49%, 08/25/2035—144A *		216		153
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A2 2.45%, 09/25/2035 *		289		253

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

Transamerica Funds		Semi-Annual Report 2012
	Page    96

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-10, Class 22AA 5.46%, 09/25/2037 *	$	1,860	$	1,161
Series 2007-CD5, Class A4 5.89%, 11/15/2044 *		200		231
Countrywide Alternative Loan Trust Series 2003-J1, Class 4A1 6.00%, 10/25/2032		2		2
Series 2005-81, Class A1 0.52%, 02/25/2037 *		630		342
Series 2006-30T1, Class 1A3 6.25%, 11/25/2036		409		321
Series 2006-J8, Class A2 6.00%, 02/25/2037		380		232
Series 2006-OA17, Class 1A1A 0.44%, 12/20/2046 *		2,399		1,269
Series 2007-2CB, Class 1A13 5.75%, 03/25/2037 *		651		447
Series 2007-HY4, Class 1A1 2.82%, 06/25/2037 *		1,078		696
Series 2007-OA6, Class A1B 0.44%, 06/25/2037 *		1,062		697
Countrywide Home Loan Mortgage Pass- Through Trust Series 2002-30, Class M 2.71%, 10/19/2032 *		16		11
Series 2004-12, Class 12A1 2.63%, 08/25/2034 *		393		306
Series 2004-R1, Class 2A 6.50%, 11/25/2034—144A		558		567
Series 2005-R2, Class 1AF1 0.58%, 06/25/2035—144A *		1,414		1,203
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-P1A, Class A 0.92%, 03/25/2032—144A *		1		u
Series 2003-AR15, Class 2A1 2.38%, 06/25/2033 *		913		851
Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2005-6, Class 2A3 5.50%, 12/25/2035		830		597
First Horizon Alternative Mortgage Securities Series 2007-FA4, Class 1A8 6.25%, 08/25/2037		383		246
First Horizon Asset Securities, Inc. Series 2005-AR3, Class 2A1 2.73%, 08/25/2035 *		71		58
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 2.65%, 09/25/2035 *		125		121
Harborview Mortgage Loan Trust Series 2006-1, Class 2A1A 0.48%, 03/19/2036 *		1,517		826
Series 2006-6, Class 5A1A 5.24%, 08/19/2036 *		548		385
Series 2006-12, Class 2A2A 0.43%, 01/19/2038 *		1,013		648
Series 2007-1, Class 2A1A 0.37%, 04/19/2038 *		1,052		681

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
IndyMac Index Mortgage Loan Trust Series 2004-AR11, Class 2A 2.59%, 12/25/2034 *	$	44	$	33
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2011-FL1, Class A 2.14%, 11/15/2028—144A *		5,900		5,923
JPMorgan Mortgage Trust Series 2005-A1, Class 6T1 5.00%, 02/25/2035 *		122		122
Series 2007-A1, Class 5A5 2.85%, 07/25/2035 *		728		704
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3 5.87%, 09/15/2045 *		1,900		2,169
Luminent Mortgage Trust Series 2006-6, Class 2A1 0.44%, 10/25/2046 *		601		387
MASTR Alternative Loans Trust Series 2006-2, Class 2A1 0.64%, 03/25/2036 *		132		26
Mellon Residential Funding Corp. Series 2000-TBC3, Class A1 0.68%, 12/15/2030 *		290		272
MLCC Mortgage Investors, Inc. Series 2005-2, Class 3A 1.24%, 10/25/2035 *		40		35
Series 2005-3, Class 4A 0.49%, 11/25/2035 *		36		29
Series 2005-A10, Class A 0.45%, 02/25/2036 *		176		127
Morgan Stanley Capital I Series 2007-IQ15, Class A4 6.08%, 06/11/2049 *		100		112
Permanent Master Issuer PLC Series 2011-1A, Class 1A1 1.97%, 07/15/2042—144A *		2,100		2,111
Series 2011-1A, Class 1A3 2.06%, 07/15/2042—144A *		4,200		5,584
Residential Accredit Loans, Inc. Series 2006-QO6, Class A1 0.42%, 06/25/2046 *		302		114
Residential Asset Securitization Trust Series 2006-R1, Class A2 0.64%, 01/25/2046 *		297		124
Residential Funding Mortgage Securities I Series 2003-S9, Class A1 6.50%, 03/25/2032		2		3
RMAC Securities PLC Series 2007-NS1X, Class A2B 0.62%, 06/12/2044 *		3,708		3,109
Sequoia Mortgage Trust Series 10, Class 2A1 1.00%, 10/20/2027 *		45		43
Series 2007-1, Class 1A1 2.57%, 01/20/2047 *		642		469
Structured Adjustable Rate Mortgage Loan Trust Series 2004-19, Class 2A1 1.56%, 01/25/2035 *		192		125
Structured Asset Mortgage Investments, Inc. Series 2002-AR3, Class A1 0.90%, 09/19/2032 *		20		18

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

Transamerica Funds		Semi-Annual Report 2012
	Page    97

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments, Inc. (continued) Series 2005-AR5, Class A1 0.49%, 07/19/2035 *	$	38	$	26
Series 2005-AR5, Class A2 0.49%, 07/19/2035 *		66		57
Series 2005-AR5, Class A3 0.49%, 07/19/2035 *		126		112
Series 2005-AR8, Class A1A 0.52%, 02/25/2036 *		525		302
Series 2006-AR3, Class 12A1 0.46%, 05/25/2036 *		620		311
Series 2006-AR6, Class 2A1 0.43%, 07/25/2046 *		2,199		1,250
Structured Asset Securities Corp. Series 2003-22A, Class 2A1 2.80%, 06/25/2033 *		1,057		974
Wachovia Bank Commercial Mortgage Trust Series 2006-WL7A, Class A1 0.33%, 09/15/2021—144A *		735		711
WaMu Mortgage Pass-Through Certificates Series 2002-AR2, Class A 2.46%, 02/27/2034 *		18		18
Series 2002-AR9, Class 1A 1.56%, 08/25/2042 *		10		8
Series 2003-AR5, Class A7 2.56%, 06/25/2033 *		663		666
Series 2003-AR9, Class 2A 2.55%, 09/25/2033 *		1,288		1,294
Series 2005-AR11, Class A1A 0.56%, 08/25/2045 *		564		462
Series 2006-AR9, Class 2A 2.71%, 08/25/2046 *		551		390
Series 2006-AR19, Class 1A 0.90%, 01/25/2047 *		1,022		569
Series 2006-AR19, Class 1A1A 0.89%, 01/25/2047 *		870		556
Series 2007-HY1, Class 4A1 2.69%, 02/25/2037 *		2,037		1,438
Series 2007-OA1, Class A1A 0.86%, 02/25/2047 *		2,197		1,268
Wells Fargo Mortgage Backed Securities Trust Series 2003-13, Class A5 4.50%, 11/25/2018		83		84
Series 2004-CC, Class A1 2.60%, 01/25/2035 *		205		193
Series 2006-AR4, Class 2A6 5.61%, 04/25/2036 *		205		83
Series 2006-AR8, Class 2A4 2.69%, 04 /25/2036 *		388		314
Total Mortgage-Backed Securities (cost $55,148)				49,503
ASSET-BACKED SECURITIES—3.0%
Amortizing Residential Collateral Trust Series 2002-BC4, Class A 0.82%, 07/25/2032 *		4		3
Asset Backed Funding Certificates Series 2004-OPT5, Class A1 0.59%, 06/25/2034 *		365		272
Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1 0.90%, 10/25/2032 *		12		11

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Bear Stearns Asset Backed Securities Trust (continued) Series 2006-SD4, Class 1A1 3.00%, 10/25/2036 *	$	755	$	519
Series 2007-AQ1, Class A1 0.35%, 11/25/2036 *		787		470
Chester Asset Receivables Dealings Series 2004-1, Class A 1.27%, 04/15/2016 *		3,700		5,889
Citigroup Mortgage Loan Trust, Inc. Series 2007-AHL1, Class A2A 0.28%, 12/25/2036 *		110		108
Countrywide Asset-Backed Certificates Series 2007-1, Class 2A 1 0.29%, 07/25/2037 *		128		126
Series 2007-7, Class 2A1 0.32%, 10/25/2047 *		17		16
Credit-Based Asset Servicing and Securitization LLC Series 2007-CB1, Class AF1A 0.31%, 01/25/2037 *		448		97
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF1, Class A2C 0.61%, 12/25/2034 *		15		15
Harbourmaster CLO, Ltd. Series 5A, Class A1 1.14%, 06/15/2020—144A * ə		596		754
Home Equity Asset Trust Series 2002-1, Class A4 0.84%, 11/25/2032 *		1		1
JPMorgan Mortgage Acquisition Corp. Series 2007-CH3, Class A5 0.50%, 03/25/2037 *		3,500		1,270
Mid-State Trust Series 4, Class A 8.33%, 04/01/2030		158		159
Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A1A 0.31%, 01/25/2047 *		125		109
Series 2007-8XS, Class A1 5.75%, 04/25/2037 *		349		229
Series 2007-10XS, Class A1 6.00%, 07/25/2047 *		333		240
New Century Home Equity Loan Trust Series 2006-1, Class A2B 0.42%, 05/25/2036 *		153		84
Park Place Securities, Inc. Series 2005-WCW1, Class A1B 0.50%, 09/25/2035 *		77		69
Penarth Master Issuer PLC Series 2011-1A, Class A1 0.89%, 05/18/2015—144A *		3,700		3,702
Plymouth Rock CLO, Ltd./Inc. Series 2010-1A, Class A 2.00%, 02/16/2019—144A *		2,311		2,305
Securitized Asset Backed Receivables LLC Series 2007-HE1, Class A2A 0.30%, 12/25/2036 *		83		18
Small Business Administration Participation Certificates Series 2003-20I, Class 1 5.13%, 09/01/2023		38		42

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

Transamerica Funds		Semi-Annual Report 2012
	Page    98

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Small Business Administration Participation Certificates (continued) Series 2004-20C, Class 1 4.34%, 03/01/2024	$	254	$	276
Structured Asset Securities Corp. Series 2002-HF1, Class A 0.82%, 01/25/2033 *		3		2
Series 2006-BC6, Class A2 0.32%, 01/25/2037 *		68		68
Venture CDO, Ltd. Series 2007-8A, Class A2A 0.69%, 07/22/2021—144A *		6,000		5,609
Total Asset-Backed Securities (cost $23,445)				22,463
MUNICIPAL GOVERNMENT OBLIGATIONS—3.5%
Buckeye Tobacco Settlement Financing Authority 5.88%, 06/01/2047		600		467
Chicago Board of Education—Class A 5.00%, 12/01/2012		255		262
Chicago Transit Authority—Class A 6.90%, 12/01/2040		4,900		5,956
Chicago Transit Authority—Class B 6.90%, 12/01/2040		2,700		3,282
City of Chicago, IL—Series A 4.75%, 01/01/2036		6,930		7,166
Kentucky State Property & Building Commission 5.37%, 11/01/2025		100		114
New York City Transitional Finance Authority Future Tax Secured Revenue 4.73%, 11/01/2023		100		118
State of California 5.65%, 04/01/2039 *		5,900		6,171
State of California—Build America Bonds 7.50%, 04/01/2034		300		386
Tobacco Settlement Finance Authority—Series A 7.47%, 06/01/2047		1,125		834
Tobacco Settlement Financing Corp. 5.25%, 06/01/2019		30		30
5.50%, 06/01/2026		200		218
5.88%, 05/15/2039		40		40
Tobacco Settlement Financing Corp.—Series 1A 5.00%, 06/01/2041		1,400		1,104
Total Municipal Government Obligations (cost $23,840)				26,148
PREFERRED CORPORATE DEBT SECURITY—0.3%
Commercial Banks—0.3%
Royal Bank of Scotland Group PLC 7.64%, 09/29/2017 * Ž		3,000		2,018
Total Preferred Corporate Debt Security (cost $3,037)
CORPORATE DEBT SECURITIES—17.9%
Airlines—0.3%
Continental Airlines, Inc. 6.75%, 09/15/2015—144A		2,200		2,252
Automobiles—0.7%
Volkswagen International Finance NV 0.92%, 10/01/2012—144A *		3,500		3,503
1.08%, 04/01/2014—144A *		1,600		1,595

	Principal (000’s)		Value (000’s)
Capital Markets—2.5%
Goldman Sachs Group, Inc. 1.00%, 02/04/2013 *	EUR	300	$	394
1.36%, 11/15/2014 *		500		629
6.75%, 10/01/2037	$	900		890
Lehman Brothers Holdings (Escrow shares) 5.63%, 01/24/2013		4,100		1,020
Lehman Brothers Holdings Prod (Escrow shares) 0.00%, 12/30/2016		1,600		388
2.88%, 12/30/2016		500		126
6.88%, 05/02/2018		200		49
Lehman Brothers Holdings, Inc. Series I 6.75%, 12/28/2017 Џ ‡		1,700		u
Morgan Stanley 1.16%, 04/13/2016 *	EUR	1,900		2,195
1.45%, 04/29/2013 *	$	6,100		6,021
3.45%, 11/02/2015		4,200		4,108
7.30%, 05/13/2019		700		751
Morgan Stanley—Series MTN 6.63%, 04/01/2018		2,000		2,090
Commercial Banks—4.8%
Barclays Bank PLC 5.45%, 09/12/2012 ^		2,600		2,642
6.05%, 12/04/2017—144A		2,600		2,608
6.75%, 05/22/2019 ^		2,500		2,878
10.18%, 06/12/2021—144A		2,240		2,606
Canadian Imperial Bank of Commerce 2.00%, 02/04/2013—144A		1,200		1,215
Cie de Financement Foncier SA 2.50%, 09/16/2015—144A		6,000		6,042
Export-Import Bank of Korea 8.13%, 01/21/2014		3,300		3,627
HSBC Capital Funding, LP 10.18%, 06/30/2030—144A * Ž		150		195
Lloyds TSB Bank PLC 4.38%, 01/12/2015—144A		4,400		4,500
5.80%, 01/13/2020—144A		700		726
12.00%, 12/16/2024—144A * Ž		5,300		5,596
Rabobank Nederland NV 11.00%, 06/30/2019—144A * Ž		378		480
Royal Bank of Scotland PLC 5.63%, 08/24/2020 ^		2,000		2,055
Wells Fargo & Co. Series K 7.98%, 03/15/2018 * Ž ^		800		868
Consumer Finance—0.4%
Ally Financial, Inc. 3.87%, 06/20/2014 *		3,100		3,055
Diversified Financial Services—5.8%
Bank of America Corp. 7.63%, 06/01/2019		4,000		4,610
Bank of America Corp.—Series MTNL 5.65%, 05/01/2018		3,900		4,125
Bear Stearns Cos., LLC 5.70%, 11/15/2014		1,900		2,092
6.40%, 10/02/2017		900		1,050
7.25%, 02/01/2018		2,100		2,555
Citigroup, Inc. 0.60%, 03/07/2014 *		2,000		1,932
2.51%, 08/13/2013 *		1,200		1,206
5.50%, 04/11/2013		1,400		1,449
6.00%, 08/15/2017		600		665

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

Transamerica Funds		Semi-Annual Report 2012
	Page    99

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Ford Motor Credit Co., LLC (continued) 7.00%, 10/01/2013 ^	$	400	$	428
7.80%, 06/01/2012		600		603
International Lease Finance Corp. 7.13%, 09/01/2018—144A		6,600		7,260
JPMorgan Chase & Co. 4.25%, 10/15/2020		1,900		1,990
4.40%, 07/22/2020		200		212
4.95%, 03/25/2020		900		988
6.30%, 04/23/2019		900		1,054
Merrill Lynch & Co., Inc. 0.98%, 01/31/2014 *	EUR	1,000		1,267
6.88%, 04/25/2018	$	3,900		4,346
Merrill Lynch & Co., Inc.—Series C 6.40%, 08/28/2017		400		432
SSIF Nevada, LP 1.17%, 04/14/2014—144A *		500		496
TNK-BP Finance SA 7.50%, 03/13/2013—Reg S		4,000		4,190
Diversified Telecommunication Services—0.1%
Deutsche Telekom International Finance BV 8.13%, 05/29/2012	EUR	124		165
KT Corp. 4.88%, 07/15/2015—144A	$	200		214
Energy Equipment & Services—0.2%
NGPL PipeCo LLC 7.12%, 12/15/2017—144A ^		1,800		1,741
Food Products—0.8%
Wrigley WM Jr., Co. 2.45%, 06/28/2012—144A		6,300		6,317
Household Durables—0.1%
Urbi Desarrollos Urbanos SAB de CV 9.50%, 01/21/2020—144A		400		414
Insurance—0.3%
American International Group, Inc. 4.25%, 09/15/2014		1,000		1,043
5.60%, 10/18/2016		1,000		1,093
Metals & Mining—0.0% ¥
CSN Resources SA 6.50%, 07/21/2020—144A		300		332
Oil, Gas & Consumable Fuels—0.9%
Gazprom OAO Via GAZ Capital SA 6.51%, 03/07/2022—Reg S		3,500		3,842
8.15%, 04/11/2018—144A		1,000		1,180
Gazprom OAO Via GAZ Capital SA—Series 2 8.63%, 04/28/2034—Reg S		1,500		1,922
Paper & Forest Products—0.4%
Georgia-Pacific LLC 5.40%, 11/01/2020—144A ^		2,500		2,849
Tobacco—0.6%
Altria Group, Inc. 4.13%, 09/11/2015		400		437
9.70%, 11/10/2018		1,900		2,581
Reynolds American, Inc. 7.63%, 06/01/2016		200		241
7.75%, 06/01/2018		1,000		1,254
Transportation Infrastructure—0.0% ¥
Korea Expressway Corp. 5.13%, 05/20/2015—144A		200		214
Total Corporate Debt Securities (cost $128,226)				133,893

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.7%
U.S. Treasury Bill 0.10%, 08/30/2012 p^ß	$	4,400	$	4,398
0.11%, 09/06/2012 pß		4,700		4,698
0.12%, 08/23/2012—09/20/2012 p^		1,900		1,899
0.12%, 09/27/2012 p ^		1,600		1,599
0.14%, 10/18/2012 p		300		300
Total Short-Term U.S. Government Obligations (cost $12,894)				12,894

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK—0.2%
Commercial Banks—0.2%
Wells Fargo & Co., 7.50%		1,600		1,792
Total Convertible Preferred Stock (cost $1,384)
PREFERRED STOCK—0.1%
Thrifts & Mortgage Finance—0.1%
DG Funding Trust, 1.05%—144A * ə §		119		890
Total Preferred Stock (cost $1,266)
SECURITIES LENDING COLLATERAL—5.1%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		37,779,639		37,780
Total Securities Lending Collateral (cost $37,780)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS—17.9%
Bank of America 0.21% p, dated 04/30/2012, to be repurchased at $16,500 on 05/01/2012. Collateralized by a U.S. Government Obligation, 0.88%, due 02/28/2017, with a value of $16,830.	$	16,500		16,500
Barclays Capital, Inc. 0.21% p, dated 04/30/2012, to be repurchased at $5,000 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 5.00%, due 06/20/2040, with a value of $5,166.		5,000		5,000
BNP Paribas 0.20%—0.23% p, dated 04/30/2012, to berepurchased at $74,800 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation and a U.S. Government Obligation, 4.50%—6.13%, due 05/15/2029—03/01/2034, with a total value of $76,352.		74,800		74,800
Citigroup Global Markets 0.21% p, dated 04/30/2012, to be repurchased at $5,500 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 02/13/2017, with a value of $5,674.		5,500		5,500
Goldman Sachs 0.21% p, dated 04/30/2012, to be repurchased at $4,100 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.50%, due 08/01/2041, with a value of $4,228.		4,100		4,100

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

Transamerica Funds		Semi-Annual Report 2012
	Page    100

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENTS (continued)
JPMorgan Securities 0.22% p, dated 04/30/2012, to be repurchased at $5,000 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 12/05/2014, with a value of $5,085.	$	5,000	$	5,000
Morgan Stanley & Co. 0.20% p, dated 04/30/2012, to be repurchased at $22,200 on 05/01/2012. Collateralized by U.S. Government Obligations, 2.38%—4.25%, due 09/30/2014—11/15/2040, with a total value of $22,421.		22,200		22,200
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $863 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $881.		863		863
Total Repurchase Agreements (cost $133,963)				133,963
Total Investment Securities (cost $903,884) P				921,610
Other Assets and Liabilities—Net				(174,568	)
Net Assets			$	747,042

	Principal			Value
	(000’s)			(000’s)
SECURITIES SOLD SHORT—(8.2%)
U.S. Government Agency Obligations—(8.2%)
Fannie Mae, TBA ¨
4.00%	$	(24,000	)	$	(25,517	)
4.50%		(800	)		(859	)
5.00%		(3,000	)		(3,258	)
5.50%		(12,000	)		(13,106	)
6.00%		(1,100	)		(1,215	)
Freddie Mac, TBA ¨
4.50%		(16,000	)		(17,060	)
Total Securities Sold Short (proceeds $(60,724))					(61,015	)

WRITTEN SWAPTIONS:   p

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Call—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Receive		1.40	%		03/18/2013	$	(29,100	)	$	(187	)	$	(310	)
Put—Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay		1.40			03/18/2013		(29,100	)		(715	)		(395	)
												$	(902	)	$	(705	)

CENTRALLY CLEARED SWAP AGREEMENTS: p

CREDIT DEFAULT SWAPS ON CREDIT INDICES—BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
North America High Yield Index—Series 14		5.00	%		06/20/2015		BCLY		USD	$	7,760	$	(159	)	$	237	$	(396	)
North America High Yield Index—Series 15		5.00			12/20/2015		BCLY		USD		23,668		(259	)		1,052		(1,311	)
												$	(418	)	$	1,289	$	(1,707	)

OTC SWAP AGREEMENTS:  p

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—BUY PROTECTION:⁽¹⁾

Reference Obligation

Fixed Deal Pay Rate

Maturity Date

Counterparty

Implied Credit Spread  (BP) at 04/30/2012(2)

Notional Amount (000’s)(3)

Market Value (000’s)(5)

Premiums Paid (000’s)

Unrealized (Depreciation) (000’s)

Time Warner, Inc., 5.88%, 11/15/2016

1.19

%

03/20/2014

DUB

29.11

$

20

$

(u)

$

u

$

(u)

CREDIT DEFAULT SWAPS ON CREDIT INDICES—BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay  Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
Dow Jones North America Investment Grade Index—Series 5		0.14	%		12/20/2012	MSC	USD	$	4,500	$	(3	)	$	u	$	(3	)
North America High Yield Index—Series 14		5.00			06/20/2015	DUB	USD		6,402		(103	)		302		(405	)
										$	(106	)	$	302	$	(408	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    101

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

OTC SWAP AGREEMENTS (continued):  p

CREDIT DEFAULT SWAPS ON CREDIT INDICES—SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized (Depreciation) (000’s)
Dow Jones North America Investment Grade Index—Series 5		0.46	%		12/20/2015	MSC	USD	$	3,200	$	(198	)	$	u		$	(198	)
North America Investment Grade Index—Series 16		1.00			06/20/2016	BCLY	USD		6,000		30			(47	)		77
										$	(168	)	$	(47	)	$	(121	)

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)			Net Unrealized Appreciation (000’s)
6-Month AUD BBR-BBSW		5.50	%		12/15/2017	BCLY	AUD		3,600	$	251	$	(14	)	$	265
6-Month AUD BBR-BBSW		5.50			12/15/2017	DUB	AUD		2,200		154		(7	)		161
6-Month EURIBOR		2.00			03/21/2017	MSC	EUR		3,300		124		101			23
6-Month EURIBOR		2.00			03/21/2017	MSC	EUR		6,600		229		(41	)		270
BRL-CDI		12.12			01/02/2014	HSBC	BRL		11,600		395		12			383
BRL-CDI		11.99			01/02/2014	GSC	BRL		4,000		127		1			126
BRL-CDI		11.96			01/02/2014	GSC	BRL		24,800		777		(12	)		789
BRL-CDI		12.56			01/02/2014	HSBC	BRL		3,200		91		4			87
BRL-CDI		12.51			01/02/2014	JPM	BRL		3,300		93		2			91
BRL-CDI		11.94			01/02/2014	HSBC	BRL		6,200		170		9			161
BRL-CDI		10.53			01/02/2014	HSBC	BRL		5,200		61		1			60
BRL-CDI		10.58			01/02/2014	MSC	BRL		9,300		114		15			99
BRL-CDI §		10.14			01/02/2015	HSBC	BRL		32,100		249		61			188
BRL-CDI §		10.61			01/02/2015	MSC	BRL		18,400		230		101			129
BRL-CDI §		9.93			01/02/2015	UBS	BRL		22,600		127		18			109
BRL-CDI §		9.93			01/02/2015	MSC	BRL		26,200		147		11			136
BRL-CDI §		9.94			01/02/2015	GSC	BRL		21,600		123		u			123
MXN-TIIE-Banxico		6.50			03/05/2013	MSC	MXN		64,800		66		(1	)		67
MXN-TIIE-Banxico		7.50			06/02/2021	UBS	MXN		80,200		525		242			283
										$	4,053	$	503		$	3,550

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums (Received) (000’s)			Net  Unrealized (Depreciation) (000’s)
3-Month USD-LIBOR		1.50	%		06/20/2017	DUB	USD	$	31,300	$	(530	)	$	(349	)	$	(181	)
3-Month USD-LIBOR		2.25			06/20/2022	UBS	USD		17,800		(278	)		(32	)		(246	)
										$	(808	)	$	(381	)	$	(427	)

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note		Long		136			06/20/2012	$	130
5-Year U.S. Treasury Note		Short		(34	)		06/29/2012		(22	)
								$	108

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

Transamerica Funds		Semi-Annual Report 2012
	Page    102

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:  p

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars  Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	HSBC		(45,130	)	05/17/2012	$	(47,148	)	$	218
Brazilian Real	MSC		(3,856	)	06/04/2012		(2,207	)		198
Canadian Dollar	BCLY		(25,927	)	06/21/2012		(26,174	)		(41	)
Chinese Yuan Renminbi	JPM		551		06/01/2012		86			1
Chinese Yuan Renminbi	CITI		4,808		06/01/2012		755			6
Chinese Yuan Renminbi	JPM		275		06/01/2012		43			1
Chinese Yuan Renminbi	DUB		8,367		02/01/2013		1,330			(9	)
Chinese Yuan Renminbi	GSC		6,562		02/01/2013		1,046			(10	)
Chinese Yuan Renminbi	DUB		6,353		02/01/2013		1,004			(1	)
Chinese Yuan Renminbi	UBS		103,161		02/01/2013		16,366			(79	)
Chinese Yuan Renminbi	UBS		7,078		08/05/2013		1,121			(5	)
Chinese Yuan Renminbi	DUB		2,000		08/05/2013		319			(4	)
Euro	CITI		242		06/14/2012		317			3
Euro	BNP		99		07/16/2012		131			u
Euro	BOA		(18,164	)	07/16/2012		(23,746	)		(308	)
Indian Rupee	JPM		242,258		07/12/2012		5,212			(687	)
Japanese Yen	BCLY		(195,332	)	06/07/2012		(2,377	)		(70	)
Malaysian Ringgit	JPM		9		07/16/2012		3			u
Mexican Peso	UBS		186		06/15/2012		14			(u	)
Mexican Peso	JPM		19		06/15/2012		1			u
Mexican Peso	DUB		96		06/15/2012		7			u
Mexican Peso	HSBC		67,375		06/15/2012		5,245			(94	)
Mexican Peso	JPM		140		06/15/2012		11			u
Mexican Peso	HSBC		157		06/15/2012		12			(u	)
Norwegian Krone	HSBC		5,259		05/24/2012		908			11
Norwegian Krone	MSC		15,778		05/24/2012		2,713			41
Norwegian Krone	BCLY		5,259		05/24/2012		908			11
Norwegian Krone	BCLY		(10,518	)	05/24/2012		(1,809	)		(27	)
Pound Sterling	UBS		(5,768	)	06/12/2012		(9,090	)		(268	)
Republic of Korea Won	UBS		(46,025	)	07/12/2012		(41	)		u
Singapore Dollar	UBS		9		05/15/2012		7			u
Singapore Dollar	UBS		(9	)	05/15/2012		(7	)		u
Singapore Dollar	UBS		9		08/03/2012		7			u
Taiwan Dollar	UBS		122,831		06/05/2012		4,174			32
									$	(1,081	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)			Net Exposures  (1) (000’s)
BCLY	$	154		$	(650	)	$	(496	)
BNP	$	u			—		$	u
BOA		(308	)		261			(47	)
CITI		9			(420	)		(411	)
DUB		(1,198	)		1,422			224
GSC		1,017			(930	)		87
HSBC		1,101			(1,290	)		(189	)
JPM		(592	)		550			(42	)
MSC		948			(695	)		253
UBS		54			(530	)		(476	)

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    103

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

^ All or a portion of this security is on loan. The value of all securities on loan is $37,018.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $4,318, or 0.58% of the fund’s net assets.

p Rate shown reflects the yield at 04/30/2012.

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

§ Illiquid. Total aggregate market value of illiquid securities is $2,151, or 0.29%, of the fund’s net assets, and total aggregate market value of illiquid derivatives is $876, or 0.12% of the fund’s net assets.

‡ Non-income producing security.

Џ In default.

¥ Percentage rounds to less than 0.1%.

P Aggregate cost for federal income tax purposes is $903,884. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $30,602 and $12,876, respectively. Net unrealized appreciation for tax purposes is $17,726.

u Amount is less than 1.

(1) If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(5) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the references entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

g A portion of this security in the amount of $156 has been segregated as collateral with the custodian to cover margin requirements for open futures contracts.

ß A portion of these securities in the amount of $2,231 has been segregated as collateral with the custodian for open swaps, swaptions, and/or forward foreign currency contracts.

p Cash in the amount of $3,775 has been pledged by the broker as collateral for open swaps, swaptions, and/or forward foreign currency contracts.

¨ Cash in the amount of $740 has been pledged by the broker as collateral for open short TBA transactions.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $81,847 or 10.96% of the fund’s net assets.
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
BP	Basis Point
CDI	Credit Default Index
CITI	Citibank, Inc.
CLO	Collateralized Loan Obligation
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
IO	Interest Only
IRO	Interest Rate Option
JPM	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
OTC	Over the Counter
TBA	To Be Announced
TIIE	Tasa de Interés Interbancaria de Equilibrio (Mexican Interbank Interest Rate)
UBS	UBS AG

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

Transamerica Funds		Semi-Annual Report 2012
	Page    104

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
MXN	Mexican Peso
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Securities	$	—			$22,463		$	—	$	22,463
Convertible Preferred Stock		1,792			—			—		1,792
Corporate Debt Securities		—			133,893			—		133,893
Foreign Government Obligations		—			62,774			—		62,774
Mortgage-Backed Securities		—			49,503			—		49,503
Municipal Government Obligations		—			26,148			—		26,148
Preferred Corporate Debt Security		—			2,018			—		2,018
Preferred Stock		—			—			890		890
Repurchase Agreements		—			133,963			—		133,963
Securities Lending Collateral		37,780			—			—		37,780
Short-Term U.S. Government Obligations		—			12,894			—		12,894
U.S. Government Agency Obligations		—			296,435			—		296,435
U.S. Government Obligations		—			141,057			—		141,057
Total	$	39,572			$881,148		$	890	$	921,610
Securities Sold Short	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level  3— Significant Unobservable Inputs		Value at 04/30/2012
U.S. Government Agency Obligations	$	—		$	(61,015	)	$	—	$	(61,015	)
Other Financial Instruments	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level  3— Significant Unobservable Inputs		Value at 04/30/2012
Written Swaptions	$	—		$	(705	)	$	—	$	(705	)
Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	130		$	—		$	—	$	130
Futures Contracts—Depreciation		(22	)		—			—		(22	)
Credit Default Swap—Appreciation		—			77			—		77
Credit Default Swap—Depreciation		(1,707	)		(606	)		—		(2,313	)
Forward Foreign Currency Contracts—Appreciation		—			522			—		522
Forward Foreign Currency Contracts—Depreciation		—			(1,603	)		—		(1,603	)
Interest Rate Swaps—Appreciation		—			3,550			—		3,550
Interest Rate Swaps—Depreciation		—			(427	)		—		(427	)
Total	$	(1,599	)	$	1,513		$	—	$	(86	)

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		(Sales)		Accrued Discounts/ (Premiums)		Total Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2012		Net Change  in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ
Preferred Stocks	$	895	$	—	$	—	$	—	$	—	$	(5	)	$	—	$	—	$	890	$	(5	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    105

Transamerica Value

(formerly, Transamerica Third Avenue Value)

SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS—86.9%
Canada—9.5%
Canfor Corp. ‡^		339,223	$	3,716
Cenovus Energy, Inc. ^		247,000		8,954
EnCana Corp. ^		427,000		8,941
Viterra, Inc.		536,850		8,646
France—1.2%
Sanofi		51,950		3,965
Germany—3.1%
Lanxess AG		123,000		9,793
Hong Kong—14.4%
Cheung Kong Holdings, Ltd.		1,069,153		14,249
Henderson Land Development Co., Ltd.		2,449,727		13,956
Hutchison Whampoa, Ltd.		1,495,888		14,402
Wheelock & Co., Ltd.		1,062,000		3,586
Japan—6.9%
Mitsui Fudosan Co., Ltd.		474,462		8,691
Toyota Industries Corp. ^		480,107		13,561
Korea, Republic of—4.0%
POSCO ADR		154,261		12,842
Sweden—5.0%
Investor AB—Class A		811,796		15,942
Switzerland—2.8%
Pargesa Holding SA (Bearer Shares)		133,000		8,902
United Kingdom—3.6%
Resolution, Ltd.		1,923,688		6,987
Segro PLC REIT		1,285,000		4,611
United States—36.4%
Alamo Group, Inc. ^		63,983		2,155
Alexander & Baldwin, Inc.		43,770		2,239
Alleghany Corp. ‡		4,700		1,612
Applied Materials, Inc.		604,461		7,247
AVX Corp.		756,041		9,602
Bank of New York Mellon Corp.		560,052		13,246
Bristow Group, Inc. ^		173,630		8,482
Brookfield Asset Management, Inc.—Class A ^		505,036		16,655
Capital Southwest Corp.		19,256		1,843
Comerica, Inc.		20,000		640
Devon Energy Corp.		54,000		3,772
Electronics for Imaging, Inc. ‡ ^		212,436		3,792
Forest City Enterprises, Inc.—Class A ‡ ^		679,836		10,843
Haemonetics Corp. ‡ ^		26,000		1,861
Intel Corp.		255,961		7,270
Investment Technology Group, Inc. ‡ ^		424,815		4,333
KeyCorp		490,000		3,940
Leucadia National Corp. ^		95,000		2,362
Lexmark International, Inc.—Class A ^		21,205		638
Lowe’s Cos., Inc.		74,000		2,329
Sycamore Networks, Inc. ‡^		22,153		345
Tejon Ranch Co. ‡ ^		86,299		2,577
Tellabs, Inc.		941,479		3,550
Westwood Holdings Group, Inc. ^		111,753		4,110
White Mountains Insurance Group, Ltd.		3,000		1,569
Total Common Stocks (cost $325,311)				278,756
SECURITIES LENDING COLLATERAL—14.4%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		46,009,643		46,010
Total Securities Lending Collateral (cost $46,010)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—12.2%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $39,067 on 05/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $39,852.	$	39,067	$	39,067
Total Repurchase Agreement (cost $39,067)
Total Investment Securities (cost $410,388)  P				363,833
Other Assets and Liabilities—Net				(43,249	)
Net Assets			$	320,584

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

Transamerica Funds		Semi-Annual Report 2012
	Page    106

Transamerica Value

(formerly, Transamerica Third Avenue Value)

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Real Estate Management & Development		19.3	%	$	70,557
Diversified Financial Services		7.5			27,206
Capital Markets		6.5			23,532
Oil, Gas & Consumable Fuels		6.0			21,667
Semiconductors & Semiconductor Equipment		4.0			14,517
Industrial Conglomerates		4.0			14,402
Auto Components		3.7			13,561
Metals & Mining		3.5			12,842
Insurance		2.8			10,168
Chemicals		2.7			9,793
Electronic Equipment & Instruments		2.6			9,602
Food Products		2.4			8,646
Energy Equipment & Services		2.3			8,482
Real Estate Investment Trusts		1.3			4,611
Commercial Banks		1.3			4,580
Computers & Peripherals		1.2			4,430
Pharmaceuticals		1.1			3,965
Communications Equipment		1.1			3,895
Paper & Forest Products		1.0			3,716
Specialty Retail		0.6			2,329
Marine		0.6			2,239
Machinery		0.6			2,155
Health Care Equipment & Supplies		0.5			1,861
Investment Securities, at Value		76.6			278,756
Short-Term Investments		23.4			85,077
Total Investments		100.0	%	$	363,833

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

^ All or a portion of this security is on loan. The value of all securities on loan is $44,776.

‡ Non-income producing security.

p Rate shown reflects the yield at 04/30/2012.

P Aggregate cost for federal income tax purposes is $410,388. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $25,304 and $71,859, respectively. Net unrealized depreciation for tax purposes is $46,555.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands):  '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Common Stocks	$	147,269	$	131,487	$	—	$	278,756
Repurchase Agreement		—		39,067		—		39,067
Securities Lending Collateral		46,010		—		—		46,010
Total	$	193,279	$	170,554	$	—	$	363,833

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    107

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Arbitrage Strategy			Transamerica Bond			Transamerica Core Bond			Transamerica Developing Markets Debt			Transamerica Developing Markets Equity
Assets:
Investment securities, at value	$	120,603		$	603,138		$	2,197,086		$	275,675		$	499,687
Repurchase agreement, at value		11,504			10,592			83,814			26,718			24,890
Cash		—			—			103			—			—
Cash on deposit with broker		40,439			—			—			74			—
Foreign currency, at value		2,352			—			—			48			4,546
Receivables:
Investment securities sold		25,425			3,839			399			983			17,192
Shares of beneficial interest sold		6			66			51			10			5
Interest		5			6,964			11,642			4,310			—	(A)
Securities lending income (net)		—			23			25			6			32
Dividends		82			79			—			—			930
Dividend reclaims		2			—			—			—			2
Prepaid expenses		—	(A)		—	(A)		2			—	(A)		1
Unrealized appreciation on swap agreements		168			—			—			—			—
Premium paid on swap agreements		3			—			—			—			—
Unrealized appreciation on forward foreign currency contracts		289			—			—			—			—
	$	200,878		$	624,701		$	2,293,122		$	307,824		$	547,285
Liabilities:
Due to custodian		1,635			—			—			—			—
Accounts payable and accrued liabilities:
Investment securities purchased		31,684			5,275			647			800			408
Shares of beneficial interest redeemed		40			86			2,007			17			13,535
Management and advisory fees		85			275			726			216			467
Trustees fees		1			3			14			2			3
Transfer agent fees		1			3			13			2			3
Custody fees		—			24			4			9			139
Administration fees		3			11			45			6			10
Audit and tax fees		11			10			11			10			28
Dividends from securities sold short		45			—			—			—			—
Swap income payable		20			—			—			—			—
Variation margin		—			—			—			24			—
Capital gains tax		—			—			—			—			174
Other		48			15			63			10			15
Collateral for securities on loan		—			110,958			163,547			32,103			60,718
Written options and swaptions, at value		289			—			—			—			—
Unrealized depreciation on swap agreements		271			—			—			—			—
Premium received on swap agreements		1			—			—			—			—
Securities sold short, at value		30,413			—			—			—			—
Unrealized depreciation on forward foreign currency contracts		445			—			—			—			—
		64,992			116,660			167,077			33,199			75,500
Net assets	$	135,886		$	508,041		$	2,126,045		$	274,625		$	471,785
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	134,336		$	474,663		$	2,035,092		$	247,966		$	411,845
Undistributed (accumulated) net investment income (loss)		(1,049	)		1,123			(107	)		548			704
Undistributed (accumulated) net realized gain (loss) from investments		1,549			3,699			10,540			2,322			21,703
Net unrealized appreciation (depreciation) on:
Investment securities		2,446			28,543			80,520			23,826			37,731
Futures contracts		—			—			—			(24	)		—
Written option and swaption contracts		39			—			—			—			—
Swap agreements		(103	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(153	)		13			—			(13	)		(198	)
Securities sold short		(1,179	)		—			—			—			—
Net assets	$	135,886		$	508,041		$	2,126,045		$	274,625		$	471,785
Shares outstanding		13,289			49,964			198,144			24,527			40,056
Net asset value and offering price per share	$	10.23		$	10.17		$	10.73		$	11.20		$	11.78
Investment securities, at cost	$	118,157		$	574,595		$	2,116,566		$	251,849		$	461,956
Repurchase agreement, at cost	$	11,504		$	10,592		$	83,814		$	26,718		$	24,890
Foreign currency, at cost	$	2,354		$	—		$	—		$	67		$	4,575
Securities loaned, at value	$	—		$	108,549		$	160,276		$	31,456		$	58,401
Premium received on written option & swaption contracts	$	328		$	—		$	—		$	—		$	—
Proceeds received from securities sold short	$	29,234		$	—		$	—		$	—		$	—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    108

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Emerging Markets			Transamerica Global Macro			Transamerica Global Real Estate Securities			Transamerica Growth			Transamerica International
Assets:
Investment securities, at value	$	230,761		$	48,233		$	184,256		$	658,116		$	450,285
Repurchase agreement, at value		6,674			27,652			2,111			2,402			12,670
Cash		42			—			—			—			—
Foreign currency, at value		836			—			103			—			479
Receivables:
Investment securities sold		21,632			47			397			19,864			5,733
Shares of beneficial interest sold		2			13			15			14			2
Interest		—	(A)		—	(A)		—	(A)		—	(A)		—	(A)
Securities lending income (net)		9			—			20			12			36
Dividends		402			—			466			158			1,503
Dividend reclaims		—			15			68			28			514
Variation margin		—			374			—			—			—
Other		138			38			—			186			—
Prepaid expenses		—	(A)		—	(A)		—	(A)		—	(A)		—	(A)
Unrealized appreciation on forward foreign currency contracts		—			1,846			—			—			—
	$	260,496		$	78,218		$	187,436		$	680,780		$	471,222
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		2,557			23			128			840			439
Shares of beneficial interest redeemed		11,099			11			84			17,292			41
Management and advisory fees		233			85			112			421			340
Trustees fees		2			1			1			4			2
Transfer agent fees		2			1			1			1			3
Custody fees		89			16			32			14			99
Administration fees		5			2			3			14			9
Audit and tax fees		23			14			12			10			12
Capital gains tax		273			—			—			—			—
Other		14			3			5			20			11
Collateral for securities on loan		13,150			—			27,588			31,493			51,434
Written options and swaptions, at value		—			235			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			1,240			—			—			—
		27,447			1,631			27,966			50,109			52,390
Net assets	$	233,049		$	76,587		$	159,470		$	630,671		$	418,832
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	256,992		$	149,045		$	204,856		$	393,100		$	522,208
Undistributed (accumulated) net investment income (loss)		181			(860	)		(5,530	)		(227	)		2,510
Undistributed (accumulated) net realized gain (loss) from investments		(24,376	)		(71,882	)		(77,905	)		32,804			(164,890	)
Net unrealized appreciation (depreciation) on:
Investment securities		548			(60	)		38,040			204,994			58,976
Futures contracts		—			(396	)		—			—			—
Written option and swaption contracts		—			132			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(296	)		608			9			—			28
Net assets	$	233,049		$	76,587		$	159,470		$	630,671		$	418,832
Shares outstanding		20,873			13,330			12,766			44,506			47,267
Net asset value and offering price per share	$	11.17		$	5.75		$	12.49		$	14.17		$	8.86
Investment securities, at cost	$	230,213		$	48,293		$	146,216		$	453,122		$	391,309
Repurchase agreement, at cost	$	6,674		$	27,652		$	2,111		$	2,402		$	12,670
Foreign currency, at cost	$	836		$	—		$	103		$	—		$	477
Securities loaned, at value	$	12,524		$	—		$	26,591		$	30,613		$	48,918
Premium received on written option & swaption contracts	$	—		$	367		$	—		$	—		$	—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    109

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica International Equity Opportunities			Transamerica International Small Cap			Transamerica International Value			Transamerica International Value Opportunities
Assets:
Investment securities, at value	$	377,463		$	338,029		$	157,627		$	476,094
Repurchase agreement, at value		—			2,280			—			7,936
Foreign currency, at value		638			602			148			202
Receivables:
Investment securities sold		5,830			6,776			4,483			2,201
Shares of beneficial interest sold		2			3			1			2
Interest		—			—	(A)		—			—	(A)
Securities lending income (net)		75			30			29			38
Dividends		1,426			1,296			667			2,040
Dividend reclaims		422			119			242			467
Prepaid expenses		—	(A)		—	(A)		—	(A)		—	(A)
Unrealized appreciation on forward foreign currency contracts		—			—			—			873
	$	385,856		$	349,135		$	163,197		$	489,853
Liabilities:
Due to custodian		2,688			—			2,124			—
Accounts payable and accrued liabilities:
Investment securities purchased		710			166			687			3,070
Shares of beneficial interest redeemed		6,290			22			12			31
Management and advisory fees		272			278			109			384
Trustees fees		2			2			1			2
Transfer agent fees		—	(A)		2			1			3
Custody fees		63			90			36			112
Administration fees		7			6			3			10
Audit and tax fees		10			11			10			12
Other		8			10			6			14
Collateral for securities on loan		33,670			41,387			18,280			33,993
		43,720			41,974			21,269			37,631
Net assets	$	342,136		$	307,161		$	141,928		$	452,222
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	326,352		$	275,741		$	350,586		$	410,898
Undistributed (accumulated) net investment income (loss)		2,963			75			950			2,783
Undistributed (accumulated) net realized gain (loss) from investments		2,634			3,846			(196,416	)		(6,186	)
Net unrealized appreciation (depreciation) on:
Investment securities		10,166			27,482			(13,209	)		43,812
Translation of assets and liabilities denominated in foreign currencies		21			17			17			915
Net assets	$	342,136		$	307,161		$	141,928		$	452,222
Shares outstanding		46,603			37,572			20,890			50,779
Net asset value and offering price per share	$	7.34		$	8.18		$	6.79		$	8.91
Investment securities, at cost	$	367,297		$	310,547		$	170,836		$	432,282
Repurchase agreement, at cost	$	—		$	2,280		$	—		$	7,936
Foreign currency, at cost	$	638		$	601		$	148		$	201
Securities loaned, at value	$	32,137		$	38,751		$	17,460		$	32,258

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

Transamerica Funds		Semi-Annual Report 2012
	Page    110

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Large Cap Value			Transamerica Long/Short Strategy			Transamerica Mid Cap Value			Transamerica Real Return TIPS
Assets:
Investment securities, at value	$	592,517		$	78,608		$	190,337		$	1,096,396
Repurchase agreement, at value		—			47			2,860			1,563
Cash on deposit with broker		—			53,281			—			—
Foreign currency, at value		—			—			—			164
Receivables:
Investment securities sold		8,346			1,132			801			6,859
Shares of beneficial interest sold		13			25			—			1,514
Interest		—	(A)		—	(A)		—	(A)		4,258
Securities lending income (net)		19			—			2			8
Dividends		613			86			93			—
Prepaid expenses		—	(A)		—	(A)		—	(A)		1
Unrealized appreciation on swap agreements		—			—			—			1,302
Premium paid on swap agreements		—			—			—			1,833
Unrealized appreciation on forward foreign currency contracts		—			—			—			296
	$	601,508		$	133,179		$	194,093		$	1,114,194
Liabilities:
Cash deposit due to broker		—			—			—			1,475
Accounts payable and accrued liabilities:
Investment securities purchased		8,342			1,079			56			102,125
Shares of beneficial interest redeemed		303			11			91			84
Management and advisory fees		377			86			128			514
Trustees fees		3			1			1			6
Transfer agent fees		4			—	(A)		1			6
Custody fees		10			8			6			13
Administration fees		12			2			4			20
Audit and tax fees		10			10			9			13
Dividends from securities sold short		—			72			—			—
Swap income payable		—			—			—			24
Variation margin		—			—			—			29
Other		18			11			6			34
Collateral for securities on loan		25,560			—			16,040			90,185
Written options and swaptions, at value		—			—			—			1,621
Unrealized depreciation on swap agreements		—			—			—			483
Premium received on swap agreements		—			—			—			119
Securities sold short, at value		—			56,246			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			2,117
		34,639			57,526			16,342			198,868
Net assets	$	566,869		$	75,653		$	177,751		$	915,326
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	590,538		$	89,089		$	144,906		$	835,909
Undistributed (accumulated) net investment income (loss)		2,377			(501	)		501			4,635
Undistributed (accumulated) net realized gain (loss) from investments		(113,711	)		(13,389	)		(13,264	)		16,387
Net unrealized appreciation (depreciation) on:
Investment securities		87,665			5,121			45,608			59,056
Futures contracts		—			—			—			265
Written option and swaption contracts		—			—			—			195
Swap agreements		—			—			—			819
Translation of assets and liabilities denominated in foreign currencies		—			—			—			(1,940	)
Securities sold short		—			(4,667	)		—			—
Net assets	$	566,869		$	75,653		$	177,751		$	915,326
Shares outstanding		57,760			9,467			14,407			80,982
Net asset value and offering price per share	$	9.81		$	7.99		$	12.34		$	11.30
Investment securities, at cost	$	504,852		$	73,487		$	144,729		$	1,037,340
Repurchase agreement, at cost	$	—		$	47		$	2,860		$	1,563
Foreign currency, at cost	$	—		$	—		$	—		$	163
Securities loaned, at value	$	24,967		$	—		$	15,647		$	88,389
Premium received on written option & swaption contracts	$	—		$	—		$	—		$	1,816
Proceeds received from securities sold short	$	—		$	51,579		$	—		$	—

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

Transamerica Funds		Semi-Annual Report 2012
	Page    111

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2012

(all amounts except per share amounts in thousands)

(unaudited)

	Transamerica Select Equity			Transamerica Small-& Mid- Cap Value Select			Transamerica Small Company Growth			Transamerica Total Return			Transamerica Value
Assets:
Investment securities, at value	$	1,212,810		$	186,855		$	291,083		$	787,647		$	324,766
Repurchase agreement, at value		54,995			118,838			884			133,963			39,067
Cash on deposit with broker		—			—			—			469			—
Foreign currency, at value		—			—			—			50			616
Receivables:
Investment securities sold		2,545			352			877			97,968			679
Shares of beneficial interest sold		10			3			3			58			862
Interest		—	(A)		—	(A)		—	(A)		4,810			—	(A)
Securities lending income (net)		—	(A)		6			218			7			10
Dividends		1,263			91			112			—			921
Dividend reclaims		—			—			—			—			38
Variation margin		—			—			—			16			—
Prepaid expenses		3			—	(A)		—	(A)		—	(A)		—	(A)
Unrealized appreciation on swap agreements		—			—			—			3,627			—
Premium paid on swap agreements		—			—			—			2,169			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			522			—
	$	1,271,626		$	306,145		$	293,177		$	1,031,306		$	366,959
Liabilities:
Cash deposit due to broker		—			—			—			4,515			—
Accounts payable and accrued liabilities:
Investment securities purchased		2,183			—			—			174,293			—
Shares of beneficial interest redeemed		306			99,842			48			272			101
Management and advisory fees		767			217			189			401			213
Trustees fees		7			1			1			4			2
Transfer agent fees		8			2			2			4			2
Custody fees		—			11			3			10			20
Administration fees		27			6			5			15			7
Audit and tax fees		10			10			9			13			10
Swap income payable		—			—			—			367			—
Other		52			9			6			24			10
Collateral for securities on loan		—			22,838			60,047			37,780			46,010
Written options and swaptions, at value		—			—			—			705			—
Unrealized depreciation on swap agreements		—			—			—			2,740			—
Premium received on swap agreements		—			—			—			503			—
Securities sold short, at value		—			—			—			61,015			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			1,603			—
		3,360			122,936			60,310			284,264			46,375
Net assets	$	1,268,266		$	183,209		$	232,867		$	747,042		$	320,584
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,125,699		$	155,132		$	187,566		$	730,861		$	454,090
Undistributed (accumulated) net investment income (loss)		787			503			1,704			(1,096	)		886
Undistributed (accumulated) net realized gain (loss) from investments		18,297			5,273			(3,043	)		(267	)		(87,853	)
Net unrealized appreciation (depreciation) on:
Investment securities		123,483			22,301			46,641			17,726			(46,555	)
Futures contracts		—			—			—			108			—
Written option and swaption contracts		—			—			—			197			—
Swap agreements		—			—			—			887			—
Translation of assets and liabilities denominated in foreign currencies		—			—			(1	)		(1,083	)		16
Securities sold short		—			—			—			(291	)		—
Net assets	$	1,268,266		$	183,209		$	232,867		$	747,042		$	320,584
Shares outstanding		111,643			19,321			18,827			70,607			14,480
Net asset value and offering price per share	$	11.36		$	9.48		$	12.37		$	10.58		$	22.14
Investment securities, at cost	$	1,089,327		$	164,554		$	244,442		$	769,921		$	371,321
Repurchase agreement, at cost	$	54,995		$	118,838		$	884		$	133,963		$	39,067
Foreign currency, at cost	$	—		$	—		$	—		$	50		$	615
Securities loaned, at value	$	—		$	22,260		$	58,178		$	37,018		$	44,776
Premium received on written option & swaption contracts	$	—		$	—		$	—		$	902		$	—
Proceeds received from securities sold short	$	—		$	—		$	—		$	60,724		$	—

^(A)  Rounds to less than $1.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    112

STATEMENTS OF OPERATIONS

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Arbitrage Strategy			Transamerica Bond			Transamerica Core Bond		Transamerica Developing Markets Debt			Transamerica Developing Markets  Equity
Investment income:
Dividend income	$	623		$	983		$	—	$	—		$	4,054
Withholding taxes on foreign income		(7	)		(31	)		—		(2	)		(167	)
Interest income		—			12,760			38,110		8,686			1
Securities lending income (net)		—			97			170		43			134
		616			13,809			38,280		8,727			4,022
Expenses:
Management and advisory		803			1,537			4,310		1,406			2,791
Transfer agent		6			18			80		11			19
Printing and shareholder reports		2			6			19		4			6
Custody		182			64			198		43			403
Administration		17			52			230		33			54
Legal		3			8			35		5			8
Audit and tax		10			9			9		8			27
Trustees		1			4			20		3			4
Dividends on securities sold short		593			—			—		—			—
Other		4			4			15		3			5
Total expenses		1,621			1,702			4,916		1,516			3,317
Expenses reimbursed		(36	)		—			—		—			—
Net expenses		1,585			1,702			4,916		1,516			3,317
Net investment income (loss)		(969	)		12,107			33,364		7,211			705
Net realized gain (loss) on transactions from:
Investment securities		1,911			3,744			11,814		3,595			28,768	(A)
Futures contracts		—			—			—		488			—
Written option and swaption contracts		963			—			—		—			—
Swap agreements		(293	)		—			—		—			—
Foreign currency transactions		(764	)		(45	)		—		(5	)		(280	)
Securities sold short		(185	)		—			—		—			—
Net realized gain		1,632			3,699			11,814		4,078			28,488
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		195			13,920			19,962		10,478			3,099	(B)
Futures contracts		—			—			—		(61	)		—
Written option and swaption contracts		143			—			—		—			—
Swap agreements		(103	)		—			—		—			—
Translation of assets and liabilities denominated in foreign currencies		621			56			—		4			(77	)
Securities sold short		(388	)		—			—		—			—
Net change in unrealized appreciation (depreciation):		468			13,976			19,962		10,421			3,022
Net realized and change in unrealized gain		2,100			17,675			31,776		14,499			31,510
Net increase in net assets resulting from operations	$	1,131		$	29,782		$	65,140	$	21,710		$	32,215

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

Transamerica Funds		Semi-Annual Report 2012
	Page    113

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Emerging Markets			Transamerica Global Macro			Transamerica Global Real Estate Securities			Transamerica Growth			Transamerica International
Investment income:
Dividend income	$	2,300		$	—		$	2,761		$	2,707		$	5,717
Withholding taxes on foreign income		(258	)		—			(108	)		(42	)		(526	)
Interest income		1			23			—	(C)		1			2
Securities lending income (net)		33			—			64			58			124
		2,076			23			2,717			2,724			5,317
Expenses:
Management and advisory		1,556			769			597			2,344			1,714
Transfer agent		10			5			6			23			13
Printing and shareholder reports		4			2			3			7			5
Custody		328			78			82			52			166
Administration		29			13			16			66			39
Legal		4			3			2			10			6
Audit and tax		22			11			10			9			11
Trustees		3			1			1			6			3
Registration		20			—			1			1			—
Other		3			1			2			6			4
Total expenses		1,979			883			720			2,524			1,961
Expenses reimbursed		(84	)		—			—			—			—
Net expenses		1,895			883			720			2,524			1,961
Net investment income (loss)		181			(860	)		1,997			200			3,356
Net realized gain (loss) on transactions from:
Investment securities		(21,337	) (D)		(4,203	)		5,607			37,765			5,225
Futures contracts		—			2,626			—			—			—
Written option and swaption contracts		—			1,003			—			—			—
Foreign currency transactions		171			2,341			(64	)		(21	)		(263	)
Net realized gain (loss)		(21,166	)		1,767			5,543			37,744			4,962
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		24,826	(E)		303			6,050			45,842			11,881
Futures contracts		—			(2,007	)		—			—			—
Written option and swaption contracts		—			252			—			—			—
Translation of assets and liabilities denominated in foreign currencies		210			(687	)		12			—			31
Net change in unrealized appreciation (depreciation):		25,036			(2,139	)		6,062			45,842			11,912
Net realized and change in unrealized gain (loss)		3,870			(372	)		11,605			83,586			16,874
Net increase (decrease) in net assets resulting from operations	$	4,051		$	(1,232)		$	13,602		$	83,786		$	20,230

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

Transamerica Funds		Semi-Annual Report 2012
	Page    114

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica International Equity Opportunities			Transamerica International Small Cap			Transamerica International Value			Transamerica International Value Opportunities
Investment income:
Dividend income	$	5,150		$	3,200		$	2,191		$	5,847
Withholding taxes on foreign income		(406	)		(188	)		(151	)		(446	)
Interest income		—	(C)		1			—	(C)		2
Securities lending income (net)		135			197			107			122
		4,879			3,210			2,147			5,525
Expenses:
Management and advisory		1,538			1,633			651			2,186
Transfer agent		13			11			6			16
Printing and shareholder reports		5			5			3			6
Custody		148			182			89			186
Administration		37			33			16			47
Legal		6			5			3			7
Audit and tax		8			10			8			11
Trustees		3			3			1			4
Other		4			3			2			5
Total expenses		1,762			1,885			779			2,468
Net investment income		3,117			1,325			1,368			3,057
Net realized gain (loss) on transactions from:
Investment securities		3,111			4,523	(F)		(6,408	)		(4,463	)
Foreign currency transactions		(93	)		(9	)		(21	)		1,712
Net realized gain (loss)		3,018			4,514			(6,429	)		(2,751	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		16,111			16,958			8,386			20,965
Translation of assets and liabilities denominated in foreign currencies		30			39			9			(286	)
Net change in unrealized appreciation (depreciation):		16,141			16,997			8,395			20,679
Net realized and change in unrealized gain (loss)		19,159			21,511			1,966			17,928
Net increase in net assets resulting from operations	$	22,276		$	22,836		$	3,334		$	20,985

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

Transamerica Funds		Semi-Annual Report 2012
	Page    115

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Large Cap Value			Transamerica Long/Short Strategy			Transamerica Mid Cap Value			Transamerica Real Return  TIPS
Investment income:
Dividend income	$	6,879		$	1,260		$	1,861		$	15
Withholding taxes on foreign income		(126	)		1			(3	)		—	(C)
Interest income		1			31			1			8,224
Securities lending income (net)		98			—			21			51
		6,852			1,292			1,880			8,290
Expenses:
Management and advisory		2,157			674			706			3,169
Transfer agent		21			4			6			37
Printing and shareholder reports		6			3			3			10
Custody		38			26			17			130
Administration		60			11			19			105
Legal		9			2			3			20
Audit and tax		9			8			8			11
Trustees		5			1			2			9
Dividends on securities sold short		—			1,063			—			—
Other		5			1			1			8
Total expenses		2,310			1,793			765			3,499
Net investment income (loss)		4,542			(501	)		1,115			4,791
Net realized gain (loss) on transactions from:
Investment securities		20,303			2,475			5,832			15,080
Futures contracts		—			—			—			1,397
Written option and swaption contracts		—			—			—			1,743
Swap agreements		—			—			—			1,333
Foreign currency transactions		—			—			—			(1,322	)
Securities sold short		—			(1,588	)		—			—
Net realized gain		20,303			887			5,832			18,231
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		38,332			7,231			15,934			15,326
Futures contracts		—			—			—			(981	)
Written option and swaption contracts		—			—			—			(1,042	)
Swap agreements		—			—			—			15
Translation of assets and liabilities denominated in foreign currencies		—			—			—			3,151
Securities sold short		—			(5,736	)		—			—
Net change in unrealized appreciation (depreciation):		38,332			1,495			15,934			16,469
Net realized and change in unrealized gain		58,635			2,382			21,766			34,700
Net increase in net assets resulting from operations	$	63,177		$	1,881		$	22,881		$	39,491

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

Transamerica Funds		Semi-Annual Report 2012
	Page    116

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2012

(all amounts in thousands)

(unaudited)

	Transamerica Select Equity		Transamerica Small- &  Mid-Cap Value Select			Transamerica Small  Company Growth			Transamerica Total Return			Transamerica Value
Investment income:
Dividend income	$	15,373	$	2,011		$	822		$	77		$	3,016
Withholding taxes on foreign income		—		5			(3	)		—			(258	)
Interest income		6		2			—	(C)		10,675			4
Securities lending income (net)		64		71			1,116			28			67
		15,443		2,089			1,935			10,780			2,829
Expenses:
Management and advisory		4,092		1,219			989			2,099			1,213
Transfer agent		43		10			8			24			11
Printing and shareholder reports		50		4			3			7			4
Custody		47		27			26			118			51
Administration		124		29			23			69			33
Legal		16		4			3			14			5
Audit and tax		7		8			8			11			9
Trustees		8		3			2			6			3
Other		5		2			1			5			3
Total expenses		4,392		1,306			1,063			2,353			1,332
Net investment income		11,051		783			872			8,427			1,497
Net realized gain (loss) on transactions from:
Investment securities		22,104		12,005			(406	)		1,017			(5,624	)
Futures contracts		—		—			—			276			—
Written option and swaption contracts		—		—			—			451			—
Swap agreements		—		—			—			944			—
Foreign currency transactions		—		—			(16	)		(1,757	)		(77	)
Securities sold short		—		—			—			(906	)		—
Net realized gain (loss)		22,104		12,005			(422	)		25			(5,701	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		96,415		(86	)		14,409			15,092			24,897
Futures contracts		—		—			—			209			—
Written option and swaption contracts		—		—			—			(29	)		—
Swap agreements		—		—			—			107			—
Translation of assets and liabilities denominated in foreign currencies		—		—			1			2,801			26
Securities sold short		—		—			—			(155	)		—
Net change in unrealized appreciation (depreciation):		96,415		(86	)		14,410			18,025			24,923
Net realized and change in unrealized gain		118,519		11,919			13,988			18,050			19,222
Net increase in net assets resulting from operations	$	129,570	$	12,702		$	14,860		$	26,477		$	20,719

^(A)  Net of foreign capital gains tax of $33.

^(B) Net of foreign capital gains tax of $174.

^(C) Rounds to less than $1.

^(D) Net of foreign capital gains tax of $138.

^(E)  Net of foreign capital gains tax of $273.

^(F)  Net of foreign capital gains tax of $2.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    117

STATEMENTS OF CHANGES IN NET ASSETS

For the periods or years ended:

(all amounts in thousands)

	Transamerica Arbitrage Strategy						Transamerica Bond						Transamerica Core Bond
	April 30, 2012 (unaudited)			October 31, 2011(A)			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	(969	)	$	(294	)	$	12,107		$	27,710		$	33,364		$	41,873
Net realized gain (loss)(B)		1,632			1,587			3,699			32,188			11,814			4,104
Net change in unrealized appreciation (depreciation)(C)		468			582			13,976			(39,892	)		19,962			21,961
Net increase in net assets resulting from operations		1,131			1,875			29,782			20,006			65,140			67,938
Distributions to shareholders:
From net investment income		—			—			(19,055	)		(34,541	)		(37,177	)		(45,454	)
From net realized gains		(1,456	)		—			(25,612	)		(10,465	)		—			(6,906	)
Total distributions to shareholders		(1,456	)		—			(44,667	)		(45,006	)		(37,177	)		(52,360	)
Capital share transactions:
Proceeds from shares sold		48,141			123,667			41,930			67,202			184,809			1,164,942
Dividends and distributions reinvested		1,456			—			44,667			45,006			37,177			52,360
Cost of shares redeemed		(37,594	)		(1,334	)		(26,011	)		(219,088	)		(332,687	)		(87,555	)
Net increase (decrease) in net assets resulting from capital shares transactions		12,003			122,333			60,586			(106,880	)		(110,701	)		1,129,747
Net increase (decrease) in net assets		11,678			124,208			45,701			(131,880	)		(82,738	)		1,145,325
Net assets:
Beginning of period/year		124,208			—			462,340			594,220			2,208,783			1,063,458
End of period/year	$	135,886		$	124,208		$	508,041		$	462,340		$	2,126,045		$	2,208,783
Undistributed (accumulated) net investment income (loss)	$	(1,049	)	$	(80	)	$	1,123		$	8,071		$	(107	)	$	3,706
Share activity:
Shares issued		4,700			12,244			4,235			6,127			17,350			111,128
Shares issued-reinvested from distributions		143			—			4,722			4,246			3,492			5,058
Shares redeemed		(3,666	)		(132	)		(2,577	)		(20,146	)		(31,156	)		(8,438	)
Net increase (decrease) in shares outstanding		1,177			12,112			6,380			(9,773	)		(10,314	)		107,748
	Transamerica Developing Markets Debt						Transamerica Developing Markets Equity						Transamerica Emerging Markets
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	7,211		$	15,773		$	705		$	3,479		$	181		$	2,452
Net realized gain (loss)(B)		4,078			2,626			28,488			69,535			(21,166	)		16,090
Net change in unrealized appreciation (depreciation)(C)		10,421			(10,254	)		3,022			(119,084	)		25,036			(76,989	)
Net increase (decrease) in net assets resulting from operations		21,710			8,145			32,215			(46,070	)		4,051			(58,447	)
Distributions to shareholders:
From net investment income		(7,059	)		(14,256	)		(2,678	)		(1,725	)		(1,116	)		(183	)
From net realized gains		(2,484	)		(6,903	)		(40,297	)		—			(19,074	)		(23,647	)
Total distributions to shareholders		(9,543	)		(21,159	)		(42,975	)		(1,725	)		(20,190	)		(23,830	)
Capital share transactions:
Proceeds from shares sold		12,771			75,137			35,804			33,700			10,098			69,460
Dividends and distributions reinvested		9,543			21,159			42,975			1,725			17,639			17,128
Cost of shares redeemed		(70,233	)		(75,481	)		(93,890	)		(100,186	)		(118,210	)		(75,961	)
Net increase (decrease) in net assets resulting from capital shares transactions		(47,919	)		20,815			(15,111	)		(64,761	)		(90,473	)		10,627
Net increase (decrease) in net assets		(35,752	)		7,801			(25,871	)		(112,556	)		(106,612	)		(71,650	)
Net assets:
Beginning of period/year		310,377			302,576			497,656			610,212			339,661			411,311
End of period/year	$	274,625		$	310,377		$	471,785		$	497,656		$	233,049		$	339,661
Undistributed (accumulated) net investment income (loss)	$	548		$	396		$	704		$	2,677		$	181		$	1,116
Share activity:
Shares issued		1,186			7,043			3,253			2,510			925			5,049
Shares issued-reinvested from distributions		891			2,017			4,251			128			1,813			1,259
Shares redeemed		(6,417	)		(6,989	)		(7,992	)		(7,853	)		(10,787	)		(6,181	)
Net increase (decrease) in shares outstanding		(4,340	)		2,071			(488	)		(5,215	)		(8,049	)		127

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

Transamerica Funds		Semi-Annual Report 2012
	Page    118

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the periods or years ended:

(all amounts in thousands)

	Transamerica Global Macro						Transamerica Global Real Estate Securities						Transamerica Growth
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	(860	)	$	(2,033	)	$	1,997		$	5,062		$	200		$	77
Net realized gain (loss)(B)		1,767			(7,580	)		5,543			35,217			37,744			52,646
Net change in unrealized appreciation (depreciation)(C)		(2,139	)		1,957			6,062			(33,053	)		45,842			14,358
Net increase (decrease) in net assets resulting from operations		(1,232	)		(7,656	)		13,602			7,226			83,786			67,081
Distributions to shareholders:
From net investment income		—			—			(2,666	)		(16,534	)		(427	)		(800	)
From net realized gains		—			—			—			—			(22,717	)		—
Total distributions to shareholders		—			—			(2,666	)		(16,534	)		(23,144	)		(800	)
Capital share transactions:
Proceeds from shares sold		2,275			45,323			22,959			10,642			17,141			10,349
Dividends and distributions reinvested		—			—			2,666			16,534			23,144			800
Cost of shares redeemed		(62,007	)		(26,258	)		(24,148	)		(190,179	)		(89,023	)		(185,395	)
Net increase (decrease) in net assets resulting from capital shares transactions		(59,732	)		19,065			1,477			(163,003	)		(48,738	)		(174,246	)
Net increase (decrease) in net assets		(60,964	)		11,409			12,413			(172,311	)		11,904			(107,965	)
Net assets:
Beginning of period/year		137,551			126,142			147,057			319,368			618,767			726,732
End of period/year	$	76,587		$	137,551		$	159,470		$	147,057		$	630,671		$	618,767
Undistributed (accumulated) net investment income (loss)	$	(860	)	$	—		$	(5,530	)	$	(4,861	)	$	(227	)	$	—
Share activity:
Shares issued		396			7,581			1,888			869			1,337			812
Shares issued-reinvested from distributions		—			—			239			1,435			1,987			65
Shares redeemed		(10,715	)		(4,535	)		(1,995	)		(15,685	)		(6,645	)		(14,750	)
Net increase (decrease) in shares outstanding		(10,319	)		3,046			132			(13,381	)		(3,321	)		(13,873	)
	Transamerica International						Transamerica International Equity Opportunities						Transamerica International Small Cap
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	3,356		$	8,398		$	3,117		$	8,730		$	1,325		$	7,763
Net realized gain (loss)(B)		4,962			47,149			3,018			46,909			4,514			38,370
Net change in unrealized appreciation (depreciation)(C)		11,912			(64,738	)		16,141			(66,947	)		16,997			(64,866	)
Net increase (decrease) in net assets resulting from operations		20,230			(9,191	)		22,276			(11,308	)		22,836			(18,733	)
Distributions to shareholders:
From net investment income		(6,082	)		(7,056	)		(8,205	)		(5,767	)		(8,007	)		(6,178	)
From net realized gains		—			—			(47,521	)		(27,053	)		(38,213	)		(3,119	)
Total distributions to shareholders		(6,082	)		(7,056	)		(55,726	)		(32,820	)		(46,220	)		(9,297	)
Capital share transactions:
Proceeds from shares sold		82,135			14,663			10,660			26,144			7,766			19,996
Dividends and distributions reinvested		6,082			7,056			55,726			32,820			46,220			9,297
Cost of shares redeemed		(43,179	)		(230,675	)		(44,494	)		(197,323	)		(53,799	)		(219,193	)
Net increase (decrease) in net assets resulting from capital shares transactions		45,038			(208,956	)		21,892			(138,359	)		187			(189,900	)
Net increase (decrease) in net assets		59,186			(225,203	)		(11,558	)		(182,487	)		(23,197	)		(217,930	)
Net assets:
Beginning of period/year		359,646			584,849			353,694			536,181			330,358			548,288
End of period/year	$	418,832		$	359,646		$	342,136		$	353,694		$	307,161		$	330,358
Undistributed (accumulated) net investment income (loss)	$	2,510		$	5,236		$	2,963		$	8,051		$	75		$	6,757
Share activity:
Shares issued		9,366			1,582			1,478			2,854			978			1,991
Shares issued-reinvested from distributions		788			778			8,859			3,785			6,698			944
Shares redeemed		(5,178	)		(25,494	)		(6,125	)		(23,102	)		(6,792	)		(22,976	)
Net increase (decrease) in shares outstanding		4,976			(23,134	)		4,212			(16,463	)		884			(20,041	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    119

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the periods or years ended:

(all amounts in thousands)

	Transamerica International Value						Transamerica International Value Opportunities						Transamerica Large Cap Value
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	1,368		$	5,047		$	3,057		$	10,022		$	4,542		$	6,672
Net realized gain (loss)(B)		(6,429	)		(24,044	)		(2,751	)		55,344			20,303			26,527
Net change in unrealized appreciation (depreciation)(C)		8,395			(12,686	)		20,679			(103,001	)		38,332			7,725
Net increase (decrease) in net assets resulting from operations		3,334			(31,683	)		20,985			(37,635	)		63,177			40,924
Distributions to shareholders:
From net investment income		(5,169	)		(7,480	)		(8,733	)		(4,250	)		(6,908	)		(8,350	)
From net realized gains		—			—			(62,673	)		(4,928	)		—			—
Total distributions to shareholders		(5,169	)		(7,480	)		(71,406	)		(9,178	)		(6,908	)		(8,350	)
Capital share transactions:
Proceeds from shares sold		3,564			4,415			18,929			32,625			15,875			77,937
Dividends and distributions reinvested		5,169			7,480			71,406			9,178			6,908			8,350
Cost of shares redeemed		(21,570	)		(114,883	)		(36,130	)		(325,036	)		(56,232	)		(277,017	)
Net increase (decrease) in net assets resulting from capital shares transactions		(12,837	)		(102,988	)		54,205			(283,233	)		(33,449	)		(190,730	)
Net increase (decrease) in net assets		(14,672	)		(142,151	)		3,784			(330,046	)		22,820			(158,156	)
Net assets:
Beginning of period/year		156,600			298,751			448,438			778,484			544,049			702,205
End of period/year	$	141,928		$	156,600		$	452,222		$	448,438		$	566,869		$	544,049
Undistributed (accumulated) net investment income (loss)	$	950		$	4,751		$	2,783		$	8,459		$	2,377		$	4,743
Share activity:
Shares issued		518			551			2,142			2,856			1,767			8,266
Shares issued-reinvested from distributions		856			947			9,155			819			811			976
Shares redeemed		(3,248	)		(15,769	)		(4,058	)		(30,161	)		(6,054	)		(32,162	)
Net increase (decrease) in shares outstanding		(1,874	)		(14,271	)		7,239			(26,486	)		(3,476	)		(22,920	)
	Transamerica Long/Short Strategy						Transamerica Mid Cap Value						Transamerica Real Return TIPS
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	(501	)	$	(2,131	)	$	1,115		$	1,799		$	4,791		$	28,089
Net realized gain (loss)(B)		887			(917	)		5,832			8,286			18,231			54,764
Net change in unrealized appreciation (depreciation)(C)		1,495			(3,559	)		15,934			2,850			16,469			(30,952	)
Net increase (decrease) in net assets resulting from operations		1,881			(6,607	)		22,881			12,935			39,491			51,901
Distributions to shareholders:
From net investment income		—			—			(1,745	)		(2,200	)		(5,748	)		(28,799	)
From net realized gains		—			—			—			—			(46,536	)		(30,631	)
Total distributions to shareholders		—			—			(1,745	)		(2,200	)		(52,284	)		(59,430	)
Capital share transactions:
Proceeds from shares sold		2,298			38,093			13,301			—			87,123			213,951
Dividends and distributions reinvested		—			—			1,745			2,200			52,284			59,430
Cost of shares redeemed		(41,634	)		(26,720	)		(16,775	)		(18,203	)		(182,922	)		(140,183	)
Net increase (decrease) in net assets resulting from capital shares transactions		(39,336	)		11,373			(1,729	)		(16,003	)		(43,515	)		133,198
Net increase (decrease) in net assets		(37,455	)		4,766			19,407			(5,268	)		(56,308	)		125,669
Net assets:
Beginning of period/year		113,108			108,342			158,344			163,612			971,634			845,965
End of period/year	$	75,653		$	113,108		$	177,751		$	158,344		$	915,326		$	971,634
Undistributed (accumulated) net investment income (loss)	$	(501	)	$	—		$	501		$	1,131		$	4,635		$	5,592
Share activity:
Shares issued		297			4,746			1,147			—			7,801			19,339
Shares issued-reinvested from distributions		—			—			165			207			4,789			5,557
Shares redeemed		(5,227	)		(3,374	)		(1,396	)		(1,800	)		(16,474	)		(12,897	)
Net increase (decrease) in shares outstanding		(4,930	)		1,372			(84	)		(1,593	)		(3,884	)		11,999

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

Transamerica Funds		Semi-Annual Report 2012
	Page    120

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period or years ended:

(all amounts in thousands)

	Transamerica Select Equity						Transamerica Small- & Mid-Cap Value Select						Transamerica Small  Company Growth
	April 30, 2012 (unaudited)			October  31, 2011(D)			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	11,051		$	855		$	783		$	1,389		$	872		$	579
Net realized gain (loss)(B)		22,104			(3,807	)		12,005			35,247			(422	)		12,910
Net change in unrealized appreciation (depreciation)(C)		96,415			27,068			(86	)		(30,809	)		14,410			(3,039	)
Net increase in net assets resulting from operations		129,570			24,116			12,702			5,827			14,860			10,450
Distributions to shareholders:
From net investment income		(11,065	)		(54	)		(1,236	)		(425	)		—			(600	)
From net realized gains		—			—			(11,565	)		—			—			—
Total distributions to shareholders		(11,065	)		(54	)		(12,801	)		(425	)		—			(600	)
Capital share transactions:
Proceeds from shares sold		242,028			914,980			22,602			5,146			54,008			5,026
Dividends and distributions reinvested		11,065			54			12,801			425			—			600
Cost of shares redeemed		(39,611	)		(2,817	)		(110,631	)		(51,662	)		(14,418	)		(18,519	)
Net increase (decrease) in net assets resulting from capital shares transactions		213,482			912,217			(75,228	)		(46,091	)		39,590			(12,893	)
Net increase (decrease) in net assets		331,987			936,279			(75,327	)		(40,689	)		54,450			(3,043	)
Net assets:
Beginning of period/year		936,279			—			258,536			299,225			178,417			181,460
End of period/year	$	1,268,266		$	936,279		$	183,209		$	258,536		$	232,867		$	178,417
Undistributed (accumulated) net investment income (loss)	$	787		$	801		$	503		$	956		$	1,704		$	832
Share activity:
Shares issued		22,554			91,871			2,413			504			4,549			411
Shares issued-reinvested from distributions		1,049			5			1,485			43			—			50
Shares redeemed		(3,559	)		(277	)		(11,671	)		(5,533	)		(1,195	)		(1,568	)
Net increase (decrease) in shares outstanding		20,044			91,599			(7,773	)		(4,986	)		3,354			(1,107	)

	Transamerica Total Return						Transamerica Value
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	8,427		$	17,888		$	1,497		$	4,177
Net realized gain (loss)(B)		25			5,845			(5,701	)		15,644
Net change in unrealized appreciation (depreciation)(C)		18,025			(10,844	)		24,923			(26,148	)
Net increase (decrease) in net assets resulting from operations		26,477			12,889			20,719			(6,327	)
Distributions to shareholders:
From net investment income		(13,080	)		(17,746	)		(729	)		(7,774	)
From net realized gains		(2,586	)		(19,234	)		—			—
Total distributions to shareholders		(15,666	)		(36,980	)		(729	)		(7,774	)
Capital share transactions:
Proceeds from shares sold		146,495			55,205			11,105			5,202
Dividends and distributions reinvested		15,666			36,980			729			7,774
Cost of shares redeemed		(51,665	)		(110,080	)		(18,964	)		(74,285	)
Net increase (decrease) in net assets resulting from capital shares transactions		110,496			(17,895	)		(7,130	)		(61,309	)
Net increase (decrease) in net assets		121,307			(41,986	)		12,860			(75,410	)
Net assets:
Beginning of period/year		625,735			667,721			307,724			383,134
End of period/year	$	747,042		$	625,735		$	320,584		$	307,724
Undistributed (accumulated) net investment income (loss)	$	(1,096	)	$	3,557		$	886		$	118
Share activity:
Shares issued		13,967			5,272			510			227
Shares issued-reinvested from distributions		1,508			3,654			39			353
Shares redeemed		(4,945	)		(10,679	)		(908	)		(3,508	)
Net increase (decrease) in shares outstanding		10,530			(1,753	)		(359	)		(2,928	)

^(A)  Commenced operations on May 1, 2011.

^(B)  Net realized gain (loss) includes all items listed in the Statement of Operations.

^(C)  Change in unrealized appreciation (depreciation) includes all items listed in the Statement of Operations.

^(D)  Commenced operations on August 31, 2011.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    121

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a share outstanding throughout each period	Transamerica Arbitrage Strategy
	April 30,  2012 (unaudited)			October 31, 2011(A)
Net asset value
Beginning of period/year	$	10.25		$	10.00
Investment operations
Net investment loss(B)		(0.06	)		(0.04	)
Net realized and change in unrealized gain on investments		0.13			0.29
Total from investment operations		0.07			0.25
Distributions
Net realized gains on investments		(0.09	)		—
Total distributions		(0.09	)		—
Net asset value
End of period/year	$	10.23		$	10.25
Total return(C)		0.68	%(D)		2.50	%(D)
Net assets end of period/year (000’s)	$	135,886		$	124,208
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture (F)		2.00	%(E)		1.55	%(E)
Before reimbursement/recapture (F)		2.05	%(E)		1.71	%(E)
Net investment loss, to average net assets (F)		(1.23	)%(E)		(0.78	)%(E)
Portfolio turnover rate		328	%(D)		311	%(D)

For a share outstanding throughout each period	Transamerica Bond
	April 30,  2012 (unaudited)			October  31, 2011			October  31, 2010			October  31, 2009			October  31, 2008			October 31, 2007(G)
Net asset value
Beginning of period/year	$	10.61		$	11.14		$	9.93		$	7.34		$	10.19		$	10.00
Investment operations
Net investment income(B)		0.25			0.54			0.57			0.60			0.60			0.45
Net realized and change in unrealized gain (loss) on investments		0.33			(0.20	)		1.23			2.61			(2.88	)		(0.01	)
Total from investment operations		0.58			0.34			1.80			3.21			(2.28	)		0.44
Distributions
Net investment income		(0.43	)		(0.68	)		(0.59	)		(0.57	)		(0.57	)		(0.25	)
Net realized gains on investments		(0.59	)		(0.19	)		—			(0.05	)		—			—
Total distributions		(1.02	)		(0.87	)		(0.59	)		(0.62	)		(0.57	)		(0.25	)
Net asset value
End of period/year	$	10.17		$	10.61		$	11.14		$	9.93		$	7.34		$	10.19
Total return(C)		6.30	%(D)		3.31	%		18.69	%		46.27	%		(23.56	)%		4.50	%(D)
Net assets end of period/year (000’s)	$	508,041		$	462,340		$	594,220		$	812,252		$	577,368		$	513,249
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.72	%(E)		0.71	%		0.70	%		0.69	%		0.69	%		0.73	%(E)
Before reimbursement/recapture		0.72	%(E)		0.71	%		0.70	%		0.69	%		0.69	%		0.73	%(E)
Net investment income, to average net assets		5.03	%(E)		4.98	%		5.49	%		7.22	%		6.34	%		5.42	%(E)
Portfolio turnover rate		16	%(D)		57	%		79	%		42	%		24	%		18	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    122

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period				Transamerica Core Bond
	April 30, 2012			October  31, 2011			October  31, 2010			October 31,
	(unaudited)									2009(H)
Net asset value
Beginning of period/year	$	10.60		$	10.56		$	10.08		$	10.00
Investment operations
Net investment income(B)		0.16			0.32			0.28			0.07
Net realized and change in unrealized gain on investments		0.15			0.15			0.53			0.06
Total from investment operations		0.31			0.47			0.81			0.13
Distributions
Net investment income		(0.18	)		(0.36	)		(0.33	)		(0.05	)
Net realized gains on investments		—			(0.07	)		—			—
Total distributions		(0.18	)		(0.43	)		(0.33	)		(0.05	)
Net asset value
End of period/year	$	10.73		$	10.60		$	10.56		$	10.08
Total return(C)		3.00	%(D)		4.62	%		8.16	%		1.34	%(D)
Net assets end of period/year (000’s)	$	2,126,045		$	2,208,783		$	1,063,458		$	215,816
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.46	%(E)		0.48	%		0.50	%		0.55	%(E)
Before reimbursement/recapture		0.46	%(E)		0.48	%		0.50	%		0.55	%(E)
Net investment income, to average net assets		3.13	%(E)		3.04	%		2.73	%		2.15	%(E)
Portfolio turnover rate		14	%(D)		19	%		33	%		3	%(D)

	Transamerica Developing Markets Debt
For a share outstanding throughout each period	April 30,  2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.75		$	11.29		$	10.23		$	7.98		$	11.23		$	10.91
Investment operations
Net investment income(B)		0.26			0.56			0.62			0.60			0.61			0.59
Net realized and change in unrealized gain (loss) on investments		0.53			(0.33	)		1.07			2.18			(2.72	)		0.46
Total from investment operations		0.79			0.23			1.69			2.78			(2.11	)		1.05
Distributions
Net investment income		(0.25	)		(0.51	)		(0.63	)		(0.53	)		(0.79	)		(0.63	)
Net realized gains on investments		(0.09	)		(0.26	)		—			—			(0.35	)		(0.10	)
Total distributions		(0.34	)		(0.77	)		(0.63	)		(0.53	)		(1.14	)		(0.73	)
Net asset value
End of period/year	$	11.20		$	10.75		$	11.29		$	10.23		$	7.98		$	11.23
Total return(C)		7.52	%(D)		2.36	%		17.16	%		36.29	%		(20.81	)%		9.94	%
Net assets end of period/year (000’s)	$	274,625		$	310,377		$	302,576		$	382,618		$	320,350		$	317,328
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.01	%(E)		1.00	%		1.00	%		0.98	%		0.98	%		1.03	%
Before reimbursement/recapture		1.01	%(E)		1.00	%		1.00	%		0.98	%		0.98	%		1.03	%
Net investment income, to average net assets		4.78	%(E)		5.24	%		5.89	%		6.67	%		5.92	%		5.36	%
Portfolio turnover rate		22	%(D)		75	%		100	%		118	%		81	%		79	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    123

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Developing Markets Equity
	April 30,  2012 (unaudited)			October 31,			October 31,			October 31,			October 31,			October 31,
				2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	12.27		$	13.34		$	10.12		$	8.20		$	17.07		$	11.41
Investment operations
Net investment income(B)		0.02			0.08			0.05			0.06			0.19			0.12
Net realized and change in unrealized gain (loss) on investments		0.56			(1.11	)		3.22			3.51			(7.65	)		5.99
Total from investment operations		0.58			(1.03	)		3.27			3.57			(7.46	)		6.11
Distributions
Net investment income		(0.07	)		(0.04	)		(0.05	)		(0.16	)		(0.09	)		(0.06	)
Net realized gains on investments		(1.00	)		—			—			(1.49	)		(1.32	)		(0.39	)
Total distributions		(1.07	)		(0.04	)		(0.05	)		(1.65	)		(1.41	)		(0.45	)
Net asset value
End of period/year	$	11.78		$	12.27		$	13.34		$	10.12		$	8.20		$	17.07
Total return(C)		6.18	%(D)		(7.77	)%		32.43	%		56.01	%		(47.48	)%		55.27	%
Net assets end of period/year (000’s)	$	471,785		$	497,656		$	610,212		$	495,636		$	317,973		$	674,561
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.34	%(E)		1.31	%		1.31	%		1.35	%		1.32	%		1.34	%
Before reimbursement/recapture		1.34	%(E)		1.31	%		1.31	%		1.35	%		1.32	%		1.34	%
Net investment income, to average net assets		0.28	%(E)		0.58	%		0.48	%		0.77	%		1.42	%		0.87	%
Portfolio turnover rate		16	%(D)		40	%		54	%		50	%		67	%		59	%

For a share outstanding throughout each period	Transamerica Emerging Markets
	April 30, 2012			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008(I)
Net asset value
Beginning of period/year	$	11.74		$	14.28		$	12.06		$	7.66		$	10.00
Investment operations
Net investment income(B)		0.01			0.08			0.10			0.09			—	(J)
Net realized and change in unrealized gain (loss) on investments		0.30			(1.83	)		2.41			4.31			(2.34	)
Total from investment operations		0.31			(1.75	)		2.51			4.40			(2.34	)
Distributions
Net investment income		(0.05	)		(0.01	)		(0.06	)		—			—
Net realized gains on investments		(0.83	)		(0.78	)		(0.23	)		—			—
Total distributions		(0.88	)		(0.79	)		(0.29	)		—			—
Net asset value
End of period/year	$	11.17		$	11.74		$	14.28		$	12.06		$	7.66
Total return(C)		3.71	%(D)		(13.03	)%		21.08	%		57.44	%		(23.40	)%(D)
Net assets end of period/year (000’s)	$	233,049		$	339,661		$	411,311		$	178,592		$	76,127
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.40	%(E)		1.39	%		1.40	%		1.40	%		1.40	%(E)
Before reimbursement/recapture		1.46	%(E)		1.36	%		1.40	%		1.43	%		2.26	%(E)
Net investment income, to average net assets		0.13	%(E)		0.59	%		0.78	%		0.89	%		0.15	%(E)
Portfolio turnover rate		61	%(D)		143	%		147	%		141	%		10	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    124

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Global Macro
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007(G)
Net asset value
Beginning of period/year	$	5.82		$	6.12		$	6.08		$	8.60		$	9.83		$	10.00
Investment operations
Net investment income (loss)(B)		(0.04	)		(0.09	)		(0.10	)		0.02			0.18			0.09
Net realized and change in unrealized gain (loss) on investments		(0.03	)		(0.21	)		0.14			(0.04	)		(1.30	)		(0.26	)
Total from investment operations		(0.07	)		(0.30	)		0.04			(0.02	)		(1.12	)		(0.17	)
Distributions
Net investment income		—			—			—			(0.03	)		(0.11	)		—
Net realized gains on investments		—			—			—			(2.40	)		—			—
Return of capital		—			—			—			(0.07	)		—			—
Total distributions		—			—			—			(2.50	)		(0.11	)		—
Net asset value
End of period/year	$	5.75		$	5.82		$	6.12		$	6.08		$	8.60		$	9.83
Total return(C)		(1.20	)%(D)		(4.90	)%		0.66	%		5.34	%		(11.55	)%		(1.70	)%(D)
Net assets end of period/year (000’s)	$	76,587		$	137,551		$	126,142		$	107,017		$	165,567		$	209,382
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.44	%(E)		1.53	%		1.61	%		1.58	%		1.51	%		1.51	%(E)
Before reimbursement/recapture		1.44	%(E)		1.53	%		1.61	%		1.58	%		1.51	%		1.51	%(E)
Net investment income (loss), to average net assets		(1.40	)%(E)		(1.49	)%		(1.56	)%		0.32	%		1.81	%		1.16	%(E)
Portfolio turnover rate		—	%		—	%		—	%		358	%		84	%		45	%(D)
For a share outstanding throughout each period	Transamerica Global Real Estate Securities
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.64		$	12.28		$	10.77		$	9.52		$	20.48		$	20.25
Investment operations
Net investment income(B)		0.15			0.24			0.26			0.29			0.32			0.36
Net realized and change in unrealized gain (loss) on investments		0.91			(0.19	)		1.98			1.15			(8.33	)		2.45
Total from investment operations		1.06			0.05			2.24			1.44			(8.01	)		2.81
Distributions
Net investment income		(0.21	)		(0.69	)		(0.73	)		(0.19	)		(0.90	)		(0.80	)
Net realized gains on investments		—			—			—			—			(2.05	)		(1.78	)
Total distributions		(0.21	)		(0.69	)		(0.73	)		(0.19	)		(2.95	)		(2.58	)
Net asset value
End of period/year	$	12.49		$	11.64		$	12.28		$	10.77		$	9.52		$	20.48
Total return(C)		9.34	%(D)		0.51	%		21.70	%		15.72	%		(44.82	)%		15.11	%
Net assets end of period/year (000’s)	$	159,470		$	147,057		$	319,368		$	285,502		$	232,115		$	367,750
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.97	%(E)		0.91	%		0.91	%		0.93	%		0.89	%		0.88	%
Before reimbursement/recapture		0.97	%(E)		0.91	%		0.91	%		0.93	%		0.89	%		0.88	%
Net investment income, to average net assets		2.68	%(E)		2.01	%		2.31	%		3.30	%		2.29	%		1.29	%
Portfolio turnover rate		28	%(D)		39	%		62	%		61	%		41	%		72	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    125

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Growth
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	12.94		$	11.78		$	10.17		$	8.37		$	13.05		$	11.40
Investment operations
Net investment income(B)		—	(J)		—	(J)		0.01			0.01			0.02			0.03
Net realized and change in unrealized gain (loss) on investments		1.73			1.17			1.61			1.81			(4.68	)		2.08
Total from investment operations		1.73			1.17			1.62			1.82			(4.66	)		2.11
Distributions
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)		—
Net realized gains on investments		(0.49	)		—			—			—			—			(0.46	)
Total distributions		(0.50	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)		(0.46	)
Net asset value
End of period/year	$	14.17		$	12.94		$	11.78		$	10.17		$	8.37		$	13.05
Total return(C)		14.23	%(D)		9.96	%		15.96	%		21.79	%		(35.77	)%		19.14	%
Net assets end of period/year (000’s)	$	630,671		$	618,767		$	726,732		$	654,610		$	184,981		$	160,815
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.83	%(E)		0.81	%		0.81	%		0.85	%		0.85	%		0.87	%
Before reimbursement/recapture		0.83	%(E)		0.81	%		0.81	%		0.85	%		0.85	%		0.87	%
Net investment income, to average net assets		0.07	%(E)		0.01	%		0.09	%		0.16	%		0.21	%		0.22	%
Portfolio turnover rate		24	%(D)		55	%		83	%		82	%		70	%		63	%
For a share outstanding throughout each period	Transamerica International
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	8.50		$	8.94		$	7.57		$	5.95		$	13.55		$	11.74
Investment operations
Net investment income(B)		0.08			0.14			0.10			0.10			0.19			0.15
Net realized and change in unrealized gain (loss) on investments		0.43			(0.47	)		1.34			1.69			(6.63	)		2.37
Total from investment operations		0.51			(0.33	)		1.44			1.79			(6.44	)		2.52
Distributions
Net investment income		(0.15	)		(0.11	)		(0.07	)		(0.17	)		(0.13	)		(0.13	)
Net realized gains on investments		—			—			—			—			(1.03	)		(0.58	)
Total distributions		(0.15	)		(0.11	)		(0.07	)		(0.17	)		(1.16	)		(0.71	)
Net asset value
End of period/year	$	8.86		$	8.50		$	8.94		$	7.57		$	5.95		$	13.55
Total return(C)		6.25	%(D)		(3.80	)%		19.16	%		30.83	%		(51.66	)%		22.37	%
Net assets end of period/year (000’s)	$	418,832		$	359,646		$	584,849		$	485,803		$	307,981		$	596,488
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.10	%(E)		1.07	%		1.06	%		1.09	%		1.06	%		1.06	%
Before reimbursement/recapture		1.10	%(E)		1.07	%		1.06	%		1.09	%		1.06	%		1.06	%
Net investment income, to average net assets		1.89	%(E)		1.52	%		1.22	%		1.62	%		1.87	%		1.21	%
Portfolio turnover rate		23	%(D)		46	%		51	%		75	%		72	%		57	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    126

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Equity Opportunities
	April 30, 2012			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008(K)
Net asset value
Beginning of period/year	$	8.34		$	9.11		$	8.16		$	6.58		$	10.00
Investment operations
Net investment income(B)		0.07			0.15			0.12			0.12			0.02
Net realized and change in unrealized gain (loss) on investments		0.28			(0.37	)		1.09			1.46			(3.44	)
Total from investment operations		0.35			(0.22	)		1.21			1.58			(3.42	)
Distributions
Net investment income		(0.20	)		(0.10	)		(0.06	)		—			—
Net realized gains on investments		(1.15	)		(0.45	)		(0.20	)		—			—
Total distributions		(1.35	)		(0.55	)		(0.26	)		—			—
Net asset value
End of period/year	$	7.34		$	8.34		$	9.11		$	8.16		$	6.58
Total return(C)		6.84	%(D)		(2.69	)%		15.16	%		24.01	%		(34.20	)%(D)
Net assets end of period/year (000’s)	$	342,136		$	353,694		$	536,181		$	396,754		$	40,997
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.02	%(E)		0.99	%		0.99	%		1.09	%		1.23	%(E)
Before reimbursement/recapture		1.02	%(E)		0.99	%		0.99	%		1.09	%		1.23	%(E)
Net investment income, to average net assets		1.81	%(E)		1.69	%		1.47	%		1.78	%		0.71	%(E)
Portfolio turnover rate		7	%(D)		29	%		35	%		24	%		37	%(D)
For a share outstanding throughout each period	Transamerica International Small Cap
	April 30, 2012			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008(L)
Net asset value
Beginning of period/year	$	9.00		$	9.67		$	8.22		$	5.82		$	10.00
Investment operations
Net investment income(B)		0.03			0.15			0.08			0.08			0.12
Net realized and change in unrealized gain (loss) on investments		0.47			(0.66	)		1.42			2.41			(4.30	)
Total from investment operations		0.50			(0.51	)		1.50			2.49			(4.18	)
Distributions
Net investment income		(0.23	)		(0.11	)		(0.05	)		(0.09	)		—
Net realized gains on investments		(1.09	)		(0.05	)		—			—			—
Total distributions		(1.32	)		(0.16	)		(0.05	)		(0.09	)		—
Net asset value
End of period/year	$	8.18		$	9.00		$	9.67		$	8.22		$	5.82
Total return(C)		8.28	%(D)		(5.39	)%		18.29	%		43.56	%		(41.80	)%(D)
Net assets end of period/year (000’s)	$	307,161		$	330,358		$	548,288		$	543,673		$	108,655
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.23	%(E)		1.15	%		1.16	%		1.23	%		1.27	%(E)
Before reimbursement/recapture		1.23	%(E)		1.15	%		1.16	%		1.21	%		1.30	%(E)
Net investment income, to average net assets		0.87	%(E)		1.46	%		0.97	%		1.23	%		1.96	%(E)
Portfolio turnover rate		11	%(D)		38	%		54	%		46	%		14	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    127

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Value
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	6.88		$	8.07		$	7.79		$	6.61		$	14.88		$	12.35
Investment operations
Net investment income(B)		0.06			0.16			0.15			0.16			0.30			0.25
Net realized and change in unrealized gain (loss) on investments		0.08			(1.15	)		0.29			1.37			(7.43	)		2.65
Total from investment operations		0.14			(0.99	)		0.44			1.53			(7.13	)		2.90
Distributions
Net investment income		(0.23	)		(0.20	)		(0.16	)		(0.35	)		(0.21	)		(0.15	)
Net realized gains on investments		—			—			—			—			(0.93	)		(0.22	)
Total distributions		(0.23	)		(0.20	)		(0.16	)		(0.35	)		(1.14	)		(0.37	)
Net asset value
End of period/year	$	6.79		$	6.88		$	8.07		$	7.79		$	6.61		$	14.88
Total return(C)		2.52	%(D)		(12.56	)%		5.61	%		24.32	%		(51.72	)%		23.99	%
Net assets end of period/year (000’s)	$	141,928		$	156,600		$	298,751		$	316,068		$	248,337		$	519,217
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.05	%(E)		0.99	%		0.97	%		0.97	%		0.94	%		0.93	%
Before reimbursement/recapture		1.05	%(E)		0.99	%		0.97	%		0.97	%		0.94	%		0.93	%
Net investment income, to average net assets		1.85	%(E)		2.01	%		2.00	%		2.39	%		2.71	%		1.82	%
Portfolio turnover rate		13	%(D)		146	%		59	%		59	%		33	%		36	%

For a share outstanding throughout each period	Transamerica International Value Opportunities
	April 30, 2012			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008(M)
Net asset value
Beginning of period/year	$	10.30		$	11.12		$	9.69		$	7.98		$	10.00
Investment operations
Net investment income(B)		0.06			0.16			0.10			0.10			—	(J)
Net realized and change in unrealized gain (loss) on investments		0.23			(0.85	)		1.42			1.66			(2.02	)
Total from investment operations		0.29			(0.69	)		1.52			1.76			(2.02	)
Distributions
Net investment income		(0.21	)		(0.06	)		(0.06	)		—			—
Net realized gains on investments		(1.47	)		(0.07	)		(0.03	)		(0.05	)		—
Total distributions		(1.68	)		(0.13	)		(0.09	)		(0.05	)		—
Net asset value
End of period/year	$	8.91		$	10.30		$	11.12		$	9.69		$	7.98
Total return(C)		5.14	%(D)		(6.31	)%		15.75	%		22.21	%		(20.20	)%(D)
Net assets end of period/year (000’s)	$	452,222		$	448,438		$	778,484		$	591,539		$	79,516
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.14	%(E)		1.08	%		1.08	%		1.17	%		1.35	%(E)
Before reimbursement/recapture		1.14	%(E)		1.08	%		1.08	%		1.15	%		1.76	%(E)
Net investment income (loss), to average net assets		1.41	%(E)		1.41	%		0.97	%		1.14	%		(0.18	)%(E)
Portfolio turnover rate		10	%(D)		28	%		36	%		39	%		5	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    128

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Large Cap Value
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	8.88		$	8.34		$	7.81		$	7.61		$	13.08		$	12.15
Investment operations
Net investment income(B)		0.08			0.10			0.10			0.13			0.13			0.12
Net realized and change in unrealized gain (loss) on investments		0.97			0.56			0.54			0.20			(4.78	)		1.27
Total from investment operations		1.05			0.66			0.64			0.33			(4.65	)		1.39
Distributions
Net investment income		(0.12	)		(0.12	)		(0.11	)		(0.13	)		(0.09	)		(0.09	)
Net realized gains on investments		—			—			—			—			(0.73	)		(0.37	)
Total distributions		(0.12	)		(0.12	)		(0.11	)		(0.13	)		(0.82	)		(0.46	)
Net asset value
End of period/year	$	9.81		$	8.88		$	8.34		$	7.81		$	7.61		$	13.08
Total return(C)		11.97	%(D)		7.92	%		8.16	%		4.50	%		(37.76	)%		11.80	%
Net assets end of period/year (000’s)	$	566,869		$	544,049		$	702,205		$	633,675		$	461,816		$	610,135
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/ recapture		0.84	%(E)		0.84	%		0.83	%		0.83	%		0.83	%		0.84	%
Before reimbursement/ recapture		0.84	%(E)		0.84	%		0.83	%		0.83	%		0.83	%		0.84	%
Net investment income, to average net assets		1.66	%(E)		1.05	%		1.21	%		1.87	%		1.21	%		0.96	%
Portfolio turnover rate		47	%(D)		100	%		124	%		130	%		71	%		69	%
For a share outstanding throughout each period	Transamerica Long/Short Strategy
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007(G)
Net asset value
Beginning of period/year	$	7.86		$	8.32		$	8.43		$	9.51		$	9.78		$	10.00
Investment operations
Net investment income (loss)(B)		(0.04	)		(0.15	)		(0.13	)		(0.17	)		0.10			0.23
Net realized and change in unrealized gain (loss) on investments		0.17			(0.31	)		0.02			(0.80	)		0.20			(0.45	)
Total from investment operations		0.13			(0.46	)		(0.11	)		(0.97	)		0.30			0.22
Distributions
Net investment income		—			—			—			—			(0.57	)		—
Return of capital		—			—			—			(0.11	)		—			—
Total distributions		—			—			—			(0.11	)		(0.57	)		—
Net asset value
End of period/year	$	7.99		$	7.86		$	8.32		$	8.43		$	9.51		$	9.78
Total return(C)		1.65	%(D)		(5.53	)%		(1.30	)%		(10.27	)%		3.30	%		(2.20	)%(D)
Net assets end of period/year (000’s)	$	75,653		$	113,108		$	108,342		$	86,682		$	121,348		$	112,394
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/ recapture(N)		3.46	%(E)		3.59	%		2.85	%		3.61	%		2.79	%		3.05	%(E)
Before reimbursement/ recapture(N)		3.46	%(E)		3.59	%		2.85	%		3.61	%		2.79	%		3.05	%(E)
Net investment income (loss), to average net assets(N)		(0.97	)%(E)		(1.86	)%		(1.61	)%		(1.87	)%		1.05	%		2.77	%(E)
Portfolio turnover rate		108	%(D)		411	%		303	%		463	%		192	%		119	%(D)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    129

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Mid Cap Value
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	10.93		$	10.17		$	8.28		$	7.54		$	12.32		$	11.67
Investment operations
Net investment income(B)		0.07			0.11			0.12			0.15			0.13			0.13
Net realized and change in unrealized gain (loss) on investments		1.46			0.79			1.93			0.82			(4.20	)		1.13
Total from investment operations		1.53			0.90			2.05			0.97			(4.07	)		1.26
Distributions
Net investment income		(0.12	)		(0.14	)		(0.16	)		(0.17	)		(0.10	)		(0.11	)
Net realized gains on investments		—			—			—			(0.06	)		(0.61	)		(0.50	)
Total distributions		(0.12	)		(0.14	)		(0.16	)		(0.23	)		(0.71	)		(0.61	)
Net asset value
End of period/year	$	12.34		$	10.93		$	10.17		$	8.28		$	7.54		$	12.32
Total return(C)		14.19	%(D)		8.88	%		25.08	%		13.39	%		(34.92	)%		11.07	%
Net assets end of period/year (000’s)	$	177,751		$	158,344		$	163,612		$	165,838		$	147,772		$	270,661
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.90	%(E)		0.90	%		0.89	%		0.90	%		0.87	%		0.87	%
Before reimbursement/recapture		0.90	%(E)		0.90	%		0.89	%		0.90	%		0.87	%		0.87	%
Net investment income, to average net assets		1.31	%(E)		1.04	%		1.33	%		2.05	%		1.22	%		0.98	%
Portfolio turnover rate		20	%(D)		39	%		29	%		43	%		45	%		50	%
For a share outstanding throughout each period	Transamerica Real Return TIPS
	April 30, 2012			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2011			2010			2009			2008			2007
Net asset value
Beginning of period/year	$	11.45		$	11.61		$	10.72		$	9.21		$	10.21		$	10.05
Investment operations
Net investment income(B)		0.06			0.37			0.25			0.32			0.47			0.38
Net realized and change in unrealized gain (loss) on investments		0.40			0.27			1.04			1.58			(0.96	)		0.16
Total from investment operations		0.46			0.64			1.29			1.90			(0.49	)		0.54
Distributions
Net investment income		(0.07	)		(0.37	)		(0.40	)		(0.33	)		(0.51	)		(0.38	)
Net realized gains on investments		(0.54	)		(0.43	)		—			(0.06	)		—			—
Total distributions		(0.61	)		(0.80	)		(0.40	)		(0.39	)		(0.51	)		(0.38	)
Net asset value
End of period/year	$	11.30		$	11.45		$	11.61		$	10.72		$	9.21		$	10.21
Total return(C)		4.21	%(D)		6.23	%		12.40	%		21.00	%		(5.29	)%		5.54	%
Net assets end of period/year (000’s)	$	915,326		$	971,634		$	845,965		$	752,723		$	621,092		$	690,942
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.72	%(E)		0.73	%		0.72	%		0.74	%		0.74	%		0.73	%
Before reimbursement/recapture		0.72	%(E)		0.73	%		0.72	%		0.74	%		0.74	%		0.73	%
Net investment income, to average net assets		1.09	%(E)		3.35	%		2.32	%		3.23	%		4.47	%		3.82	%
Portfolio turnover rate		93	%(D)		213	%		307	%		583	%		1,028	%		375	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    130

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Select Equity
	April 30, 2012			October 31,
	(unaudited)			2011(O)
Net asset value
Beginning of period/year	$	10.22		$	10.00
Investment operations
Net investment income(B)		0.11			0.01
Net realized and change in unrealized gain on investments		1.14			0.21
Total from investment operations		1.25			0.22
Distributions
Net investment income		(0.11	)		—	(J)
Net asset value
End of period/year	$	11.36		$	10.22
Total return(C)		12.28	%(D)		2.31	%(D)
Net assets end of period/year (000’s)	$	1,268,266		$	936,279
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.77	%(E)		0.83	%(E)
Before reimbursement/recapture		0.77	%(E)		0.83	%(E)
Net investment income, to average net assets		1.94	%(E)		0.83	%(E)
Portfolio turnover rate		29	%(D)		6	%(D)

For a share outstanding throughout each period	Transamerica Small- & Mid-Cap Value Select
	April 30,  2012 (unaudited)			October 31, 2011			October  31, 2010			October  31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	9.54		$	9.33		$	7.72		$	6.30		$	13.18		$	10.94
Investment operations
Net investment income(B)		0.03			0.04			0.02			0.03			0.04			—
Net realized and change in unrealized gain (loss) on investments		0.39			0.18			1.63			1.41			(5.98	)		2.44
Total from investment operations		0.42			0.22			1.65			1.44			(5.94	)		2.44
Distributions
Net investment income		(0.05	)		(0.01	)		(0.04	)		(0.02	)		—	(J)		(0.02	)
Net realized gains on investments		(0.43	)		—			—			—			(0.94	)		(0.18	)
Total distributions		(0.48	)		(0.01	)		(0.04	)		(0.02	)		(0.94	)		(0.20	)
Net asset value
End of period/year	$	9.48		$	9.54		$	9.33		$	7.72		$	6.30		$	13.18
Total return(C)		4.87	%(D)		2.39	%		21.44	%		22.99	%		(48.36	)%		22.57	%
Net assets end of period/year (000’s)	$	183,209		$	258,536		$	299,225		$	269,281		$	127,886		$	183,126
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.98	%(E)		0.96	%		0.96	%		0.98	%		1.00	%		1.03	%
Before reimbursement/recapture		0.98	%(E)		0.96	%		0.96	%		0.98	%		1.00	%		1.02	%
Net investment income, to average net assets		0.59	%(E)		0.44	%		0.19	%		0.43	%		0.34	%		—	%
Portfolio turnover rate		45	%(D)		108	%		81	%		110	%		102	%		118	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    131

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small Company Growth
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	11.53		$	10.94		$	8.82		$	7.39		$	14.14		$	12.78
Investment operations
Net investment income (loss)(B)		0.05			0.04			—	(J)		(0.02	)		0.10			0.02
Net realized and change in unrealized gain (loss) on investments		0.79			0.59			2.12			1.62			(5.50	)		1.81
Total from investment operations		0.84			0.63			2.12			1.60			(5.40	)		1.83
Distributions
Net investment income		—			(0.04	)		—			(0.15	)		(0.02	)		—
Net realized gains on investments		—			—			—			—			(1.33	)		(0.47	)
Return of capital		—			—			—			(0.02	)		—			—
Total distributions		—			(0.04	)		—			(0.17	)		(1.35	)		(0.47	)
Net asset value
End of period/year	$	12.37		$	11.53		$	10.94		$	8.82		$	7.39		$	14.14
Total return(C)		7.29	%(D)		5.71	%		24.04	%		22.43	%		(41.72	)%		14.75	%
Net assets end of period/year (000’s)	$	232,867		$	178,417		$	181,460		$	129,889		$	61,214		$	188,347
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.02	%(E)		1.02	%		1.02	%		1.04	%		1.02	%		1.01	%
Before reimbursement/recapture		1.02	%(E)		1.02	%		1.02	%		1.04	%		1.02	%		1.01	%
Net investment income (loss), to average net assets		0.84	%(E)		0.29	%		(0.02	)%		(0.19	)%		0.89	%		0.13	%
Portfolio turnover rate		9	%(D)		34	%		21	%		40	%		44	%		71	%
For a share outstanding throughout each period	Transamerica Total Return
	April 30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.42		$	10.80		$	10.85		$	9.58		$	10.47		$	10.28
Investment operations
Net investment income(B)		0.14			0.30			0.35			0.49			0.49			0.46
Net realized and change in unrealized gain (loss) on investments		0.28			(0.07	)		0.67			1.64			(0.88	)		0.18
Total from investment operations		0.42			0.23			1.02			2.13			(0.39	)		0.64
Distributions
Net investment income		(0.22	)		(0.30	)		(0.34	)		(0.67	)		(0.44	)		(0.44	)
Net realized gains on investments		(0.04	)		(0.31	)		(0.73	)		(0.19	)		(0.06	)		(0.01	)
Total distributions		(0.26	)		(0.61	)		(1.07	)		(0.86	)		(0.50	)		(0.45	)
Net asset value
End of period/year	$	10.58		$	10.42		$	10.80		$	10.85		$	9.58		$	10.47
Total return(C)		4.09	%(D)		2.45	%		10.25	%		23.74	%		(4.04	)%		6.33	%
Net assets end of period/year (000’s)	$	747,042		$	625,735		$	667,721		$	505,329		$	555,428		$	540,310
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.74	%(E)		0.74	%		0.74	%		0.74	%		0.75	%		0.75	%
Before reimbursement/recapture		0.74	%(E)		0.74	%		0.74	%		0.74	%		0.75	%		0.75	%
Net investment income, to average net assets		2.66	%(E)		2.92	%		3.30	%		4.95	%		4.66	%		4.39	%
Portfolio turnover rate		58	%(D)		144	%		222	%		841	%		751	%		756	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    132

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Value
	April 30,  2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007(P)
Net asset value
Beginning of period/year	$	20.74		$	21.56		$	18.44		$	16.93		$	28.93		$	28.01
Investment operations
Net investment income(B)		0.10			0.24			0.19			0.15			0.24			0.14
Net realized and change in unrealized gain (loss) on investments		1.35			(0.62	)		3.20			1.36			(11.45	)		0.78
Total from investment operations		1.45			(0.38	)		3.39			1.51			(11.21	)		0.92
Distributions
Net investment income		(0.05	)		(0.44	)		(0.27	)		—			(0.42	)		—
Net realized gains on investments		—			—			—			—			(0.37	)		—
Total distributions		(0.05	)		(0.44	)		(0.27	)		—			(0.79	)		—
Net asset value
End of period/year	$	22.14		$	20.74		$	21.56		$	18.44		$	16.93		$	28.93
Total return(C)		7.03	%(D)		(1.87	)%		18.53	%		8.92	%		(39.75	)%		3.28	%(D)
Net assets end of period/year (000’s)	$	320,584		$	307,724		$	383,134		$	423,550		$	336,845		$	678,578
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.88	%(E)		0.87	%		0.87	%		0.87	%		0.86	%		0.86	%(E)
Before reimbursement/recapture		0.88	%(E)		0.87	%		0.87	%		0.87	%		0.86	%		0.86	%(E)
Net investment income, to average net assets		0.99	%(E)		1.06	%		0.98	%		0.91	%		1.00	%		0.98	%(E)
Portfolio turnover rate		8	%(D)		4	%		—	%(Q)		17	%		29	%		11	%(D)

^(A)  Commenced operations on May 1, 2011.

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

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

^(D)  Not annualized.

^(E)  Annualized.

^(F)  Includes dividends and interest on securities sold short (representing 0.75% and 0.30% of average net assets for 2012 and 2011, respectively).

^(G)  Commenced operations on January 3, 2007.

^(H)  Commenced operations on July 1, 2009.

^(I)  Commenced operations on September 30, 2008.

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

^(K)  Commenced operations on June 10, 2008.

^(L)  Commenced operations on March 1, 2008.

^(M)  Commenced operations on September 15, 2008.

^(N)  Includes dividends and interest on securities sold short (representing 2.05%, 2.17%, 1.35%, 2.09%, 1.30%, and 1.56% of average net assets for 2012, 2011, 2010, 2009, 2008 and 2007, respectively).

^(O)  Commenced operations on August 31, 2011.

^(P)  Commenced operations on May 1, 2007.

^(Q)  Rounds to less than 1%.

Note: Prior to November 1, 2009, all of the financial highlights were audited by another independent registered public accounting firm.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    133

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2011 and held for the entire period until April 30, 2012.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

			Actual Expenses				Hypothetical  Expenses(A)
Fund Name(B)	Beginning Account Value		Ending Account Value		Expenses Paid During Period(C)		Ending Account Value		Expenses Paid During Period(C)		Annualized Expense Ratio
Transamerica Commodity Strategy	$	1,000.00	$	936.20	$	3.37	$	1,021.38	$	3.52		0.70	%
Transamerica Global Allocation		1,000.00		1,039.60		4.67		1,020.29		4.62		0.92
Transamerica Managed Futures Strategy		1,000.00		1,007.40		6.84		1,018.15		6.87		1.37

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

^(B)  See the notes to the financial statements for information regarding name changes for the funds.

^(C)  Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days), and divided by the number of days in the year (366 days).

Transamerica Funds		Semi-Annual Report 2012
	Page    134

Consolidated Schedules of Investments Composition

At April 30, 2012

(The following charts summarize the Consolidated Schedules of Investments of the Funds by asset type)

(unaudited)

Transamerica Commodity Strategy	% of Net Assets
Short-Term U.S. Government Obligations		61.8	%
Repurchase Agreement		26.6
Other Assets and Liabilities—Net(A)		11.6
Total		100.0	%

Transamerica Global Allocation	% of Net Assets
Common Stocks		59.5	%
Short-Term U.S. Government Obligations		13.8
Securities Lending Collateral		10.8
Foreign Government Obligations		8.2
U.S. Government Obligations		7.3
Convertible Bonds		3.0
Corporate Debt Securities		3.0
Investment Companies		2.1
Short-Term Foreign Government Obligations		1.9
Preferred Stocks		0.9
Convertible Preferred Stocks		0.7
Loan Assignments		0.3
Repurchase Agreement		0.2
Purchased Options		0.2
Asset-Backed Security		0.1
Mortgage-Backed Security		0.1
Right		0.0	*
Warrants		0.0	*
Preferred Corporate Debt Securities		0.0	*
Other Assets and Liabilities—Net(A)		(12.1	)
Total		100.0	%

Transamerica Managed Futures Strategy	% of Net Assets
Investment Companies		83.7	%
Other Assets and Liabilities—Net(A)		16.3
Total		100.0	%

^(A)  The Other Assets and Liabilities—Net category may include, but is not limited to, Forward Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Cash Collateral.

* Rounds to less than 0.1%.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    135

Transamerica Commodity Strategy

(formerly, Transamerica Goldman Sachs Commodity Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—61.8%
U.S. Treasury Bill
0.06%, 06/28/2012 p	$	35,000	$	34,997
0.07%, 05/31/2012 p		35,000		34,998
0.08%, 05/24/2012 p		35,000		34,999
Total Short-Term U.S. Government Obligations (cost $104,994)				104,994
REPURCHASE AGREEMENT—26.6%
State Street Bank & Trust Co.
0.03% p, dated 04/30/2012, to be repurchased at $45,318 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 2.26%—3.00%, due 12/01/2026—04/01/2034, and with a total value of $46,231.		45,318		45,318
Total Repurchase Agreement  (cost $45,318)
Total Investment Securities (cost $150,312)Õ				150,312
Other Assets and Liabilities—Net				19,774
Net Assets			$	170,086

SWAP AGREEMENTS: b

TOTAL RETURN SWAP AGREEMENTS—RECEIVABLE: ^(A)

Reference Entity	Fixed Rate			Termination Date		Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Net  Unrealized Appreciation (Depreciation) (000’s)
Dow Jones-UBS Commodity
Index 3 Month Forward §		0.25	%		06/29/2012	MLP	$	40,645	$	(u	)	$	—	$	(u	)
Dow Jones-UBS Commodity
Index 3 Month Forward §		0.25			01/29/2013	UBS		31,573		(u	)		—		(u	)
Dow Jones-UBS Commodity
Index 3 Month Forward §		0.25			01/29/2013	UBS		41,104		u			—		u
Dow Jones-UBS Commodity
Index 3 Month Forward
Excess Return §		0.25			06/29/2012	MLP		50,095		(u	)		—		(u	)
Dow Jones-UBS Commodity
Index Excess Return §		0.14			04/22/2013	UBS		7,157		u			—		u
									$	(u	)	$	—	$	(u	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
MLP	$	(u	)	$	10,030	$	10,030
UBS		u			11,490		11,490

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    136

Transamerica Commodity Strategy

(formerly, Transamerica Goldman Sachs Commodity Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

p Rate shown reflects the yield at 04/30/2012.

Õ Aggregate cost for federal income tax purposes is $150,312.

b Cash, in the amount of $21,520, has been segregated by the custodian for the benefit of the broker for open swap contracts.

^(A)  At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference index less a financing rate, if any. As a receiver, the fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

§ Illiquid. These securities aggregated to less than $1, or less than 0.01% of the fund’s net assets.

u Amount is less than 1.

DEFINITIONS:

MLP Merrill Lynch & Co., Inc.

OTC Over the Counter

UBS UBS Warburg LLC

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs			Level  3— Significant Unobservable Inputs		Value at 04/30/2012
Repurchase Agreement	$	—	$	45,318		$	—	$	45,318
Short-Term U.S. Government Obligations		—		104,994			—		104,994
Total	$	—	$	150,312		$	—	$	150,312
Other Financial Instruments ₣	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs			Level  3— Significant Unobservable Inputs		Value at 04/30/2012
Total Return Swap- Appreciation	$	—	$	u		$	—	$	u
Total Return Swap - Depreciation		—		(u	)		—		(u	)
Total	$	—	$	(u	)	$	—	$	(u	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    137

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—7.3%
United States—7.3%
U.S. Treasury Note 0.63%, 07/31/2012	$	517	$	518
0.88%, 01/31/2017 ^		678		681
1.00%, 03/31/2017 ^		940		950
1.25%, 01/31/2019 ^		270		270
1.38%, 09/30/2018		2,397		2,427
1.75%, 10/31/2018		270		279
2.00%, 02/15/2022 ^		687		692
2.25%, 01/31/2015 g		598		628
2.25%, 03/31/2016 ^		4,478		4,769
2.38%, 02/28/2015		3,262		3,444
2.50%, 03/31/2015		3,897		4,134
2.63%, 08/15/2020		5,156		5,565
3.50%, 05/15/2020 a		7,319		8,412
Total U.S. Government Obligations (cost $30,816)				32,769
FOREIGN GOVERNMENT OBLIGATIONS—8.2%
Australia—1.6%
Australia Government Bond 4.75%, 11/15/2012	AUD	1,453		1,524
5.50%, 12/15/2013 ^		1,200		1,299
5.50%, 04/21/2023		1,101		1,324
5.75%, 05/15/2021— 07/15/2022		2,430		2,957
Brazil—1.4%
Brazil Notas do Tesouro Nacional 6.00%, 05/15/2015	BRL	913		1,091
10.00%, 01/01/2017— 01/01/2021		10,344		5,335
Canada—0.4%
Canadian Government Bond 1.50%, 03/01/2017	CAD	810		815
3.50%, 06/01/2020		586		662
4.00%, 06/01/2016		488		541
Germany—2.0%
Bundesrepublik Deutschland 3.50%, 07/04/2019	EUR	2,546		3,923
4.25%, 07/04/2017		3,234		5,054
Hong Kong—0.4%
Hong Kong Government Bond 1.67%, 03/24/2014	HKD	1,550		205
1.69%, 12/22/2014		2,100		280
2.03%, 03/18/2013		4,150		544
3.51%, 12/08/2014		4,200		586
4.13%, 02/22/2013		2,650		353
Malaysia—0.5%
Malaysia Government Bond 2.51%, 08/27/2012	MYR	5,443		1,796
Republic of Malaysia 3.46%, 07/31/2013		1,617		537
Netherlands—0.1%
Netherlands Government Bond 1.00%, 02/24/2017— 144A	$	545		535
Poland—0.2%
Poland Government Bond 3.00%, 08/24/2016	PLN	2,291		755
Poland Government International Bond 5.00%, 03/23/2022	$	127		136
United Kingdom—1.6%
United Kingdom Gilt 4.00%, 09/07/2016	GBP	419		768

	Principal (000’s)		Value (000’s)
United Kingdom (continued)
United Kingdom Gilt (continued)
4.75%, 03/07/2020	GBP	2,853	$	5,665
Vietnam—0.0% ¥
Socialist Republic of Vietnam—Reg S 6.75%, 01/29/2020	$	100		109
Total Foreign Government Obligations (cost $34,698)				36,794
MORTGAGE-BACKED SECURITY—0.1%
United States—0.1%
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN 1.99%, 11/15/2015—144A *		370		347
Total Mortgage-Backed Security (cost $335)
ASSET-BACKED SECURITY—0.1%
United States—0.1%
Dominos Pizza Master Issuer LLC
Series 2012-1A, Class A2 5.22%, 01/25/2042—144A		272		282
Total Asset-Backed Security (cost $272)
PREFERRED CORPORATE DEBT SECURITIES—0.0% ¥
United States—0.0% ¥
BAC Capital Trust XI 6.63%, 05/23/2036		73		76
Deutsche Bank Capital Funding Trust VII 5.63%, 01/19/2016—144A *Ž		64		52
JPMorgan Chase Capital XXV 6.80%, 10/01/2037		36		36
NB Capital Trust II 7.83%, 12/15/2026		31		31
Total Preferred Corporate Debt Securities (cost $169)				195
CORPORATE DEBT SECURITIES—3.0%
Argentina—0.0% ¥
Empresa Distribuidora Y Comercializadora Norte 9.75%, 10/25/2022—144A		73		41
Australia—0.1%
FMG Resources August 2006 Pty, Ltd. 6.00%, 04/01/2017—144A ^		187		190
TFS Corp., Ltd. 11.00%, 07/15/2018—144A §		515		507
Austria—0.1%
OGX Austria GmbH 8.50%, 06/01/2018—144A		340		352
Brazil—0.1%
Banco Bradesco SA 4.50%, 01/12/2017—144A		200		208
Banco Santander Brasil SA 4.63%, 02/13/2017—144A		400		396
Hypermarcas SA 6.50%, 04/20/2021—144A ^		170		162
Canada—0.2%
Bank of Nova Scotia 2.55%, 01/12/2017		361		375
Toronto-Dominion Bank 2.38%, 10/19/2016		310		319
Viterra, Inc. 5.95%, 08/01/2020—144A		106		117
Cayman Islands—0.3%
Hutchison Whampoa International 11, Ltd. 3.50%, 01/13/2017—144A		271		279

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

Transamerica Funds		Semi-Annual Report 2012
	Page    138

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Cayman Islands (continued)
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.35%, 06/30/2021—144A	$	283	$	302
Petrobras International Finance Co.—Pifco 3.50%, 02/06/2017		293		301
Chile—0.2%
Banco Santander Chile 2.51%, 02/14/2014—144A *		270		270
Inversiones Alsacia SA 8.00%, 08/18/2018—144A §		341		335
Guernsey, Channel Islands—0.1%
Credit Suisse Group Guernsey I, Ltd. 7.88%, 02/24/2041—Reg S * ^		300		296
Ireland—0.0% ¥
Nara Cable Funding, Ltd. 8.88%, 12/01/2018—144A		EUR         100		119
Luxembourg—0.0% ¥
Capsugel FinanceCo S.C.A. 9.88%, 08/01/2019—144A		100		146
Evraz Group SA 9.50%, 04/24/2018—144A	$	125		136
Intelsat Jackson Holdings SA 7.50%, 04/01/2021		309		325
TNK-BP Finance SA 6.63%, 03/20/2017—144A		100		111
TNK-BP Finance SA—Series 2 7.50%, 07/18/2016—144A		100		112
Mexico—0.1%
BBVA Bancomer SA 6.50%, 03/10/2021—144A		174		176
Petroleos Mexicanos 6.00%, 03/05/2020		242		278
Netherlands—0.2%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.38%, 01/19/2017		400		413
New World Resources NV 7.88%, 05/01/2018—Reg S		EUR         150		199
Singapore—0.1%
Bumi Investment Pte, Ltd. 10.75%, 10/06/2017—144A	$	144		155
Oversea-Chinese Banking Corp., Ltd. 1.63%, 03/13/2015—144A		274		275
Yanlord Land Group, Ltd. 9.50%, 05/04/2017—144A		170		157
Sweden—0.0% ¥
Nordea Bank AB 3.13%, 03/20/2017—144A		200		202
Switzerland—0.0% ¥
UBS AG 5.88%, 12/20/2017		200		222
United Kingdom—0.4%
Lloyds TSB Bank PLC 13.00%, 01/22/2029 * Ž		GBP         500		1,005
Vodafone Group PLC 1.63%, 03/20/2017	$	273		272
United States—1.1%
Ally Financial, Inc. 4.50%, 02/11/2014		195		197
American Express Credit Corp. 2.38%, 03/24/2017		272		277
Building Materials Corp., of America 6.88%, 08/15/2018—144A		111		117

	Principal (000’s)		Value (000’s)
United States (continued)
Calpine Corp. 7.88%, 07/31/2020—144A	$	45	$	49
Calpine Corp. (Escrow Shares) 8.75%, 07/15/2013 ¶		2,142		u
Citigroup Funding, Inc. 1.69%, 11/27/2012 p		600		593
CONSOL Energy, Inc. 8.00%, 04/01/2017		448		472
DaVita, Inc. 6.38%, 11/01/2018 ^		166		174
6.63%, 11/01/2020		148		155
DJO Finance LLC / DJO Finance Corp. 9.75%, 10/15/2017		50		37
Ford Motor Credit Co., LLC 6.63%, 08/15/2017		112		129
7.00%, 04/15/2015		100		112
General Electric Capital Corp. 5.63%, 05/01/2018		280		325
Hertz Corp. 7.50%, 10/15/2018		21		23
Hewlett-Packard Co. 2.60%, 09/15/2017		353		354
Hughes Satellite Systems Corp. 6.50%, 06/15/2019		219		234
7.63%, 06/15/2021		89		96
JPMorgan Chase Bank NA 0.80%, 06/13/2016 *		250		234
Linn Energy LLC/Linn Energy Finance Corp. 7.75%, 02/01/2021		158		167
Phibro Animal Health Corp. 9.25%, 07/01/2018—144A		52		51
Phillips 66 2.95%, 05/01/2017—144A		28		29
Reliance Holdings USA, Inc. 4.50%, 10/19/2020—144A		294		283
Samson Investment Co. 9.75%, 02/15/2020—144A		105		110
SunGard Data Systems, Inc. 7.38%, 11/15/2018		241		257
Texas Industries, Inc. 9.25%, 08/15/2020		367		358
Total Corporate Debt Securities (cost $13,242)				13,586
CONVERTIBLE BONDS—3.0%
Bermuda—0.0% ¥
Celestial Nutrifoods, Ltd. Zero Coupon, 06/12/2011 Џ § ‡		SGD     1,400		34
Cayman Islands—0.4%
China Milk Products Group, Ltd. Zero Coupon, 01/05/2012 Џ § ‡	$	600		120
FU JI Food and Catering Services Holdings, Ltd. Zero Coupon, 10/18/2010 Џ § ‡		CNY     2,700		26
Pyrus, Ltd. 7.50%, 12/20/2015—144A §	$	500		519
Zeus Cayman 2.12%, 08/19/2013 p		JPY     67,000		824
Zeus Cayman II 1.61%, 08/18/2016 p §		24,000		296

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

Transamerica Funds		Semi-Annual Report 2012
	Page    139

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
China—0.0%¥
China Petroleum & Chemical Corp. 1.83%, 04/24/2014 p	HKD	1,240	$	187
India—0.3%
REI Agro, Ltd. 5.50%, 11/13/2014—144A §	$	640		473
Suzlon Energy, Ltd. Zero Coupon, 07/25/2014 §		342		291
Zero Coupon, 06/12/2012 -10/11/2012		327		343
Tata Steel, Ltd. 1.00%, 09/05/2012		200		244
Jersey, Channel Islands—0.3%
Dana Gas Sukuk, Ltd. 7.50%, 10/31/2012 ^		1,940		1,464
Luxembourg—0.0% ¥
Subsea 7 SA 2.25%, 10/11/2013		100		122
Malaysia—0.0% ¥
Paka Capital, Ltd. 2.61%, 03/12/2013p		200		203
Netherlands—0.2%
Bio City Development Co. B.V. 8.00%, 07/06/2018—144A §		1,200		1,197
Portugal Telecom International Finance BV 4.13%, 08/28/2014		100		122
Singapore—0.9%
CapitaLand, Ltd. 2.10%, 11/15/2016		500		398
2.95%, 06/20/2022		1,250		956
3.13%, 03/05/2018 ^		500		420
Keppel Land, Ltd. 2.50%, 06/23/2013		200		161
Olam International, Ltd. 6.00%, 10/15/2016		600		692
Wilmar International, Ltd. Zero Coupon, 12/18/2012		200		237
Ying Li International Real Estate, Ltd. 4.00%, 03/03/2015 §		SGD 750		533
United Kingdom—0.1%
Anglo American PLC 4.00%, 05/07/2014	$	100		144
Essar Energy PLC 4.25%, 02/01/2016		400		270
United States—0.7%
Electronic Arts, Inc. 0.75%, 07/15/2016—144A		144		132
Gilead Sciences, Inc. 0.63%, 05/01/2013		23		32
1.63%, 05/01/2016		412		545
Hologic, Inc. 2.00%, 12/15/2037 *		700		754
Mylan, Inc. 3.75%, 09/15/2015		406		712
SM Energy Co. 3.84%, 04/01/2027		232		281
Take-Two Interactive Software, Inc. 1.75%, 12/01/2016—144A		232		235

	Principal (000’s)		Value (000’s)
United States (continued)
Take-Two Interactive Software, Inc. (continued) 4.38%, 06/01/2014	$	102	$	147
Virgin Islands, British—0.1%
Wharf Finance 2014, Ltd. 2.30%, 06/07/2014		2,000		251
Total Convertible Bonds (cost $14,839)				13,365
LOAN ASSIGNMENTS—0.3%
United States—0.3%
Obsidian Natural Gas Trust 7.00%, 11/02/2015 * §		886		892
Vodafone Americas Finance 2, Tranche B 6.25%, 07/11/2016 * §		386		390
Total Loan Assignments (cost $1,266)				1,282
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS—1.9%
Japan—0.2%
Japan Treasury Discount Bill 0.17%, 05/14/2012 p		JPY80,000		1,002
Mexico—1.1%
Mexico Cetes Zero Coupon, 05/03/2012—08/23/2012		MXN25,903		2,250
9.79%, 10/18/2012 p		10,789		811
9.84%, 09/06/2012 p		15,867		1,200
Singapore—0.6%
Singapore Treasury Bill 0.25%, 08/02/2012 p		SGD1,667		1,346
0.26%, 07/26/2012 p		1,111		897
0.37%, 05/03/2012 p		1,080		873
Total Short-Term Foreign Government Obligations (cost $8,395)				8,379
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—13.8%
United States—13.8%
U.S. Treasury Bill Zero Coupon, 08/02/2012	$	4,300		4,299
0.01%, 05/03/2012 p ^		4,300		4,300
0.04%, 05/17/2012 p		6,925		6,925
0.04%, 06/07/2012 p ^		1,820		1,820
0.05%, 05/10/2012—06/14/2012 p ^		6,625		6,625
0.06%, 06/21/2012—06/28/2012 p		12,100		12,099
0.06%, 07/05/2012 p ^		1,000		1,000
0.07%, 05/31/2012 p ^		8,020		8,019
0.08%, 07/12/2012 p		7,120		7,119
0.08%, 07/19/2012 p ^		9,700		9,698
Total Short-Term U.S. Government Obligations (cost $61,904)				61,904
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCKS—0.7%
Switzerland—0.0%¥
UBS AG, 9.38%		11,850		168
United States—0.7%
Chesapeake Energy Corp., 5.75%—144A ^		933		801
General Motors Co., 4.75% ^		13,175		514
Health Care REIT, Inc., 6.50%		5,650		302
Omnicare Capital Trust II, 4.00%		3,800		176
PPL Corp., 8.75%		5,488		283
PPL Corp., 9.50% ^		6,100		325

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

Transamerica Funds		Semi-Annual Report 2012
	Page    140

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
United States (continued)
SandRidge Energy, Inc., 7.00%		2,400	$	296
Wells Fargo & Co., 7.50%		185		207
Total Convertible Preferred Stocks (cost $3,347)				3,072
PREFERRED STOCKS—0.9%
Brazil—0.3%
Cia Brasileira de Distribuicao Grupo Pao de Acucar, 0.78% p		16,608		771
Itau Unibanco Holding SA, 3.75% p		27,096		426
Vale SA, 7.31% p		16,152		351
Germany—0.2%
Volkswagen AG, 3.74% p		5,995		1,136
United Kingdom—0.1%
HSBC Holdings PLC, 8.00% ^		10,400		286
United States—0.3%
Citigroup Capital XIII, 7.88% *		10,657		284
GMAC Capital Trust I, 8.13% *		23,008		551
US Bancorp—Series G, 6.00% *		5,508		142
US Bancorp, 6.50% *		10,976		297
Total Preferred Stocks (cost $3,705)				4,244
COMMON STOCKS—59.5%
Argentina—0.0% ¥
Cresud SACIF y A ADR ^		4,500		43
IRSA Inversiones y Representaciones SA ADR		5,400		43
Pampa Energia SA ADR ‡		5,300		36
Australia—0.9%
Asciano, Ltd.		41,041		202
BHP Billiton, Ltd.		24,959		925
CSL, Ltd.		13,728		524
Newcrest Mining, Ltd.		22,299		611
Orica, Ltd.		10,291		288
Rio Tinto, Ltd. ^		14,976		1,034
Telstra Corp., Ltd.		69,078		255
Austria—0.0% ¥
Telekom Austria AG		7,696		84
Belgium—0.0% ¥
RHJ International ‡		36,300		190
Brazil—1.3%
Banco do Brasil SA		13,458		166
Cia Energetica de Minas Gerais ADR		19,945		492
Cyrela Brazil Realty SA Empreendimentos e Participacoes		39,672		321
Hypermarcas SA		82,332		528
MRV Engenharia e Participacoes SA		67,935		395
OGX Petroleo e Gas Participacoes SA ‡		19,400		135
Petroleo Brasileiro SA—Class A ADR		79,528		1,762
Qualicorp SA ‡		30,823		268
SLC Agricola SA ‡		35,065		347
Telefonica Brasil SA ADR		40,622		1,157
Tractebel Energia SA		10,758		185
Canada—1.9%
Agnico-Eagle Mines, Ltd.		12,448		497
Alamos Gold, Inc. ^		17,478		320
Bank of Nova Scotia		3,547		197
Barrick Gold Corp.		16,267		658
BCE, Inc. ^		1,100		45
Canadian Pacific Railway, Ltd.		6,599		511
Detour Gold Corp. ‡		9,639		238

	Shares		Value (000’s)
Canada (continued)
Eldorado Gold Corp.		48,090	$	682
Goldcorp, Inc.		37,395		1,430
IAMGOLD Corp.		19,871		246
Katanga Mining, Ltd. ‡		43,350		36
Kinross Gold Corp.		52,677		472
Osisko Mining Corp. ‡		22,200		229
Potash Corp. of Saskatchewan, Inc.		8,571		364
Rogers Communications, Inc.—Class B ^		11,132		416
Silver Wheaton Corp. ^		19,415		593
Sino-Forest Corp.—Class A ‡ ¶ ^		20,700		28
Suncor Energy, Inc.		24,153		798
Talisman Energy, Inc.		15,124		198
Teck Resources, Ltd.—Class B		1,640		61
TELUS Corp.		3,170		191
Toronto-Dominion Bank		800		68
Chile—0.0% ¥
Sociedad Quimica y Minera de Chile SA ADR		3,795		221
Egypt—0.0% ¥
Telecom Egypt Co.		99,187		211
France—1.1%
AXA SA ^		33,853		479
BNP Paribas SA		15,543		624
Cie Generale D’optique Essilor International SA		9,518		838
Eutelsat Communications SA ^		7,369		262
France Telecom SA		6,707		92
LVMH Moet Hennessy Louis Vuitton SA ^		3,551		587
Safran SA		3,969		147
Sanofi		8,962		684
Sanofi ADR		1,261		48
Societe Generale SA		7,965		188
Technip SA		1,806		204
Total SA		13,278		634
Total SA ADR		8,671		417
Germany—2.3%
Allianz SE		4,628		516
BASF SE ^		19,857		1,636
Bayer AG ^		12,010		846
Bayerische Motoren Werke AG		4,317		410
Daimler AG		11,893		657
Deutsche Bank AG		5,733		249
Deutsche Telekom AG		56,387		636
Fresenius Medical Care AG & Co., KGaA ^		11,276		800
Fresenius SE & Co. KGaA		3,643		364
Infineon Technologies AG		35,976		358
Kabel Deutschland Holding AG ‡		6,163		388
Lanxess AG		7,651		609
Muenchener Rueckversicherungs AG ^		1,600		232
Siemens AG		15,122		1,401
SMA Solar Technology AG ^		1,223		51
Hong Kong—1.7%
AIA Group, Ltd.		52,500		187
Beijing Enterprises Holdings, Ltd.		169,820		949
Chaoda Modern Agriculture Holdings, Ltd. ‡ ¶ ^		1,090,190		109
Cheung Kong Holdings, Ltd.		21,500		287
Cheung Kong Infrastructure Holdings, Ltd.		40,400		239
China BlueChemical, Ltd. ‡		257,900		184
China Resources Gas Group, Ltd.		126,000		245
China Resources Power Holdings Co., Ltd.		158,000		288
China Shenhua Energy Co., Ltd. ‡		54,952		244
China Telecom Corp., Ltd. ‡		276,400		149
China Unicom, Ltd. ^ n		110,400		197
CSR Corp., Ltd. ‡		87,200		70
Dongfang Electric Corp., Ltd. ‡ ^		58,800		160

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

Transamerica Funds		Semi-Annual Report 2012
	Page    141

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
Hong Kong (continued)
Dongfeng Motor Group Co., Ltd. ^		77,000	$	152
Guangshen Railway Co., Ltd. ‡ ^		304,950		113
Guangzhou Automobile Group Co., Ltd. ‡		183,686		204
Haitian International Holdings, Ltd.		81,400		94
Huaneng Power International, Inc. ‡ ^		325,300		193
Hutchison Whampoa, Ltd.		37,800		364
Jiangsu Expressway Co., Ltd. ‡		147,300		145
Link Real Estate Investment Trust		220,467		915
Mongolian Mining Corp. ‡ ^		116,000		93
Ping An Insurance Group Co. ^		17,938		150
Shanghai Electric Group Co., Ltd. ‡ ^		397,600		200
Shanghai Pharmaceuticals Holding Co., Ltd. ‡ ^		105,000		158
Sinopharm Group Co., Ltd. ‡		125,500		328
Sun Hung Kai Properties, Ltd.		19,676		238
Tianjin Development Holdings, Ltd. ‡		724,500		323
Tianjin Port Development Holdings, Ltd.		1,049,600		142
Wharf Holdings, Ltd.		56,277		336
Yuanda China Holdings, Ltd. ‡		1,104,000		151
Zhongsheng Group Holdings, Ltd. ^		128,224		255
India—0.1%
Adani Enterprises, Ltd.		30,885		165
Bharat Heavy Electricals, Ltd.		44,232		188
Housing Development Finance Corp.		48,851		624
Indonesia—0.1%
Bumi Resources PT		1,222,201		269
Telekomunikasi Indonesia Persero PT		138,400		128
Israel—0.3%
Teva Pharmaceutical Industries, Ltd. ADR ¢		25,265		1,156
Italy—0.6%
ENI SpA		41,460		920
Fiat Industrial SpA ^		74,769		849
Intesa Sanpaolo SpA		152,762		231
Telecom Italia SpA ‡		106,040		121
UniCredit SpA		17,077		68
Japan—6.5%
Aisin Seiki Co., Ltd.		6,830		241
Asahi Kasei Corp.		52,800		326
Astellas Pharma, Inc.		6,000		243
Bridgestone Corp.		25,800		610
Canon, Inc.		17,564		796
Daihatsu Motor Co., Ltd. ^		12,780		241
Daiwa House Industry Co., Ltd.		14,070		182
Denso Corp.		8,670		280
East Japan Railway Co.		16,265		1,012
FANUC Corp.		2,350		396
Fuji Heavy Industries, Ltd.		92,420		697
Futaba Industrial Co., Ltd. ^ ‡		16,400		88
Hitachi Chemical Co., Ltd. ^		14,400		267
Hitachi, Ltd.		43,300		276
Honda Motor Co., Ltd.		19,182		690
Hoya Corp.		24,489		562
INPEX Corp. ^		140		924
JGC Corp.		25,910		746
JSR Corp.		10,000		197
KAO Corp.		6,200		166
KDDI Corp.		87		570
Kinden Corp.		11,600		81
Kirin Holdings Co., Ltd.		34,100		434
Komatsu, Ltd.		11,700		337
Kubota Corp. ^		79,584		768
Kuraray Co., Ltd.		21,030		300
Kyowa Hakko Kirin Co., Ltd. ^		27,180		286
Marubeni Corp.		19,300		134

	Shares		Value (000’s)
Japan (continued)
Mitsubishi Corp.		55,520	$	1,203
Mitsubishi Tanabe Pharma Corp.		12,100		168
Mitsubishi UFJ Financial Group, Inc. ^		90,520		435
Mitsui & Co., Ltd.		65,132		1,017
Mitsui Fudosan Co., Ltd.		10,500		192
MS&AD Insurance Group Holdings		27,917		515
Murata Manufacturing Co., Ltd.		7,950		454
Nintendo Co., Ltd.		3,200		432
Nippon Building Fund, Inc. REIT		10		95
Nippon Electric Glass Co., Ltd.		27,800		225
Nippon Telegraph & Telephone Corp.		13,530		612
NTT DoCoMo, Inc.		795		1,356
NTT Urban Development Corp. ^		55		42
Okumura Corp.		59,300		217
Rinnai Corp. ^		3,980		290
ROHM Co., Ltd.		4,960		224
Shin-Etsu Chemical Co., Ltd.		16,276		939
Sony Financial Holdings, Inc. ^		11,500		188
Sumitomo Chemical Co., Ltd.		53,520		220
Sumitomo Corp.		15,800		225
Sumitomo Electric Industries, Ltd.		12,600		170
Sumitomo Mitsui Financial Group, Inc.		10,280		329
Suzuki Motor Corp.		47,562		1,120
TDK Corp.		5,820		304
Terumo Corp.		4,850		222
Toda Corp.		57,900		185
Toho Co., Ltd. ^		9,681		174
Tokio Marine Holdings, Inc.		45,300		1,159
Tokyo Gas Co., Ltd.		158,370		764
Toyota Industries Corp.		24,537		692
Toyota Motor Corp.		10,170		417
UBE Industries, Ltd.		142,100		363
West Japan Railway Co.		7,400		304
Yahoo! Japan Corp. ^		725		218
Yamada Denki Co., Ltd. ^		5,570		362
Jersey, Channel Islands—0.1%
Randgold Resources, Ltd. ADR ^		5,426		484
Korea, Republic of—0.7%
Cheil Industries, Inc.		2,489		214
Hyundai Motor Co.		2,263		538
KT Corp.		1,400		36
KT Corp. ADR		18,760		241
KT&G Corp.		6,010		413
LG Corp.		3,549		181
Mando Corp.		459		74
POSCO		603		200
POSCO ADR		2,709		226
Samsung Electronics Co., Ltd.		1,358		1,671
Samsung Fine Chemicals Co., Ltd.		3,140		151
Luxembourg—0.1%
Tenaris SA ADR ^		6,783		266
Malaysia—0.4%
Axiata Group Bhd		513,412		901
British American Tobacco Malaysia Bhd		10,200		187
Telekom Malaysia Bhd		390,824		696
Mexico—0.3%
America Movil SAB de CV ADR		37,789		1,007
Fomento Economico Mexicano SAB de CV ADR		2,453		199
Netherlands—0.5%
ING Groep NV ‡		60,487		427
Koninklijke Philips Electronics NV ‡		26,698		530
Royal Dutch Shell PLC—Class A ADR		10,658		762
Unilever NV		9,320		319
VimpelCom, Ltd. ADR		19,600		200
Ziggo NV ‡		3,400		107

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

Transamerica Funds		Semi-Annual Report 2012
	Page    142

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
New Zealand—0.0% ¥
Guinness Peat Group PLC		292,904	$	120
Norway—0.2%
DNB ASA ^		37,215		401
Statoil ASA		19,937		532
Philippines—0.0% ¥
Philippine Long Distance Telephone Co. ADR		3,134		190
Portugal—0.0% ¥
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		40,520		137
Russian Federation—0.3%
Federal Hydrogenerating Co. JSC		1,558,346		53
Federal Hydrogenerating Co. JSC ADR		179,167		624
Kuzbassrazrezugol OJSC		422,660		106
Sberbank of Russia		310,173		701
Singapore—0.5%
CapitaLand, Ltd.		209,150		497
DBS Group Holdings, Ltd.		17,770		200
Fraser and Neave, Ltd. ^		84,400		480
Global Logistic Properties, Ltd. ‡		89,800		149
Keppel Corp., Ltd.		72,111		644
MobileOne, Ltd.		95,930		189
Noble Group, Ltd. ^		69,405		66
Oversea-Chinese Banking Corp.		76,190		552
Raffles Medical Group, Ltd.		73,200		137
SembCorp Marine, Ltd. ^		43,010		177
Singapore Press Holdings, Ltd. ^		44,080		141
Singapore Telecommunications, Ltd.		222,450		561
United Overseas Bank, Ltd.		9,970		155
South Africa—0.1%
Life Healthcare Group Holdings, Ltd.		75,600		261
Spain—0.1%
Telefonica SA		20,909		305
Telefonica SA ADR ^		5,800		85
Sweden—0.0% ¥
Millicom International Cellular SA		600		64
SKF AB—Class B		6,000		142
Switzerland—1.0%
Cie Financiere Richemont SA ¢		2,680		166
Nestle SA		22,171		1,357
Novartis AG		14,252		786
Roche Holding AG		3,183		581
Swisscom AG ^		972		362
Transocean, Ltd.		2,682		135
UBS AG ‡		34,362		429
Zurich Insurance Group AG ‡		1,301		318
Taiwan—0.4%
Cheng Shin Rubber Industry Co., Ltd.		77,000		192
Chunghwa Telecom Co., Ltd.		87,116		273
Chunghwa Telecom Co., Ltd. ADR ^		17,209		533
Far EasTone Telecommunications Co., Ltd.		145,000		315
Hon Hai Precision Industry Co., Ltd.		59,046		187
Taiwan Semiconductor Manufacturing Co., Ltd.		148,888		442
Yulon Motor Co., Ltd.		119,000		191
Thailand—0.3%
PTT Global Chemical PCL		227,637		509
PTT PCL		29,497		336
Siam Commercial Bank PCL		71,875		352
Turkey—0.3%
BIM Birlesik Magazalar AS		7,975		333
Tupras Turkiye Petrol Rafinerileri AS		9,853		206
Turk Telekomunikasyon AS		53,079		233
Turkcell Iletisim Hizmetleri AS ‡		23,747		119
Turkiye Garanti Bankasi AS ‡		71,606		263

	Shares		Value (000’s)
United Kingdom—2.7%
Amlin PLC		13,200	$	71
Anglo American PLC		12,057		463
Antofagasta PLC		29,824		572
AstraZeneca PLC ADR		1,300		57
BG Group PLC		56,307		1,325
BHP Billiton PLC		13,128		421
BP PLC		79,084		571
BP PLC ADR		17,730		770
British American Tobacco PLC		6,222		319
BT Group PLC—Class A		207,937		711
Diageo PLC ADR		12,531		1,268
Genel Energy PLC ‡		27,034		309
GlaxoSmithKline PLC ADR		1,400		65
Glencore International PLC ^		30,300		209
HSBC Holdings PLC		65,139		587
KazMunaiGas Exploration Production—Reg S
JSC GDR		28,651		573
Lloyds TSB Group PLC ‡		254,044		128
LSR Group—Reg S OJSC GDR		2,081		11
Magnitogorsk Iron & Steel Works—Reg S GDR ‡		25,071		132
National Grid PLC		86,907		939
NMC Health PLC ‡		43,800		149
Novorossiysk Commercial Sea Port—Reg S PJSC GDR		30,652		258
Petropavlovsk PLC		5,200		40
Rio Tinto PLC		10,624		592
Rosneft Oil Co.—Reg S GDR ‡		59,124		422
SSE PLC		36,394		780
Unilever PLC		5,910		202
Unilever PLC ADR		3,700		127
Vodafone Group PLC		92,393		256
Vodafone Group PLC ADR		5,983		167
United States—34.7%
3M Co.		6,884		615
Abbott Laboratories		14,777		917
Accenture PLC—Class A		1,032		67
ACE, Ltd.		15,796		1,200
Activision Blizzard, Inc. ^ ¢		75,823		976
Adobe Systems, Inc. ‡		2,400		81
AES Corp. ‡		37,797		473
Aetna, Inc.		24,118		1,063
Agilent Technologies, Inc.		13,641		576
Alcoa, Inc.		34,190		333
Alliance Data Systems Corp. ‡ ^		600		77
Alliance Resource Partners, LP		965		62
Allstate Corp.		4,380		146
Altera Corp.		1,400		50
Altria Group, Inc.		16,981		547
Amdocs, Ltd. ‡		2,185		70
Ameren Corp.		1,900		62
American Electric Power Co., Inc.		7,861		305
American Express Co.		4,400		265
American Tower Corp.—Class A REIT		10,066		660
American Water Works Co., Inc.		8,524		292
Ameriprise Financial, Inc.		900		49
AmerisourceBergen Corp.— Class A		10,008		372
Amgen, Inc.		928		66
Anadarko Petroleum Corp.		14,983		1,097
Analog Devices, Inc.		1,300		51
Apache Corp.		7,866		755
Apple, Inc. ‡ ¢		11,672		6,819
Applied Materials, Inc. ¢		37,800		453
Arch Capital Group, Ltd. ‡ ^		6,257		246
ASML Holding NV		1,500		76
AT&T, Inc.		83,019		2,731

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

Transamerica Funds		Semi-Annual Report 2012
	Page    143

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

			Value
	Shares		(000’s)
United States (continued)
Autoliv, Inc. ^		600	$	38
Axis Capital Holdings, Ltd.		1,456		50
Bank of America Corp.		138,739		1,125
Bank of New York Mellon Corp. ^		45,652		1,079
Biogen Idec, Inc. ‡		569		76
BMC Software, Inc. ‡		1,269		52
Boeing Co.		13,647		1,048
BorgWarner, Inc. ‡ ^		3,371		266
Bristol-Myers Squibb Co.		49,859		1,664
Bunge, Ltd. ^		1,005		65
CA, Inc.		32,088		848
Cabot Oil & Gas Corp.		7,495		263
Calpine Corp. ‡		33,774		634
Canadian Natural Resources, Ltd.		16,511		574
Capital One Financial Corp. ^		5,400		300
Cardinal Health, Inc.		1,259		53
Celgene Corp. ‡		3,947		288
CenturyLink, Inc.		4,678		180
Check Point Software Technologies, Ltd. ‡ ^		1,100		64
Chevron Corp.		21,814		2,325
Chubb Corp.		7,275		532
CIGNA Corp.		7,607		352
Cisco Systems, Inc. ¢		101,521		2,046
Citigroup, Inc.		55,958		1,849
CMS Energy Corp. ^		13,375		307
CNA Financial Corp.		2,322		71
CNH Global N.V. ‡		1,700		78
Coach, Inc.		900		66
Coca-Cola Co.		5,117		391
Coca-Cola Enterprises, Inc.		1,900		57
Cognizant Technology Solutions Corp.—Class A ‡		1,958		144
Colgate-Palmolive Co.		9,125		903
Comcast Corp.—Class A		55,892		1,696
Comverse Technology, Inc. ‡ ^		520		3
ConAgra Foods, Inc.		7,386		191
ConocoPhillips		940		67
CONSOL Energy, Inc. ^		48,570		1,614
Constellation Brands, Inc.—Class A ‡		6,010		130
Corning, Inc.		109,510		1,571
Cosan, Ltd.—Class A		50,304		696
Coventry Health Care, Inc.		1,500		45
Covidien PLC		6,212		343
Crown Castle International Corp. ‡		4,767		270
Crown Holdings, Inc. ‡		5,543		205
CVS Caremark Corp.		16,493		736
DaVita, Inc. ‡		5,194		460
Dell, Inc. ‡ ¢		39,071		640
Devon Energy Corp.		16,571		1,157
Diamond Offshore Drilling, Inc. ^		1,000		69
Discover Financial Services		14,980		507
DISH Network Corp.—Class A		6,705		214
Dominion Resources, Inc.		5,649		295
Dow Chemical Co.		19,537		662
Dr. Pepper Snapple Group, Inc.		3,535		143
E.I. du Pont de Nemours & Co.		13,477		720
Eastman Chemical Co.		1,200		65
eBay, Inc. ‡		9,898		406
Electronic Arts, Inc. ‡ ¢		44,267		681
Eli Lilly & Co.		6,635		275
EMC Corp. ‡ ¢		42,153		1,189
Endurance Specialty Holdings, Ltd. ^		7,206		290
Entergy Corp.		2,591		170
EQT Corp.		8,851		441
Exelon Corp.		8,870		346
Expedia, Inc. ^		1,390		59

			Value
	Shares		(000’s)
United States (continued)
Express Scripts Holding Co. ‡		5,969	$	333
Exxon Mobil Corp.		62,888		5,431
Fidelity National Financial, Inc.—Class A ^		16,540		319
Fidelity National Information Services, Inc.		2,169		73
FMC Corp.		14,225		1,572
Ford Motor Co. ^		51,561		582
Freeport-McMoRan Copper & Gold, Inc.		10,505		402
Freescale Semiconductor, Ltd. ‡ ^		35,000		434
Garmin, Ltd. ^		1,573		74
General Dynamics Corp.		7,676		518
General Electric Co.		143,241		2,804
General Mills, Inc.		15,972		621
General Motors Co. ‡ ^		24,092		554
Gilead Sciences, Inc. ‡		16,830		875
Goldman Sachs Group, Inc.		7,648		881
Google, Inc.—Class A ‡		3,712		2,247
Halliburton Co.		15,980		547
Harris Corp. ^		879		40
HCA Holdings, Inc.		20,686		557
HealthSouth Corp. ‡ ^		13,287		297
Helmerich & Payne, Inc.		1,200		62
Herbalife, Ltd. ^		1,176		83
Hewlett-Packard Co.		26,658		660
HJ Heinz Co. ^		3,594		192
Hologic, Inc. ‡		25,143		481
Humana, Inc.		7,015		566
Intel Corp.		58,295		1,656
International Business Machines Corp. ¢		11,043		2,286
International Game Technology		15,847		247
International Paper Co.		7,070		236
Intuit, Inc.		1,100		64
ITC Holdings Corp. ^		357		28
Johnson & Johnson		40,483		2,634
Johnson Controls, Inc.		8,508		272
JPMorgan Chase & Co.		57,799		2,484
Juniper Networks, Inc. ‡		32,690		701
KBR, Inc.		12,112		410
KLA-Tencor Corp.		1,100		57
Kroger Co.		2,300		54
L-3 Communications Holdings, Inc.		900		66
Lear Corp.		1,500		62
Life Technologies Corp. ‡		9,367		434
Limited Brands, Inc. ^		1,417		70
Lincoln National Corp. ^		2,961		73
Lorillard, Inc.		2,527		342
LSR Group—144A GDR OJSC		59,822		320
Macy’s, Inc.		1,500		62
Marathon Oil Corp.		20,283		595
Marathon Petroleum Corp.		27,250		1,134
Mastercard, Inc.—Class A		1,877		849
Mattel, Inc. ¢		20,318		683
McDermott International, Inc. ‡		22,577		255
McDonald’s Corp. ¢		6,317		616
McGraw-Hill Cos., Inc.		1,159		57
McKesson Corp.		7,366		673
Mead Johnson Nutrition Co.—Class A		12,219		1,045
Medtronic, Inc.		21,983		840
Merck & Co., Inc.		45,661		1,792
MetLife, Inc.		10,337		372
MetroPCS Communications, Inc. ‡		18,000		131
Mettler-Toledo International, Inc. ‡ ^		1,528		274
Microsoft Corp.		116,269		3,722
Motorola Solutions, Inc.		7,218		368
Murphy Oil Corp.		1,100		60
Mylan, Inc. ‡		22,401		486
National Oilwell Varco, Inc.		18,056		1,368

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

Transamerica Funds		Semi-Annual Report 2012
	Page    144

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

			Value
	Shares		(000’s)
United States (continued)
NetApp, Inc. ‡ ¢		17,439	$	677
Newmont Mining Corp.		20,309		968
NextEra Energy, Inc.		15,849		1,020
Northern Trust Corp.		5,924		282
NRG Energy, Inc. ‡		10,648		181
Occidental Petroleum Corp.		20,667		1,885
Oracle Corp. ¢		121,099		3,559
PACCAR, Inc.		5,175		222
Parker Hannifin Corp.		800		70
PerkinElmer, Inc.		9,967		275
Perrigo Co. ^		4,022		422
Pfizer, Inc.		107,548		2,466
Philip Morris International, Inc.		11,729		1,050
Phillips 66 ‡		1,100		37
Platinum Underwriters Holdings, Ltd. ^		3,340		122
Polyus Gold International, Ltd. GDR ‡		190,865		588
PPG Industries, Inc.		742		78
PPL Corp. ^		17,119		468
Praxair, Inc.		2,403		278
Precision Castparts Corp.		3,351		591
Procter & Gamble Co.		19,892		1,266
Progressive Corp. ^		9,391		200
Prudential Financial, Inc.		4,538		275
PulteGroup, Inc. ‡ ^		44,804		441
QEP Resources, Inc. ^		22,059		680
QUALCOMM, Inc.		33,347		2,129
Quicksilver Resources, Inc. ‡ ^		79,385		373
Ralph Lauren Corp.—Class A ¢		300		52
Reinsurance Group of America, Inc.—Class A		900		52
RenaissanceRe Holdings, Ltd. ^		3,406		266
RHJ International—144A ‡		17,100		90
Rockwell Automation, Inc. ^		8,004		620
Ross Stores, Inc.		816		50
SanDisk Corp. ‡ ^ ¢		25,408		940
Sara Lee Corp. ¢		40,200		886
Schlumberger, Ltd.		23,373		1,732
Simon Property Group, Inc. REIT		2,414		376
SM Energy Co. ^ ¢		7,639		505
Southern Co.		14,875		683
Spirit Aerosystems Holdings, Inc.—Class A ‡ ^		20,830		521
St. Joe Co. ‡ ^		75,455		1,344
State Street Corp.		17,093		790
Symantec Corp. ‡		26,125		432
TE Connectivity, Ltd.		1,932		70
Texas Instruments, Inc.		13,510		432
Thermo Fisher Scientific, Inc.		8,541		475
Time Warner Cable, Inc.		4,212		339
Torchmark Corp.		1,249		61
Travelers Cos., Inc.		11,605		746
U.S. Bancorp ¢		34,117		1,098
Unilever NV		3,338		115
Union Pacific Corp.		10,594		1,192
United Technologies Corp.		19,317		1,577
UnitedHealth Group, Inc.		12,077		678
Universal Health Services, Inc.—Class B ¢		5,700		243
Unum Group		2,329		55
Urban Outfitters, Inc. ‡ ^		1,400		41
Valeant Pharmaceuticals International, Inc. ‡ ¢		4,600		256
Valero Energy Corp.		2,538		63
Validus Holdings, Ltd.		5,061		164
Vanguard Health Systems, Inc. ‡ ^		10,800		96
Verizon Communications, Inc.		34,322		1,385
Vertex Pharmaceuticals, Inc. ‡ ¢		13,243		510

			Value
	Shares		(000’s)
United States (continued)
Viacom, Inc.—Class B		7,301	$	339
Visa, Inc.—Class A		8,453		1,040
Wal-Mart Stores, Inc.		25,143		1,480
Walt Disney Co.		13,156		567
Waters Corp. ‡		5,517		464
Weatherford International, Ltd. ‡		18,820		269
WellPoint, Inc.		13,711		930
Wells Fargo & Co.		51,652		1,727
Western Digital Corp. ‡		1,723		67
Western Union Co.		2,400		44
Whiting Petroleum Corp. ‡ ¢		18,669		1,068
Wyndham Worldwide Corp.		1,200		60
XL Group PLC—Class A		40,490		871
Total Common Stocks (cost $235,307)				265,375
INVESTMENT COMPANIES—2.1%
United Kingdom—0.0% ^¥
Vinaland, Ltd.		78,897		44
United States—2.1%
ETFS Physical Palladium Shares ‡		3,900		263
ETFS Platinum Trust ‡		3,300		510
SPDR Gold Shares ‡		52,882		8,561
Total Investment Companies (cost $6,641)				9,378
RIGHT—0.0% ¥
Brazil—0.0% ¥
Cia Brasileira de Distribuicao Grupo Pao de Acucar ‡		119		u
Total Right (cost $u)
WARRANTS—0.0% ¥
Australia—0.0% ¥
TFS Corp., Ltd. ‡¶
Expiration: 07/15/2018
Exercise Price: AUD1.28		190,550		12
Canada—0.0% ¥
Kinross Gold Corp. ‡
Expiration: 09/03/2013
Exercise Price: $32.00		9,602		5
United States—0.0% ¥
Ford Motor Co. ‡
Expiration: 01/01/2013
Exercise Price: $9.20		43,117		104
Total Warrants (cost $235)				121

	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS—0.2%
Call Options—0.0% ¥
Citi TAIEX Index Call Strike $290.81 Expires 12/19/2012	$	2		4
Citi TAIEX Index Call Strike $301.94 Expires 12/19/2012		2		3
DAX Index Call Strike $7,258.78 Expires 09/21/2012		u		12
Goldcorp, Inc. Call Strike $40.00 Expires 10/20/2012		6		17

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

Transamerica Funds		Semi-Annual Report 2012
	Page    145

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
Intel Corp. Call Strike $27.00 Expires 07/21/2012	$	18	$	33
Microsoft Corp. Call Strike $32.00 Expires 05/19/2012		2		1
MSCI Europe Excluding United Kingdom Index Call Strike $104.71 Expires 06/15/2012		11		u
MSCI Europe Excluding United Kingdom Index Call Strike $102.90 Expires 06/15/2012		5		u
MSCI Europe Excluding United Kingdom Index Call Strike $99.43 Expires 07/12/2012		15		3
MSCI Europe Excluding United Kingdom Index Call Strike $86.70 Expires 09/21/2012		5		30
Nikkei 225 Index Call Strike $9,774.71 Expires 12/14/2012		u		42
S&P 500 Index Call Strike $1,410.47 Expires 08/17/2012		1		25
S&P 500 Index Call Strike $1,412.15 Expires 08/17/2012		u		12
S&P 500 Index Call Strike $1,425.00 Expires 09/21/2012		1		31
SPDR Gold Trust Call Strike $165.00 Expires 09/22/2012		9		48
SPDR Gold Trust Call Strike $175.00 Expires 12/22/2012		9		48
Taiwan TAIEX Index Call Strike $9,047.46 Expires 09/19/2012		2	u
Taiwan TAIEX Index Call Strike $9,041.74 Expires 09/19/2012		2	u
Taiwan TAIEX Index Call Strike $8,818.93 Expires 03/20/2013		2		6
Taiwan TAIEX Index Call Strike $8,807.55 Expires 06/19/2013		2		10
Taiwan TAIEX Index Call Strike $8,807.55 Expires 09/18/2013		1		5
Taiwan TAIEX Index Call Strike $8,646.24 Expires 09/18/2013		1		6

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
Taiwan TAIEX Index Call Strike $8,646.11 Expires 12/18/2013	$	3	$	18
TOPIX Index Call Strike $825.00 Expires 06/08/2012		JPY     135		16
Put Options—0.2%
CAC 40 Index Put Strike $2,850.00 Expires 05/18/2012	$	u		3
CAC 40 Index Put Strike $3,350.00 Expires 05/18/2012		u		62
CAC 40 Index Put Strike $3,350.00 Expires 05/18/2012		u		63
CAC 40 Index Put Strike $2,850.00 Expires 05/18/2012		u		2
CAC 40 Index Put Strike $2,700.00 Expires 06/08/2012		u		3
CAC 40 Index Put Strike $3,100.00 Expires 06/08/2012		u		22
CAC 40 Index Put Strike $2,700.00 Expires 06/15/2012		u		5
CAC 40 Index Put Strike $3,150.00 Expires 06/15/2012		u		30
CAC 40 Index Put Strike $2,750.00 Expires 06/15/2012		u		5
CAC 40 Index Put Strike $3,100.00 Expires 06/15/2012		u		32
ConocoPhillips Put Strike $70.00 Expires 01/19/2013		33		173
DAX Index Put Strike $6,850.00 Expires 05/18/2012		u		14
DAX Index Put Strike $5,500.00 Expires 05/18/2012		u		u
DAX Index Put Strike $6,500.00 Expires 05/18/2012		u		4
DAX Index Put Strike $5,850.00 Expires 05/18/2012		u		u
FedEx Corp. Put Strike $82.50 Expires 10/19/2012		4		17
FedEx Corp. Put Strike $82.50 Expires 10/19/2012		1		4

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

Transamerica Funds		Semi-Annual Report 2012
	Page    146

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
FedEx Corp. Put Strike $82.50 Expires 10/20/2012	$	2	$	9
Mead Johnson Nutrition Co. Put Strike $65.00 Expires 05/19/2012		1		u
Mead Johnson Nutrition Co. Put Strike $80.00 Expires 08/17/2012		12		28
Russell 2000 Index Put Strike $701.68 Expires 05/18/2012		1		u
Russell 2000 Index Put Strike $785.75 Expires 06/12/2012		1		11
Russell 2000 Index Put Strike $782.56 Expires 07/20/2012		u		11
Russell 2000 Index Put Strike $807.90 Expires 08/17/2012		1		18
Russell 2000 Index Put Strike $800.00 Expires 09/13/2012		1		47
Russell 2000 Index Put Strike $804.79 Expires 10/19/2012		1		32
S&P 500 Index Put Strike $1,370.00 Expires 05/19/2012		1		11
Union Pacific Corp. Put Strike $105.00 Expires 05/19/2012		5		3
Total Purchased Options (cost $1,743)				979

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—10.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.29% p		48,364,774		48,365
Total Securities Lending Collateral (cost $48,365)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.2%
State Street Bank & Trust Co. 0.03% p, dated 04/30/2012, to be repurchased at $773 on 05/01/2012. Collateralized by U.S. Government Agency Obligations, 2.55%—2.76%, due 04/01/2034—07/01/2034, and with a total value of $789	$	773		773
Total Repurchase Agreement (cost $773)
Total Investment Securities (cost $466,052) P				501,210
Other Assets and Liabilities—Net				(54,179	)
Net Assets			$	447,031

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

Transamerica Funds		Semi-Annual Report 2012
	Page    147

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS—(0.4%) җ
Call Options—(0.2%)
Activision Blizzard, Inc. Call Strike $12.50 Expires 01/19/2013	$	(11	)	$	(15	)
Alcoa, Inc. Call Strike $10.00 Expires 01/19/2013		(34	)		(32	)
Apple, Inc. Call Strike $450.00 Expires 01/19/2013		(3	)		(383	)
Applied Materials, Inc. Call Strike $12.00 Expires 07/21/2012		(38	)		(20	)
Cisco Systems, Inc. Call Strike $20.00 Expires 01/19/2013		(9	)		(16	)
DAX Index Call Strike $7,828.10 Expires 09/21/2012		(u	)		(3	)
Dell, Inc. Call Strike $15.00 Expires 01/19/2013		(9	)		(22	)
Electronic Arts, Inc. Call Strike $20.00 Expires 01/19/2013		(12	)		(8	)
EMC Corp. Call Strike $25.00 Expires 01/19/2013		(6	)		(27	)
Goldcorp, Inc. Call Strike $48.00 Expires 10/20/2012		(6	)		(4	)
International Business Machines Corp. Call Strike $200.00 Expires 01/19/2013		(2	)		(37	)
Mattel, Inc. Call Strike $35.00 Expires 01/19/2013		(4	)		(5	)
Mattel, Inc. Call Strike $33.00 Expires 01/18/2013		(3	)		(7	)
McDonalds Corp. Call Strike $105.00 Expires 01/19/2013		(2	)		(4	)
Mead Johnson Nutrition Co. ə Call Strike $100.00 Expires 01/18/2013		(12	)		(23	)
MSCI Europe Excluding United Kingdom Index Call Strike $113.85 Expires 07/12/2012		(15	)		(u	)
NetApp, Inc. Call Strike $42.00 Expires 01/19/2013		(12	)		(39	)
Nikkei 225 Index Call Strike $10,828.27 Expires 12/14/2012		(u	)		(14	)
Ralph Lauren Corp. Call Strike $175.00 Expires 05/19/2012		(u	)		(1	)
Russell 2000 Index Call Strike $877.51 Expires 08/17/2012		(1	)		(10	)

	Notional Amount (000’s)			Value (000’s)
Call Options (continued)
Russell 2000 Index Call Strike $786.96 Expires 05/18/2012	$	(1	)	$	(20	)
Russell 2000 Index Call Strike $894.56 Expires 10/19/2012		(1	)		(12	)
Russell 2000 Index Call Strike $813.83 Expires 07/20/2012		(u	)		(16	)
Russell 2000 Index Call Strike $804.63 Expires 06/12/2012		(1	)		(34	)
Russell 2000 Index Call Strike $833.69 Expires 09/13/2012		(1	)		(41	)
SanDisk Corp. Call Strike $40.00 Expires 07/21/2012		(6	)		(8	)
Sara Lee Corp. Call Strike $22.00 Expires 01/19/2013		(27	)		(38	)
SM Energy Co. Call Strike $85.00 Expires 05/19/2012		(2	)		(u	)
Unilever NV Call Strike $26.00 Expires 06/15/2012		(932	)		(7	)
Universal Health Services, Inc. Call Strike $40.00 Expires 07/21/2012		(6	)		(22	)
US Bancorp Call Strike $30.00 Expires 06/16/2012		(7	)		(17	)
Valeant Pharmaceuticals, Inc. Call Strike $50.00 Expires 01/19/2013		(2	)		(25	)
Vertex Pharmaceuticals, Inc. Call Strike $35.00 Expires 07/21/2012		(7	)		(41	)
Vertex Pharmaceuticals, Inc. Call Strike $40.00 Expires 01/19/2013		(6	)		(38	)
Whiting Petroleum Corp. Call Strike $52.50 Expires 01/19/2013		(6	)		(63	)
Whiting Petroleum Corp. Call Strike $72.50 Expires 01/19/2013		(3	)		(6	)
Put Options—(0.2%)
CAC-40 Index Put Strike $3,100.00 Expires 05/18/2012		(1	)		(31	)
CAC-40 Index Put Strike $2,950.00 Expires 06/15/2012		(1	)		(25	)
CAC-40 Index Put Strike $3,100.00 Expires 05/18/2012		(1	)		(29	)
CAC-40 Index Put Strike $2,900.00 Expires 06/08/2012		(1	)		(16	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    148

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

	Notional Amount (000’s)			Value (000’s)
Put Options (continued)
CAC-40 Index Put Strike $2,900.00 Expires 06/15/2012	$	(1	)	$	(26	)
Citi TAIEX Index Put Strike $243.41 Expires 12/19/2012		(2	)		(25	)
Citi TAIEX Index Put Strike $252.72 Expires 12/19/2012		(2	)		(33	)
ConocoPhillips Put Strike $55.00 Expires 01/19/2013		(33	)		(46	)
DAX Index Put Strike $6,000.00 Expires 05/18/2012		(u	)		(1	)
DAX Index Put Strike $6,350.00 Expires 05/18/2012		(u	)		(4	)
FedEx Corp. ə Put Strike $65.00 Expires 10/19/2012		(2	)		(2	)
Goldcorp, Inc. Put Strike $36.00 Expires 10/20/2012		(6	)		(16	)
Intel Corp. Put Strike $25.00 Expires 07/21/2012		(18	)		(5	)
Mattel, Inc. Put Strike $25.00 Expires 01/19/2013		(18	)		(9	)
Mead Johnson Nutrition Co. ə Put Strike $60.00 Expires 01/17/2014		(12	)		(12	)
MSCI Europe Excluding United Kingdom Index Put Strike $92.97 Expires 07/12/2012		(15	)		(85	)
MSCI Europe Excluding United Kingdom Index Put Strike $98.12 Expires 06/15/2012		(5	)		(46	)
MSCI Europe Excluding United Kingdom Index Put Strike $99.84 Expires 06/15/2012		(11	)		(117	)
Nikkei 225 Index Put Strike $8,877.23 Expires 12/14/2012		(u	)		(32	)
Quicksilver Resources, Inc. Put Strike $6.00 Expires 06/16/2012		(10	)		(15	)
Russell 2000 Index Put Strike $700.00 Expires 09/13/2012		(1	)		(19	)
Russell 2000 Index Put Strike $725.04 Expires 08/17/2012		(1	)		(10	)
Russell 2000 Index Put Strike $730.12 Expires 10/19/2012		(1	)		(18	)

	Notional Amount (000’s)			Value (000’s)
Put Options (continued)
Russell 2000 Index Put Strike $703.04 Expires 06/12/2012	$	(1	)	$	(2	)
Russell 2000 Index Put Strike $700.19 Expires 07/20/2012		(u	)		(4	)
Russell 2000 Index Put Strike $611.72 Expires 05/18/2012		(1	)		(u	)
S&P 500 Index Put Strike $1,240.54 Expires 08/17/2012		(1	)		(8	)
S&P 500 Index ə Put Strike $1,175.00 Expires 09/21/2012		(1	)		(12	)
S&P 500 Index Put Strike $1,270.00 Expires 05/19/2012		(1	)		(1	)
Taiwan TAIEX Index Put Strike $7,180.59 Expires 12/18/2013		(2	)		(56	)
Taiwan TAIEX Index Put Strike $7,608.62 Expires 09/19/2012		(2	)		(31	)
Taiwan TAIEX Index Put Strike $7,574.49 Expires 06/19/2013		(2	)		(49	)
Taiwan TAIEX Index Put Strike $6,957.96 Expires 09/18/2013		(1	)		(21	)
Taiwan TAIEX Index Put Strike $7,176.38 Expires 09/18/2013		(1	)		(25	)
Taiwan TAIEX Index Put Strike $7,758.20 Expires 09/19/2012		(2	)		(57	)
Taiwan TAIEX Index Put Strike $7,557.82 Expires 03/20/2013		(2	)		(44	)
TOPIX Index Put Strike $675.00 Expires 06/08/2012		(74	)		(u	)
Total Written Options (premiums: $(1,878))					(1,990	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    149

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	GSC		(35	)	05/15/2012	$	(35	)	$	(u	)
Australian Dollar	JPM		(1,160	)	05/31/2012		(1,190	)		(14	)
Australian Dollar	UBS		(379	)	05/31/2012		(389	)		(5	)
Australian Dollar	JPM		(1,453	)	11/15/2012		(1,421	)		(65	)
Australian Dollar	GSC		(753	)	11/15/2012		(760	)		(9	)
Australian Dollar	GSC		(735	)	11/15/2012		(745	)		(6	)
Australian Dollar	JPM		1,453		11/15/2012		1,418			66
Brazilian Real	JPM		(603	)	06/04/2012		(325	)		11
Brazilian Real	UBS		(753	)	06/04/2012		(400	)		8
Brazilian Real	BCLY		(602	)	06/04/2012		(325	)		12
Chinese Yuan Renminbi	CSFB		4,337		05/18/2012		687			u
Chinese Yuan Renminbi	UBS		3,851		05/25/2012		608			2
Euro	UBS		(884	)	05/18/2012		(1,158	)		(11	)
Euro	UBS		(468	)	05/24/2012		(613	)		(7	)
Euro	CSFB		(1,148	)	05/24/2012		(1,506	)		(16	)
Euro	DUB		(788	)	05/31/2012		(1,036	)		(7	)
Euro	CSFB		(613	)	05/31/2012		(809	)		(2	)
Euro	DUB		(743	)	05/31/2012		(981	)		(3	)
Japanese Yen	UBS		89,408		05/10/2012		1,100			20
Japanese Yen	CSFB		(120,000	)	05/14/2012		(1,570	)		65
Japanese Yen	CSFB		40,000		05/14/2012		516			(15	)
Japanese Yen	DUB		40,619		06/01/2012		500			9
Japanese Yen	CSFB		(16,082	)	06/07/2012		(200	)		(1	)
Mexican Peso	UBS		(10,750	)	05/03/2012		(845	)		20
Mexican Peso	JPM		(7,009	)	07/26/2012		(528	)		(6	)
Mexican Peso	JPM		(5,408	)	07/26/2012		(409	)		(2	)
Mexican Peso	JPM		(2,700	)	07/26/2012		(204	)		(1	)
Mexican Peso	DUB		(3,641	)	08/23/2012		(277	)		u
Mexican Peso	CSFB		(15,867	)	09/06/2012		(1,185	)		(19	)
Mexican Peso	UBS		(10,789	)	10/18/2012		(817	)		2
Norwegian Krone	UBS		2,889		05/24/2012		498			7
Norwegian Krone	DUB		1,945		05/24/2012		335			5
Pound Sterling	DUB		(1,096	)	05/18/2012		(1,742	)		(37	)
Pound Sterling	JPM		(615	)	05/18/2012		(977	)		(20	)
Pound Sterling	JPM		(896	)	05/31/2012		(1,429	)		(26	)
Pound Sterling	DUB		(254	)	06/08/2012		(410	)		(2	)
Pound Sterling	GSC		(383	)	06/08/2012		(618	)		(3	)
Republic of Korea Won	DUB		638,455		05/07/2012		567			(2	)
Singapore Dollar	JPM		507		05/25/2012		405			4
Singapore Dollar	HSBC		442		06/01/2012		355			2
Singapore Dollar	JPM		1,625		06/01/2012		1,300			13
Taiwan Dollar	HSBC		17,172		05/18/2012		582			6
									$	(27	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Euro	UBS		72		05/25/2012	$	96		$	1
Swiss Franc	UBS		(87	)	05/25/2012		(96	)		(1	)
Swiss Franc	CSFB		847		05/25/2012		934			9
Euro	CSFB		(705	)	05/25/2012		(933	)		(8	)
Swiss Franc	UBS		1,224		06/08/2012		1,350			6
Euro	UBS		(1,019	)	06/08/2012		(1,349	)		(6	)
									$	1

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

Transamerica Funds		Semi-Annual Report 2012
	Page    150

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

OTC SWAP AGREEMENTS: ß

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)		Net Unrealized Appreciation (000’s)
3-Month USD-LIBOR		1.63	%		09/12/2015		UBS		USD	$	5,748	$	31	$	—	$	31
3-Month USD-LIBOR		1.57			09/15/2015		UBS		USD		5,512		25		—		25
3-Month USD-LIBOR		1.56			09/23/2015		BOA		USD		5,574		24		—		24
												$	80	$	—	$	80

TOTAL RETURN SWAP AGREEMENTS—PAYABLE: ^(A)

Reference Entity	Fixed Rate			Termination Date		Counterparty		Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)		Net Unrealized Appreciation (000’s)
HSCEI Dividend Point Index Futures		1.00	%		12/31/2012		CITI	$	230	$	23	$	—	$	23
SGX Nikkei Stock Average Dividend Point Index Futures		1.00			03/31/2014		CITI		242		36		—		36
										$	59	$	—	$	59

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
MSCI Taiwan Index		Short		(6	)		05/30/2012	$	1
Nikkei 225 Index		Short		(2	)		06/07/2012		7
S&P 500 E-Mini Index		Short		(4	)		06/15/2012		(5	)
								$	3

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)			Net Exposures (1) (000’s)
BCLY	$	12		$	—		$	12
BOA		24			—			24
CITI		59			91			150
CSFB		13			—			13
DUB		(37	)		(100	)		(137	)
GSC		(18	)		—			(18	)
HSBC		8			—			8
JPM		(40	)		—			(40	)
UBS		92			1,231			1,323

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    151

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Foreign Government Obligation		7.3	%	$	36,794
Oil, Gas & Consumable Fuels		7.3			36,678
U.S. Government Obligation		6.5			32,769
Pharmaceuticals		3.3			16,741
Metals & Mining		3.2			15,849
Commercial Banks		2.8			14,082
Capital Markets		2.7			13,602
Diversified Telecommunication Services		2.6			13,094
Software		2.3			11,424
Computers & Peripherals		2.3			11,346
Diversified Financial Services		2.1			10,535
Insurance		2.0			9,926
Chemicals		2.0			9,896
Health Care Providers & Services		1.9			9,420
Industrial Conglomerates		1.6			8,291
Automobiles		1.6			8,207
Food Products		1.4			7,296
Wireless Telecommunication Services		1.4			6,812
Real Estate Management & Development		1.3			6,466
Semiconductors & Semiconductor Equipment		1.2			5,955
Electric Utilities		1.2			5,894
Energy Equipment & Services		1.1			5,330
Communications Equipment		1.0			5,287
IT Services		1.0			4,907
Health Care Equipment & Supplies		0.9			4,713
Aerospace & Defense		0.9			4,468
Media		0.9			4,433
Food & Staples Retailing		0.8			4,066
Electronic Equipment & Instruments		0.8			3,916
Machinery		0.7			3,448
Road & Rail		0.7			3,356
Biotechnology		0.6			2,916
Internet Software & Services		0.6			2,870
Tobacco		0.6			2,858
Auto Components		0.6			2,815
Trading Companies & Distributors		0.6			2,810
Beverages		0.5			2,622
Life Sciences Tools & Services		0.5			2,498
Real Estate Investment Trusts		0.5			2,348
Household Products		0.5			2,335
Independent Power Producers & Energy Traders		0.4			2,003
Electrical Equipment		0.4			1,972
Construction & Engineering		0.3			1,639
Multi-Utilities		0.3			1,603
Consumer Finance		0.3			1,547
Household Durables		0.3			1,521
Gas Utilities		0.2			1,205
Textiles, Apparel & Luxury Goods		0.2			991
Derivative		0.2			979
Hotels, Restaurants & Leisure		0.2			949
Transportation Infrastructure		0.2			880
Office Electronics		0.2			796
Paper & Forest Products		0.2			783
Specialty Retail		0.2			778
Personal Products		0.1			773
Leisure Equipment & Products		0.1			683
Construction Materials		0.1			678
Thrifts & Mortgage Finance		0.1			624
Commercial Services & Supplies		0.1			530
Mortgage-Backed Security		0.1			347
Water Utilities		0.1			292
Asset-Backed Security		0.1			282
Professional Services		0.0	¥		268
Building Products		0.0	¥		267
Containers & Packaging		0.0	¥		205

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

Transamerica Funds		Semi-Annual Report 2012
	Page    152

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investments			Value (000’s)
Multiline Retail		0.0	%¥	$	62
Internet & Catalog Retail		0.0	¥		59
Investment Securities, at Value		76.2			381,789
Short-Term Investments		23.8			119,421
Total Investments		100.0	%	$	501,210

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

^ All or a portion of this security is on loan. The value of all securities on loan is $46,985.

¥ Percentage rounds to less than 0.1%.

* Floating or variable rate note. Rate is listed as of 04/30/2012.

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

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $180, or 0.04% of the fund’s net assets, and total aggregate market value of fair valued derivatives is $(49), or (0.01)% of the fund’s net assets.

p Rate shown reflects the yield at 04/30/2012.

Џ In default.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $466,052. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55,844 and $20,686, respectively. Net unrealized appreciation for tax purposes is $35,158.

u Amount is less than 1.

§ Illiquid. These securities aggregated to $5,613, or 1.26%, of the fund’s net assets.

b Cash, in the amount of $100, has been pledged as collateral with the broker for open swaps contracts.

g A portion of this security in the amount of $58 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

n A portion of these securities in the amount of $6,851 has been segregated with the broker to cover open written options.

җ Cash in the amount of $1,231 has been segregated with the borker to cover open written options.

a A portion of this security in the amount of $91 has been segregated as collateral with the broker for open swaps contracts.

^(A) At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference index less a financing rate, if any. As a receiver, the fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

DEFINITIONS (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2012, these securities aggregated $10,370, or 2.32% of the fund’s net assets.

ADR American Depositary Receipt

BCLY Barclays Bank PLC

BOA Bank of America

CITI Citigroup, Inc.

CSFB Credit Suisse First Boston

DUB Deutsche Bank AG

GDR Global Depositary Receipt

GSC Goldman Sachs & Co.

HSBC HSBC Bank USA

JPM JPMorgan Chase & Co.

JSC Joint Stock Company

LIBOR London Interbank Offered Rate

OTC Over the Counter

OJSC Open Joint Stock Company

PJSC Private Joint Stock Company

REIT Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

UBS UBS Warburg LLC

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

Transamerica Funds		Semi-Annual Report 2012
	Page    153

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

CURRENCY ABBREVIATIONS:

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

JPY Japanese Yen

MXN Mexican Peso

MYR Malaysian Riggit

PLN Polish Zloty

SGD Singapore Dollar

USD United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Asset-Backed Security	$	—		$	282		$	—	$	282
Common Stocks		168,797			96,550			28		265,375
Convertible Bonds		—			13,365			—		13,365
Convertible Preferred Stocks		2,904			168			—		3,072
Corporate Debt Securities		—			13,586			u		13,586
Foreign Government Obligations		—			36,794			—		36,794
Investment Companies		9,378			—			—		9,378
Loan Assignments		—			1,282			—		1,282
Mortgage-Backed Securities		—			347			—		347
Preferred Corporate Debt Securities		—			195			—		195
Preferred Stocks		2,822			1,422			—		4,244
Purchased Options		908			71			—		979
Repurchase Agreement		—			773			—		773
Right		—			u			—		u
Securities Lending Collateral		48,365			—			—		48,365
Short-Term Foreign Government Obligations		—			8,379			—		8,379
Short-Term U.S. Government Obligations		—			61,904			—		61,904
U.S. Government Obligations		—			32,769			—		32,769
Warrants		109			12			—		121
Total	$	233,283		$	267,899		$	28	$	501,210
Other Financial Instruments	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Written Options	$	—		$	(1,990	)	$	—	$	(1,990	)
Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	8		$	—		$	—	$	8
Futures Contracts—Depreciation		(5	)		—			—		(5	)
Forward Foreign Cross Currency Contracts—Appreciation		—			16			—		16
Forward Foreign Cross Currency Contracts—Depreciation		—			(15	)		—		(15	)
Forward Foreign Currency Contracts—Appreciation		—			252			—		252
Forward Foreign Currency Contracts—Depreciation		—			(279	)		—		(279	)
Interest Rate Swaps—Appreciation		—			80			—		80
Total Return Swap—Appreciation		—			59			—		59
Total	$	3		$	113		$	—	$	116

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

Transamerica Funds		Semi-Annual Report 2012
	Page    154

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

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

Level 3 Rollforward—Investment Securities

Security	Beginning Balance at 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)			Net Change in Unrealized Appreciation / (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3f			Ending Balance at 04/30/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2012 ƒ
Common Stocks	$	463	$	5	$	(7	)	$	—	$	(2	)	$	(122	)	$	—	$	(309	)	$	28	$	(122	)
Corporate Debt Securities		u		—		—			—		—			—			—		—			u		—
Loan Assignments		374		12		(386	)		—		—			—			—		—			—		—
Total	$	837	$	17	$	(393	)	$	—	$	(2	)	$	(122	)	$	—	$	(309	)	$	28	$	(122	)

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 04/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

f Transferred out of Level 3 because of availability of observable inputs.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    155

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES—83.7%
Capital Markets—75.3%
Dreyfus Treasury Cash Management		82,494,046	$	82,494
UBS Select Treasury Preferred		103,117,587		103,117
Money Market—8.4%
BlackRock Liquidity Funds T-Fund Portfolio		20,623,538		20,624
Total Investment Securities (cost $206,235) Õ				206,235
Other Assets and Liabilities—Net				40,037
Net Assets			$	246,272

OTC SWAP AGREEMENTS: ß

TOTAL RETURN SWAP AGREEMENTS—RECEIVABLE: ^(A)

Reference Entity	Termination Date		Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid(Received) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
2-Year Euro-Schatz Futures		06/08/2012	BOA	$	37,186	$	49		$	—		$	49
2-Year U.S. Treasury Note Futures		06/01/2012	BOA		93,732		69			—			69
5-Year U.S. Treasury Note Futures		06/01/2012	BOA		2,105		11			—			11
Soy Meal July Futures		06/22/2012	BCLY		2,961		316			—			316
Soybean July Futures		06/22/2012	BOA		527		28			—			28
Swiss Market Index Futures		06/15/2012	RBS		2,944		(31	)		(11	)		(20	)
						$	442		$	(11	)	$	453
TOTAL RETURN SWAP AGREEMENTS—PAYABLE: (A)
Reference Entity	Termination Date		Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid(Received) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Cocoa July Futures		06/01/2012	BCLY	$	2,064	$	(65	)	$	—		$	(65	)
Coffee July Futures		06/08/2012	BCLY		539		11			—			11
Gold June Futures		05/30/2012	BCLY		1,498		(18	)		—			(18	)
Lean Hog June Futures		06/14/2012	BCLY		2,234		58			—			58
LME Aluminum June		06/18/2012	BCLY		1,051		(2	)		—			(2	)
LME Copper June		06/18/2012	BCLY		1,895		(95	)		—			(95	)
Silver July Futures		06/28/2012	BCLY		2,791		9			—			9
Soy Oil July Futures		06/22/2012	BCLY		1,453		46			—			46
Wheat July Futures		06/13/2012	BCLY		851		(26	)		—			(26	)
						$	(82	)	$	—		$	(82	)

FUTURES CONTRACTS: Б

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond		Long		70			06/15/2012	$	77
10-Year Government of Canada Bond		Long		7			06/20/2012		(3	)
10-Year Japan Government Bond		Long		29			06/11/2012		271
10-Year U.S. Treasury Note		Long		77			06/20/2012		72
2-Year U.S. Treasury Note		Long		26			06/29/2012		3
30-Year U.S. Treasury Bond		Long		30			06/20/2012		33
3-Month Aluminum		Short		(1	)		05/09/2012		5
3-Month Aluminum		Long		1			05/09/2012		(5	)
3-Month Aluminum		Long		12			05/17/2012		(23	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    156

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
3-Month Aluminum		Short		(12	)		05/17/2012	$	26
3-Month Aluminum		Short		(9	)		05/21/2012		27
3-Month Aluminum		Long		9			05/21/2012		(30	)
3-Month Aluminum		Long		14			05/23/2012		(68	)
3-Month Aluminum		Short		(14	)		05/23/2012		66
3-Month Aluminum		Long		9			05/24/2012		(42	)
3-Month Aluminum		Short		(9	)		05/24/2012		46
3-Month Aluminum		Short		(10	)		05/29/2012		56
3-Month Aluminum		Long		10			05/29/2012		(58	)
3-Month Aluminum		Short		(8	)		06/19/2012		34
3-Month Aluminum		Long		8			06/19/2012		(31	)
3-Month Aluminum		Short		(5	)		06/22/2012		9
3-Month Aluminum		Long		5			06/22/2012		(10	)
3-Month Aluminum		Short		(4	)		06/26/2012		7
3-Month Aluminum		Long		4			06/26/2012		(7	)
3-Month Aluminum		Short		(2	)		06/28/2012		4
3-Month Aluminum		Long		2			06/28/2012		(4	)
3-Month Aluminum		Long		11			06/29/2012		(11	)
3-Month Aluminum		Short		(11	)		06/29/2012		13
3-Month Aluminum		Short		(12	)		07/02/2012		6
3-Month Aluminum		Long		12			07/02/2012		(5	)
3-Month Aluminum		Short		(16	)		07/03/2012		8
3-Month Aluminum		Long		16			07/03/2012		(7	)
3-Month Aluminum		Long		23			07/05/2012		1
3-Month Aluminum		Short		(23	)		07/05/2012		(2	)
3-Month Aluminum		Short		(30	)		07/10/2012		(17	)
3-Month Aluminum		Long		30			07/10/2012		3
3-Month Aluminum		Short		(13	)		07/11/2012		(10	)
3-Month Aluminum		Long		13			07/11/2012		7
3-Month Aluminum		Short		(4	)		07/12/2012		(1	)
3-Month Aluminum		Long		4			07/12/2012		1
3-Month Aluminum		Short		(11	)		07/16/2012		(11	)
3-Month Aluminum		Long		11			07/16/2012		10
3-Month Aluminum		Long		4			07/17/2012		3
3-Month Aluminum		Short		(4	)		07/17/2012		(4	)
3-Month Aluminum		Short		(12	)		07/23/2012		(15	)
3-Month Aluminum		Long		12			07/23/2012		14
3-Month Canadian Bankers’ Acceptance		Short		(54	)		09/17/2012		12
3-Month Canadian Bankers’ Acceptance		Short		(11	)		12/17/2012		(1	)
3-Month Copper		Short		(1	)		05/09/2012		1
3-Month Copper		Long		1			05/09/2012		(2	)
3-Month Copper		Long		1			05/21/2012		2
3-Month Copper		Short		(1	)		05/21/2012		(3	)
3-Month Copper		Long		1			06/07/2012		3
3-Month Copper		Short		(1	)		06/07/2012		(4	)
3-Month Copper		Long		2			06/08/2012		2
3-Month Copper		Short		(2	)		06/08/2012		(3	)
3-Month Copper		Short		(1	)		06/15/2012		4
3-Month Copper		Long		1			06/15/2012		(3	)
3-Month Copper		Long		1			06/19/2012		(2	)
3-Month Copper		Short		(1	)		06/19/2012		2
3-Month Copper		Short		(2	)		07/11/2012		(17	)
3-Month Copper		Long		2			07/11/2012		17
3-Month Copper		Long		4			07/12/2012		29
3-Month Copper		Short		(4	)		07/12/2012		(29	)
3-Month Copper		Short		(1	)		07/20/2012		(9	)
3-Month Copper		Long		1			07/20/2012		8
3-Month Copper		Short		(1	)		07/23/2012		(8	)
3-Month Copper		Long		1			07/23/2012		8
3-Month Copper		Long		1			07/24/2012		8
3-Month Copper		Short		(1	)		07/24/2012		(8	)
3-Month EURIBOR		Long		187			09/17/2012		125
3-Month EURIBOR		Long		154			12/17/2012		90
3-Month EURIBOR		Long		132			03/18/2013		80

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

Transamerica Funds		Semi-Annual Report 2012
	Page    157

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
3-Month EURIBOR		Long		122			06/17/2013	$	71
3-Month EURIBOR		Long		115			09/16/2013		67
3-Month EURIBOR		Long		110			12/16/2013		68
3-Month EURIBOR		Long		109			03/17/2014		65
3-Month Euroswiss		Long		39			09/17/2012		(9	)
3-Month Euroswiss		Long		49			12/17/2012		(14	)
3-Month Nickel		Short		(1	)		05/08/2012		22
3-Month Nickel		Long		1			05/08/2012		(22	)
3-Month Nickel		Long		4			06/22/2012		(16	)
3-Month Nickel		Short		(4	)		06/22/2012		16
3-Month Nickel		Short		(3	)		06/26/2012		7
3-Month Nickel		Long		3			06/26/2012		(6	)
3-Month Nickel		Short		(4	)		06/27/2012		9
3-Month Nickel		Long		4			06/27/2012		(8	)
3-Month Nickel		Long		4			06/28/2012		u
3-Month Nickel		Short		(4	)		06/28/2012		(u	)
3-Month Nickel		Short		(7	)		06/29/2012		(16	)
3-Month Nickel		Long		7			06/29/2012		13
3-Month Nickel		Short		(1	)		07/18/2012		(u	)
3-Month Nickel		Long		1			07/18/2012		1
3-Month Nickel		Short		(1	)		07/19/2012		(1	)
3-Month Nickel		Long		1			07/19/2012		1
3-Month Nickel		Short		(3	)		07/23/2012		(3	)
3-Month Nickel		Long		3			07/23/2012		3
3-Month Sterling		Short		(75	)		09/19/2012		3
3-Month Sterling		Short		(14	)		12/19/2012		u
3-Month Sterling		Long		44			03/20/2013		(14	)
3-Month Sterling		Long		63			06/19/2013		(19	)
3-Month Sterling		Long		59			09/18/2013		(19	)
3-Month Sterling		Long		51			12/18/2013		(19	)
3-Month Sterling		Long		44			03/19/2014		(19	)
3-Month Zinc		Long		1			05/02/2012		(2	)
3-Month Zinc		Short		(1	)		05/02/2012		1
3-Month Zinc		Short		(2	)		07/10/2012		(3	)
3-Month Zinc		Long		2			07/10/2012		3
3-Month Zinc		Short		(9	)		07/11/2012		(17	)
3-Month Zinc		Long		9			07/11/2012		14
3-Month Zinc		Short		(7	)		07/12/2012		(10	)
3-Month Zinc		Long		7			07/12/2012		9
3-Month Zinc		Short		(3	)		07/16/2012		(6	)
3-Month Zinc		Long		3			07/16/2012		5
3-Month Zinc		Long		9			07/17/2012		14
3-Month Zinc		Short		(9	)		07/17/2012		(16	)
3-Month Zinc		Short		(5	)		07/18/2012		(8	)
3-Month Zinc		Long		5			07/18/2012		8
3-Month Zinc		Short		(11	)		07/19/2012		(18	)
3-Month Zinc		Long		11			07/19/2012		17
3-Month Zinc		Long		1			07/24/2012		2
3-Month Zinc		Short		(1	)		07/24/2012		(2	)
3-Month Zinc		Short		(4	)		07/26/2012		(5	)
3-Month Zinc		Long		4			07/26/2012		4
3-Year Australian Treasury Bond		Long		289			06/15/2012		214
5-Year U.S. Treasury Note		Long		210			06/29/2012		145
90-Day Eurodollar		Short		(17	)		09/17/2012		(1	)
90-Day Eurodollar		Long		5			12/17/2012		u
90-Day Eurodollar		Long		49			03/18/2013		2
90-Day Eurodollar		Long		104			06/17/2013		13
90-Day Eurodollar		Long		129			09/16/2013		26
90-Day Eurodollar		Long		124			12/16/2013		30
90-Day Eurodollar		Long		114			03/17/2014		34
AEX Index		Short		(65	)		05/18/2012		(17	)
Aluminum Hg		Short		(12	)		06/08/2012		29
Aluminum Hg		Long		12			06/08/2012		(30	)
Aluminum Hg		Long		11			06/20/2012		(46	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    158

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
Aluminum Hg		Short		(163	)		06/20/2012	$	41
ASX SPI 200 Index		Long		20			06/21/2012		20
Brent Crude Oil Penultimate Financial		Long		27			05/15/2012		(84	)
CAC 40 Index		Short		(120	)		05/18/2012		(5	)
Cocoa		Short		(66	)		07/16/2012		(67	)
Coffee “C”		Short		(57	)		07/19/2012		39
Copper LME		Short		(12	)		06/20/2012		(76	)
Copper LME		Long		4			06/20/2012		(11	)
Corn		Short		(173	)		07/13/2012		(126	)
Cotton No. 2		Short		(141	)		07/09/2012		(21	)
DAX Index		Short		(5	)		06/15/2012		(21	)
DJIA Mini Index		Long		146			06/15/2012		79
European Gasoil (ICE)		Long		26			05/09/2012		(16	)
FTSE 100 Index		Short		(5	)		06/15/2012		(2	)
FTSE JSE Top 40 Index		Long		77			06/21/2012		25
FTSE MIB INDEX		Short		(44	)		06/15/2012		57
German Euro BUXL		Long		40			06/07/2012		58
German Euro BOBL		Long		140			06/07/2012		174
German Euro Bund		Long		68			06/07/2012		202
German Euro Schatz		Long		174			06/07/2012		36
Hang Seng China Enterprises Index		Short		(43	)		05/30/2012		(66	)
Hang Seng Index		Short		(10	)		05/30/2012		(21	)
Henry Hub Natural Gas Swap		Short		(414	)		05/29/2012		(130	)
IBEX 35 Index		Short		(42	)		05/18/2012		164
KOSPI 200 Index		Short		(7	)		06/14/2012		(5	)
Lean Hogs		Short		(194	)		06/14/2012		668
MSCI Taiwan Index		Short		(88	)		05/30/2012		19
NASDAQ 100 E-Mini Index		Long		129			06/15/2012		93
Nickel		Short		(39	)		06/20/2012		63
Nymex Heating Oil Pent		Long		5			05/30/2012		16
RBOB Gasoline Finance		Long		36			05/30/2012		(95	)
Russell 2000 Mini Index		Long		7			06/15/2012		(4	)
S&P 500 E-Mini Index		Long		104			06/15/2012		49
S&P Midcap 400 E-Mini		Long		40			06/15/2012		(17	)
S&P 500 TSE 60 Index		Short		(56	)		06/14/2012		(142	)
SGX CNX Nifty Index		Short		(148	)		05/31/2012		(11	)
SGX MSCI Singapore Index		Long		48			05/30/2012		19
Silver		Short		(20	)		07/27/2012		(4	)
Soybean		Long		62			07/13/2012		223
Soybean Meal		Long		88			07/13/2012		383
TOPIX Index		Long		38			06/08/2012		(234	)
U.K. Long Gilt Bond		Long		32			06/27/2012		(21	)
Wheat		Short		(111	)		07/13/2012		(137	)
WTI Bullet Swap Financial		Short		(9	)		05/21/2012		(26	)
Zinc		Short		(62	)		06/20/2012		(82	)
								$	2,294

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar		RBS		(3,680	)		06/20/2012	$	(3,788	)	$	(26	)
Australian Dollar		RBS		(3,424	)		06/20/2012		(3,497	)		(51	)
Australian Dollar		RBS		(1,100	)		06/20/2012		(1,132	)		(8	)
Australian Dollar		RBS		(494	)		06/20/2012		(514	)		2
Australian Dollar		RBS		(2,159	)		06/20/2012		(2,223	)		(14	)
Australian Dollar		RBS		(1,668	)		06/20/2012		(1,722	)		(7	)
Australian Dollar		RBS		(698	)		06/20/2012		(727	)		4
Australian Dollar		RBS		(1,625	)		06/20/2012		(1,690	)		6
Australian Dollar		RBS		(1,349	)		06/20/2012		(1,379	)		(19	)
Australian Dollar		RBS		(2,895	)		06/20/2012		(2,971	)		(30	)
Australian Dollar		RBS		(1,760	)		06/20/2012		(1,814	)		(10	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    159

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar		RBS		(1,483	)		06/20/2012	$	(1,535	)	$	(2	)
Australian Dollar		RBS		(993	)		06/20/2012		(1,021	)		(8	)
Australian Dollar		RBS		(1,535	)		06/20/2012		(1,569	)		(22	)
Australian Dollar		RBS		(4,196	)		06/20/2012		(4,332	)		(16	)
Australian Dollar		RBS		(10	)		06/20/2012		(11	)		u
Australian Dollar		RBS		(519	)		06/20/2012		(533	)		(5	)
Australian Dollar		RBS		2,969			06/20/2012		3,060			17
Australian Dollar		RBS		70			06/20/2012		72			1
Australian Dollar		RBS		(1,068	)		06/20/2012		(1,089	)		(18	)
Australian Dollar		RBS		(959	)		06/20/2012		(981	)		(13	)
Australian Dollar		RBS		(908	)		06/20/2012		(932	)		(9	)
Australian Dollar		RBS		5,646			06/20/2012		5,939			(88	)
Australian Dollar		RBS		1,923			06/20/2012		2,018			(25	)
Australian Dollar		RBS		582			06/20/2012		601			2
Australian Dollar		RBS		440			06/20/2012		466			(10	)
Australian Dollar		RBS		30			06/20/2012		31			u
Australian Dollar		RBS		3,859			06/20/2012		4,014			(15	)
Australian Dollar		RBS		641			06/20/2012		661			3
Australian Dollar		RBS		20			06/20/2012		20			u
Australian Dollar		RBS		769			06/20/2012		803			(6	)
Australian Dollar		RBS		(3,726	)		06/20/2012		(3,844	)		(17	)
Australian Dollar		RBS		(30	)		06/20/2012		(31	)		u
Brazilian Real		RBS		(240	)		06/20/2012		(130	)		6
Brazilian Real		RBS		5,040			06/20/2012		2,787			(167	)
Brazilian Real		RBS		(140	)		06/20/2012		(75	)		3
Brazilian Real		RBS		(490	)		06/20/2012		(271	)		16
Brazilian Real		RBS		(1,350	)		06/20/2012		(712	)		11
Brazilian Real		RBS		(570	)		06/20/2012		(302	)		6
Brazilian Real		RBS		(270	)		06/20/2012		(147	)		7
Brazilian Real		RBS		(400	)		06/20/2012		(216	)		8
Brazilian Real		RBS		(300	)		06/20/2012		(161	)		5
Brazilian Real		RBS		(220	)		06/20/2012		(119	)		5
Brazilian Real		RBS		(440	)		06/20/2012		(237	)		9
Brazilian Real		RBS		(340	)		06/20/2012		(183	)		6
Brazilian Real		RBS		(310	)		06/20/2012		(163	)		2
Brazilian Real		RBS		(690	)		06/20/2012		(372	)		14
Brazilian Real		RBS		(180	)		06/20/2012		(98	)		4
Brazilian Real		RBS		(270	)		06/20/2012		(141	)		1
Brazilian Real		RBS		(420	)		06/20/2012		(231	)		13
Brazilian Real		RBS		(80	)		06/20/2012		(42	)		1
Brazilian Real		RBS		(140	)		06/20/2012		(76	)		3
Brazilian Real		RBS		(350	)		06/20/2012		(189	)		7
Brazilian Real		RBS		(170	)		06/20/2012		(92	)		3
Brazilian Real		RBS		(1,390	)		06/20/2012		(730	)		8
Brazilian Real		RBS		(800	)		06/20/2012		(436	)		20
Brazilian Real		RBS		(420	)		06/20/2012		(226	)		8
Brazilian Real		RBS		(190	)		06/20/2012		(103	)		4
Brazilian Real		RBS		(140	)		06/20/2012		(75	)		3
Brazilian Real		RBS		(1,300	)		06/20/2012		(681	)		6
Brazilian Real		RBS		(680	)		06/20/2012		(365	)		12
Brazilian Real		RBS		(370	)		06/20/2012		(194	)		2
Brazilian Real		RBS		(240	)		06/20/2012		(129	)		4
Brazilian Real		RBS		(1,120	)		06/20/2012		(588	)		6
Brazilian Real		RBS		(750	)		06/20/2012		(405	)		16
Canadian Dollar		RBS		(232	)		06/20/2012		(234	)		(1	)
Canadian Dollar		RBS		1,224			06/20/2012		1,233			5
Canadian Dollar		RBS		197			06/20/2012		198			1
Canadian Dollar		RBS		1,335			06/20/2012		1,334			16
Canadian Dollar		RBS		3,241			06/20/2012		3,272			6
Canadian Dollar		RBS		3,240			06/20/2012		3,269			7
Canadian Dollar		RBS		121			06/20/2012		122			u
Canadian Dollar		RBS		1,999			06/20/2012		2,036			(14	)
Canadian Dollar		RBS		974			06/20/2012		975			10

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

Transamerica Funds		Semi-Annual Report 2012
	Page    160

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Canadian Dollar		RBS		560			06/20/2012	$	563		$	3
Canadian Dollar		RBS		1,451			06/20/2012		1,455			12
Canadian Dollar		RBS		764			06/20/2012		769			3
Canadian Dollar		RBS		716			06/20/2012		719			5
Canadian Dollar		RBS		1,338			06/20/2012		1,347			6
Canadian Dollar		RBS		1,825			06/20/2012		1,856			(11	)
Canadian Dollar		RBS		14,964			06/20/2012		15,036			95
Canadian Dollar		RBS		114			06/20/2012		114			1
Canadian Dollar		RBS		2,128			06/20/2012		2,155			(3	)
Canadian Dollar		RBS		(2,587	)		06/20/2012		(2,590	)		(26	)
Canadian Dollar		RBS		(1,010	)		06/20/2012		(1,022	)		1
Canadian Dollar		RBS		1,102			06/20/2012		1,107			7
Canadian Dollar		RBS		583			06/20/2012		585			4
Canadian Dollar		RBS		(2,105	)		06/20/2012		(2,109	)		(19	)
Canadian Dollar		RBS		(1,095	)		06/20/2012		(1,091	)		(16	)
Canadian Dollar		RBS		(895	)		06/20/2012		(895	)		(10	)
Canadian Dollar		RBS		(1,551	)		06/20/2012		(1,564	)		(5	)
Canadian Dollar		RBS		(1,278	)		06/20/2012		(1,278	)		(14	)
Canadian Dollar		RBS		(4,392	)		06/20/2012		(4,383	)		(58	)
Canadian Dollar		RBS		(1,980	)		06/20/2012		(1,987	)		(15	)
Chilean Peso		RBS		390,000			06/20/2012		784			15
Colombian Peso		RBS		40,000			06/20/2012		22			u
Colombian Peso		RBS		1,090,000			06/20/2012		607			7
Colombian Peso		RBS		30,000			06/20/2012		17			(u	)
Colombian Peso		RBS		100,000			06/20/2012		56			u
Czech Republic Koruna		RBS		(6,800	)		06/20/2012		(362	)		1
Czech Republic Koruna		RBS		2,600			06/20/2012		138			u
Czech Republic Koruna		RBS		(400	)		06/20/2012		(21	)		(u	)
Czech Republic Koruna		RBS		600			06/20/2012		32			(u	)
Czech Republic Koruna		RBS		(300	)		06/20/2012		(16	)		(u	)
Czech Republic Koruna		RBS		(1,300	)		06/20/2012		(69	)		u
Czech Republic Koruna		RBS		8,700			06/20/2012		465			(3	)
Czech Republic Koruna		RBS		(1,300	)		06/20/2012		(69	)		u
Czech Republic Koruna		RBS		1,000			06/20/2012		54			(1	)
Czech Republic Koruna		RBS		(2,900	)		06/20/2012		(153	)		(u	)
Czech Republic Koruna		RBS		2,300			06/20/2012		123			(1	)
Czech Republic Koruna		RBS		3,100			06/20/2012		166			(2	)
Czech Republic Koruna		RBS		1,500			06/20/2012		80			(u	)
Czech Republic Koruna		RBS		1,800			06/20/2012		96			(1	)
Czech Republic Koruna		RBS		3,900			06/20/2012		211			(4	)
Czech Republic Koruna		RBS		1,700			06/20/2012		92			(2	)
Czech Republic Koruna		RBS		1,900			06/20/2012		103			(2	)
Czech Republic Koruna		RBS		2,400			06/20/2012		129			(2	)
Euro		RBS		(6,858	)		06/20/2012		(8,986	)		(93	)
Euro		RBS		464			06/20/2012		619			(4	)
Euro		RBS		(538	)		06/20/2012		(718	)		5
Euro		RBS		(3,204	)		06/20/2012		(4,229	)		(13	)
Euro		RBS		(407	)		06/20/2012		(535	)		(4	)
Euro		RBS		(81	)		06/20/2012		(107	)		(1	)
Euro		RBS		(496	)		06/20/2012		(657	)		u
Euro		RBS		(2,080	)		06/20/2012		(2,727	)		(27	)
Euro		RBS		(3,874	)		06/20/2012		(5,092	)		(37	)
Euro		RBS		(7,100	)		06/20/2012		(9,466	)		66
Euro		RBS		(63,461	)		06/20/2012		(83,462	)		(558	)
Euro		RBS		(376	)		06/20/2012		(491	)		(7	)
Euro		RBS		(1,939	)		06/20/2012		(2,524	)		(43	)
Euro		RBS		(1,472	)		06/20/2012		(1,921	)		(28	)
Euro		RBS		(8,030	)		06/20/2012		(10,538	)		(93	)
Euro		RBS		(2,232	)		06/20/2012		(2,945	)		(10	)
Euro		RBS		(45	)		06/20/2012		(60	)		(u	)
Euro		RBS		(4,201	)		06/20/2012		(5,532	)		(30	)
Euro		RBS		721			06/20/2012		954			1
Euro		RBS		(1,554	)		06/20/2012		(2,044	)		(13	)
Euro		RBS		1,350			06/20/2012		1,782			6

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

Transamerica Funds		Semi-Annual Report 2012
	Page    161

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Euro		RBS		(1,575	)		06/20/2012	$	(2,064	)	$	(22	)
Euro		RBS		77			06/20/2012		102			u
Euro		RBS		180			06/20/2012		239			(u	)
Euro		RBS		2,791			06/20/2012		3,730			(34	)
Euro		RBS		4,740			06/20/2012		6,264			12
Euro		RBS		664			06/20/2012		879			u
Euro		RBS		1,425			06/20/2012		1,876			11
Euro		RBS		1,665			06/20/2012		2,179			26
Euro		RBS		4,732			06/20/2012		6,237			28
Euro		RBS		2,991			06/20/2012		3,989			(29	)
Euro		RBS		1,472			06/20/2012		1,968			(19	)
Euro		RBS		3,296			06/20/2012		4,325			38
Euro		RBS		8,654			06/20/2012		11,358			99
Euro		RBS		1,021			06/20/2012		1,363			(11	)
Euro		RBS		65			06/20/2012		86			u
Euro		RBS		4,148			06/20/2012		5,501			(10	)
Euro		RBS		978			06/20/2012		1,294			1
Euro		RBS		3,681			06/20/2012		4,840			34
Euro		RBS		2,844			06/20/2012		3,772			(6	)
Euro		RBS		(6,357	)		06/20/2012		(8,333	)		(84	)
Hungarian Forint		RBS		56,000			06/20/2012		250			7
Indian Rupee		RBS		(51,000	)		06/20/2012		(981	)		23
Indian Rupee		RBS		(11,000	)		06/20/2012		(207	)		u
Indian Rupee		RBS		(6,000	)		06/20/2012		(116	)		3
Indian Rupee		RBS		(3,000	)		06/20/2012		(57	)		1
Indian Rupee		RBS		(7,000	)		06/20/2012		(136	)		5
Indian Rupee		RBS		(2,000	)		06/20/2012		(39	)		2
Indian Rupee		RBS		(22,000	)		06/20/2012		(425	)		12
Indian Rupee		RBS		(37,000	)		06/20/2012		(721	)		27
Indian Rupee		RBS		(18,000	)		06/20/2012		(350	)		12
Indian Rupee		RBS		(44,000	)		06/20/2012		(840	)		14
Indian Rupee		RBS		(9,000	)		06/20/2012		(175	)		7
Indian Rupee		RBS		(6,000	)		06/20/2012		(113	)		u
Indian Rupee		RBS		(30,000	)		06/20/2012		(563	)		23
Indian Rupee		RBS		(11,000	)		06/20/2012		(206	)		(u	)
Indian Rupee		RBS		(39,000	)		06/20/2012		(748	)		16
Indian Rupee		RBS		(8,000	)		06/20/2012		(156	)		6
Indian Rupee		RBS		(39,000	)		06/20/2012		(748	)		16
Indian Rupee		RBS		(45,000	)		06/20/2012		(863	)		19
Indian Rupee		RBS		(36,000	)		06/20/2012		(687	)		11
Indian Rupee		RBS		(22,000	)		06/20/2012		(425	)		12
Indian Rupee		RBS		(11,000	)		06/20/2012		(213	)		6
Indian Rupee		RBS		(68,000	)		06/20/2012		(1,294	)		18
Indian Rupee		RBS		(28,000	)		06/20/2012		(549	)		23
Indian Rupee		RBS		(47,000	)		06/20/2012		(919	)		37
Indian Rupee		RBS		(36,000	)		06/20/2012		(682	)		6
Indian Rupee		RBS		45,000			06/20/2012		870			(26	)
Indian Rupee		RBS		(7,000	)		06/20/2012		(135	)		4
Indian Rupee		RBS		(6,000	)		06/20/2012		(115	)		3
Indian Rupee		RBS		(72,000	)		06/20/2012		(1,364	)		12
Indian Rupee		RBS		(76,000	)		06/20/2012		(1,453	)		27
Indian Rupee		RBS		18,000			06/20/2012		353			(15	)
Indian Rupee		RBS		(2,000	)		06/20/2012		(39	)		1
Indian Rupee		RBS		(48,000	)		06/20/2012		(897	)		(4	)
Indonesian Rupiah		RBS		(1,900,000	)		06/20/2012		(206	)		u
Indonesian Rupiah		RBS		(500,000	)		06/20/2012		(54	)		u
Indonesian Rupiah		RBS		(1,500,000	)		06/20/2012		(162	)		(1	)
Indonesian Rupiah		RBS		(1,000,000	)		06/20/2012		(108	)		u
Indonesian Rupiah		RBS		(1,400,000	)		06/20/2012		(152	)		(u	)
Indonesian Rupiah		RBS		(3,100,000	)		06/20/2012		(336	)		u
Indonesian Rupiah		RBS		(900,000	)		06/20/2012		(97	)		(u	)
Indonesian Rupiah		RBS		(1,200,000	)		06/20/2012		(130	)		u
Indonesian Rupiah		RBS		(900,000	)		06/20/2012		(98	)		u
Indonesian Rupiah		RBS		18,700,000			06/20/2012		2,015			10

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

Transamerica Funds		Semi-Annual Report 2012
	Page    162

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Indonesian Rupiah		RBS		(800,000	)		06/20/2012	$	(86	)	$	(u	)
Indonesian Rupiah		RBS		(200,000	)		06/20/2012		(22	)		u
Indonesian Rupiah		RBS		(900,000	)		06/20/2012		(97	)		(u	)
Israeli Shekel		RBS		500			06/20/2012		134			(1	)
Israeli Shekel		RBS		(1,200	)		06/20/2012		(316	)		(2	)
Israeli Shekel		RBS		1,800			06/20/2012		483			(6	)
Israeli Shekel		RBS		1,000			06/20/2012		266			(1	)
Israeli Shekel		RBS		(900	)		06/20/2012		(236	)		(3	)
Israeli Shekel		RBS		(700	)		06/20/2012		(185	)		(u	)
Israeli Shekel		RBS		(1,300	)		06/20/2012		(346	)		1
Israeli Shekel		RBS		(500	)		06/20/2012		(133	)		1
Israeli Shekel		RBS		(700	)		06/20/2012		(186	)		1
Israeli Shekel		RBS		1,200			06/20/2012		319			(1	)
Israeli Shekel		RBS		(1,200	)		06/20/2012		(319	)		1
Israeli Shekel		RBS		800			06/20/2012		213			(1	)
Israeli Shekel		RBS		1,000			06/20/2012		266			(1	)
Israeli Shekel		RBS		(200	)		06/20/2012		(53	)		u
Israeli Shekel		RBS		(8,500	)		06/20/2012		(2,232	)		(21	)
Israeli Shekel		RBS		(500	)		06/20/2012		(131	)		(2	)
Israeli Shekel		RBS		(1,600	)		06/20/2012		(424	)		u
Israeli Shekel		RBS		1,100			06/20/2012		291			u
Japanese Yen		RBS		(70,328	)		06/20/2012		(858	)		(24	)
Japanese Yen		RBS		(125,868	)		06/20/2012		(1,513	)		(64	)
Japanese Yen		RBS		(29,124	)		06/20/2012		(357	)		(8	)
Japanese Yen		RBS		(12,724	)		06/20/2012		(154	)		(5	)
Japanese Yen		RBS		212,622			06/20/2012		2,646			19
Japanese Yen		RBS		(50,052	)		06/20/2012		(617	)		(10	)
Japanese Yen		RBS		(3,462,341	)		06/20/2012		(42,201	)		(1,185	)
Japanese Yen		RBS		(19,000	)		06/20/2012		(235	)		(3	)
Japanese Yen		RBS		(105,276	)		06/20/2012		(1,266	)		(53	)
Japanese Yen		RBS		(33,192	)		06/20/2012		(399	)		(16	)
Japanese Yen		RBS		(130,672	)		06/20/2012		(1,562	)		(76	)
Japanese Yen		RBS		(196,297	)		06/20/2012		(2,432	)		(28	)
Japanese Yen		RBS		(246,331	)		06/20/2012		(2,975	)		(112	)
Japanese Yen		RBS		(275,726	)		06/20/2012		(3,334	)		(121	)
Japanese Yen		RBS		(684,739	)		06/20/2012		(8,315	)		(265	)
Japanese Yen		RBS		(344,387	)		06/20/2012		(4,237	)		(79	)
Japanese Yen		RBS		(74,349	)		06/20/2012		(901	)		(31	)
Japanese Yen		RBS		(209,577	)		06/20/2012		(2,588	)		(38	)
Japanese Yen		RBS		(277,438	)		06/20/2012		(3,418	)		(59	)
Japanese Yen		RBS		175,364			06/20/2012		2,179			19
Japanese Yen		RBS		(247,462	)		06/20/2012		(2,993	)		(108	)
Japanese Yen		RBS		7,000			06/20/2012		86			2
Japanese Yen		RBS		132,869			06/20/2012		1,608			57
Japanese Yen		RBS		104,703			06/20/2012		1,290			22
Japanese Yen		RBS		64,504			06/20/2012		792			16
Japanese Yen		RBS		183,051			06/20/2012		2,250			44
Japanese Yen		RBS		94,018			06/20/2012		1,163			16
Japanese Yen		RBS		97,472			06/20/2012		1,185			36
Japanese Yen		RBS		451,993			06/20/2012		5,508			155
Japanese Yen		RBS		24,038			06/20/2012		293			8
Japanese Yen		RBS		30,000			06/20/2012		359			17
Japanese Yen		RBS		33,870			06/20/2012		412			12
Japanese Yen		RBS		584,497			06/20/2012		7,241			83
Japanese Yen		RBS		269,027			06/20/2012		3,320			51
Japanese Yen		RBS		1,475,938			06/20/2012		18,238			258
Japanese Yen		RBS		71,553			06/20/2012		884			12
Japanese Yen		RBS		(222,650	)		06/20/2012		(2,663	)		(127	)
Japanese Yen		RBS		(59,626	)		06/20/2012		(734	)		(13	)
Malaysian Ringgit		RBS		(300	)		06/20/2012		(97	)		(1	)
Malaysian Ringgit		RBS		(400	)		06/20/2012		(129	)		(2	)
Malaysian Ringgit		RBS		(400	)		06/20/2012		(130	)		(2	)
Malaysian Ringgit		RBS		(200	)		06/20/2012		(65	)		(1	)
Malaysian Ringgit		RBS		(500	)		06/20/2012		(164	)		(u	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    163

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Malaysian Ringgit		RBS		(800	)		06/20/2012	$	(258	)	$	(5	)
Malaysian Ringgit		RBS		(200	)		06/20/2012		(66	)		(u	)
Malaysian Ringgit		RBS		300			06/20/2012		97			1
Malaysian Ringgit		RBS		(300	)		06/20/2012		(98	)		(1	)
Malaysian Ringgit		RBS		(1,100	)		06/20/2012		(355	)		(7	)
Malaysian Ringgit		RBS		(400	)		06/20/2012		(130	)		(1	)
Malaysian Ringgit		RBS		(200	)		06/20/2012		(65	)		(1	)
Malaysian Ringgit		RBS		100			06/20/2012		33			u
Malaysian Ringgit		RBS		8,200			06/20/2012		2,704			(4	)
Malaysian Ringgit		RBS		(300	)		06/20/2012		(97	)		(2	)
Malaysian Ringgit		RBS		500			06/20/2012		163			2
Malaysian Ringgit		RBS		400			06/20/2012		130			2
Mexican Peso		RBS		(7,100	)		06/20/2012		(534	)		(8	)
Mexican Peso		RBS		(6,600	)		06/20/2012		(499	)		(5	)
Mexican Peso		RBS		100			06/20/2012		8			(u	)
Mexican Peso		RBS		(2,400	)		06/20/2012		(186	)		2
Mexican Peso		RBS		4,000			06/20/2012		311			(6	)
Mexican Peso		RBS		(2,400	)		06/20/2012		(181	)		(2	)
Mexican Peso		RBS		2,400			06/20/2012		188			(5	)
Mexican Peso		RBS		(3,700	)		06/20/2012		(280	)		(3	)
Mexican Peso		RBS		(100	)		06/20/2012		(8	)		u
Mexican Peso		RBS		(11,700	)		06/20/2012		(888	)		(6	)
Mexican Peso		RBS		(4,200	)		06/20/2012		(325	)		4
Mexican Peso		RBS		(10,200	)		06/20/2012		(771	)		(9	)
Mexican Peso		RBS		(200	)		06/20/2012		(15	)		u
Mexican Peso		RBS		(7,200	)		06/20/2012		(552	)		2
Mexican Peso		RBS		(4,300	)		06/20/2012		(323	)		(6	)
Mexican Peso		RBS		(4,300	)		06/20/2012		(333	)		4
Mexican Peso		RBS		(11,700	)		06/20/2012		(895	)		1
Mexican Peso		RBS		(2,400	)		06/20/2012		(182	)		(2	)
Mexican Peso		RBS		(500	)		06/20/2012		(39	)		1
Mexican Peso		RBS		(800	)		06/20/2012		(62	)		1
Mexican Peso		RBS		5,800			06/20/2012		453			(10	)
Mexican Peso		RBS		3,200			06/20/2012		251			(7	)
Mexican Peso		RBS		18,400			06/20/2012		1,428			(23	)
Mexican Peso		RBS		(5,900	)		06/20/2012		(445	)		(6	)
Mexican Peso		RBS		(6,000	)		06/20/2012		(454	)		(4	)
Mexican Peso		RBS		(4,400	)		06/20/2012		(340	)		4
New Zealand Dollar		RBS		890			06/20/2012		729			(4	)
New Zealand Dollar		RBS		54,556			06/20/2012		44,459			(1	)
New Zealand Dollar		RBS		2,275			06/20/2012		1,848			6
New Zealand Dollar		RBS		1,195			06/20/2012		971			3
New Zealand Dollar		RBS		9,539			06/20/2012		7,782			(9	)
New Zealand Dollar		RBS		1,331			06/20/2012		1,087			(2	)
New Zealand Dollar		RBS		2,326			06/20/2012		1,895			1
New Zealand Dollar		RBS		1,557			06/20/2012		1,272			(3	)
New Zealand Dollar		RBS		316			06/20/2012		257			u
New Zealand Dollar		RBS		442			06/20/2012		361			(1	)
New Zealand Dollar		RBS		568			06/20/2012		464			(1	)
New Zealand Dollar		RBS		245			06/20/2012		200			(u	)
New Zealand Dollar		RBS		499			06/20/2012		403			3
New Zealand Dollar		RBS		(403	)		06/20/2012		(328	)		(1	)
New Zealand Dollar		RBS		(2,014	)		06/20/2012		(1,629	)		(13	)
New Zealand Dollar		RBS		1,673			06/20/2012		1,359			5
New Zealand Dollar		RBS		(1,084	)		06/20/2012		(878	)		(5	)
New Zealand Dollar		RBS		(1,605	)		06/20/2012		(1,303	)		(5	)
New Zealand Dollar		RBS		(4,258	)		06/20/2012		(3,464	)		(5	)
New Zealand Dollar		RBS		973			06/20/2012		796			(3	)
New Zealand Dollar		RBS		(1,031	)		06/20/2012		(836	)		(4	)
New Zealand Dollar		RBS		726			06/20/2012		591			1
New Zealand Dollar		RBS		682			06/20/2012		548			8
New Zealand Dollar		RBS		(3,913	)		06/20/2012		(3,170	)		(19	)
New Zealand Dollar		RBS		(3,015	)		06/20/2012		(2,470	)		13
New Zealand Dollar		RBS		(4,880	)		06/20/2012		(3,945	)		(32	)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    164

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Norwegian Krone		RBS		(20,004	)		06/20/2012	$	(3,467	)	$	(22	)
Norwegian Krone		RBS		(5,616	)		06/20/2012		(980	)		1
Norwegian Krone		RBS		8,883			06/20/2012		1,544			5
Norwegian Krone		RBS		6,916			06/20/2012		1,203			3
Norwegian Krone		RBS		(3,705	)		06/20/2012		(647	)		1
Norwegian Krone		RBS		12,545			06/20/2012		2,176			11
Norwegian Krone		RBS		14,906			06/20/2012		2,592			7
Norwegian Krone		RBS		(6,118	)		06/20/2012		(1,060	)		(7	)
Norwegian Krone		RBS		3,953			06/20/2012		687			2
Norwegian Krone		RBS		(2,523	)		06/20/2012		(436	)		(4	)
Norwegian Krone		RBS		152,123			06/20/2012		26,633			(104	)
Norwegian Krone		RBS		(2,194	)		06/20/2012		(378	)		(5	)
Norwegian Krone		RBS		(6,907	)		06/20/2012		(1,193	)		(12	)
Norwegian Krone		RBS		(8,969	)		06/20/2012		(1,551	)		(14	)
Norwegian Krone		RBS		1,501			06/20/2012		266			(4	)
Norwegian Krone		RBS		(2,300	)		06/20/2012		(396	)		(5	)
Norwegian Krone		RBS		1,380			06/20/2012		243			(2	)
Norwegian Krone		RBS		1,174			06/20/2012		207			(3	)
Norwegian Krone		RBS		1,064			06/20/2012		188			(3	)
Philippine Peso		RBS		(5,000	)		06/20/2012		(117	)		(1	)
Philippine Peso		RBS		9,000			06/20/2012		211			1
Philippine Peso		RBS		(1,000	)		06/20/2012		(23	)		(u	)
Philippine Peso		RBS		(5,000	)		06/20/2012		(116	)		(2	)
Philippine Peso		RBS		(3,000	)		06/20/2012		(69	)		(1	)
Philippine Peso		RBS		(4,000	)		06/20/2012		(93	)		(2	)
Philippine Peso		RBS		(3,000	)		06/20/2012		(70	)		(1	)
Philippine Peso		RBS		11,000			06/20/2012		258			2
Philippine Peso		RBS		3,000			06/20/2012		70			1
Philippine Peso		RBS		13,000			06/20/2012		305			2
Philippine Peso		RBS		18,000			06/20/2012		420			5
Philippine Peso		RBS		4,000			06/20/2012		93			1
Philippine Peso		RBS		2,000			06/20/2012		47			u
Philippine Peso		RBS		162,000			06/20/2012		3,794			29
Philippine Peso		RBS		7,000			06/20/2012		164			2
Philippine Peso		RBS		1,000			06/20/2012		23			u
Philippine Peso		RBS		1,000			06/20/2012		23			u
Polish Zloty		RBS		100			06/20/2012		32			(u	)
Polish Zloty		RBS		4,700			06/20/2012		1,493			(11	)
Polish Zloty		RBS		400			06/20/2012		126			(u	)
Polish Zloty		RBS		100			06/20/2012		32			(u	)
Pound Sterling		RBS		330			06/20/2012		519			17
Pound Sterling		RBS		433			06/20/2012		687			15
Pound Sterling		RBS		580			06/20/2012		924			17
Pound Sterling		RBS		375			06/20/2012		595			13
Pound Sterling		RBS		877			06/20/2012		1,393			30
Pound Sterling		RBS		537			06/20/2012		860			11
Pound Sterling		RBS		330			06/20/2012		519			17
Pound Sterling		RBS		879			06/20/2012		1,419			7
Pound Sterling		RBS		180			06/20/2012		286			6
Pound Sterling		RBS		522			06/20/2012		824			23
Pound Sterling		RBS		204			06/20/2012		324			7
Pound Sterling		RBS		2,646			06/20/2012		4,199			93
Pound Sterling		RBS		520			06/20/2012		828			16
Pound Sterling		RBS		760			06/20/2012		1,209			24
Pound Sterling		RBS		11,941			06/20/2012		18,789			585
Pound Sterling		RBS		534			06/20/2012		846			21
Pound Sterling		RBS		121			06/20/2012		197			(1	)
Pound Sterling		RBS		30			06/20/2012		47			2
Pound Sterling		RBS		100			06/20/2012		159			3
Pound Sterling		RBS		1,498			06/20/2012		2,405			25
Pound Sterling		RBS		576			06/20/2012		932			2
Pound Sterling		RBS		454			06/20/2012		718			19
Pound Sterling		RBS		10			06/20/2012		16			u
Pound Sterling		RBS		1,419			06/20/2012		2,274			28

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

Transamerica Funds		Semi-Annual Report 2012
	Page    165

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Pound Sterling	RBS		1,924			06/20/2012	$	3,076		$	46
Pound Sterling	RBS		120			06/20/2012		190			4
Pound Sterling	RBS		(445	)		06/20/2012		(697	)		(25	)
Pound Sterling	RBS		(235	)		06/20/2012		(374	)		(7	)
Pound Sterling	RBS		678			06/20/2012		1,082			18
Pound Sterling	RBS		60			06/20/2012		95			3
Pound Sterling	RBS		(925	)		06/20/2012		(1,480	)		(20	)
Pound Sterling	RBS		358			06/20/2012		579			2
Pound Sterling	RBS		2,993			06/20/2012		4,818			38
Pound Sterling	RBS		(1,594	)		06/20/2012		(2,494	)		(92	)
Pound Sterling	RBS		480			06/20/2012		759			19
Pound Sterling	RBS		472			06/20/2012		749			16
Pound Sterling	RBS		902			06/20/2012		1,438			26
Pound Sterling	RBS		984			06/20/2012		1,579			17
Pound Sterling	RBS		1,405			06/20/2012		2,226			53
Republic of Korea Won	RBS		(1,250,000	)		06/20/2012		(1,093	)		(11	)
Republic of Korea Won	RBS		170,000			06/20/2012		151			(1	)
Republic of Korea Won	RBS		(340,000	)		06/20/2012		(298	)		(3	)
Republic of Korea Won	RBS		(10,000	)		06/20/2012		(9	)		(u	)
Republic of Korea Won	RBS		(280,000	)		06/20/2012		(245	)		(2	)
Republic of Korea Won	RBS		(620,000	)		06/20/2012		(543	)		(5	)
Republic of Korea Won	RBS		(60,000	)		06/20/2012		(53	)		(u	)
Republic of Korea Won	RBS		(1,220,000	)		06/20/2012		(1,059	)		(19	)
Republic of Korea Won	RBS		(420,000	)		06/20/2012		(367	)		(4	)
Republic of Korea Won	RBS		(550,000	)		06/20/2012		(479	)		(7	)
Republic of Korea Won	RBS		(150,000	)		06/20/2012		(131	)		(2	)
Republic of Korea Won	RBS		(150,000	)		06/20/2012		(131	)		(2	)
Republic of Korea Won	RBS		(130,000	)		06/20/2012		(114	)		(1	)
Republic of Korea Won	RBS		(10,000	)		06/20/2012		(9	)		(u	)
Republic of Korea Won	RBS		(250,000	)		06/20/2012		(218	)		(3	)
Republic of Korea Won	RBS		190,000			06/20/2012		168			(u	)
Republic of Korea Won	RBS		100,000			06/20/2012		88			u
Republic of Korea Won	RBS		(160,000	)		06/20/2012		(140	)		(1	)
Republic of Korea Won	RBS		(70,000	)		06/20/2012		(61	)		(1	)
Republic of Korea Won	RBS		240,000			06/20/2012		212			(u	)
Republic of Korea Won	RBS		(60,000	)		06/20/2012		(53	)		(u	)
Republic of Korea Won	RBS		380,000			06/20/2012		335			1
Republic of Korea Won	RBS		270,000			06/20/2012		239			(u	)
Republic of Korea Won	RBS		40,000			06/20/2012		35			(u	)
Republic of Korea Won	RBS		280,000			06/20/2012		248			(u	)
Republic of Korea Won	RBS		40,000			06/20/2012		36			(u	)
Republic of Korea Won	RBS		190,000			06/20/2012		168			(u	)
Republic of Korea Won	RBS		7,124,230			06/20/2012		6,324			(27	)
Russian Ruble	RBS		(1,000	)		06/20/2012		(34	)		(u	)
Russian Ruble	RBS		(8,000	)		06/20/2012		(269	)		(1	)
Russian Ruble	RBS		(17,000	)		06/20/2012		(571	)		(3	)
Russian Ruble	RBS		(2,000	)		06/20/2012		(68	)		u
Russian Ruble	RBS		(6,000	)		06/20/2012		(203	)		u
Russian Ruble	RBS		12,000			06/20/2012		406			(u	)
Russian Ruble	RBS		4,000			06/20/2012		135			u
Russian Ruble	RBS		14,000			06/20/2012		471			2
Russian Ruble	RBS		15,000			06/20/2012		509			(2	)
Russian Ruble	RBS		8,000			06/20/2012		270			(u	)
Russian Ruble	RBS		209,000			06/20/2012		6,986			73
Russian Ruble	RBS		7,000			06/20/2012		235			1
Singapore Dollar	RBS		150			06/20/2012		119			2
Singapore Dollar	RBS		(140	)		06/20/2012		(111	)		(2	)
Singapore Dollar	RBS		(1,530	)		06/20/2012		(1,215	)		(21	)
Singapore Dollar	RBS		610			06/20/2012		485			8
Singapore Dollar	RBS		710			06/20/2012		564			10
Singapore Dollar	RBS		290			06/20/2012		230			4
Singapore Dollar	RBS		(450	)		06/20/2012		(355	)		(9	)
Singapore Dollar	RBS		(550	)		06/20/2012		(438	)		(7	)
Singapore Dollar	RBS		420			06/20/2012		336			3

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

Transamerica Funds		Semi-Annual Report 2012
	Page    166

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Singapore Dollar	RBS		690			06/20/2012	$	552		$	6
Singapore Dollar	RBS		(20	)		06/20/2012		(16	)		(u	)
Singapore Dollar	RBS		(60	)		06/20/2012		(48	)		(1)
Singapore Dollar	RBS		260			06/20/2012		208			2
Singapore Dollar	RBS		210			06/20/2012		167			3
Singapore Dollar	RBS		(260	)		06/20/2012		(207	)		(4)
Singapore Dollar	RBS		(230	)		06/20/2012		(183	)		(3)
Singapore Dollar	RBS		(200	)		06/20/2012		(159	)		(2)
Singapore Dollar	RBS		5,130			06/20/2012		4,092			54
Singapore Dollar	RBS		(100	)		06/20/2012		(79	)		(2)
Singapore Dollar	RBS		450			06/20/2012		362			2
Singapore Dollar	RBS		570			06/20/2012		459			2
Singapore Dollar	RBS		100			06/20/2012		79			2
Singapore Dollar	RBS		230			06/20/2012		182			3
Singapore Dollar	RBS		(430	)		06/20/2012		(342	)		(5)
Singapore Dollar	RBS		(270	)		06/20/2012		(214	)		(5)
Singapore Dollar	RBS		250			06/20/2012		199			3
Singapore Dollar	RBS		250			06/20/2012		199			3
Singapore Dollar	RBS		(280	)		06/20/2012		(222	)		(4)
Singapore Dollar	RBS		(480	)		06/20/2012		(381	)		(7)
Singapore Dollar	RBS		830			06/20/2012		665			5
Singapore Dollar	RBS		(950	)		06/20/2012		(753	)		(15)
South African Rand	RBS		(4,100	)		06/20/2012		(529	)		5
South African Rand	RBS		(2,900	)		06/20/2012		(371	)		1
South African Rand	RBS		600			06/20/2012		78			(1)
South African Rand	RBS		(5,000	)		06/20/2012		(623	)		(15)
South African Rand	RBS		(8,300	)		06/20/2012		(1,035	)		(25)
South African Rand	RBS		(5,400	)		06/20/2012		(668	)		(22)
South African Rand	RBS		(900	)		06/20/2012		(116	)		1
South African Rand	RBS		(800	)		06/20/2012		(101	)		(1)
South African Rand	RBS		(1,900	)		06/20/2012		(239	)		(3)
South African Rand	RBS		600			06/20/2012		78			(2)
South African Rand	RBS		(3,000	)		06/20/2012		(375	)		(8)
South African Rand	RBS		12,300			06/20/2012		1,601			(31)
South African Rand	RBS		(3,800	)		06/20/2012		(472	)		(13)
South African Rand	RBS		1,600			06/20/2012		209			(5)
South African Rand	RBS		200			06/20/2012		26			(1)
Swedish Krona	RBS		(10,987	)		06/20/2012		(1,620	)		(11)
Swedish Krona	RBS		(36,970	)		06/20/2012		(5,436	)		(53)
Swedish Krona	RBS		(7,097	)		06/20/2012		(1,048	)		(6)
Swedish Krona	RBS		(1,809	)		06/20/2012		(270	)		1
Swedish Krona	RBS		(410	)		06/20/2012		(61	)		u
Swedish Krona	RBS		(13,877	)		06/20/2012		(2,062	)		1
Swedish Krona	RBS		(19,544	)		06/20/2012		(2,889	)		(13)
Swedish Krona	RBS		(20,036	)		06/20/2012		(2,978	)		3
Swedish Krona	RBS		(13,808	)		06/20/2012		(2,032	)		(18)
Swedish Krona	RBS		(3,879	)		06/20/2012		(568	)		(8)
Swedish Krona	RBS		(22,284	)		06/20/2012		(3,277	)		(31)
Swedish Krona	RBS		(8,493	)		06/20/2012		(1,258	)		(3)
Swedish Krona	RBS		(1,501	)		06/20/2012		(220	)		(3)
Swedish Krona	RBS		(5,726	)		06/20/2012		(847	)		(3)
Swedish Krona	RBS		(16,393	)		06/20/2012		(2,416	)		(18)
Swedish Krona	RBS		(9,081	)		06/20/2012		(1,332	)		(16)
Swedish Krona	RBS		(6,466	)		06/20/2012		(959	)		(1)
Swedish Krona	RBS		25,108			06/20/2012		3,730			(2)
Swedish Krona	RBS		(5,790	)		06/20/2012		(842	)		(18)
Swedish Krona	RBS		(17,326	)		06/20/2012		(2,548	)		(24)
Swedish Krona	RBS		6,716			06/20/2012		1,010			(13)
Swedish Krona	RBS		33,494			06/20/2012		5,013			(40)
Swedish Krona	RBS		19,679			06/20/2012		2,970			(48)
Swedish Krona	RBS		30,055			06/20/2012		4,549			(87)
Swedish Krona	RBS		106,455			06/20/2012		15,653			153
Swedish Krona	RBS		4,159			06/20/2012		620			(2)
Swedish Krona	RBS		7,270			06/20/2012		1,096			(16)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    167

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Swedish Krona	RBS		7,152			06/20/2012	$	1,061			$1
Swedish Krona	RBS		(11,099	)		06/20/2012		(1,619	)		(28)
Swedish Krona	RBS		(13,887	)		06/20/2012		(2,055	)		(7)
Taiwan Dollar	RBS		(11,000	)		06/20/2012		(374	)		(3)
Taiwan Dollar	RBS		1,000			06/20/2012		34			u
Taiwan Dollar	RBS		(4,000	)		06/20/2012		(136	)		(1)
Taiwan Dollar	RBS		(9,000	)		06/20/2012		(305	)		(3)
Taiwan Dollar	RBS		11,000			06/20/2012		372			4
Taiwan Dollar	RBS		7,000			06/20/2012		237			2
Taiwan Dollar	RBS		13,000			06/20/2012		440			5
Taiwan Dollar	RBS		(8,000	)		06/20/2012		(271	)		(3)
Taiwan Dollar	RBS		2,000			06/20/2012		68			1
Taiwan Dollar	RBS		(5,000	)		06/20/2012		(170	)		(1)
Taiwan Dollar	RBS		(2,000	)		06/20/2012		(68	)		(1)
Taiwan Dollar	RBS		(13,000	)		06/20/2012		(442	)		(3)
Taiwan Dollar	RBS		(7,000	)		06/20/2012		(237	)		(2)
Taiwan Dollar	RBS		(5,000	)		06/20/2012		(170	)		(2)
Taiwan Dollar	RBS		(9,000	)		06/20/2012		(306	)		(2)
Taiwan Dollar	RBS		(6,000	)		06/20/2012		(203	)		(2)
Taiwan Dollar	RBS		8,000			06/20/2012		276			(2)
Taiwan Dollar	RBS		(7,000	)		06/20/2012		(238	)		(2)
Taiwan Dollar	RBS		4,000			06/20/2012		136			1
Taiwan Dollar	RBS		(15,000	)		06/20/2012		(510	)		(3)
Taiwan Dollar	RBS		(2,000	)		06/20/2012		(68	)		(u)
Taiwan Dollar	RBS		(10,000	)		06/20/2012		(340	)		(2)
Taiwan Dollar	RBS		(13,000	)		06/20/2012		(441	)		(4)
Taiwan Dollar	RBS		(4,000	)		06/20/2012		(136	)		(1)
Taiwan Dollar	RBS		(18,000	)		06/20/2012		(610	)		(6)
Taiwan Dollar	RBS		(2,000	)		06/20/2012		(68	)		(1)
Taiwan Dollar	RBS		(7,000	)		06/20/2012		(238	)		(2)
Taiwan Dollar	RBS		(12,000	)		06/20/2012		(408	)		(3)
Taiwan Dollar	RBS		(1,000	)		06/20/2012		(34	)		(u)
Turkish Lira	RBS		(270	)		06/20/2012		(147	)		(5)
Turkish Lira	RBS		(90	)		06/20/2012		(49	)		(2)
Turkish Lira	RBS		(280	)		06/20/2012		(155	)		(3)
Turkish Lira	RBS		(730	)		06/20/2012		(400	)		(11)
Turkish Lira	RBS		(160	)		06/20/2012		(87	)		(4)
Turkish Lira	RBS		(300	)		06/20/2012		(166	)		(3)
Turkish Lira	RBS		(420	)		06/20/2012		(230	)		(6)
Turkish Lira	RBS		120			06/20/2012		66			1
Turkish Lira	RBS		5,940			06/20/2012		3,262			84
Turkish Lira	RBS		700			06/20/2012		386			8
Turkish Lira	RBS		(40	)		06/20/2012		(22	)		(1)
Turkish Lira	RBS		450			06/20/2012		248			5
Turkish Lira	RBS		160			06/20/2012		88			2
Turkish Lira	RBS		200			06/20/2012		110			3
Turkish Lira	RBS		140			06/20/2012		77			2
Turkish Lira	RBS		30			06/20/2012		17			u
Turkish Lira	RBS		850			06/20/2012		464			15
Turkish Lira	RBS		370			06/20/2012		203			5
Turkish Lira	RBS		150			06/20/2012		82			2
Turkish Lira	RBS		(740	)		06/20/2012		(399	)		(18)
Turkish Lira	RBS		(280	)		06/20/2012		(151	)		(6)
											$(2,118)

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

Transamerica Funds		Semi-Annual Report 2012
	Page    168

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 04/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
BCLY	$	234		$	4,280	$	4,514
BOA		157			—		157
RBS		(2,149	)		3,106		957

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

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

^(A)  At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference index less a financing rate, if any. As a receiver, the fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

ß Cash in the amount of $7,386 has been segregated by the custodian as collateral for the benefit of the broker for open swap contracts.

Б Cash in the amount of $12,820 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

P Aggregate cost for federal income tax purposes is $206,235.

u Amount is less than 1.

DEFINITIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America
LME	London Metal Exchange
OTC	Over the Counter
RBS	Royal Bank of Scotland

VALUATION SUMMARY (all amounts in thousands): '

	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Investment Companies	$	206,235	$	—	$	—	$	206,235

Other Financial Instruments ₣	Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value at 04/30/2012
Futures Contracts—Appreciation	$	4,537		$	—		$	—	$	4,537
Futures Contracts—Depreciation		(2,243	)		—			—		(2,243	)
Forward Foreign Currency Contracts—Appreciation		—			3,844			—		3,844
Forward Foreign Currency Contracts—Depreciation		—			(5,962	)		—		(5,962	)
Total Return— Appreciation		—			597			—		597
Total Return—Depreciation		—			(226	)		—		(226	)
Total	$	2,294		$	(1,747	)	$	—	$	547

' See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₣ Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    169

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2012

(all amounts except share amounts in thousands)

(unaudited)

	Transamerica Commodity Strategy			Transamerica Global Allocation			Transamerica Managed Futures Strategy
Assets:
Investment securities, at value	$	104,994		$	500,437		$	206,235
Repurchase agreement, at value		45,318			773			—
Cash		—			35			19,570
Cash on deposit with custodian		21,520			—			7,386
Cash on deposit with broker		—			1,231			12,820
Foreign currency, at value		—			393			59
Receivables:
Investment securities sold		341,147			1,850			1,873
Shares of beneficial interest sold		—	(A)		60			14
Interest		—	(A)		1,185			2
Securities lending income (net)		4			23			—
Dividends		—			710			—
Dividend reclaims		1			87			—
Variation margin		—			3			2,294
Prepaid expenses		—	(A)		—	(A)		—	(A)
Unrealized appreciation on swap agreements		—	(A)		139			597
Premium paid on swap agreements		—			—			—
Unrealized appreciation on forward foreign currency contracts		—			268			3,844
	$	512,984		$	507,194		$	254,694
Liabilities:
Cash deposit due to custodian		—			100			—
Accounts payable and accrued liabilities:
Investment securities purchased		342,700			8,894			1,903
Shares of beneficial interest redeemed		47			62			69
Management and advisory fees		85			279			222
Trustees fees		1			2			2
Transfer agent fees		1			3			2
Custody fees		8			85			1
Administration fees		4			9			5
Audit and tax fees		13			19			13
Interest payable		35			—			—
Capital gains tax		—			51			—
Other		4			10			6
Collateral for securities on loan		—			48,365			—
Written options at value		—			1,990			—
Unrealized depreciation on swap agreements		—	(A)		—			226
Premium received on swap agreements		—			—			11
Unrealized depreciation on forward foreign currency contracts		—			294			5,962
		342,898			60,163			8,422
Net assets	$	170,086		$	447,031		$	246,272
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	181,226		$	411,391		$	253,041
Undistributed (accumulated) net investment income (loss)		(526	)		904			(4,351	)
Undistributed (accumulated) net realized gain (loss) from investments		(10,614	)		(390	)		(2,965	)
Net unrealized appreciation (depreciation) on:
Investment securities		—			35,158			—
Futures contracts		—			3			2,294
Written option contracts		—			(112	)		—
Swap agreements		—	(A)		139			371
Translation of assets and liabilities denominated in foreign currencies		—			(62	)		(2,118	)
Net assets	$	170,086		$	447,031		$	246,272
Shares outstanding		17,553			40,864			26,204
Net asset value and offering price per share	$	9.69		$	10.94		$	9.40
Investment securities, at cost	$	104,994		$	465,279		$	206,235
Repurchase agreement, at cost	$	45,318		$	773		$	—
Foreign currency, at cost	$	—		$	391		$	58
Securities loaned, at value	$	—		$	46,985		$	—
Premium received on written option & swaption contracts	$	—		$	1,878		$	—

^(A)  Rounds to less than $1.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    170

CONSOLIDATED STATEMENTS OF OPERATIONS

For the period ended April 30, 2012

(unaudited)

	Transamerica Commodity Strategy			Transamerica Global Allocation			Transamerica Managed Futures Strategy
Investment income:
Dividend income	$	—		$	3,495		$	—
Withholding taxes on foreign income		—			(161	)		—
Interest income		41			1,889			16
Securities lending income (net)		22			102			—
		63			5,325			16
Expenses:
Management and advisory		514			1,585			1,191
Transfer agent		6			16			8
Printing and shareholder reports		3			5			3
Custody		31			293			219
Administration		18			47			23
Legal		4			8			5
Audit and tax		10			17			11
Trustees		2			4			2
Other		1			4			24
Total expenses		589			1,979			1,486
Net investment income (loss)		(526	)		3,346			(1,470	)
Net realized gain (loss) on transactions from:
Investment securities		—			2,390	(A)		—
Futures contracts		—			(1,083	)		187
Written option and swaption contracts		—			902			—
Swap agreements		(10,615	)		17			220
Foreign currency transactions		—			108			(5,654	)
Net realized gain (loss)		(10,615	)		2,334			(5,247	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			10,445	(B)		—
Futures contracts		—			569			4,325
Written option and swaption contracts		—			243			—
Swap agreements		—			153			290
Translation of assets and liabilities denominated in foreign currencies		—			(277	)		4,393
Net change in unrealized appreciation (depreciation):		—			11,133			9,008
Net realized and change in unrealized gain (loss)		(10,615	)		13,467			3,761
Net increase (decrease) in net assets resulting from operations	$	(11,141	)	$	16,813		$	2,291

^(A)  Net of foreign capital gains tax of $14.

^(B)  Net of foreign capital gains tax of $51.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    171

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the periods and years ended:

(all amounts in thousands)

	Transamerica Commodity Strategy						Transamerica Global Allocation						Transamerica Managed Futures Strategy
	April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011			April 30, 2012 (unaudited)			October 31, 2011
From operations:
Net investment income (loss)	$	(526	)	$	(1,079	)	$	3,346		$	9,618		$	(1,470	)	$	(3,062	)
Net realized gain (loss)(A)		(10,615	)		7,381			2,334			23,095			(5,247	)		(4,806	)
Net change in unrealized appreciation (depreciation)(B)		—			(2	)		11,133			(20,942	)		9,008			(12,117	)
Net increase (decrease) in net assets resulting from operations		(11,141	)		6,300			16,813			11,771			2,291			(19,985	)
Distributions to shareholders:
From net investment income		(6,303	)		(7,529	)		(10,438	)		(7,497	)		(88	)		(2,620	)
From net realized gains		—			(6,294	)		(6,764	)		—			(128	)		(1,710	)
Total distributions to shareholders		(6,303	)		(13,823	)		(17,202	)		(7,497	)		(216	)		(4,330	)
Capital share transactions:
Proceeds from shares sold		11,277			36,071			28,900			39,339			47,759			150,756
Dividends and distributions reinvested		6,303			13,823			17,202			7,497			216			4,330
Cost of shares redeemed		(7,893	)		(11,504	)		(20,908	)		(126,189	)		(66,187	)		(126,249	)
Net increase (decrease) in net assets resulting from capital shares transactions		9,687			38,390			25,194			(79,353	)		(18,212	)		28,837
Net increase (decrease) in net assets		(7,757	)		30,867			24,805			(75,079	)		(16,137	)		4,522
Net assets:
Beginning of period/year		177,843			146,976			422,226			497,305			262,409			257,887
End of period/year	$	170,086		$	177,843		$	447,031		$	422,226		$	246,272		$	262,409
Undistributed (accumulated) net investment income (loss)	$	(526	)	$	6,303		$	904		$	7,996		$	(4,351	)	$	(2,793	)
Share activity:
Shares issued		1,161			3,166			2,663			3,506			5,064			15,207
Shares issued-reinvested from distributions		669			1,290			1,710			689			22			432
Shares redeemed		(789	)		(1,026	)		(1,944	)		(11,328	)		(6,988	)		(12,921	)
Net increase (decrease) in shares outstanding		1,041			3,430			2,429			(7,133	)		(1,902	)		2,718

^(A)  Net realized gain (loss) includes all items listed in the Statements of Operations.

^(B)  Change in unrealized appreciation (depreciation) includes all items listed in the Statements of Operations.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    172

FINANCIAL HIGHLIGHTS

For the periods and years ended:

	Transamerica Commodity Strategy
For a share outstanding throughout each period	April  30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October  31, 2007(A)
Net asset value
Beginning of period/year	$	10.77		$	11.24		$	10.03		$	8.11		$	14.11		$	10.00
Investment operations
Net investment income (loss)(B)		(0.03	)		(0.07	)		0.04			0.05			0.03			0.04
Net realized and change in unrealized gain (loss) on investments		(0.67	)		0.64			1.22			1.91			(5.85	)		4.07
Total from investment operations		(0.70	)		0.57			1.26			1.96			(5.82	)		4.11
Distributions
Net investment income		(0.38	)		(0.57	)		(0.05	)		(0.04	)		0.03			—
Net realized gains on investments		—			(0.47	)		—			—	(C)		(0.15	)		—
Total distributions		(0.38	)		(1.04	)		(0.05	)		(0.04	)		(0.18	)		—
Net asset value
End of period/year	$	9.69		$	10.77		$	11.24		$	10.03		$	8.11		$	14.11
Total return(D)		(6.38	)%(E)		5.12	%		12.61	%		24.41	%		(41.77	)%		41.10	%(E)
Net assets end of period/year (000’s)	$	170,086		$	177,843		$	146,976		$	121,342		$	87,252		$	156,779
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.70	%(F)		0.71	%		0.86	%		0.89	%		0.86	%		0.89	%(F)
Before reimbursement/recapture		0.70	%(F)		0.71	%		0.86	%		0.89	%		0.86	%		0.89	%(F)
Net investment income (loss), to average net assets		(0.62	)%(F)		(0.60	)%		0.38	%		0.63	%		0.21	%		0.39	%(F)
Portfolio turnover rate		—	%		—	%		112	%(G)		5	%		4	%		7	%(E)
	Transamerica Global Allocation
For a share outstanding throughout each period	April  30, 2012 (unaudited)			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007
Net asset value
Beginning of period/year	$	10.99		$	10.91		$	9.99		$	9.32		$	13.23		$	11.23
Investment operations
Net investment income(B)		0.09			0.22			0.20			0.19			0.27			0.24
Net realized and change in unrealized gain (loss) on investments		0.31			0.03			0.93			1.55			(3.25	)		2.15
Total from investment operations		0.40			0.25			1.13			1.74			(2.98	)		2.39
Distributions
Net investment income		(0.27	)		(0.17	)		(0.21	)		(0.55	)		(0.35	)		(0.20	)
Net realized gains on investments		(0.18	)		—			—			(0.52	)		(0.58	)		(0.19	)
Total distributions		(0.45	)		(0.17	)		(0.21	)		(1.07	)		(0.93	)		(0.39	)
Net asset value
End of period/year	$	10.94		$	10.99		$	10.91		$	9.99		$	9.32		$	13.23
Total return(D)		3.96	%(E)		2.28	%		11.40	%		20.57	%		(24.23	)%		21.95	%
Net assets end of period/year (000’s)	$	447,031		$	422,226		$	497,305		$	448,979		$	377,781		$	520,484
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.92	%(F)		0.91	%		0.87	%		0.90	%		0.88	%		0.85	%
Before reimbursement/recapture		0.92	%(F)		0.91	%		0.87	%		0.90	%		0.88	%		0.85	%
Net investment income, to average net assets		1.56	%(F)		1.98	%		1.96	%		2.08	%		2.25	%		2.04	%
Portfolio turnover rate		14	%(E)		41	%		51	%		43	%		49	%		30	%

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

Transamerica Funds		Semi-Annual Report 2012
	Page    173

FINANCIAL HIGHLIGHTS

For the periods and years ended:

	Transamerica Managed Futures Strategy
For a share outstanding throughout each period	April 30, 2012 (unaudited)			October 31, 2011			October  31, 2010(H)
Net asset value
Beginning of period/year	$	9.34		$	10.16		$	10.00
Investment operations
Net investment loss(B)		(0.06	)		(0.12	)		(0.01	)
Net realized and change in unrealized gain (loss) on investments		0.13			(0.53	)		0.17
Total from investment operations		0.07			(0.65	)		0.16
Distributions
Net investment income		—	(C)		(0.10	)		—
Net realized gains on investments		(0.01	)		(0.07	)		—
Total distributions		(0.01	)		(0.17	)		—
Net asset value
End of period/year	$	9.40		$	9.34		$	10.16
Total return(D)		0.74	%(E)		(6.52	)%		1.60	%(E)
Net assets end of period/year (000’s)	$	246,272		$	262,409		$	257,887
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.37	%(F)		1.31	%		1.38	%(F)
Before reimbursement/recapture		1.37	%(F)		1.31	%		1.38	%(F)
Net investment loss, to average net assets		(1.37	)%(F)		(1.21	)%		(1.22	)%(F)
Portfolio turnover rate		—	%(E)		—	%		—	%(E)

(A) Commenced operations on January 3, 2007.

(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) Increase in portfolio turnover was triggered by a change in the fund’s objectives.

(H) Commenced operations on September 30, 2010.

Note: Prior to November 1, 2009, all of the financial highlights were audited by another independent registered public accounting firm.

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

Transamerica Funds		Semi-Annual Report 2012
	Page    174

NOTES TO FINANCIAL STATEMENTS

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Effective March 1, 2012, the following name changes occurred:

Fund Name	Formerly Known As
Transamerica Arbitrage Strategy	Transamerica Water Island Arbitrage Strategy
Transamerica Bond	Transamerica Loomis Sayles Bond
Transamerica Core Bond	Transamerica JPMorgan Core Bond
Transamerica Developing Markets Debt	Transamerica Morgan Stanley Emerging Markets Debt
Transamerica Developing Markets Equity	Transamerica Oppenheimer Developing Markets
Transamerica Emerging Markets	Transamerica WMC Emerging Markets
Transamerica Global Macro	Transamerica First Quadrant Global Macro
Transamerica Global Real Estate Securities	Transamerica Clarion Global Real Estate Securities
Transamerica Growth	Transamerica Jennison Growth
Transamerica International	Transamerica Neuberger Berman International
Transamerica International Equity Opportunities	Transamerica MFS International Equity
Transamerica International Small Cap	Transamerica Schroders International Small Cap
Transamerica International Value	Transamerica Hansberger International Value
Transamerica International Value Opportunities	Transamerica Thornburg International Value
Transamerica Large Cap Value	Transamerica BlackRock Large Cap Value
Transamerica Long/Short Strategy	Transamerica JPMorgan Long/Short Strategy
Transamerica Mid Cap Value	Transamerica JPMorgan Mid Cap Value
Transamerica Real Return TIPS	Transamerica PIMCO Real Return TIPS
Transamerica Select Equity	Transamerica ICAP Select Equity
Transamerica Small- & Mid-Cap Value Select	Transamerica Oppenheimer Small- & Mid-Cap Value
Transamerica Small Company Growth	Transamerica Morgan Stanley Small Company Growth
Transamerica Total Return	Transamerica PIMCO Total Return
Transamerica Value	Transamerica Third Avenue Value
Transamerica Commodity Strategy	Transamerica Goldman Sachs Commodity Strategy
Transamerica Global Allocation	Transamerica BlackRock Global Allocation
Transamerica Managed Futures Strategy	Transamerica AQR Managed Futures Strategy

Transamerica Arbitrage Strategy, Transamerica Bond, Transamerica Core Bond, Transamerica Developing Markets Debt, Transamerica Developing Markets Equity, Transamerica Emerging Markets, Transamerica Global Macro, Transamerica Global Real Estate Securities, Transamerica Growth, Transamerica International, Transamerica International Equity Opportunities, Transamerica International Small Cap, Transamerica International Value, Transamerica International Value Opportunities, Transamerica Large Cap Value, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Real Return TIPS, Transamerica Select Equity, Transamerica Small- & Mid-Cap Value Select, Transamerica Small Company Growth, Transamerica Total Return, Transamerica Value, Transamerica Commodity Strategy, Transamerica Global Allocation, and Transamerica Managed Futures Strategy, (each a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Transamerica Commodity Strategy, Transamerica Developing Markets Debt, Transamerica Global Macro, Transamerica Global Real Estate Securities, Transamerica Managed Futures Strategy, Transamerica Real Return TIPS, and Transamerica Value are “non-diversified” under the 1940 Act.

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

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

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

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Transamerica Funds		Semi-Annual Report 2012
	Page    175

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The costs of foreign securities are translated at the exchange rates in effect when the investment was acquired. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social, and economic developments, including those particular to a specific industry, country, or region.

Foreign capital gains taxes: The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and the capital gains realized on the sale of such investments. The Funds accrue such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Forward foreign currency contracts: The Funds are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at April 30, 2012 are listed in the Schedules of Investments.

Option and swaption contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms.

The Funds write call and put options on futures, swaps (“swaptions”), securities or currencies they own or in which they may invest, and inflation-capped options. When a Fund writes a covered call, put option/swaption, or inflation-capped option, an amount equal to the premium received by a Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products. Premiums received from writing options/swaptions which expire are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.

Funds purchase put and call options on foreign or U.S. securities, indices, futures, swaps (“swaptions”), and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options/swaptions which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying futures, swaps, security, commodity, or currency transaction to determine the realized gain or loss. Realized gains or losses are reflected in the realized gains or losses of investment securities on the Statements of Operations.

Transamerica Funds		Semi-Annual Report 2012
	Page    176

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

The underlying face amounts of open option and swaption contracts at April 30, 2012 are listed in the Schedules of Investments. Transactions in written options were as follows:

Transamerica Arbitrage Strategy	Premium			Notional Amount
Balance at October 31, 2011	$	157		$	244
Sales		2,403			2,644
Closing Buys		(681	)		(567	)
Expirations		(1,514	)		(1,861	)
Exercised		(36	)		(30	)
Balance at April 30, 2012	$	328		$	430

Transamerica Real Return TIPS	Premium		Notional Amount
Balance at October 31, 2011	$	227	$	25,300
Sales		—		—
Closing Buys		—		—
Expirations		—		—
Exercised		—		—
Balance at April 30, 2012	$	227	$	25,300

Transamerica Global Macro	Premium			Notional Amount
Balance at October 31, 2011	$	1,868		$	53
Sales		5,734			476
Closing Buys		(5,649	)		(281	)
Expirations		(1,586	)		(137	)
Exercised		—			—
Balance at April 30, 2012	$	367		$	111

Transamerica Global Allocation	Premium			Notional Amount
Balance at October 31, 2011	$	1,869		$	1,637
Sales		1,872			741
Closing Buys		(1,130	)		(582	)
Expirations		(646	)		(322	)
Exercised		(87	)		(58	)
Balance at April 30, 2012	$	1,878		$	1,416

Transactions in written swaptions were as follows:

Transamerica Real Return TIPS	Premium			Notional Amount
Balance at October 31, 2011	$	2,041		$	262,000
Sales		1,866			183,500
Closing Buys		(2,172	)		(251,600	)
Expirations		(146	)		(13,400	)
Exercised		—			—
Balance at April 30, 2012	$	1,589		$	180,500

Transamerica Total Return	Premium			Notional Amount
Balance at October 31, 2011	$	691		$	70,600
Sales		902			63,200
Closing Buys		(664	)		(73,100	)
Expirations		(27	)		(2,500	)
Exercised		—			—
Balance at April 30, 2012	$	902		$	58,200

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

Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contracts, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or security prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at April 30, 2012 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Transamerica Funds		Semi-Annual Report 2012
	Page    177

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

Swap agreements: Swap agreements are privately negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are negotiated in the over-the-counter market (“OTC swaps”) and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). Certain Funds enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage exposure to credit, currency interest rate risk, and commodity risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available, and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed.

Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Funds’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Certain Funds sell credit default swaps which expose them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps is disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps is included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ credit-risk-related contingent features would have been triggered and the Funds would have been required to pay the notional amounts for the credit default swaps with a sell protection less the value of the contracts’ related reference obligations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. To help hedge against this risk, the Funds enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds with interest rate swap agreements can elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that that amount is positive. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Total return swap agreements: The Funds are subject to commodity, equity, and other risks related to the underlying investments of the swap agreement in the normal course of pursuing their investment objectives. The value of commodity-linked investments held by a Fund can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers which subjects a Fund’s investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity and in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, commodity, or bond, and in return receives a regular stream of payments.

Transamerica Funds		Semi-Annual Report 2012
	Page     178

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

Cross-currency swaps: The Funds are subject to foreign currency exchange rate risks in the normal course of pursuing their investment objectives. The Funds enter into cross-currency swaps to gain or reduce exposure to foreign currencies or to hedge against foreign currency exchange rate and/or interest rate risk. Cross-currency swaps are interest rate swaps in which two parties agree to exchange cash flows based on the notional amounts of two different currencies. The Funds with cross-currency swap agreements can elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps can also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

The open swap agreements at April 30, 2012 are disclosed in the Schedules of Investments.

Reverse repurchase agreements: The Funds enter into reverse repurchase agreements in which the Funds sell portfolio securities and agree to repurchase them from the buyer at a specified date and price. Pursuant to the terms of the reverse repurchase agreements, the Funds’ custodian must segregate assets with an aggregate market value greater than or equal to 100% of the resale price. Securities sold under reverse repurchase agreements are shown in the Schedules of Investments and reflected as a liability on the Statements of Assets and Liabilities.

Transamerica Real Return TIPS had outstanding reverse repurchase agreements during the period ending April 30, 2012. The average amount of reverse repurchase agreement while outstanding during the period ended April 30, 2012 was $10,658 at a weighted average interest rate of 0.15%. On April 30, 2012, there were no open reverse repurchase agreements.

Short sales: A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act.

Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends payable on securities while those securities are in a short position and also bear other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs are reported as dividends and/or interest from securities sold short in the Statements of Operations.

Loan participations/assignments: Participations/assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan participations/assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Funds may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and generally are offered by banks or other financial institutions or lending syndicates. The Funds that participate in such syndications, or can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless, under the terms of the loans or other indebtedness, the portfolios have direct recourse against the corporate borrowers, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at April 30, 2012.

Structured notes: Certain Funds invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. All structured notes are listed within the Schedules of Investments.

Transamerica Funds		Semi-Annual Report 2012
	Page    179

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

To be announced (“TBA”) purchase commitments: TBA purchase commitments are entered into to purchase securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations. Open balances are included in the payable or receivable for investments purchased or sold.

Treasury inflation-protected securities (“TIPS”): Certain Funds invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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

The restricted and illiquid securities at April 30, 2012 are listed in the Schedules of Investments.

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

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at April 30, 2012 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities on the Statements of Operations is net of fees paid to the lending agent for its services.

Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts at a rate based on the federal funds rate. Expenses from cash overdrafts, if applicable, are included in Other expenses in the Statements of Operations.

Real estate investment trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

Commission recapture: The sub-advisers of certain Funds, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions paid by the Funds be used to pay expenses that would otherwise be borne by any other funds within Transamerica Funds, or by any other party.

Commissions recaptured for the period ended April 30, 2012, are included in net realized gain (loss) on investment securities in the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica Emerging Markets	$	3
Transamerica Global Real Estate Securities		5
Transamerica Growth		31
Transamerica International Value		6
Transamerica International Value Opportunities		1
Transamerica Mid Cap Value		3
Transamerica Select Equity		139
Transamerica Small Company Growth		10
Transamerica Value		6

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.

Dividend income related to REITs is recorded at the 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.

Transamerica Funds		Semi-Annual Report 2012
	Page     180

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. Eastern Time, each day the NYSE is open for business. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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

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

Level 3—Unobservable inputs, which may include Transamerica Asset Management Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-advisor, 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3.

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

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stock): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Securities lending collateral: Securities lending collateral is a money market fund which is valued at the net assets of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Transamerica Funds		Semi-Annual Report 2012
	Page     181

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 2. (continued)

Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s Valuation Committee under the supervision of the Funds’ Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, option and swaption contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Funds’ Board of Trustees. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. When a Fund uses fair valuation methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments at April 30, 2012 are disclosed in the Valuation Summary of each Fund’s Schedule of Investments. Transfers between Levels are considered to have occurred at the end of the reporting period.

There were no significant transfers between Level 1 and Level 2 during the period ended April 30, 2012.

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

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

Certain officers and trustees of the Funds are also officers and/or directors of TAM, TFS, and TCI. No interested trustee receives compensation from the Funds.

Transamerica Funds		Semi-Annual Report 2012
	Page     182

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

The following schedule reflects the percentage of the Funds’ assets owned by affiliated investment companies at April 30, 2012:

Transamerica Arbitrage Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	21,058		15.50	%
Transamerica Asset Allocation-Growth Portfolio		3,058		2.25
Transamerica Asset Allocation-Moderate Portfolio		37,014		27.24
Transamerica Asset Allocation-Moderate Growth Portfolio		30,053		22.11
Transamerica Multi-Manager Alternative Strategies Portfolio		44,599		32.82
Total	$	135,782		99.92	%
Transamerica Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	69,465		13.67	%
Transamerica Asset Allocation-Moderate Portfolio		90,283		17.77
Transamerica Asset Allocation-Moderate Growth Portfolio		56,363		11.10
Transamerica Multi-Manager Alternative Strategies Portfolio		66,142		13.02
Transamerica Asset Allocation-Conservative VP		33,172		6.53
Transamerica Asset Allocation-Moderate Growth VP		52,343		10.30
Transamerica Asset Allocation-Moderate VP		93,790		18.46
Transamerica International Moderate Growth VP		445		0.09
Total	$	462,003		90.94	%
Transamerica Core Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	208,800		9.82	%
Transamerica Asset Allocation-Moderate Portfolio		178,124		8.38
Transamerica Asset Allocation-Moderate Growth Portfolio		170,573		8.02
Transamerica Asset Allocation-Conservative VP		341,801		16.08
Transamerica Asset Allocation-Moderate Growth VP		554,728		26.09
Transamerica Asset Allocation-Moderate VP		596,081		28.04
Transamerica International Moderate Growth VP		47,584		2.24
Total	$	2,097,691		98.67	%
Transamerica Developing Markets Debt	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,998		4.73	%
Transamerica Asset Allocation-Moderate Portfolio		20,389		7.42
Transamerica Asset Allocation-Moderate Growth Portfolio		13,771		5.02
Transamerica Multi-Manager Alternative Strategies Portfolio		21,232		7.73
Transamerica Asset Allocation-Conservative VP		37,865		13.79
Transamerica Asset Allocation-Moderate Growth VP		83,925		30.56
Transamerica Asset Allocation-Moderate VP		81,854		29.81
Total	$	272,034		99.06	%
Transamerica Developing Markets Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	7,393		1.57	%
Transamerica Asset Allocation-Growth Portfolio		75,426		15.99
Transamerica Asset Allocation-Moderate Portfolio		22,569		4.78
Transamerica Asset Allocation-Moderate Growth Portfolio		65,058		13.79
Transamerica Multi-Manager International Portfolio		30,912		6.55
Transamerica Asset Allocation-Conservative VP		12,333		2.62
Transamerica Asset Allocation-Growth VP		56,583		11.99
Transamerica Asset Allocation-Moderate Growth VP		145,809		30.91
Transamerica Asset Allocation-Moderate VP		50,730		10.75
Transamerica International Moderate Growth VP		298		0.06
Total	$	467,111		99.01	%
Transamerica Emerging Markets	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	3,761		1.61	%
Transamerica Asset Allocation-Growth Portfolio		12,019		5.16
Transamerica Asset Allocation-Moderate Portfolio		12,734		5.47
Transamerica Asset Allocation-Moderate Growth Portfolio		31,759		13.63
Transamerica Multi-Manager International Portfolio		16,478		7.07
Transamerica Asset Allocation-Conservative VP		5,876		2.52
Transamerica Asset Allocation-Growth VP		10,356		4.44
Transamerica Asset Allocation-Moderate Growth VP		46,382		19.90
Transamerica Asset Allocation-Moderate VP		29,435		12.63
Total	$	168,800		72.43	%
Transamerica Global Macro	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,007		13.06	%
Transamerica Asset Allocation-Moderate Portfolio		13,686		17.87
Transamerica Multi-Manager Alternative Strategies Portfolio		42,490		55.48
Transamerica Asset Allocation-Growth VP		10,299		13.45
Total	$	76,482		99.86	%

Transamerica Global Real Estate Securities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	1,002		0.63	%
Transamerica Asset Allocation-Growth Portfolio		39,149		24.55
Transamerica Asset Allocation-Moderate Portfolio		15,314		9.60
Transamerica Asset Allocation-Moderate Growth Portfolio		54,639		34.26
Transamerica Multi-Manager Alternative Strategies Portfolio		31,479		19.74
Transamerica Multi-Manager International Portfolio		8,243		5.17
Total	$	149,826		93.95	%
Transamerica Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	51,252		8.13	%
Transamerica Asset Allocation-Growth Portfolio		167,298		26.53
Transamerica Asset Allocation-Moderate Portfolio		157,708		25.01
Transamerica Asset Allocation-Moderate Growth Portfolio		242,668		38.48
Total	$	618,926		98.15	%
Transamerica International	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	7,129		1.70	%
Transamerica Asset Allocation-Growth Portfolio		37,033		8.84
Transamerica Asset Allocation-Moderate Portfolio		27,628		6.60
Transamerica Asset Allocation-Moderate Growth Portfolio		79,899		19.08
Transamerica Multi-Manager International Portfolio		41,753		9.97
Transamerica Asset Allocation-Conservative VP		8,152		1.95
Transamerica Asset Allocation-Growth VP		23,580		5.63
Transamerica Asset Allocation-Moderate Growth VP		87,534		20.90
Transamerica Asset Allocation-Moderate VP		49,717		11.87
Transamerica International Moderate Growth VP		53,463		12.76
Total	$	415,888		99.30	%
Transamerica International Equity Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,884		1.72	%
Transamerica Asset Allocation-Growth Portfolio		9,787		2.86
Transamerica Asset Allocation-Moderate Portfolio		19,964		5.84
Transamerica Asset Allocation-Moderate Growth Portfolio		19,113		5.59
Transamerica Multi-Manager International Portfolio		41,377		12.09
Transamerica Asset Allocation-Conservative VP		10,508		3.07
Transamerica Asset Allocation-Growth VP		14,580		4.26
Transamerica Asset Allocation-Moderate Growth VP		63,918		18.68
Transamerica Asset Allocation-Moderate VP		78,154		22.84
Transamerica International Moderate Growth VP		75,464		22.06
Total	$	338,749		99.01	%
Transamerica International Small Cap	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,279		1.72	%
Transamerica Asset Allocation-Growth Portfolio		28,665		9.33
Transamerica Asset Allocation-Moderate Portfolio		19,145		6.23
Transamerica Asset Allocation-Moderate Growth Portfolio		35,614		11.60
Transamerica Multi-Manager International Portfolio		19,681		6.41
Transamerica Asset Allocation-Conservative VP		7,349		2.39
Transamerica Asset Allocation-Growth VP		17,846		5.81
Transamerica Asset Allocation-Moderate Growth VP		91,791		29.88
Transamerica Asset Allocation-Moderate VP		38,441		12.52
Transamerica International Moderate Growth VP		38,947		12.68
Total	$	302,758		98.57	%
Transamerica International Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Growth Portfolio	$	9,690		6.83	%
Transamerica Asset Allocation-Moderate Portfolio		7,132		5.02
Transamerica Asset Allocation-Moderate Growth Portfolio		16,325		11.50
Transamerica Multi-Manager International Portfolio		22,239		15.67
Transamerica Asset Allocation-Conservative VP		723		0.51
Transamerica Asset Allocation-Growth VP		7,483		5.27
Transamerica Asset Allocation-Moderate Growth VP		34,874		24.57
Transamerica Asset Allocation-Moderate VP		21,979		15.49
Transamerica International Moderate Growth VP		19,600		13.81
Total	$	140,045		98.67	%

Transamerica Funds		Semi-Annual Report 2012
	Page     183

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

Transamerica International Value Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	6,565		1.45	%
Transamerica Asset Allocation-Growth Portfolio		22,894		5.06
Transamerica Asset Allocation-Moderate Portfolio		21,604		4.78
Transamerica Asset Allocation-Moderate Growth Portfolio		45,588		10.08
Transamerica Multi-Manager International Portfolio		40,543		8.96
Transamerica Asset Allocation-Conservative VP		11,655		2.58
Transamerica Asset Allocation-Growth VP		35,713		7.90
Transamerica Asset Allocation-Moderate Growth VP		154,255		34.11
Transamerica Asset Allocation-Moderate VP		80,815		17.87
Transamerica International Moderate Growth VP		28,616		6.33
Total	$	448,248		99.12	%
Transamerica Large Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	41,673		7.35	%
Transamerica Asset Allocation-Growth Portfolio		156,103		27.54
Transamerica Asset Allocation-Moderate Portfolio		119,408		21.06
Transamerica Asset Allocation-Moderate Growth Portfolio		238,573		42.09
Total	$	555,757		98.04	%
Transamerica Long/Short Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,001		13.22	%
Transamerica Asset Allocation-Moderate Portfolio		14,584		19.28
Transamerica Multi-Manager Alternative Strategies Portfolio		44,748		59.15
Transamerica Asset Allocation-Growth VP		6,139		8.11
Total	$	75,472		99.76	%
Transamerica Mid Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	7,698		4.33	%
Transamerica Asset Allocation-Growth Portfolio		48,305		27.18
Transamerica Asset Allocation-Moderate Portfolio		36,022		20.27
Transamerica Asset Allocation-Moderate Growth Portfolio		83,036		46.71
Total	$	175,061		98.49	%
Transamerica Real Return TIPS	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	64,551		7.05	%
Transamerica Asset Allocation-Moderate Portfolio		77,263		8.44
Transamerica Asset Allocation-Moderate Growth Portfolio		85,452		9.33
Transamerica Multi-Manager Alternative Strategies Portfolio		26,259		2.87
Transamerica Asset Allocation-Conservative VP		143,786		15.71
Transamerica Asset Allocation-Growth VP		2		–
Transamerica Asset Allocation-Moderate Growth VP		200,606		21.92
Transamerica Asset Allocation-Moderate VP		293,249		32.04
Transamerica International Moderate Growth VP		12,635		1.38
Total	$	903,803		98.74	%
Transamerica Select Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	41,270		3.25	%
Transamerica Asset Allocation-Growth Portfolio		158,377		12.49
Transamerica Asset Allocation-Moderate Portfolio		117,456		9.26
Transamerica Asset Allocation-Moderate Growth Portfolio		233,875		18.44
Transamerica Asset Allocation-Conservative VP		76,825		6.06
Transamerica Asset Allocation-Growth VP		98,864		7.80
Transamerica Asset Allocation-Moderate Growth VP		326,463		25.74
Transamerica Asset Allocation-Moderate VP		204,736		16.14
Total	$	1,257,866		99.18	%
Transamerica Small- & Mid-Cap Value Select	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	4,594		2.51	%
Transamerica Asset Allocation-Growth Portfolio		31,145		17.00
Transamerica Asset Allocation-Moderate Portfolio		19,531		10.66
Transamerica Asset Allocation-Moderate Growth Portfolio		32,396		17.68
Transamerica Asset Allocation-Growth VP		26,225		14.31
Transamerica Asset Allocation-Moderate Growth VP		66,366		36.23
Total	$	180,257		98.39	%

Transamerica Small Company Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	8,870		3.81	%
Transamerica Asset Allocation-Growth Portfolio		28,864		12.40
Transamerica Asset Allocation-Moderate Portfolio		16,186		6.95
Transamerica Asset Allocation-Moderate Growth Portfolio		25,941		11.14
Transamerica Asset Allocation-Growth VP		18,168		7.80
Transamerica Asset Allocation-Moderate Growth VP		96,100		41.27
Transamerica Asset Allocation-Moderate VP		35,211		15.12
Total	$	229,340		98.49	%
Transamerica Total Return	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	209,305		28.02	%
Transamerica Asset Allocation-Moderate Portfolio		267,678		35.83
Transamerica Asset Allocation-Moderate Growth Portfolio		241,244		32.29
Total	$	718,227		96.14	%
Transamerica Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	19,010		5.93	%
Transamerica Asset Allocation-Growth Portfolio		47,885		14.94
Transamerica Asset Allocation-Moderate Portfolio		38,038		11.86
Transamerica Asset Allocation-Moderate Growth Portfolio		78,787		24.58
Transamerica Asset Allocation-Conservative VP		8,539		2.66
Transamerica Asset Allocation-Growth VP		15,219		4.75
Transamerica Asset Allocation-Moderate Growth VP		75,875		23.67
Transamerica Asset Allocation-Moderate VP		35,109		10.95
Total	$	318,462		99.34	%
Transamerica Commodity Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,062		7.09	%
Transamerica Asset Allocation-Growth Portfolio		21,632		12.72
Transamerica Asset Allocation-Moderate Portfolio		31,236		18.36
Transamerica Asset Allocation-Moderate Growth Portfolio		55,265		32.49
Transamerica Multi-Manager Alternative Strategies Portfolio		36,614		21.53
Transamerica Asset Allocation-Growth VP		12,444		7.32
Total	$	169,253		99.51	%
Transamerica Global Allocation	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	21,806		4.88	%
Transamerica Asset Allocation-Growth Portfolio		11,891		2.66
Transamerica Asset Allocation-Moderate Portfolio		44,077		9.86
Transamerica Asset Allocation-Moderate Growth Portfolio		71,405		15.97
Transamerica Multi-Manager Alternative Strategies Portfolio		50,567		11.31
Transamerica Multi-Manager International Portfolio		15,319		3.43
Transamerica Asset Allocation-Conservative VP		9,748		2.18
Transamerica Asset Allocation-Growth VP		12,994		2.91
Transamerica Asset Allocation-Moderate Growth VP		115,596		25.86
Transamerica Asset Allocation-Moderate VP		49,720		11.12
Total	$	403,123		90.18	%
Transamerica Managed Futures Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	22,923		9.31	%
Transamerica Asset Allocation-Growth Portfolio		21,902		8.89
Transamerica Asset Allocation-Moderate Portfolio		42,767		17.37
Transamerica Asset Allocation-Moderate Growth Portfolio		89,255		36.24
Transamerica Multi-Manager Alternative Strategies Portfolio		51,640		20.97
Transamerica Asset Allocation-Growth VP		17,415		7.07
Total	$	245,902		99.85	%

Transamerica Funds		Semi-Annual Report 2012
	Page     184

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

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

Transamerica Arbitrage Strategy
First $50 million	1.05	%
Over $50 million	1.00	%
Transamerica Bond
First $200 million	0.675	%
Over $200 million up to $750 million	0.625	%
Over $750 million	0.575	%
Transamerica Core Bond
First $750 million	0.45	%
Over $750 million up to $1 billion	0.40	%
Over $1 billion	0.375	%
Transamerica Developing Markets Debt
First $250 million	0.95	%
Over $250 million up to $500 million	0.85	%
Over $500 million	0.80	%
Transamerica Developing Markets Equity
First $50 million	1.20	%
Over $50 million up to $200 million	1.15	%
Over $200 million up to $500 million	1.10	%
Over $500 million	1.05	%
Transamerica Emerging Markets
First $300 million	1.15	%
Over $300 million	1.10	%
Transamerica Global Macro
First $300 million	1.25	%
Over $300 million	1.20	%
Transamerica Global Real Estate Securities
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million up to $1 billion	0.70	%
Over $1 billion	0.65	%
Transamerica Growth
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million up to $1 billion	0.70	%
Over $1 billion up to $1.5 billion	0.675	%
Over $1.5 billion	0.65	%
Transamerica International
First $100 million	1.00	%
Over $100 million	0.95	%
Transamerica International Equity Opportunities
First $250 million	0.90	%
Over $250 million up to $500 million	0.875	%
Over $500 million up to $1 billion	0.85	%
Over $1 billion	0.80	%
Transamerica International Small Cap
First $300 million	1.07	%
Over $300 million	1.00	%
Transamerica International Value
First $200 million	0.88	%
Over $200 million up to $500 million	0.81	%
Over $500 million	0.77	%
Transamerica International Value Opportunities
First $100 million	1.10	%
Over $100 million up to $300 million	1.00	%
Over $300 million	0.95	%
Transamerica Large Cap Value
First $250 million	0.80	%
Over $250 million up to $750 million	0.775	%
Over $750 million up to $1 billion	0.75	%
Over $1 billion up to $2 billion	0.65	%
Over $2 billion	0.625	%

Transamerica Long/Short Strategy
ANA	1.30	%
Transamerica Mid Cap Value
First $100 million	0.85	%
Over $100 million	0.80	%
Transamerica Real Return TIPS
First $250 million	0.70	%
Over $250 million up to $750 million	0.65	%
Over $750 million up to $1 billion	0.60	%
Over $1 billion	0.55	%
Transamerica Select Equity
First $200 million	0.80	%
Over $200 million up to $500 million	0.74	%
Over $500 million up to $1 billion	0.69	%
Over $1 billion up to $1.5 billion	0.67	%
Over $1.5 billion	0.62	%
Transamerica Small- & Mid-Cap Value Select
First $100 million	0.95	%
Over $100 million up to $250 million	0.90	%
Over $250 million up to $500 million	0.85	%
Over $500 million	0.825	%
Transamerica Small Company Growth
First $500 million	0.95	%
Over $500 million	0.85	%
Transamerica Total Return
First $250 million	0.675	%
Over $250 million up to $750 million	0.65	%
Over $750 million	0.60	%
Transamerica Value
ANA	0.80	%
Transamerica Commodity Strategy
First $200 million	0.61	%
Over $200 million up to $1 billion	0.59	%
Over $1 billion	0.56	%
Transamerica Global Allocation
First $100 million	0.80	%
Over $100 million	0.72	%
Transamerica Managed Futures Strategy
First $500 million	1.10	%
Over $500 million	1.05	%

Transamerica Funds		Semi-Annual Report 2012
	Page     185

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

TAM has contractually agreed to waive fees and/or reimburse expenses of each Fund to the extent that 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 fund’s business, exceed the following stated annual limit:

Fund	Expense Limit
Transamerica Arbitrage Strategy		1.25	%
Transamerica Bond		0.88
Transamerica Core Bond		0.70
Transamerica Developing Markets Debt		1.15
Transamerica Developing Markets Equity		1.45
Transamerica Emerging Markets		1.40
Transamerica Global Macro		1.65
Transamerica International		1.25
Transamerica International Small Cap		1.27
Transamerica International Value		1.13
Transamerica International Value Opportunities		1.35

Fund	Expense Limit
Transamerica Large Cap Value		1.00	%
Transamerica Long/Short Strategy		1.65
Transamerica Mid Cap Value		1.05
Transamerica Select Equity		0.90
Transamerica Small- & Mid-Cap Value Select		1.15
Transamerica Small Company Growth		1.15
Transamerica Value		1.00
Transamerica Commodity Strategy		1.00
Transamerica Global Allocation		1.00
Transamerica Managed Futures Strategy		1.45

Funds not listed in the above table did not have an expense limit.

TAM is entitled to reimbursement by the Fund of fees waived and/or expenses 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.

There were no amounts recaptured by the adviser during the period ended April 30, 2012.

The following amount was available for recapture as of April 30, 2012:

Transamerica Arbitrage Strategy	Reimbursement of Fund Expenses	Available for Recapture Through
Fiscal Year 2011:	$61	10/31/2013

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. Effective March 1, 2012, the Funds pay TFS an annual fee of 0.025% of ANA. Prior to March 1, 2012, the Funds paid TFS an annual fee of 0.02% of ANA. The Legal fees on the Statements of Operations are fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agency services. Fees paid and the amounts due to TFS for the period ended April 30, 2012 are as follows:

Fund	Fees Paid to TFS		Due to TFS
Transamerica Arbitrage Strategy	$	6	$	1
Transamerica Bond		18		3
Transamerica Core Bond		80		13
Transamerica Developing Markets Debt		11		2
Transamerica Developing Markets Equity		19		3
Transamerica Emerging Markets		10		2
Transamerica Global Macro		5		1
Transamerica Global Real Estate Securities		6		1
Transamerica Growth		23		1
Transamerica International		13		3
Transamerica International Equity Opportunities		13		1
Transamerica International Small Cap		11		2
Transamerica International Value		6		1
Transamerica International Value Opportunities		16		3
Transamerica Large Cap Value		21		4
Transamerica Long/Short Strategy		4		—	*
Transamerica Mid Cap Value		6		1
Transamerica Real Return TIPS		37		6
Transamerica Select Equity		43		8
Transamerica Small- & Mid Cap Value Select		10		2
Transamerica Small Company Growth		8		1
Transamerica Total Return		24		4
Transamerica Value		11		2
Transamerica Commodity Strategy		6		1
Transamerica Global Allocation		16		3
Transamerica Managed Futures Strategy		8		2

* Amount is less than 1.

Transamerica Funds		Semi-Annual Report 2012
	Page     186

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

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

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the period ended April 30, 2012.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2012 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Arbitrage Strategy	$	476,461	$	—	$	488,935	$	—
Transamerica Bond		101,518		37		68,693		4,892
Transamerica Core Bond		184,771		94,733		122,458		184,664
Transamerica Developing Markets Debt		57,766		—		98,501		6,741
Transamerica Developing Markets Equity		77,158		—		157,591		—
Transamerica Emerging Markets		161,922		—		287,036		—
Transamerica Global Macro		—		—		—		—
Transamerica Global Real Estate Securities		41,405		—		42,175		—
Transamerica Growth		145,269		—		212,544		—
Transamerica International		115,706		—		78,981		—
Transamerica International Equity Opportunities		24,061		—		51,972		—
Transamerica International Small Cap		33,163		—		83,095		—
Transamerica International Value		18,678		—		35,084		—
Transamerica International Value Opportunities		41,033		—		59,794		—
Transamerica Large Cap Value		258,374		—		295,563		—
Transamerica Long/Short Strategy		159,543		—		114,427		—
Transamerica Mid Cap Value		33,814		—		35,886		—
Transamerica Real Return TIPS		7,331		1,011,732		94,030		1,162,656
Transamerica Select Equity		509,866		—		323,838		—
Transamerica Small- & Mid-Cap Value Select		109,223		—		198,845		—
Transamerica Small Company Growth		59,342		—		17,335		—
Transamerica Total Return		335,088		205,801		295,262		143,525
Transamerica Value		22,458		—		41,556		—
Transamerica Commodity Strategy		—		—		—		—
Transamerica Global Allocation		48,851		5,580		69,313		7,528
Transamerica Managed Futures Strategy		—		—		—		—

Transamerica Funds		Semi-Annual Report 2012
	Page     187

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Arbitrage Strategy:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of purchased options/swaptions contracts held at period end is indicative of the volume held throughout the period. The volume of swap contracts increased throughout the period from zero to 14 contracts. The volume of forward foreign currency contracts and written options/swaptions contracts held throughout the period averaged 146 and 65 contracts, respectively, with overall increases from 129 and 48 contracts, respectively, to 147 and 67 contracts, respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

		XXX,XX			XXX,XX			XXX,XX
Location	Foreign exchange contracts			Equity contracts			Total
Asset derivatives
Investment Securities, at value	$	—		$	974		$	974
Premium paid on swap agreements		—			3			3
Unrealized appreciation on swap agreements		—			168			168
Unrealized appreciation on forward foreign currency contracts		289			—			289
Liability derivatives
Written options and swaptions, at value		—			(289	)		(289	)
Premium received on swap agreements		—			(1	)		(1	)
Unrealized depreciation on swap agreements		—			(271	)		(271	)
Unrealized depreciation on forward foreign currency contracts		(445	)		—			(445	)
Total	$	(156	)	$	584		$	428

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

		XXX,XX			XXX,XX			XXX,XX
Location	Foreign exchange contracts			Equity contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on purchased options and swaptions	$	—		$	(609	)	$	(609	)
Net realized gain on written options and swaptions		—			963			963
Net realized gain (loss) on swap agreements		—			(293	)		(293	)
Net realized loss on foreign currency transactions		(888	)		—			(888	)
Net change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions		—			(104	)		(104	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		—			143			143
Net change in unrealized appreciation (depreciation) on swap agreements		—			(103	)		(103	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		679			—			679
Total	$	(209	)	$	(3	)	$	(212	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Developing Markets Debt:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held throughout the period remained unchanged at one contract. The table below highlights the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rates contracts
Liability derivatives
Unrealized depreciation on futures contracts	$	(24	)*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transamerica Funds		Semi-Annual Report 2012
	Page     188

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Developing Markets Debt (continued):

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rates contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	488
Net Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on futures contracts		(61	)
Total	$	427

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Emerging Markets:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts decreased during the last three months of the period beginning at 2 contracts and ending at zero. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on foreign currency transactions	$	471
Net Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(457	)
Total	$	14

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Global Macro:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held at the end of the period is indicative of the volume held throughout the period. The volume of forward foreign currency contracts and purchased options held averaged 94 and 10 contracts, respectively, beginning at 114 and 14 and ending at 92 and 11, respectively. The volume of written options held throughout the period increased, beginning at 8 contracts, and ending at 18 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

		XX,XXX			XX,XXX			XX,XXX			XX,XXX
Location	Interest rates contracts			Foreign exchange contracts			Equity contracts			Total
Asset derivatives
Investment securities, at value	$	—		$	—		$	237		$	237
Unrealized appreciation on futures contracts		457			—			69			526	*
Unrealized appreciation on forward foreign currency contracts		—			1,846			—			1,846
Liability derivatives
Unrealized depreciation on futures contracts		(701	)		—			(221	)		(922	)*
Written options, at value		—			—			(235	)		(235	)
Unrealized depreciation on forward foreign currency contracts		—			(1,240	)		—			(1,240	)
Total	$	(244	)	$	606		$	(150	)	$	212

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transamerica Funds		Semi-Annual Report 2012
	Page    189

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Global Macro (continued):

Effect of Derivative Instruments on the Statement of Operations for the period ended April, 30 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rates contracts			Foreign exchange contracts			Equity contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on investment securities	$	—		$	—		$	(4,203	)	$	(4,203	)
Net realized gain on futures contracts		282			—			2,344			2,626
Net realized gain on written option contracts		—			—			1,003			1,003
Net realized gain on foreign currency transactions		—			2,341			—			2,341
Net change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized (depreciation) on investment securities		—			—			303			303
Net change in unrealized appreciation (depreciation) on futures contracts		(1,689	)		—			(318	)		(2,007	)
Net change in unrealized appreciation (depreciation) on written option contracts		—			—			252			252
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(687	)		—			(687	)
Total	$	(1,407	)	$	1,654		$	(619	)	$	(372	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica International Value Opportunities:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held decreased during the period, starting at 3 contracts and ending at 1 contract. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	873

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on foreign currency transactions	$	1,647
Net Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(333	)
Total	$	(1,314	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds		Semi-Annual Report 2012
	Page     190

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Real Return TIPS:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the period averaged 66, beginning and ending the period with 61 and 40 contracts, respectively. The volume of written swaptions contracts, futures and swap contracts decreased throughout the period, beginning the period with 22, 8, and 48, respectively and ending the period at 20, 4, and 30, respectively. The volume of purchased options/swaptions held at the beginning of the period decreased from 3 contracts to 1 contract. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest Rate contracts			Foreign exchange contracts			Credit contracts			Total
Asset derivatives
Investment Securities, at value	$	248		$	—		$	—		$	248
Premium paid on swap agreements		508			—			1,325			1,833
Unrealized appreciation on swap agreements		1,109			—			193			1,302
Unrealized appreciation on futures contracts		616			—			—			616	*
Unrealized appreciation on forward foreign currency contracts		—			296			—			296
Liability derivatives
Written options and swaptions, at value		(1,621	)		—			—			(1,621	)
Premium received on swap agreements		(u	)		—			(119	)		(119	)
Unrealized depreciation on swap agreements		(5	)		—			(478	)		(483	)
Unrealized depreciation on futures contracts		(351	)		—			—			(351	)*
Unrealized depreciation on forward foreign currency contracts		—			(2,117	)		—			(2,117	)
Total	$	504		$	(1,821	)	$	921		$	(396	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest Rate Contracts			Foreign exchange contracts			Credit Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on investment securities	$	(77	)	$	—		$	—		$	(77	)
Net realized gain on written options and swaptions		1,743			—			—			1,743
Net realized gain on swap agreements		1,022			—			311			1,333
Net realized gain on futures contracts		1,397			—			—			1,397
Net realized loss on foreign currency transactions		—			(449	)		—			(449	)
Net change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on investment securities		(156	)		—			—			(156	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		(1,042	)		—			—			(1,042	)
Net change in unrealized appreciation (depreciation) on swap agreements		53			—			(38	)		15
Net change in unrealized appreciation (depreciation) on futures contracts		(981	)		—			—			(981	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			3,022			—			3,022
Total	$	1,959		$	2,573		$	273		$	4,805

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds		Semi-Annual Report 2012
	Page     191

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Total Return:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held at the end of the period is indicative of the volume held throughout the period. The volume of written option/swaption contracts, forward foreign currency contracts, and futures contracts held throughout the period decreased, starting at 16, 73, 4 contracts, respectively, and ending at 2, 34, and 2 contracts, respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Asset derivatives
Premium paid on swap agreements	$	578		$	—		$	1,591		$	2,169
Unrealized appreciation on swap agreements		3,550			—			77			3,627
Unrealized appreciation on futures contracts		130			—			—			130	*
Unrealized appreciation on forward foreign currency contracts		—			522			—			522
Liability derivatives
Written options and swaptions, at value		(705	)		—			—			(705	)
Premium received on swap agreements		(456	)		—			(47	)		(503	)
Unrealized depreciation on swap agreements		(427	)		—			(2,313	)		(2,740	)
Unrealized depreciation on futures contracts		(22	)		—			—			(22	)*
Unrealized depreciation on forward foreign currency contracts		—			(1,603	)		—			(1,603	)
Total	$	2,648		$	(1,081	)	$	(692	)	$	875

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on written options and swaptions	$	451		$	—		$	—		$	451
Net realized gain (loss) on swap agreements		(419	)					1,363			944
Net realized gain on futures contracts		276			—			—			276
Net realized loss on foreign currency transactions		—			(4,673	)		—			(4,673	)
Net Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized (depreciation) on written options and swaptions		(29	)		—			—			(29	)
Net change in unrealized appreciation (depreciation) on swap agreements		2,168			—			(2,061	)		107
Net change in unrealized appreciation (depreciation) on futures contracts		209			—			—			209
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			2,816			—			2,816
Total	$	2,656		$	(1,857	)	$	(698	)	$	101

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Commodity Strategy:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held throughout the period increased from 2 to 5 contracts. The table below highlights the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Commodity Contracts
Asset derivatives
Premium paid on swap agreements	$	—
Unrealized appreciation on swap agreements		u
Liability derivatives Premium received on swap agreements	$	—
Unrealized (depreciation) on swap agreements		(u	)
Total	$	—

Transamerica Funds		Semi-Annual Report 2012
	Page     192

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Commodity Strategy (continued):

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Commodity contracts
Realized Gain/(Loss) on derivatives recognized in income
Net realized loss on swap agreements	$	(10,615	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Global Allocation:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of written options increased throughout the period, beginning at 41 contracts and ending at 73 contracts. The volume of swap contracts held throughout the period averaged 7, beginning and ending the period with five contracts. The volume of forward foreign currency contracts and purchased options held throughout the period averaged 49 and 42 contracts, respectively, with increases from 44 and 38 contracts at the beginning of the period to 48 and 52 contracts at the end of the period, respectively. The volume of futures contracts averaged 3 contracts throughout the period, decreased from 4 contracts at the beginning of the period to 3 contracts at the end of the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts			Total
Asset derivatives
Investment securities, at value	$	—	$	—		$	979		$	979
Premium paid on swap agreements		—		—			—			—
Unrealized appreciation on swap agreements		80		—			59			139
Unrealized appreciation on futures contracts		—		—			8			8	*
Unrealized appreciation on forward foreign currency contracts		—		268			—			268
Liability derivatives
Written options and swaptions, at value		—		—			(1,990	)		(1,990	)
Premium received on swap agreements		—		—			—			—
Unrealized depreciation on futures contracts		—		—			(5	)		(5	)*
Unrealized depreciation on forward foreign currency contracts		—		(294	)		—			(294	)
Total	$	80	$	(26	)	$	(949	)	$	(895	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the year ended April 30, 2012:

Location	lnterest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on investment securities	$	—		$	(21	)	$	(1,576	)	$	(1,597	)
Net realized gain on written options and swaptions		—			—			902			902
Net realized gain (loss) on swap agreements		(7	)		3			21			17
Net realized loss on futures contracts		—			—			(1,083	)		(1,083	)
Net realized gain on foreign currency transactions		—			91			—			91
Net Change in Unrealized Appreciation / (Depreciation)on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on investment securities		—			15			313			328
Net change in unrealized appreciation (depreciation) on written options and swaptions		—			—			243			243
Net change in unrealized appreciation (depreciation) on swap agreements		107			(13	)		59			153
Net change in unrealized appreciation (depreciation) on futures contracts		—			—			569			569
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(276	)		—			(276	)
Total	$	100		$	(201	)	$	(552	)	$	(653	)

Transamerica Funds		Semi-Annual Report 2012
	Page     193

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Transamerica Global Allocation (continued):

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Managed Futures Strategy

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held throughout the period increased, beginning at 6 contracts and ending at 15. The volume of forward foreign currency contracts averaged 483 throughout the period, beginning at 455 and ending at 575. The volume of futures contracts decreased throughout the period, beginning at 210 contracts and ending at 182 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Commodity Contracts			Total
Asset derivatives
Unrealized appreciation on swap agreements	$	129		$	—		$	—		$	468		$	597
Unrealized appreciation on futures contracts		1,968			—			525			2,044			4,537	*
Unrealized appreciation on forward foreign currency contracts		—			3,844			—			—			3,844
Liability derivatives
Premium received on swap agreements		—			—			(11	)		—			(11	)
Unrealized depreciation on swap agreements		(206	)		—			(20	)		—			(226	)
Unrealized depreciation on futures contracts		(49	)		—			(545	)		(1,649	)		(2,243	)*
Unrealized depreciation on forward foreign currency contracts		—			(5,962	)		—			—			(5,962	)
Total	$	1,842		$	(2,118	)	$	(51	)	$	863		$	(536	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity Contracts			Commodity Contracts		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on swap agreements	$	208		$	—		$	153		$	276	$	220
Net realized gain (loss) on futures contracts		(439	)		—			(2,439	)		3,065		187
Net realized loss on foreign currency transactions		—			(5,664	)		—			—		(5,664	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on swap agreements		128			—			154			8		290
Net change in unrealized appreciation (depreciation) on futures contracts		2,478			—			1,242			605		4,325
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			4,410			—			—		4,410
Total	$	1,960		$	(1,254	)	$	(891	)	$	3,954	$	3,768

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax positions taken for all open tax years (2008 – 2010), if applicable, or expected to be taken in the Funds’ 2011 tax returns, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations.

Transamerica Funds		Semi-Annual Report 2012
	Page     194

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 6. (continued)

The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, and capital loss carryforwards.

NOTE 7. BASIS FOR CONSOLIDATION

Transamerica Cayman Commodity Strategy, Ltd., Transamerica Cayman Global Allocation, Ltd., and Transamerica Cayman Managed Futures Strategy, Ltd., (each, a “Subsidiary”; collectively, the “Subsidiaries”) are organized under the laws of the Cayman Islands as wholly-owned subsidiaries which act as investment vehicles for Transamerica Commodity Strategy, Transamerica Global Allocation, and Transamerica Managed Futures Strategy, respectively. The principal purpose of investment of the Subsidiaries is to allow the Funds noted above to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies.

The following schedule reflects the net assets of the Subsidiaries as a percentage of the Funds’ net assets at April 30, 2012:

Transamerica Commodity Strategy	Market Value		% of Net Assets
Transamerica Cayman Commodity Strategy, Ltd.	$	28,974		17.03	%
Transamerica Global Allocation	Market Value		% of Net Assets
Transamerica Cayman Global Allocation, Ltd.	$	4,025		0.90	%
Transamerica Managed Futures Strategy	Market Value		% of Net Assets
Transamerica Cayman Managed Futures Strategy, Ltd.	$	56,820		23.07	%

NOTE 8. ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued the authoritative guidance “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” which seeks to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The adoption of this disclosure requirement is effective for financial statements interim and annual periods beginning after December 15, 2011. Management is currently evaluating the application of the adoption of the additional disclosure requirements and its impact on the Funds’ financial statements.

In April 2011, FASB issued an amendment to authoritative guidance “Reconsideration of Effective Control for Repurchase Agreements” which amends specifically the criteria required to determine whether a repurchase agreement and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. The adoption of this guidance is effective for the first interim or annual period beginning on or after December 15, 2011 prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Management is currently evaluating the application of the adoption of the additional disclosure requirements and its impact on the Funds’ financial statements.

NOTE 9. SUBSEQUENT EVENTS

Transamerica Small- & Mid-Cap Value Select ceased operations as of May 31, 2012.

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 2012
	Page     195

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds		Semi-Annual Report 2012
	Page    196

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds		Semi-Annual Report 2012
	Page    197

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrant.

Not applicable for semi-annual reports.

Item 6: Investments.

The schedules of investments are included in the Semi-Annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)	(1)	Not Applicable
	(2)	Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.
	(3)	Not Applicable
(b)	A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Funds (Registrant)
By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
Date:	July 3, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
Date:	July 3, 2012
By:	/s/ Elizabeth Strouse
	Elizabeth Strouse
	Principal Financial Officer
Date:	July 3, 2012

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(2)(i)	Section 302 N-CSR Certification of Chief Executive Officer
12(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
12(b)	Section 906 N-CSR Certification of Chief Executive Officer and Principal Financial Officer