As filed with the SEC on July 3, 2013.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04556

TRANSAMERICA FUNDS

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

Date of fiscal year end: October 31

Date of reporting period: November 1, 2012 – April 30, 2013

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

Fund of Funds

Semi-Annual Report

April 30, 2013

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. In November of 2012, financial markets were focused on the U.S. presidential elections and the impending U.S. fiscal cliff. Despite the Federal Reserve announcing targeted quantitative easing in December 2012, investor concern over the fiscal cliff held the U.S. markets down through the end of the year. During this time improving conditions in Europe and China drove international equities higher. On January 2, 2013 the U.S. Congress successfully resolved the fiscal cliff and as a result U.S. markets moved up strongly over the next three months. In February and March, slowing growth in China caused emerging markets to decline. At the same time, economic weakness in Europe reasserted itself pushing those markets down as well. The period ended in April with Japan announcing a massive new monetary easing program and at the same time, global exports improved, helping to boost both U.S. and international markets.

For the six month period ended April 30, 2013, the Standard & Poor’s 500^® Index gained 13.13%, the Morgan Stanley Capital International - Europe, Australasia, Far East Index (“MSCI-EAFE”) gained 17.18% and the Barclays U.S. Aggregate Bond Index gained 0.90%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Thomas A. Swank

President & Chief Executive Officer

Transamerica Funds

Christopher A. Staples

Vice President & CIO-Advisory Services

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, 2012 and held for the entire period until April 30, 2013.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses				Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During  Period(B)		Ending Account Value		Expenses Paid During  Period(B)		Annualized Expense Ratio(C)
Transamerica Asset Allocation - Conservative Portfolio
Class A		$  1,000.00		$  1,056.40		$  2.96		$  1,021.92		$  2.91		0.58	%
Class B		1,000.00		1,052.80		6.62		1,018.35		6.51		1.30
Class C		1,000.00		1,053.30		6.31		1,018.65		6.21		1.24
Class I		1,000.00		1,058.10		1.38		1,023.46		1.35		0.27
Class R		1,000.00		1,055.10		4.18		1,020.73		4.11		0.82
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		1,131.40		3.38		1,021.62		3.21		0.64
Class B		1,000.00		1,127.90		7.44		1,017.80		7.05		1.41
Class C		1,000.00		1,127.90		6.96		1,018.25		6.61		1.32
Class I		1,000.00		1,134.10		1.43		1,023.46		1.35		0.27
Class R		1,000.00		1,130.90		4.49		1,020.58		4.26		0.85

Transamerica Funds Semi-Annual Report 2013

Page    1

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During  Period(B)		Ending Account Value		Expenses Paid During  Period(B)		Annualized Expense Ratio(C)
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A		$  1,000.00		$  1,106.70		$  3.08		$  1,021.87		$  2.96		0.59	%
Class B		1,000.00		1,101.90		7.09		1,018.05		6.81		1.36
Class C		1,000.00		1,102.10		6.67		1,018.45		6.41		1.28
Class I		1,000.00		1,108.20		1.41		1,023.46		1.35		0.27
Class R		1,000.00		1,105.20		4.12		1,020.88		3.96		0.79
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		1,082.10		2.94		1,021.97		2.86		0.57
Class B		1,000.00		1,077.30		7.06		1,018.00		6.85		1.37
Class C		1,000.00		1,077.90		6.44		1,018.60		6.26		1.25
Class I		1,000.00		1,083.20		1.34		1,023.51		1.30		0.26
Class R		1,000.00		1,080.00		3.92		1,021.03		3.81		0.76
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,051.50		3.66		1,021.22		3.61		0.72
Class C		1,000.00		1,048.60		7.37		1,017.60		7.25		1.45
Class I		1,000.00		1,054.10		2.04		1,022.81		2.01		0.40
Transamerica Multi-Manager International Portfolio
Class A		1,000.00		1,112.10		3.72		1,021.27		3.56		0.71
Class B		1,000.00		1,106.80		7.57		1,017.60		7.25		1.45
Class C		1,000.00		1,108.20		7.58		1,017.60		7.25		1.45
Class I		1,000.00		1,112.90		1.73		1,023.16		1.66		0.33

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

^(B)  Expenses are calculated using the funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

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

Transamerica Funds Semi-Annual Report 2013

Page    2

Schedules of Investments Composition

At April 30, 2013

(The following chart summarizes the Schedules of Investments of each fund by asset type)

(unaudited)

Transamerica Asset Allocation - Conservative Portfolio	% of Net Assets
Fixed Income		48.2	%
U.S. Equity		25.8
Tactical and Specialty		14.4
Global/International Equity		6.0
Inflation-Protected Securities		5.7
Other Assets and Liabilities - Net		(0.1	)
Total		100.0	%
Transamerica Asset Allocation - Growth Portfolio	% of Net Assets
U.S. Equity		73.1	%
Global/International Equity		19.1
Tactical and Specialty		7.9
Fixed Income		0.0	(A)
Other Assets and Liabilities - Net		(0.1	)
Total		100.0	%
Transamerica Asset Allocation - Moderate Growth Portfolio	% of Net Assets
U.S. Equity		59.9	%
Global/International Equity		13.6
Fixed Income		12.6
Tactical and Specialty		11.8
Inflation-Protected Securities		2.2
Other Assets and Liabilities - Net		(0.1	)
Total		100.0	%

Transamerica Asset Allocation - Moderate Portfolio	% of Net Assets
U.S. Equity		44.7	%
Fixed Income		30.6
Tactical and Specialty		13.2
Global/International Equity		8.4
Inflation-Protected Securities		3.2
Repurchase Agreement		0.0	(A)
Other Assets and Liabilities - Net		(0.1	)
Total		100.0	%
Transamerica Multi-Manager Alternative Strategies Portfolio	% of Net Assets
Tactical and Specialty		69.0	%
Fixed Income		20.1
Global/International Equity		5.4
Alternative Investments		5.3
Other Assets and Liabilities - Net		0.2
Total		100.0	%
Transamerica Multi-Manager International Portfolio	% of Net Assets
Global/International Equity		95.8	%
Tactical and Specialty		4.4
Other Assets and Liabilities - Net		(0.2	)
Total		100.0	%

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

Transamerica Funds Semi-Annual Report 2013

Page    3

Transamerica Asset Allocation - Conservative Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
Fixed Income - 48.2%
Transamerica Core Bond (A)		18,143,265		$  195,040,101
Transamerica Emerging Markets Debt (A)		1,691,587		19,876,151
Transamerica Flexible Income (A)		1,759,966		16,930,873
Transamerica High Yield Bond (A)		2,956,828		29,804,831
Transamerica International Bond (A)		1,003,332		9,932,990
Transamerica Money Market (A)		4,780,347		4,780,347
Transamerica Short-Term Bond (A)		8,481,907		87,618,100
Transamerica Total Return (A)		18,566,712		202,562,830
Global/International Equity - 6.0%
Transamerica Developing Markets Equity (A)		1,327,320		15,118,180
Transamerica Emerging Markets Equity (A)		461,114		4,721,808
Transamerica International (A)		776,454		7,702,422
Transamerica International Equity (A)		159,960		2,656,937
Transamerica International Equity Opportunities (A)		807,443		6,394,947
Transamerica International Small Cap (A)		626,003		5,502,567
Transamerica International Value Opportunities (A)		721,706		6,827,337
Transamerica Value (A)		825,926		21,432,778
Inflation-Protected Securities - 5.7%
Transamerica Real Return TIPS (A)		6,045,054		66,556,041
Tactical and Specialty - 14.4%
Transamerica Arbitrage Strategy (A)		1,990,842		19,629,698
Transamerica Bond (A)		6,469,000		71,482,446
Transamerica Commodity Strategy (A) (B)		1,176,353		10,645,993

	Shares		Value
Tactical and Specialty (continued)
Transamerica Global Allocation (A)		1,983,364		$  22,650,012
Transamerica Global Macro (A) (B)		1,644,497		9,455,859
Transamerica Global Real Estate Securities (A)		82,547		1,177,116
Transamerica Long/Short Strategy (A) (B)		1,185,460		10,159,394
Transamerica Managed Futures Strategy (A) (B)		2,301,526		24,258,084
U.S. Equity - 25.8%
Transamerica Capital Growth (A)		1,204,644		14,250,934
Transamerica Diversified Equity (A)		3,237,530		49,663,709
Transamerica Dividend Focused (A)		3,874,629		42,620,921
Transamerica Growth (A)		3,568,485		48,245,915
Transamerica Growth Opportunities (A)		1,780,315		17,838,753
Transamerica Large Cap Growth (A)		304,277		3,310,531
Transamerica Large Cap Value (A)		4,726,521		61,161,178
Transamerica Mid Cap Value (A)		650,543		9,693,091
Transamerica Select Equity (A)		3,309,636		42,396,433
Transamerica Small Cap Growth (A)		842,560		8,771,047
Transamerica Small Cap Value (A)		441,539		5,024,710
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E) (F)		1,529		10,099
Total Investment Companies (cost $1,046,193,041)				1,175,905,163
Total Investment Securities (cost $1,046,193,041) (G)				1,175,905,163
Other Assets and Liabilities - Net				(1,695,286	)
Net Assets				$  1,174,209,877

NOTES TO SCHEDULE OF INVESTMENTS:

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

(B) Non-income producing security.

(C) Investment in affiliated company of Transamerica Asset Management, Inc.

(D) Illiquid. Total aggregate market value of illiquid securities is $10,099, or less than 0.01% of the fund’s net assets.

(E) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012	$	15,291	$	10,099		0.00	%(H)

(F) 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 $10,099, or less than 0.01% of the fund’s net assets.

(G) Aggregate cost for federal income tax purposes is $1,046,193,041. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $134,719,541 and $5,007,419, respectively. Net unrealized appreciation for tax purposes is $129,712,122.

(H) Percentage rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2013

Page    4

Transamerica Asset Allocation - Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (I)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies
Fixed Income	$	566,546,223	$	—		$	—	$	566,546,223
Global/International Equity		70,356,976		—			—		70,356,976
Inflation-Protected Securities		66,556,041		—			—		66,556,041
Tactical and Specialty		169,458,602		—			—		169,458,602
U.S. Equity		302,977,222		—			10,099		302,987,321
Total Investment Securities	$	1,175,895,064	$	—		$	10,099	$	1,175,905,163
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (J)
Due to Custodian	$	—	$	(4,276	)	$	—	$	(4,276	)
Total Other Liabilities	$	—	$	(4,276	)	$	—	$	(4,276	)

(I) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(J) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (K)			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)			Net Change in Unrealized Appreciation (Depreciation) (L)			Transfers into Level 3		Transfer out of Level 3		Ending Balance at April 30, 2013 (M)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (L)
Investment Companies	$	208,417	$	—	$	(188,624	)	$	—	$	(4,502	)	$	(5,192	)	$	—	$	—	$	10,099	$	(5,192	)

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

(L) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    5

Transamerica Asset Allocation - Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
Fixed Income - 0.0% (A)
Transamerica Money Market (B)		60,267		$       60,267
Global/International Equity - 19.1%
Transamerica Developing Markets Equity (B)		6,684,825		76,140,158
Transamerica Emerging Markets Equity (B)		2,469,960		25,292,388
Transamerica International (B)		3,664,823		36,355,043
Transamerica International Equity (B)		2,305,703		38,297,722
Transamerica International Equity Opportunities (B)		1,221,822		9,676,831
Transamerica International Small Cap (B)		2,110,061		18,547,433
Transamerica International Value Opportunities (B)		2,284,178		21,608,319
Transamerica Value (B)		1,867,388		48,458,706
Tactical and Specialty - 7.9%
Transamerica Arbitrage Strategy (B)		256,909		2,533,122
Transamerica Commodity Strategy (B) (C)		1,906,066		17,249,894
Transamerica Global Allocation (B)		965,614		11,027,313
Transamerica Global Real Estate Securities (B)		2,864,300		40,844,925
Transamerica Managed Futures Strategy (B) (C)		3,986,678		42,019,587
U.S. Equity - 73.1%
Transamerica Capital Growth (B)		5,981,278		70,758,516

	Shares		Value
U.S. Equity (continued)
Transamerica Diversified Equity (B)		9,990,393		$  153,252,632
Transamerica Dividend Focused (B)		12,432,782		136,760,597
Transamerica Growth (B)		9,616,488		130,014,914
Transamerica Growth Opportunities (B)		4,658,649		46,679,663
Transamerica Large Cap Growth (B)		959,877		10,443,462
Transamerica Large Cap Value (B)		17,067,256		220,850,289
Transamerica Mid Cap Value (B)		4,301,914		64,098,524
Transamerica Select Equity (B)		12,125,619		155,329,176
Transamerica Small Cap Growth (B)		2,816,265		29,317,324
Transamerica Small Cap Value (B)		2,820,363		32,095,727
Transamerica Small Company Growth Liquidating Trust (C) (D) (E) (F) (G)		5,111		33,755
Total Investment Companies (cost $1,128,748,724)				1,437,746,287
Total Investment Securities (cost $1,128,748,724) (H)				1,437,746,287
Other Assets and Liabilities - Net				(2,056,850	)
Net Assets				$  1,435,689,437

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Percentage rounds to less than 0.1%.

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

(C) Non-income producing security.

(D) Investment in affiliated company of Transamerica Asset Management, Inc.

(E) 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 $33,755, or less than 0.01% of the fund’s net assets.

(F) Illiquid. Total aggregate market value of illiquid securities is $33,755, or less than 0.01% of the fund’s net assets.

(G) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012	$	51,111	$	33,755		0.00	%(I)

(H) Aggregate cost for federal income tax purposes is $1,128,748,724. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $311,976,496 and $2,978,933, respectively. Net unrealized appreciation for tax purposes is $308,997,563.

(I) Percentage rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2013

Page    6

Transamerica Asset Allocation - Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (J)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies
Fixed Income	$	60,267	$	—	$	—	$	60,267
Global/International Equity		274,376,600		—		—		274,376,600
Tactical and Specialty		113,674,841		—		—		113,674,841
U.S. Equity		1,049,600,824		—		33,755		1,049,634,579
Total Investment Securities	$	1,437,712,532	$	—	$	33,755	$	1,437,746,287

(J) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (K)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (L)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (M)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (L)
Investment Companies	$	696,641	$	—	$	(630,483	)	$	—	$	(15,047	)	$	(17,356	)	$	—	$	—	$	33,755	$	(17,356	)

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

(L) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    7

Transamerica Asset Allocation - Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
Fixed Income - 12.6%
Transamerica Core Bond (A)		10,272,150		$  110,425,608
Transamerica Emerging Markets Debt (A)		1,480,881		17,400,355
Transamerica High Yield Bond (A)		4,143,584		41,767,325
Transamerica International Bond (A)		1,540,268		15,248,649
Transamerica Short-Term Bond (A)		6,556		67,723
Transamerica Total Return (A)		17,176,037		187,390,561
Global/International Equity - 13.6%
Transamerica Developing Markets Equity (A)		8,245,876		93,920,531
Transamerica Emerging Markets Equity (A)		3,111,404		31,860,773
Transamerica International (A)		6,922,013		68,666,373
Transamerica International Equity (A)		2,015,442		33,476,500
Transamerica International Equity Opportunities (A)		2,115,277		16,752,991
Transamerica International Small Cap (A)		3,360,466		29,538,499
Transamerica International Value Opportunities (A)		3,998,191		37,822,886
Transamerica Value (A)		3,374,559		87,569,817
Inflation-Protected Securities - 2.2%
Transamerica Real Return TIPS (A)		5,802,893		63,889,857
Tactical and Specialty - 11.8%
Transamerica Arbitrage Strategy (A)		2,657,160		26,199,596
Transamerica Bond (A)		4,182,103		46,212,239
Transamerica Commodity Strategy (A) (B)		5,240,589		47,427,334

	Shares		Value
Tactical and Specialty (continued)
Transamerica Global Allocation (A)		6,404,722		$  73,141,922
Transamerica Global Real Estate Securities (A)		4,420,769		63,040,166
Transamerica Managed Futures Strategy (A) (B)		8,704,547		91,745,925
U.S. Equity - 59.9%
Transamerica Capital Growth (A)		8,212,623		97,155,333
Transamerica Diversified Equity (A)		16,361,458		250,984,761
Transamerica Dividend Focused (A)		23,316,538		256,481,914
Transamerica Growth (A)		17,710,337		239,443,755
Transamerica Growth Opportunities (A)		9,739,491		97,589,704
Transamerica Large Cap Growth (A)		1,489,200		16,202,498
Transamerica Large Cap Value (A)		28,567,500		369,663,452
Transamerica Mid Cap Value (A)		7,280,442		108,478,590
Transamerica Select Equity (A)		19,924,968		255,238,842
Transamerica Small Cap Growth (A)		2,603,343		27,100,800
Transamerica Small Cap Value (A)		3,726,598		42,408,682
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E) (F)		4,660		30,776
Total Investment Companies (cost $2,418,109,015)				2,944,344,737
Total Investment Securities (cost $2,418,109,015) (G)				2,944,344,737
Other Assets and Liabilities - Net				(4,391,955	)
Net Assets				$  2,939,952,782

NOTES TO SCHEDULE OF INVESTMENTS:

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

(B) Non-income producing security.

(C) Investment in affiliated company of Transamerica Asset Management, Inc.

(D) 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 $30,776, or less than 0.01% of the fund’s net assets.

(E) Illiquid. Total aggregate market value of illiquid securities is $30,776, or less than 0.01% of the fund’s net assets.

(F) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012	$	46,600	$	30,776		0.00	%(H)

(G) Aggregate cost for federal income tax purposes is $2,418,109,015. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $533,317,771 and $7,082,049, respectively. Net unrealized appreciation for tax purposes is $526,235,722.

(H) Percentage rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2013

Page    8

Transamerica Asset Allocation - Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (I)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies
Fixed Income	$	372,300,221	$	—		$	—	$	372,300,221
Global/International Equity		399,608,370		—			—		399,608,370
Inflation-Protected Securities		63,889,857		—			—		63,889,857
Tactical and Specialty		347,767,182		—			—		347,767,182
U.S. Equity		1,760,748,331		—			30,776		1,760,779,107
Total Investment Securities	$	2,944,313,961	$	—		$	30,776	$	2,944,344,737
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (J)
Due to Custodian	$	—	$	(8,561	)	$	—	$	(8,561	)
Total Other Liabilities	$	—	$	(8,561	)	$	—	$	(8,561	)

(I) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(J) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (K)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (L)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (M)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (L)
Investment Companies	$	635,151	$	—	$	(574,833	)	$	—	$	(13,718	)	$	(15,824	)	$	—	$	—	$	30,776	$	(15,824	)

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

(L) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    9

Transamerica Asset Allocation - Moderate Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
Fixed Income - 30.6%
Transamerica Core Bond (A)		14,195,775		$  152,604,580
Transamerica Emerging Markets Debt (A)		2,574,429		30,249,544
Transamerica Flexible Income (A)		4,273,449		41,110,578
Transamerica High Yield Bond (A)		3,440,753		34,682,788
Transamerica International Bond (A)		2,260,632		22,380,261
Transamerica Money Market (A)		3,408,896		3,408,896
Transamerica Short-Term Bond (A)		12,480,900		128,927,697
Transamerica Total Return (A)		22,645,408		247,061,399
Global/International Equity - 8.4%
Transamerica Developing Markets Equity (A)		3,485,006		39,694,221
Transamerica Emerging Markets Equity (A)		1,239,431		12,691,775
Transamerica International (A)		2,371,024		23,520,556
Transamerica International Equity (A)		723,929		12,024,466
Transamerica International Equity Opportunities (A)		2,174,846		17,224,779
Transamerica International Small Cap (A)		1,762,114		15,488,984
Transamerica International Value Opportunities (A)		1,868,197		17,673,148
Transamerica Value (A)		1,633,999		42,402,278
Inflation-Protected Securities - 3.2%
Transamerica Real Return TIPS (A)		6,355,385		69,972,789
Tactical and Specialty - 13.2%
Transamerica Arbitrage Strategy (A)		3,395,919		33,483,758
Transamerica Bond (A)		8,066,984		89,140,175
Transamerica Commodity Strategy (A) (B)		3,019,216		27,323,907
Transamerica Global Allocation (A)		3,966,904		45,302,047
Transamerica Global Macro (A) (B)		2,183,055		12,552,565
Transamerica Global Real Estate Securities (A)		1,242,348		17,715,886
Transamerica Long/Short Strategy (A) (B)		1,677,220		14,373,777

	Shares		Value
Tactical and Specialty (continued)
Transamerica Managed Futures Strategy (A) (B)		4,250,065		$  44,795,686
U.S. Equity - 44.7%
Transamerica Capital Growth (A)		3,911,940		46,278,251
Transamerica Diversified Equity (A)		10,749,984		164,904,753
Transamerica Dividend Focused (A)		11,624,060		127,864,658
Transamerica Growth (A)		11,479,238		155,199,292
Transamerica Growth Opportunities (A)		5,206,466		52,168,785
Transamerica Large Cap Growth (A)		925,881		10,073,583
Transamerica Large Cap Value (A)		14,739,604		190,730,476
Transamerica Mid Cap Value (A)		3,322,164		49,500,246
Transamerica Select Equity (A)		9,983,994		127,894,959
Transamerica Small Cap Growth (A)		1,622,020		16,885,223
Transamerica Small Cap Value (A)		2,266,803		25,796,213
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E) (F)		2,887		19,065
Total Investment Companies (cost $1,844,843,781)				2,163,122,044
	Principal		Value
REPURCHASE AGREEMENT - 0.0% (G)
State Street Bank & Trust Co. 0.03% (H), dated 04/30/2013, to be repurchased at $ 6,000 on 05/1/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/1/2032, and with a value of $8,206.		$  6,000		6,000
Total Repurchase Agreement (cost $6,000)				6,000
Total Investment Securities (cost $1,844,849,781) (I)				2,163,128,044
Other Assets and Liabilities - Net				(1,787,575	)
Net Assets				$  2,161,340,469

NOTES TO SCHEDULE OF INVESTMENTS:

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

(B) Non-income producing security.

(C) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012	$	28,869	$	19,065		0.00	%(J)

(D) Illiquid. Total aggregate market value of illiquid securities is $19,065, or less than 0.01% of the fund’s net assets.

(E) 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 $19,065, or less than 0.01% of the fund’s net assets.

(F) Investment in affiliated company of Transamerica Asset Management, Inc.

(G) Percentage rounds to less than 0.1%.

(H) Rate shown reflects the yield at April 30, 2013.

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

Transamerica Funds Semi-Annual Report 2013

Page    10

Transamerica Asset Allocation - Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(I) Aggregate cost for federal income tax purposes is $1,844,849,781. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $331,603,203 and $13,324,940, respectively. Net unrealized appreciation for tax purposes is $318,278,263.

(J) Percentage rounds to less than 0.01%.

VALUATION SUMMARY: (K)

	Level 1 — Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies
Fixed Income	$	660,425,743	$	—	$	—	$	660,425,743
Global/International Equity		180,720,207		—		—		180,720,207
Inflation-Protected Securities		69,972,789		—		—		69,972,789
Tactical and Specialty		284,687,801		—		—		284,687,801
U.S. Equity		967,296,439		—		19,065		967,315,504
Repurchase Agreement		—		6,000		—		6,000
Total Investment Securities	$	2,163,102,979	$	6,000	$	19,065	$	2,163,128,044

(K) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (L)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (M)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (N)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held  at April 30, 2013 (M)
Investment Companies	$	393,474	$	—	$	(356,107	)	$	—	$	(8,499	)	$	(9,803	)	$	—	$	—	$	19,065	$	(9,803	)

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

(M) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    11

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 99.8%
Alternative Investments - 5.3%
Transamerica MLP & Energy Income (A)		3,000,000		$  30,000,000
Fixed Income - 20.1%
Transamerica Emerging Markets Debt (A)		3,637,952		42,745,940
Transamerica Money Market (A)		1,721,131		1,721,131
Transamerica Short-Term Bond (A)		6,685,428		69,060,467
Global/International Equity - 5.4%
Transamerica Developing Markets Equity (A)		497,202		5,663,126
Transamerica International Equity (A)		485,860		8,070,141
Transamerica International Small Cap (A)		1,890,335		16,616,047
Tactical and Specialty - 69.0%
Transamerica Arbitrage Strategy (A)		2,030,511		20,020,837
Transamerica Bond (A)		5,863,920		64,796,321
Transamerica Commodity Strategy (A) (B)		2,347,789		21,247,493

	Shares		Value
Tactical and Specialty (continued)
Transamerica Global Macro (A) (B)		10,880,469		$  62,562,697
Transamerica Global Real Estate Securities (A)		3,670,522		52,341,643
Transamerica Long/Short Strategy (A) (B)		10,962,626		93,949,701
Transamerica Managed Futures Strategy (A) (B)		7,130,512		75,155,593
Total Investment Companies (cost $538,108,943)				563,951,137
Total Investment Securities (cost $538,108,943) (C)				563,951,137
Other Assets and Liabilities - Net				920,177
Net Assets				$  564,871,314

NOTES TO SCHEDULE OF INVESTMENTS:

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

(B) Non-income producing security.

(C) Aggregate cost for federal income tax purposes is $538,108,943. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $27,360,543 and $1,518,349, respectively. Net unrealized appreciation for tax purposes is $25,842,194.

VALUATION SUMMARY: (D)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies	$	563,951,137	$	—	$	—	$	563,951,137
Total Investment Securities	$	563,951,137	$	—	$	—	$	563,951,137
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
Other Assets (E)
Cash	$	501	$	—	$	—	$	501
Total Other Assets	$	501	$	—	$	—	$	501

(D) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(E) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    12

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.2%
Global/International Equity - 95.8%
Transamerica Developing Markets Equity (A)		2,878,083		$  32,781,365
Transamerica Emerging Markets Equity (A)		1,027,881		10,525,500
Transamerica International (A)		4,363,792		43,288,821
Transamerica International Equity (A)		2,493,783		41,421,733
Transamerica International Equity Opportunities (A)		3,247,051		25,716,647
Transamerica International Small Cap (A)		1,723,944		15,153,469
Transamerica International Small Cap Value (A)		652,932		7,162,662
Transamerica International Value Opportunities (A)		3,401,974		32,182,672

	Shares		Value
Tactical and Specialty - 4.4%
Transamerica Global Real Estate Securities (A)		668,240		$  9,529,109
Total Investment Companies (cost $201,785,883)				217,761,978
Total Investment Securities (cost $201,785,883) (B)				217,761,978
Other Assets and Liabilities - Net				(421,940	)
Net Assets				$  217,340,038

NOTES TO SCHEDULE OF INVESTMENTS:

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

(B) Aggregate cost for federal income tax purposes is $201,785,883. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $16,310,565 and $334,470, respectively. Net unrealized appreciation for tax purposes is $15,976,095.

VALUATION SUMMARY: (C)

	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies	$	217,761,978	$	—	$	—	$	217,761,978
Total Investment Securities	$	217,761,978	$	—	$	—	$	217,761,978

(C) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. 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 2013

Page    13

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2013

(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	$	1,175,905,163	$	1,437,746,287		$	2,944,344,737		$	2,163,122,044	$	563,951,137		$	217,761,978
Repurchase agreements, at value		—		—			—			6,000		—			—
Cash		—		—			—			—		501			—
Receivables:
Shares of beneficial interest sold		2,159,921		1,616,666			2,041,944			2,132,047		4,046,404			72,419
Affiliated investment securities sold		3,666		308,399			1,330,418			708,202		30,000,000			99,179
Dividends		22,313		—			17			32,798		20,884			—
Prepaid expenses		4,104		5,151			10,467			7,653		1,986			812
Total assets		1,178,095,167		1,439,676,503			2,947,727,583			2,166,008,744		598,020,912			217,934,388
Liabilities:
Due to custodian		4,276		—			8,561			—		—			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		2,898,206		2,707,247			5,242,681			2,849,389		1,063,679			404,496
Affiliated investment securities purchased		—		—			—			—		31,720,726			—
Management and advisory fees		105,670		127,876			262,665			193,478		99,634			18,117
Distribution and service fees		717,683		858,421			1,808,542			1,333,177		190,814			111,904
Transfer agent fees		85,247		210,464			299,715			174,756		38,029			35,261
Trustees fees		2,898		3,371			6,958			5,160		1,104			544
Administration fees		18,492		22,378			45,966			33,859		8,760			3,382
Other		52,818		57,309			99,713			78,456		26,852			20,646
Total liabilities		3,885,290		3,987,066			7,774,801			4,668,275		33,149,598			594,350
Net assets	$	1,174,209,877	$	1,435,689,437		$	2,939,952,782		$	2,161,340,469	$	564,871,314		$	217,340,038
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,025,768,796	$	1,261,080,610		$	2,567,305,961		$	1,833,273,464	$	554,177,149		$	299,090,538
Undistributed (accumulated) net investment income (loss)		373,224		(2,486,827	)		(1,795,971	)		1,962,316		639,189			(668,127	)
Undistributed (accumulated) net realized gain (loss) from investments in affiliated investment companies		18,355,735		(131,901,909	)		(151,792,930	)		7,826,426		(15,787,218	)		(97,058,468	)
Net unrealized appreciation on investments in affiliated investment companies		129,712,122		308,997,563			526,235,722			318,278,263		25,842,194			15,976,095
Net assets	$	1,174,209,877	$	1,435,689,437		$	2,939,952,782		$	2,161,340,469	$	564,871,314		$	217,340,038
Net assets by class:
Class A	$	492,616,856	$	647,433,529		$	1,247,410,335		$	901,052,060	$	211,091,893		$	84,664,645
Class B		59,798,234		101,399,756			199,454,301			106,395,723		—			9,622,126
Class C		589,470,944		666,033,044			1,446,684,200			1,110,393,088		150,531,955			90,514,661
Class I		29,616,436		19,004,774			40,719,342			38,584,913		203,247,466			32,538,606
Class R		2,707,407		1,818,334			5,684,604			4,914,685		—			—
Shares outstanding:
Class A		40,553,006		46,765,597			92,980,226			69,389,319		20,625,246			8,341,244
Class B		4,948,799		7,466,214			14,820,527			8,150,775		—			950,467
Class C		48,876,641		49,178,456			108,179,005			85,865,293		14,804,992			8,956,960
Class I		2,432,930		1,372,949			3,037,588			2,973,465		19,851,994			3,213,843
Class R		221,376		132,044			425,388			379,962		—			—
Net asset value per share:
Class A	$	12.15	$	13.84		$	13.42		$	12.99	$	10.23		$	10.15
Class B		12.08		13.58			13.46			13.05		—			10.12
Class C		12.06		13.54			13.37			12.93		10.17			10.11
Class I		12.17		13.84			13.41			12.98		10.24			10.12
Class R		12.23		13.77			13.36			12.93		—			—
Maximum offering price per share: (A)
Class A	$	12.86	$	14.65		$	14.20		$	13.75	$	10.83		$	10.74
Investments in affiliated investment companies, at cost	$	1,046,193,041	$	1,128,748,724		$	2,418,109,015		$	1,844,843,781	$	538,108,943		$	201,785,883
Repurchase agreements, at cost		—		—			—			6,000		—			—

^(A)  Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, 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 2013

Page    14

STATEMENTS OF OPERATIONS

For the period ended April 30, 2013

(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	$	22,033,308	$	19,846,896	$	46,497,631	$	35,546,134	$	9,281,470		$	3,731,135
Expenses:
Management and advisory		582,692		686,105		1,416,789		1,045,933		516,474			107,475
Distribution and service:
Class A		741,909		920,265		1,795,935		1,307,153		282,356			126,046
Class B		309,756		513,141		1,015,913		545,616		—			48,356
Class C		2,897,097		3,182,869		6,954,189		5,348,050		722,635			453,681
Class R		6,942		4,249		12,617		11,905		—			—
Transfer agent:
Class A		303,031		539,072		802,365		500,755		117,687			80,047
Class B		43,465		127,326		203,422		115,119		—			18,599
Class C		221,963		503,137		821,809		470,576		114,821			103,846
Class I		13,816		9,450		19,528		19,298		97,738			16,219
Class R		2,222		1,551		3,123		2,492		—			—
Printing and shareholder reports		103,742		150,534		365,555		226,868		114,717			32,958
Custody		25,140		25,105		44,278		36,191		9,382			5,430
Administration		101,971		120,068		247,938		183,038		45,291			18,808
Legal		16,905		19,700		40,775		30,316		7,050			3,148
Audit and tax		8,266		8,465		9,407		8,862		8,202			8,202
Trustees		10,479		12,326		25,413		18,767		4,507			1,950
Registration		83,427		87,201		101,778		97,021		53,695			54,280
Other		10,413		11,983		21,954		16,871		5,110			3,025
Total expenses		5,483,236		6,922,547		13,902,788		9,984,831		2,099,665			1,082,070
Class expense recaptured or (reimbursed)/(waived):
Class B		—		—		—		—		—			(7,406	)
Total expenses reimbursed/waived		—		—		—		—		—			(7,406	)
Net expenses		5,483,236		6,922,547		13,902,788		9,984,831		2,099,665			1,074,664
Net investment income		16,550,072		12,924,349		32,594,843		25,561,303		7,181,805			2,656,471
Net realized and change in unrealized gain (loss) on investments in affiliated investment companies:
Realized gain (loss) from investments in affiliated investment companies		10,878,006		40,630,063		44,403,872		16,564,791		(6,162,774	)		(557,299	)
Realized gain distributions from investments in affiliated investment companies		13,307,212		31,504,156		51,820,447		31,917,782		1,364,777			4,460,562
Net realized gain (loss)		24,185,218		72,134,219		96,224,319		48,482,573		(4,797,997	)		3,903,263
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		21,763,655		84,244,699		154,608,223		87,521,087		23,993,365			16,023,732
Net realized and change in unrealized gain on investments in affiliated investment companies		45,948,873		156,378,918		250,832,542		136,003,660		19,195,368			19,926,995
Net increase in net assets resulting from operations	$	62,498,945	$	169,303,267	$	283,427,385	$	161,564,963	$	26,377,173		$	22,583,466

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

Transamerica Funds Semi-Annual Report 2013

Page    15

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Asset Allocation - Conservative Portfolio						Transamerica Asset Allocation - Growth Portfolio						Transamerica Asset Allocation - Moderate Growth Portfolio
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	16,550,072		$	23,978,047		$	12,924,349		$	2,871,755		$	32,594,843		$	26,951,333
Net realized gain from investments in affiliated investment companies		24,185,218			29,214,167			72,134,219			49,394,856			96,224,319			83,491,073
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		21,763,655			28,221,822			84,244,699			63,300,632			154,608,223			113,225,779
Net increase in net assets resulting from operations		62,498,945			81,414,036			169,303,267			115,567,243			283,427,385			223,668,185
Distributions to shareholders:
From net investment income:
Class A		(7,983,974	)		(11,562,149	)		(6,676,923	)		(6,829,991	)		(20,502,073	)		(16,912,213	)
Class B		(784,510	)		(1,278,729	)		(252,676	)		(369,215	)		(1,743,926	)		(1,425,070	)
Class C		(7,471,095	)		(10,475,698	)		(2,834,256	)		(3,103,458	)		(14,453,079	)		(10,879,679	)
Class I		(449,647	)		(474,796	)		(261,662	)		(225,278	)		(750,571	)		(422,389	)
Class R		(47,595	)		(47,615	)		(13,135	)		(28,446	)		(78,630	)		(63,798	)
		(16,736,821	)		(23,838,987	)		(10,038,652	)		(10,556,388	)		(37,528,279	)		(29,703,149	)
From net realized gains:
Class A		(1,780,439	)		—			—			—			—			—
Class B		(228,134	)		—			—			—			—			—
Class C		(2,093,689	)		—			—			—			—			—
Class I		(87,623	)		—			—			—			—			—
Class R		(11,473	)		—			—			—			—			—
		(4,201,358	)		—			—			—			—			—
Total distributions to shareholders		(20,938,179	)		(23,838,987	)		(10,038,652	)		(10,556,388	)		(37,528,279	)		(29,703,149	)
Capital share transactions:
Proceeds from shares sold:
Class A		52,128,753			90,434,971			37,872,115			61,006,355			74,753,650			113,424,788
Class B		1,206,031			3,680,905			1,357,644			2,794,217			2,150,333			4,090,968
Class C		40,420,514			88,716,149			31,602,588			49,555,819			67,868,721			121,871,564
Class I		8,031,932			13,491,644			4,353,701			7,879,868			9,772,137			17,355,127
Class R		1,142,218			1,719,310			318,154			591,994			1,241,680			2,032,412
		102,929,448			198,042,979			75,504,202			121,828,253			155,786,521			258,774,859
Dividends and distributions reinvested:
Class A		9,298,642			10,842,329			6,440,691			6,504,505			19,620,838			16,008,560
Class B		845,281			1,043,351			238,114			341,774			1,660,391			1,327,043
Class C		7,693,050			8,162,157			2,457,504			2,625,163			12,193,074			8,888,570
Class I		385,967			298,421			196,618			149,548			588,056			270,136
Class R		46,253			36,408			12,453			23,908			70,645			52,760
		18,269,193			20,382,666			9,345,380			9,644,898			34,133,004			26,547,069
Cost of shares redeemed:
Class A		(83,329,071	)		(129,089,709	)		(72,591,132	)		(144,551,586	)		(137,442,008	)		(261,039,760	)
Class B		(8,557,913	)		(13,890,678	)		(14,923,347	)		(24,640,324	)		(28,519,366	)		(45,905,855	)
Class C		(63,569,369	)		(119,270,765	)		(71,917,913	)		(154,675,795	)		(135,471,365	)		(314,988,064	)
Class I		(4,090,587	)		(5,496,899	)		(4,799,675	)		(6,627,803	)		(6,930,724	)		(8,631,969	)
Class R		(1,165,089	)		(1,710,759	)		(372,204	)		(2,904,575	)		(1,023,997	)		(2,767,386	)
		(160,712,029	)		(269,458,810	)		(164,604,271	)		(333,400,083	)		(309,387,460	)		(633,333,034	)
Automatic conversions:
Class A		1,421,907			9,441,977			4,059,338			22,304,826			7,034,427			47,512,215
Class B		(1,421,907	)		(9,441,977	)		(4,059,338	)		(22,304,826	)		(7,034,427	)		(47,512,215	)
		—			—			—			—			—			—
Net decrease in net assets resulting from capital shares transactions
		(39,513,388	)		(51,033,165	)		(79,754,689	)		(201,926,932	)		(119,467,935	)		(348,011,106	)
Net increase (decrease) in net assets		2,047,378			6,541,884			79,509,926			(96,916,077	)		126,431,171			(154,046,070	)
Net assets:
Beginning of period		1,172,162,499			1,165,620,615			1,356,179,511			1,453,095,588			2,813,521,611			2,967,567,681
End of period	$	1,174,209,877		$	1,172,162,499		$	1,435,689,437		$	1,356,179,511		$	2,939,952,782		$	2,813,521,611
Undistributed (accumulated) net investment income (loss)	$	373,224		$	559,973		$	(2,486,827	)	$	(5,372,525	)	$	(1,795,971	)	$	3,137,465

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

Transamerica Funds Semi-Annual Report 2013

Page    16

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation - Conservative Portfolio						Transamerica Asset Allocation - Growth Portfolio						Transamerica Asset Allocation - Moderate Growth Portfolio
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
Share activity:
Shares issued:
Class A		4,401,419			7,916,217			2,904,146			5,107,096			5,839,978			9,484,797
Class B		102,782			325,182			106,745			239,708			168,595			343,224
Class C		3,435,464			7,848,826			2,466,054			4,238,207			5,321,124			10,259,417
Class I		676,694			1,172,881			338,282			657,273			768,161			1,441,256
Class R		95,842			147,665			24,294			50,118			95,203			171,537
		8,712,201			17,410,771			5,839,521			10,292,402			12,193,061			21,700,231
Shares issued-reinvested from dividends and distributions:
Class A		794,549			973,487			515,668			608,466			1,590,019			1,471,372
Class B		72,691			94,705			19,390			32,550			133,795			121,413
Class C		662,497			740,538			200,613			250,493			988,895			817,716
Class I		32,874			26,479			15,768			14,016			47,770			24,874
Class R		3,930			3,247			1,001			2,251			5,744			4,868
		1,566,541			1,838,456			752,440			907,776			2,766,223			2,440,243
Shares redeemed:
Class A		(7,008,814	)		(11,288,923	)		(5,608,923	)		(12,097,748	)		(10,775,717	)		(21,897,734	)
Class B		(725,442	)		(1,226,971	)		(1,172,062	)		(2,105,107	)		(2,227,927	)		(3,844,300	)
Class C		(5,400,592	)		(10,523,600	)		(5,672,268	)		(13,259,118	)		(10,665,950	)		(26,547,447	)
Class I		(343,920	)		(479,039	)		(370,863	)		(551,598	)		(541,850	)		(724,096	)
Class R		(97,617	)		(147,467	)		(28,615	)		(243,631	)		(79,823	)		(233,746	)
		(13,576,385	)		(23,666,000	)		(12,852,731	)		(28,257,202	)		(24,291,267	)		(53,247,323	)
Automatic conversions:
Class A		120,123			830,466			311,818			1,875,598			553,224			4,002,146
Class B		(120,772	)		(834,845	)		(318,158	)		(1,915,819	)		(552,336	)		(4,001,375	)
		(649	)		(4,379	)		(6,340	)		(40,221	)		888			771
Net increase (decrease) in shares outstanding:
Class A		(1,692,723	)		(1,568,753	)		(1,877,291	)		(4,506,588	)		(2,792,496	)		(6,939,419	)
Class B		(670,741	)		(1,641,929	)		(1,364,085	)		(3,748,668	)		(2,477,873	)		(7,381,038	)
Class C		(1,302,631	)		(1,934,236	)		(3,005,601	)		(8,770,418	)		(4,355,931	)		(15,470,314	)
Class I		365,648			720,321			(16,813	)		119,691			274,081			742,034
Class R		2,155			3,445			(3,320	)		(191,262	)		21,124			(57,341	)
		(3,298,292	)		(4,421,152	)		(6,267,110	)		(17,097,245	)		(9,331,095	)		(29,106,078	)

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

Transamerica Funds Semi-Annual Report 2013

Page    17

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation - Moderate Portfolio						Transamerica Multi-Manager Alternative Strategies Portfolio						Transamerica Multi-Manager International Portfolio
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	25,561,303		$	33,248,619		$	7,181,805		$	9,221,047		$	2,656,471		$	3,515,690
Net realized gain (loss) from investments in affiliated investment companies		48,482,573			64,688,879			(4,797,997	)		(919,948	)		3,903,263			(6,761,746	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		87,521,087			56,230,392			23,993,365			13,546,714			16,023,732			11,888,788
Net increase in net assets resulting from operations		161,564,963			154,167,890			26,377,173			21,847,813			22,583,466			8,642,732
Distributions to shareholders:
From net investment income:
Class A		(18,056,123	)		(17,705,148	)		(3,457,203	)		(3,927,564	)		(850,005	)		(3,129,095	)
Class B		(1,323,522	)		(1,545,909	)		—			—			(18,249	)		(240,789	)
Class C		(15,176,949	)		(14,760,116	)		(1,781,814	)		(2,403,229	)		(272,364	)		(2,299,476	)
Class I		(879,053	)		(617,860	)		(4,098,091	)		(3,397,670	)		(453,501	)		(853,157	)
Class R		(87,075	)		(82,664	)		—			—			—			—
		(35,522,722	)		(34,711,697	)		(9,337,108	)		(9,728,463	)		(1,594,119	)		(6,522,517	)
Total distributions to shareholders		(35,522,722	)		(34,711,697	)		(9,337,108	)		(9,728,463	)		(1,594,119	)		(6,522,517	)
Capital share transactions:
Proceeds from shares sold:
Class A		65,588,350			112,834,972			57,085,113			79,008,585			7,325,780			13,296,736
Class B		1,508,549			2,780,737			—			—			86,018			207,812
Class C		65,929,545			126,028,685			19,208,532			31,435,817			2,460,320			5,925,186
Class I		7,776,954			17,785,360			51,378,938			109,256,646			5,580,190			15,564,327
Class R		752,816			2,805,682			—			—			—			—
		141,556,214			262,235,436			127,672,583			219,701,048			15,452,308			34,994,061
Dividends and distributions reinvested:
Class A		17,136,926			16,590,498			3,216,996			3,361,610			792,546			2,855,626
Class B		1,235,319			1,399,905			—			—			16,177			208,985
Class C		12,492,438			11,684,903			1,558,515			2,025,883			214,910			1,783,550
Class I		685,578			402,529			2,754,700			2,236,290			249,056			314,930
Class R		73,933			53,930			—			—			—			—
		31,624,194			30,131,765			7,530,211			7,623,783			1,272,689			5,163,091
Cost of shares redeemed:
Class A		(102,473,353	)		(215,866,716	)		(32,253,558	)		(81,244,896	)		(18,433,974	)		(48,777,079	)
Class B		(15,440,001	)		(23,055,277	)		—			—			(1,195,512	)		(3,559,823	)
Class C		(102,939,159	)		(217,870,232	)		(18,107,497	)		(35,618,002	)		(13,264,758	)		(34,617,726	)
Class I		(8,537,830	)		(9,692,008	)		(32,112,004	)		(60,924,668	)		(4,661,435	)		(16,189,949	)
Class R		(1,150,479	)		(3,477,222	)		—			—			—			—
		(230,540,822	)		(469,961,455	)		(82,473,059	)		(177,787,566	)		(37,555,679	)		(103,144,577	)
Automatic conversions:
Class A		3,359,730			25,725,170			—			—			114,411			475,994
Class B		(3,359,730	)		(25,725,170	)		—			—			(114,411	)		(475,994	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions
		(57,360,414	)		(177,594,254	)		52,729,735			49,537,265			(20,830,682	)		(62,987,425	)
Net increase (decrease) in net assets		68,681,827			(58,138,061	)		69,769,800			61,656,615			158,665			(60,867,210	)
Net assets:
Beginning of period		2,092,658,642			2,150,796,703			495,101,514			433,444,899			217,181,373			278,048,583
End of period	$	2,161,340,469		$	2,092,658,642		$	564,871,314		$	495,101,514		$	217,340,038		$	217,181,373
Undistributed (accumulated) net investment income (loss)	$	1,962,316		$	11,923,735		$	639,189		$	2,794,492		$	(668,127	)	$	(1,730,479	)
Share activity:
Shares issued:
Class A		5,239,187			9,514,256			5,693,680			8,164,076			747,408			1,489,198
Class B		120,053			234,866			—			—			8,897			23,577
Class C		5,284,572			10,684,797			1,927,837			3,260,642			253,446			678,076
Class I		622,431			1,496,497			5,126,325			11,313,683			584,729			1,729,711
Class R		60,239			237,173			—			—			—			—
		11,326,482			22,167,589			12,747,842			22,738,401			1,594,480			3,920,562

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

Transamerica Funds Semi-Annual Report 2013

Page    18

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation - Moderate Portfolio						Transamerica Multi-Manager Alternative Strategies Portfolio						Transamerica Multi-Manager International Portfolio
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
Shares issued-reinvested from dividends and distributions:
Class A		1,408,129			1,506,857			325,607			364,996			83,076			357,401
Class B		100,677			126,345			—			—			1,697			26,156
Class C		1,028,184			1,063,230			158,386			220,685			22,574			223,502
Class I		56,426			36,627			279,098			243,075			26,216			39,514
Class R		6,095			4,916			—			—			—			—
		2,599,511			2,737,975			763,091			828,756			133,563			646,573
Shares redeemed:
Class A		(8,197,573	)		(18,178,499	)		(3,218,108	)		(8,434,154	)		(1,916,585	)		(5,466,984	)
Class B		(1,228,551	)		(1,939,352	)		—			—			(123,713	)		(405,633	)
Class C		(8,287,609	)		(18,457,412	)		(1,819,276	)		(3,694,489	)		(1,379,381	)		(3,926,174	)
Class I		(684,598	)		(818,979	)		(3,206,907	)		(6,322,189	)		(480,874	)		(1,841,270	)
Class R		(92,556	)		(296,319	)		—			—			—			—
		(18,490,887	)		(39,690,561	)		(8,244,291	)		(18,450,832	)		(3,900,553	)		(11,640,061	)
Automatic conversions:
Class A		268,885			2,177,561			—			—			11,816			53,581
Class B		(267,799	)		(2,172,255	)		—			—			(11,860	)		(53,785	)
		1,086			5,306			—			—			(44	)		(204	)
Net increase (decrease) in shares outstanding:
Class A		(1,281,372	)		(4,979,825	)		2,801,179			94,918			(1,074,285	)		(3,566,804	)
Class B		(1,275,620	)		(3,750,396	)		—			—			(124,979	)		(409,685	)
Class C		(1,974,853	)		(6,709,385	)		266,947			(213,162	)		(1,103,361	)		(3,024,596	)
Class I		(5,741	)		714,145			2,198,516			5,234,569			130,071			(72,045	)
Class R		(26,222	)		(54,230	)		—			—			—			—
		(4,563,808	)		(14,779,691	)		5,266,642			5,116,325			(2,172,554	)		(7,073,130	)

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

Transamerica Funds Semi-Annual Report 2013

Page    19

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Conservative Portfolio
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.73		$	11.17		$	11.22		$	10.42		$	8.99		$	12.40
Investment operations
Net investment income (A), (B)		0.19			0.28			0.30			0.35			0.40			0.36
Net realized and unrealized gain (loss) on affiliated investments		0.46			0.55			(0.06	)		0.83			1.46			(3.21	)
Total from investment operations		0.65			0.83			0.24			1.18			1.86			(2.85	)
Distributions
Net investment income		(0.19	)		(0.27	)		(0.29	)		(0.38	)		(0.43	)		(0.32	)
Net realized gains on affiliated investments		(0.04	)		—			—			—			—			(0.24	)
Total distributions		(0.23	)		(0.27	)		(0.29	)		(0.38	)		(0.43	)		(0.56	)
Net asset value
End of period/year	$	12.15		$	11.73		$	11.17		$	11.22		$	10.42		$	8.99
Total return (C)		5.64	%(D)		7.55	%		2.20	%		11.59	%		21.76	%		(23.86	)%
Net assets end of period/year (000’s)		$  492,617			$  495,444			$  489,240			$  485,473			$  360,558			$  268,516
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.58	%(F)		0.59	%		0.62	%		0.63	%		0.65	%		0.62	%
Before reimbursement/waiver or recapture		0.58	%(F)		0.59	%		0.62	%		0.63	%		0.65	%		0.62	%
Net investment income to average net assets (B)		3.20	%(F)		2.40	%		2.63	%		3.28	%		4.27	%		3.22	%
Portfolio turnover rate (G)		5	%(D)		20	%		31	%		16	%		27	%		10	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Conservative Portfolio
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.66		$	11.11		$	11.17		$	10.38		$	8.97		$	12.36
Investment operations
Net investment income (A), (B)		0.15			0.20			0.24			0.30			0.35			0.31
Net realized and unrealized gain (loss) on affiliated investments		0.46			0.55			(0.07	)		0.80			1.45			(3.22	)
Total from investment operations		0.61			0.75			0.17			1.10			1.80			(2.91	)
Distributions
Net investment income		(0.15	)		(0.20	)		(0.23	)		(0.31	)		(0.39	)		(0.24	)
Net realized gains on affiliated investments		(0.04	)		—			—			—			—			(0.24	)
Total distributions		(0.19	)		(0.20	)		(0.23	)		(0.31	)		(0.39	)		(0.48	)
Net asset value
End of period/year	$	12.08		$	11.66		$	11.11		$	11.17		$	10.38		$	8.97
Total return (C)		5.28	%(D)		6.81	%		1.50	%		10.82	%		21.01	%		(24.36	)%
Net assets end of period/year (000’s)		$  59,798			$  65,549			$  80,696		$	114,303		$	111,706			$  93,268
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.30	%(F)		1.28	%		1.27	%		1.26	%		1.28	%		1.24	%
Before reimbursement/waiver or recapture		1.30	%(F)		1.28	%		1.27	%		1.26	%		1.28	%		1.24	%
Net investment income to average net assets (B)		2.51	%(F)		1.78	%		2.08	%		2.81	%		3.71	%		2.72	%
Portfolio turnover rate (G)		5	%(D)		20	%		31	%		16	%		27	%		10	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    20

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Conservative Portfolio
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.64		$	11.09		$	11.16		$	10.37		$	8.96		$	12.35
Investment operations
Net investment income (A), (B)		0.15			0.20			0.23			0.29			0.34			0.29
Net realized and unrealized gain (loss) on affiliated investments		0.46			0.55			(0.06	)		0.82			1.46			(3.19	)
Total from investment operations		0.61			0.75			0.17			1.11			1.80			(2.90	)
Distributions
Net investment income		(0.15	)		(0.20	)		(0.24	)		(0.32	)		(0.39	)		(0.25	)
Net realized gains on affiliated investments		(0.04	)		—			—			—			—			(0.24	)
Total distributions		(0.19	)		(0.20	)		(0.24	)		(0.32	)		(0.39	)		(0.49	)
Net asset value
End of period/year	$	12.06		$	11.64		$	11.09		$	11.16		$	10.37		$	8.96
Total return (C)		5.33	%(D)		6.90	%		1.50	%		10.92	%		21.09	%		(24.30	)%
Net assets end of period/year (000’s)		$  589,471			$  584,283			$  578,193			$  601,625			$  488,315			$  364,153
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.24	%(F)		1.22	%		1.21	%		1.22	%		1.23	%		1.22	%
Before reimbursement/waiver or recapture		1.24	%(F)		1.22	%		1.21	%		1.22	%		1.23	%		1.22	%
Net investment income to average net assets (B)		2.54	%(F)		1.77	%		2.04	%		2.75	%		3.69	%		2.61	%
Portfolio turnover rate (G)		5	%(D)		20	%		31	%		16	%		27	%		10	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Conservative Portfolio
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value
Beginning of period/year	$	11.75		$	11.19		$	11.24		$	10.69
Investment operations
Net investment income (B), (C)		0.20			0.30			0.32			0.22
Net realized and unrealized gain (loss) on affiliated investments		0.47			0.56			(0.04	)		0.75
Total from investment operations		0.67			0.86			0.28			0.97
Distributions
Net investment income		(0.21	)		(0.30	)		(0.33	)		(0.42	)
Net realized gains on affiliated investments		(0.04	)		—			—			—
Total distributions		(0.25	)		(0.30	)		(0.33	)		(0.42	)
Net asset value
End of period/year	$	12.17		$	11.75		$	11.19		$	11.24
Total return (D)		5.81	%(E)		7.87	%		2.52	%		9.39	%(E)
Net assets end of period/year (000’s)		$  29,616			$  24,297			$  15,067			$  10,813
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.27	%(G)		0.25	%		0.26	%		0.28	%(G)
Before reimbursement/waiver or recapture		0.27	%(G)		0.25	%		0.26	%		0.28	%(G)
Net investment income to average net assets (C)		3.35	%(G)		2.58	%		2.83	%		2.24	%(G)
Portfolio turnover rate (H)		5	%(E)		20	%		31	%		16	%(E)

^(A)  Commenced operations November 30, 2009.

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

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    21

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Conservative Portfolio
	Class R
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.81		$	11.24		$	11.29		$	10.49		$	9.05		$	12.47
Investment operations
Net investment income (A), (B)		0.19			0.26			0.28			0.27			0.37			0.35
Net realized and unrealized gain (loss) on affiliated investments		0.45			0.55			(0.07	)		0.88			1.49			(3.23	)
Total from investment operations		0.64			0.81			0.21			1.15			1.86			(2.88	)
Distributions
Net investment income		(0.18	)		(0.24	)		(0.26	)		(0.35	)		(0.42	)		(0.30	)
Net realized gains on affiliated investments		(0.04	)		—			—			—			—			(0.24	)
Total distributions		(0.22	)		(0.24	)		(0.26	)		(0.35	)		(0.42	)		(0.54	)
Net asset value
End of period/year	$	12.23		$	11.81		$	11.24		$	11.29		$	10.49		$	9.05
Total return (C)		5.51	%(D)		7.30	%		1.90	%		11.23	%		21.59	%		(23.98	)%
Net assets end of period/year (000’s)		$  2,707			$  2,589			$  2,425			$  3,061			$  1,509			$  1,089
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.82	%(F)		0.85	%		0.90	%		0.88	%		0.89	%		0.82	%
Before reimbursement/waiver or recapture		0.82	%(F)		0.85	%		0.90	%		0.88	%		0.89	%		0.82	%
Net investment income to average net assets (B)		3.21	%(F)		2.23	%		2.50	%		2.56	%		3.97	%		3.14	%
Portfolio turnover rate (G)		5	%(D)		20	%		31	%		16	%		27	%		10	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Growth Portfolio
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.37		$	11.49		$	11.36		$	9.92		$	8.87		$	15.46
Investment operations
Net investment income (A), (B)		0.14			0.07			0.07			0.05			0.12			0.15
Net realized and unrealized gain (loss) on affiliated investments		1.47			0.94			0.11			1.48			1.12			(6.29	)
Total from investment operations		1.61			1.01			0.18			1.53			1.24			(6.14	)
Distributions
Net investment income		(0.14	)		(0.13	)		(0.05	)		(0.09	)		(0.19	)		(0.02	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.43	)
Total distributions		(0.14	)		(0.13	)		(0.05	)		(0.09	)		(0.19	)		(0.45	)
Net asset value
End of period/year	$	13.84		$	12.37		$	11.49		$	11.36		$	9.92		$	8.87
Total return (C)		13.14	%(D)		8.96	%		1.59	%		15.55	%		14.46	%		(40.75	)%
Net assets end of period/year (000’s)		$  647,434			$  601,498			$  610,951			$  645,459			$  574,500			$  495,257
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.64	%(F)		0.65	%		0.67	%		0.68	%		0.73	%		0.65	%
Before reimbursement/waiver or recapture		0.64	%(F)		0.65	%		0.67	%		0.68	%		0.73	%		0.65	%
Net investment income to average net assets (B)		2.25	%(F)		0.56	%		0.58	%		0.45	%		1.41	%		1.20	%
Portfolio turnover rate (G)		13	%(D)		21	%		30	%		10	%		47	%		12	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    22

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Growth Portfolio
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.07		$	11.20		$	11.09		$	9.70		$	8.63		$	15.13
Investment operations
Net investment income (loss) (A), (B)		0.10			(0.01	)		—	(C)		(0.02	)		0.07			0.08
Net realized and unrealized gain (loss) on affiliated investments		1.44			0.91			0.11			1.44			1.10			(6.15	)
Total from investment operations		1.54			0.90			0.11			1.42			1.17			(6.07	)
Distributions
Net investment income		(0.03	)		(0.03	)		—			(0.03	)		(0.10	)		—
Net realized gains on affiliated investments		—			—			—			—			—			(0.43	)
Total distributions		(0.03	)		(0.03	)		—			(0.03	)		(0.10	)		(0.43	)
Net asset value
End of period/year	$	13.58		$	12.07		$	11.20		$	11.09		$	9.70		$	8.63
Total return (D)		12.79	%(E)		8.08	%		0.99	%		14.65	%		13.78	%		(41.15	)%
Net assets end of period/year (000’s)		$  101,400			$  106,594			$  140,909			$  184,263			$  192,054			$  196,817
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		1.41	%(G)		1.38	%		1.36	%		1.35	%		1.40	%		1.30	%
Before reimbursement/waiver or recapture		1.41	%(G)		1.38	%		1.36	%		1.35	%		1.40	%		1.30	%
Net investment income (loss) to average net assets (B)		1.52	%(G)		(0.12	)%		(0.02	)%		(0.18	)%		0.84	%		0.67	%
Portfolio turnover rate (H)		13	%(E)		21	%		30	%		10	%		47	%		12	%

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Growth Portfolio
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.06		$	11.20		$	11.09		$	9.69		$	8.64		$	15.13
Investment operations
Net investment income (loss) (A), (B)		0.10			(0.01	)		—	(C)		(0.01	)		0.08			0.08
Net realized and unrealized gain (loss) on affiliated investments		1.44			0.92			0.11			1.45			1.08			(6.14	)
Total from investment operations		1.54			0.91			0.11			1.44			1.16			(6.06	)
Distributions
Net investment income		(0.06	)		(0.05	)		—			(0.04	)		(0.11	)		—
Net realized gains on affiliated investments		—			—			—			—			—			(0.43	)
Total distributions		(0.06	)		(0.05	)		—			(0.04	)		(0.11	)		(0.43	)
Net asset value
End of period/year	$	13.54		$	12.06		$	11.20		$	11.09		$	9.69		$	8.64
Total return (D)		12.79	%(E)		8.22	%		0.99	%		14.86	%		13.72	%		(41.08	)%
Net assets end of period/year (000’s)		$  666,033			$  629,208			$  682,872			$  774,914			$  763,086			$  751,881
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		1.32	%(G)		1.29	%		1.29	%		1.29	%		1.33	%		1.26	%
Before reimbursement/waiver or recapture		1.32	%(G)		1.29	%		1.29	%		1.29	%		1.33	%		1.26	%
Net investment income (loss) to average net assets (B)		1.57	%(G)		(0.08	)%		—	%(H)		(0.12	)%		0.90	%		0.62	%
Portfolio turnover rate (I)		13	%(E)		21	%		30	%		10	%		47	%		12	%

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

Note: Prior to November 1, 2009, 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 2013

Page    23

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Growth Portfolio
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value
Beginning of period/year	$	12.39		$	11.53		$	11.39		$	10.35
Investment operations
Net investment income (loss) (B), (C)		0.17			0.10			0.11			(0.02	)
Net realized and unrealized gain on affiliated investments		1.47			0.94			0.13			1.20
Total from investment operations		1.64			1.04			0.24			1.18
Distributions
Net investment income		(0.19	)		(0.18	)		(0.10	)		(0.14	)
Total distributions		(0.19	)		(0.18	)		(0.10	)		(0.14	)
Net asset value
End of period/year	$	13.84		$	12.39		$	11.53		$	11.39
Total return (D)		13.41	%(E)		9.28	%		2.10	%		11.57	%(E)
Net assets end of period/year (000’s)		$  19,005			$  17,219			$  14,642			$  13,112
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.27	%(G)		0.25	%		0.27	%		0.30	%(G)
Before reimbursement/waiver or recapture		0.27	%(G)		0.25	%		0.27	%		0.30	%(G)
Net investment income (loss) to average net assets (C)		2.59	%(G)		0.86	%		0.93	%		(0.15	)%(G)
Portfolio turnover rate (H)		13	%(E)		21	%		30	%		10	%(E)

^(A)  Commenced operations November 30, 2009.

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

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Growth Portfolio
	Class R
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.27		$	11.39		$	11.27		$	9.85		$	8.84		$	15.40
Investment operations
Net investment income (A), (B)		0.13			0.06			0.05			0.01			0.10			0.07
Net realized and unrealized gain (loss) on affiliated investments		1.47			0.92			0.11			1.49			1.12			(6.20	)
Total from investment operations		1.60			0.98			0.16			1.50			1.22			(6.13	)
Distributions
Net investment income		(0.10	)		(0.10	)		(0.04	)		(0.08	)		(0.21	)		—
Net realized gains on affiliated investments		—			—			—			—			—			(0.43	)
Total distributions		(0.10	)		(0.10	)		(0.04	)		(0.08	)		(0.21	)		(0.43	)
Net asset value
End of period/year	$	13.77		$	12.27		$	11.39		$	11.27		$	9.85		$	8.84
Total return (C)		13.09	%(D)		8.76	%		1.45	%		15.35	%		14.35	%		(40.81	)%
Net assets end of period/year (000’s)		$  1,818			$  1,661			$  3,722			$  3,762			$  2,704			$  1,570
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.85	%(F)		0.82	%		0.82	%		0.84	%		0.85	%		0.83	%
Before reimbursement/waiver or recapture		0.85	%(F)		0.82	%		0.82	%		0.84	%		0.85	%		0.83	%
Net investment income to average net assets (B)		2.10	%(F)		0.52	%		0.44	%		0.15	%		1.09	%		0.57	%
Portfolio turnover rate (G)		13	%(D)		21	%		30	%		10	%		47	%		12	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    24

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.34		$	11.55		$	11.59		$	10.39		$	9.20		$	14.58
Investment operations
Net investment income (A), (B)		0.17			0.16			0.19			0.19			0.28			0.26
Net realized and unrealized gain (loss) on affiliated investments		1.13			0.80			(0.06	)		1.27			1.25			(5.04	)
Total from investment operations		1.30			0.96			0.13			1.46			1.53			(4.78	)
Distributions
Net investment income		(0.22	)		(0.17	)		(0.17	)		(0.23	)		(0.34	)		(0.19	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.41	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.22	)		(0.17	)		(0.17	)		(0.26	)		(0.34	)		(0.60	)
Net asset value
End of period/year	$	13.42		$	12.34		$	11.55		$	11.59		$	10.39		$	9.20
Total return (C)		10.67	%(D)		8.48	%		1.09	%		14.35	%		17.47	%		(34.01	)%
Net assets end of period/year (000’s)		$  1,247,410			$  1,181,926			$  1,186,790			$  1,202,885			$  1,044,810			$  901,766
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.59	%(F)		0.60	%		0.62	%		0.62	%		0.66	%		0.60	%
Before reimbursement/waiver or recapture		0.59	%(F)		0.60	%		0.62	%		0.62	%		0.66	%		0.60	%
Net investment income to average net assets (B)		2.68	%(F)		1.30	%		1.58	%		1.80	%		2.99	%		2.12	%
Portfolio turnover rate (G)		11	%(D)		25	%		35	%		17	%		37	%		13	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.32		$	11.50		$	11.53		$	10.34		$	9.12		$	14.45
Investment operations
Net investment income (A), (B)		0.13			0.08			0.12			0.13			0.22			0.19
Net realized and unrealized gain (loss) on affiliated investments		1.12			0.80			(0.07	)		1.25			1.24			(5.01	)
Total from investment operations		1.25			0.88			0.05			1.38			1.46			(4.82	)
Distributions
Net investment income		(0.11	)		(0.06	)		(0.08	)		(0.16	)		(0.24	)		(0.10	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.41	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.11	)		(0.06	)		(0.08	)		(0.19	)		(0.24	)		(0.51	)
Net asset value
End of period/year	$	13.46		$	12.32		$	11.50		$	11.53		$	10.34		$	9.12
Total return (C)		10.19	%(D)		7.73	%		0.43	%		13.57	%		16.69	%		(34.44	)%
Net assets end of period/year (000’s)		$  199,454			$  213,032			$  283,905			$  383,062			$  394,275			$  389,429
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.36	%(F)		1.33	%		1.31	%		1.30	%		1.33	%		1.27	%
Before reimbursement/waiver or recapture		1.36	%(F)		1.33	%		1.31	%		1.30	%		1.33	%		1.27	%
Net investment income to average net assets (B)		1.98	%(F)		0.65	%		1.02	%		1.19	%		2.39	%		1.54	%
Portfolio turnover rate (G)		11	%(D)		25	%		35	%		17	%		37	%		13	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    25

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.26		$	11.47		$	11.50		$	10.32		$	9.11		$	14.45
Investment operations
Net investment income (A), (B)		0.13			0.08			0.12			0.13			0.22			0.18
Net realized and unrealized gain (loss) on affiliated investments		1.11			0.80			(0.05	)		1.25			1.25			(5.00	)
Total from investment operations		1.24			0.88			0.07			1.38			1.47			(4.82	)
Distributions
Net investment income		(0.13	)		(0.09	)		(0.10	)		(0.17	)		(0.26	)		(0.11	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.41	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.13	)		(0.09	)		(0.10	)		(0.20	)		(0.26	)		(0.52	)
Net asset value
End of period/year	$	13.37		$	12.26		$	11.47		$	11.50		$	10.32		$	9.11
Total return (C)		10.21	%(D)		7.74	%		0.56	%		13.58	%		16.77	%		(34.44	)%
Net assets end of period/year (000’s)		$  1,446,684			$  1,379,454			$  1,468,164			$  1,606,227			$  1,513,954			$  1,455,012
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.28	%(F)		1.25	%		1.25	%		1.25	%		1.28	%		1.23	%
Before reimbursement/waiver or recapture		1.28	%(F)		1.25	%		1.25	%		1.25	%		1.28	%		1.23	%
Net investment income to average net assets (B)		2.00	%(F)		0.66	%		0.99	%		1.20	%		2.43	%		1.49	%
Portfolio turnover rate (G)		11	%(D)		25	%		35	%		17	%		37	%		13	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value
Beginning of period/year	$	12.36		$	11.58		$	11.61		$	10.76
Investment operations
Net investment income (B), (C)		0.19			0.18			0.21			0.09
Net realized and unrealized gain (loss) on affiliated investments		1.12			0.81			(0.03	)		1.07
Total from investment operations		1.31			0.99			0.18			1.16
Distributions
Net investment income		(0.26	)		(0.21	)		(0.21	)		(0.28	)
Return of capital		—			—			—			(0.03	)
Total distributions		(0.26	)		(0.21	)		(0.21	)		(0.31	)
Net asset value
End of period/year	$	13.41		$	12.36		$	11.58		$	11.61
Total return (D)		10.82	%(E)		8.82	%		1.54	%		11.07	%(E)
Net assets end of period/year (000’s)		$  40,719			$  34,145			$  23,403			$  16,293
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.27	%(G)		0.25	%		0.26	%		0.29	%(G)
Before reimbursement/waiver or recapture		0.27	%(G)		0.25	%		0.26	%		0.29	%(G)
Net investment income to average net assets (C)		2.95	%(G)		1.53	%		1.74	%		0.89	%(G)
Portfolio turnover rate (H)		11	%(E)		25	%		35	%		17	%(E)

^(A)  Commenced operations November 30, 2009.

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

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    26

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class R
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.28		$	11.50		$	11.53		$	10.36		$	9.18		$	14.54
Investment operations
Net investment income (A), (B)		0.16			0.14			0.17			0.15			0.25			0.22
Net realized and unrealized gain (loss) on affiliated investments		1.11			0.79			(0.04	)		1.28			1.26			(5.00	)
Total from investment operations		1.27			0.93			0.13			1.43			1.51			(4.78	)
Distributions
Net investment income		(0.19	)		(0.15	)		(0.16	)		(0.23	)		(0.33	)		(0.17	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.41	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.19	)		(0.15	)		(0.16	)		(0.26	)		(0.33	)		(0.58	)
Net asset value
End of period/year	$	13.36		$	12.28		$	11.50		$	11.53		$	10.36		$	9.18
Total return (C)		10.52	%(D)		8.21	%		1.06	%		14.08	%		17.29	%		(34.08	)%
Net assets end of period/year (000’s)		$  5,685			$  4,965			$  5,306			$  5,413			$  2,873			$  1,969
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.79	%(F)		0.77	%		0.77	%		0.79	%		0.82	%		0.76	%
Before reimbursement/waiver or recapture		0.79	%(F)		0.77	%		0.77	%		0.79	%		0.82	%		0.76	%
Net investment income to average net assets (B)		2.52	%(F)		1.14	%		1.43	%		1.43	%		2.68	%		1.74	%
Portfolio turnover rate (G)		11	%(D)		25	%		35	%		17	%		37	%		13	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Portfolio
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.26		$	11.60		$	11.59		$	10.62		$	9.29		$	13.69
Investment operations
Net investment income (A), (B)		0.18			0.23			0.26			0.30			0.36			0.33
Net realized and change in unrealized gain (loss) on affiliated investments		0.81			0.67			(0.02	)		1.04			1.40			(4.05	)
Total from investment operations		0.99			0.90			0.24			1.34			1.76			(3.72	)
Distributions
Net investment income		(0.26	)		(0.24	)		(0.23	)		(0.37	)		(0.43	)		(0.28	)
Net realized gain on investments		—			—			—			—			—			(0.40	)
Total distributions		(0.26	)		(0.24	)		(0.23	)		(0.37	)		(0.43	)		(0.68	)
Net asset value
End of period/year	$	12.99		$	12.26		$	11.60		$	11.59		$	10.62		$	9.29
Total return (C)		8.21	%(D)		7.95	%		2.10	%		12.95	%		19.99	%		(28.41	)%
Net assets end of period/year (000’s)		$  901,052			$  866,505			$  877,866			$  857,469			$  694,532			$  545,646
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.57	%(F)		0.58	%		0.61	%		0.61	%		0.63	%		0.59	%
Before reimbursement/waiver or recapture		0.57	%(F)		0.58	%		0.61	%		0.61	%		0.63	%		0.59	%
Net investment income to average net assets (B)		2.82	%(F)		1.93	%		2.23	%		2.78	%		3.76	%		2.79	%
Portfolio turnover rate (G)		8	%(D)		22	%		30	%		16	%		30	%		12	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    27

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Portfolio
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.26		$	11.58		$	11.55		$	10.59		$	9.23		$	13.59
Investment operations
Net investment income (A), (B)		0.13			0.15			0.20			0.24			0.30			0.27
Net realized and change in unrealized gain (loss) on affiliated investments		0.81			0.65			(0.03	)		1.02			1.39			(4.05	)
Total from investment operations		0.94			0.80			0.17			1.26			1.69			(3.78	)
Distributions
Net investment income		(0.15	)		(0.12	)		(0.14	)		(0.30	)		(0.33	)		(0.18	)
Net realized gain on investments		—			—			—			—			—			(0.40	)
Total distributions		(0.15	)		(0.12	)		(0.14	)		(0.30	)		(0.33	)		(0.58	)
Net asset value
End of period/year	$	13.05		$	12.26		$	11.58		$	11.55		$	10.59		$	9.23
Total return (C)		7.73	%(D)		7.06	%		1.49	%		12.13	%		19.16	%		(28.87	)%
Net assets end of period/year (000’s)		$  106,396			$  115,595			$  152,538			$  220,658			$  228,151			$  223,209
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.37	%(F)		1.31	%		1.28	%		1.28	%		1.30	%		1.25	%
Before reimbursement/waiver or recapture		1.37	%(F)		1.31	%		1.28	%		1.28	%		1.30	%		1.25	%
Net investment income to average net assets (B)		2.07	%(F)		1.28	%		1.69	%		2.24	%		3.23	%		2.26	%
Portfolio turnover rate (G)		8	%(D)		22	%		30	%		16	%		30	%		12	%

^(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.

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Portfolio
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.17		$	11.52		$	11.50		$	10.55		$	9.21		$	13.58
Investment operations
Net investment income (A), (B)		0.13			0.15			0.19			0.24			0.30			0.26
Net realized and change in unrealized gain (loss) on affiliated investments		0.81			0.66			(0.01	)		1.02			1.39			(4.03	)
Total from investment operations		0.94			0.81			0.18			1.26			1.69			(3.77	)
Distributions
Net investment income		(0.18	)		(0.16	)		(0.16	)		(0.31	)		(0.35	)		(0.20	)
Net realized gain on investments		—			—			—			—			—			(0.40	)
Total distributions		(0.18	)		(0.16	)		(0.16	)		(0.31	)		(0.35	)		(0.60	)
Net asset value
End of period/year	$	12.93		$	12.17		$	11.52		$	11.50		$	10.55		$	9.21
Total return (C)		7.79	%(D)		7.17	%		1.50	%		12.22	%		19.24	%		(28.87	)%
Net assets end of period/year (000’s)		$  1,110,393			$  1,069,033			$  1,088,747			$  1,142,029			$  997,766			$  876,977
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.25	%(F)		1.23	%		1.22	%		1.22	%		1.24	%		1.21	%
Before reimbursement/waiver or recapture		1.25	%(F)		1.23	%		1.22	%		1.22	%		1.24	%		1.21	%
Net investment income to average net assets (B)		2.15	%(F)		1.28	%		1.64	%		2.21	%		3.25	%		2.21	%
Portfolio turnover rate (G)		8	%(D)		22	%		30	%		16	%		30	%		12	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    28

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Portfolio
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value
Beginning of period/year	$	12.28		$	11.63		$	11.61		$	10.94
Investment operations
Net investment income (B), (C)		0.19			0.25			0.28			0.17
Net realized and change in unrealized gain on affiliated investments		0.81			0.68			0.01			0.91
Total from investment operations		1.00			0.93			0.29			1.08
Distributions
Net investment income		(0.30	)		(0.28	)		(0.27	)		(0.41	)
Total distributions		(0.30	)		(0.28	)		(0.27	)		(0.41	)
Net asset value
End of period/year	$	12.98		$	12.28		$	11.63		$	11.61
Total return (D)		8.32	%(E)		8.26	%		2.53	%		10.27	%(E)
Net assets end of period/year (000’s)		$  38,585			$  36,572			$  26,332			$  17,853
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.26	%(G)		0.25	%		0.26	%		0.28	%(G)
Before reimbursement/waiver or recapture		0.26	%(G)		0.25	%		0.26	%		0.28	%(G)
Net investment income to average net assets (C)		3.12	%(G)		2.11	%		2.42	%		1.73	%(G)
Portfolio turnover rate (H)		8	%(E)		22	%		30	%		16	%(E)

^(A)  Commenced operations November 30, 2009.

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

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

For a share outstanding throughout each period	Transamerica Asset Allocation - Moderate Portfolio
	Class R
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.20		$	11.54		$	11.53		$	10.58		$	9.28		$	13.65
Investment operations
Net investment income (A), (B)		0.16			0.20			0.23			0.24			0.32			0.28
Net realized and change in unrealized gain (loss) on affiliated investments		0.80			0.67			—	(C)		1.06			1.42			(4.02	)
Total from investment operations		0.96			0.87			0.23			1.30			1.74			(3.74	)
Distributions
Net investment income		(0.23	)		(0.21	)		(0.22	)		(0.35	)		(0.44	)		(0.23	)
From net realized gain on investments		—			—			—			—			—			(0.40	)
Total distributions		(0.23	)		(0.21	)		(0.22	)		(0.35	)		(0.44	)		(0.63	)
Net asset value
End of period/year	$	12.93		$	12.20		$	11.54		$	11.53		$	10.58		$	9.28
Total return (D)		8.00	%(E)		7.72	%		2.01	%		12.60	%		19.81	%		(28.57	)%
Net assets end of period/year (000’s)		$  4,915			$  4,954			$  5,314			$  4,278			$  2,211			$    959
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.76	%(G)		0.79	%		0.82	%		0.83	%		0.86	%		0.87	%
Before reimbursement/waiver or recapture		0.76	%(G)		0.79	%		0.82	%		0.83	%		0.86	%		0.87	%
Net investment income to average net assets (B)		2.58	%(G)		1.71	%		2.00	%		2.23	%		3.38	%		2.37	%
Portfolio turnover rate (H)		8	%(E)		22	%		30	%		16	%		30	%		12	%

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

Note: Prior to November 1, 2009, 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 2013

Page    29

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.92		$	9.68		$	9.82		$	9.35		$	8.30		$	10.78
Investment operations
Net investment income (A), (B)		0.14			0.21			0.15			0.14			0.29			0.20
Net realized and unrealized gain (loss) on affiliated investments		0.36			0.25			(0.23	)		0.58			1.08			(2.43	)
Total from investment operations		0.50			0.46			(0.08	)		0.72			1.37			(2.23	)
Distributions
Net investment income		(0.19	)		(0.22	)		(0.06	)		(0.15	)		(0.32	)		(0.25	)
Return of capital		—			—			—			(0.10	)		—			—
Total distributions		(0.19	)		(0.22	)		(0.06	)		(0.25	)		(0.32	)		(0.25	)
Net asset value
End of period/year	$	10.23		$	9.92		$	9.68		$	9.82		$	9.35		$	8.30
Total return (C)		5.15	%(D)		4.95	%		(0.77	)%		7.83	%		17.21	%		(21.08	)%
Net assets end of period/year (000’s)		$  211,092			$  176,808			$  171,567			$  128,041			$  119,693			$  97,482
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.72	%(F)		0.74	%		0.76	%		0.80	%		0.81	%		0.84	%
Before reimbursement/waiver or recapture		0.72	%(F)		0.74	%		0.76	%		0.80	%		0.81	%		0.77	%
Net investment income to average net assets (B)		2.82	%(F)		2.19	%		1.53	%		1.51	%		3.43	%		1.98	%
Portfolio turnover rate (G)		58	%(D)		62	%		31	%		35	%		18	%		5	%

^(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.

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

For a share outstanding throughout each period	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.82		$	9.59		$	9.73		$	9.27		$	8.23		$	10.72
Investment operations
Net investment income (A), (B)		0.11			0.14			0.09			0.08			0.24			0.15
Net realized and unrealized gain (loss) on affiliated investments		0.36			0.25			(0.22	)		0.57			1.06			(2.42	)
Total from investment operations		0.47			0.39			(0.13	)		0.65			1.30			(2.27	)
Distributions
Net investment income		(0.12	)		(0.16	)		(0.01	)		(0.09	)		(0.26	)		(0.22	)
Net realized gain on investments		—			—			—			(0.10	)		—			—
Total distributions		(0.12	)		(0.16	)		(0.01	)		(0.19	)		(0.26	)		(0.22	)
Net asset value
End of period/year	$	10.17		$	9.82		$	9.59		$	9.73		$	9.27		$	8.23
Total return (C)		4.86	%(D)		4.21	%		(1.35	)%		7.12	%		16.37	%		(21.52	)%
Net assets end of period/year (000’s)		$  150,532			$  142,788			$  141,413			$  114,662			$  96,376			$  89,701
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.45	%(F)		1.41	%		1.42	%		1.44	%		1.45	%		1.52	%
Before reimbursement/waiver or recapture		1.45	%(F)		1.41	%		1.42	%		1.44	%		1.45	%		1.43	%
Net investment income (loss) to average net assets (B)		2.17	%(F)		1.47	%		0.91	%		0.82	%		2.92	%		1.53	%
Portfolio turnover rate (G)		58	%(D)		62	%		31	%		35	%		18	%		5	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    30

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	9.94		$	9.70		$	9.84		$	9.49
Investment operations
Net investment income (B), (C)		0.16			0.23			0.15			0.07
Net realized and unrealized gain (loss) on affiliated investments		0.37			0.27			(0.19	)		0.57
Total from investment operations		0.53			0.50			(0.04	)		0.64
Distributions
Net investment income		(0.23	)		(0.26	)		(0.10	)		(0.19	)
Return of capital		—			—			—			(0.10	)
Total distributions		(0.23	)		(0.26	)		(0.10	)		(0.29	)
Net asset value
End of period/year	$	10.24		$	9.94		$	9.70		$	9.84
Total return (D)		5.41	%(E)		5.34	%		(0.47	)%		6.90	%(E)
Net assets end of period/year (000’s)		$  203,247			$  175,506			$  120,465			$  34,131
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.40	%(G)		0.37	%		0.40	%		0.50	%(G)
Before reimbursement/waiver or recapture		0.40	%(G)		0.37	%		0.40	%		0.50	%(G)
Net investment income (loss) to average net assets (C)		3.20	%(G)		2.37	%		1.56	%		0.82	%(G)
Portfolio turnover rate (H)		58	%(E)		62	%		31	%		35	%(E)

^(A) Commenced operations November 30, 2009.

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

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

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

^(E) Not annualized.

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

^(G) Annualized.

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

For a share outstanding throughout each period	Transamerica Multi-Manager International Portfolio
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.22		$	9.09		$	9.84		$	8.53		$	6.57		$	13.24
Investment operations
Net investment income (A), (B)		0.13			0.16			0.08			0.09			0.17			0.27
Net realized and unrealized gain (loss) on affiliated investments		0.90			0.22			(0.75	)		1.33			1.84			(6.53	)
Total from investment operations		1.03			0.38			(0.67	)		1.42			2.01			(6.26	)
Distributions
Net investment income		(0.10	)		(0.25	)		(0.08	)		(0.11	)		(0.05	)		(0.32	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.09	)
Total distributions		(0.10	)		(0.25	)		(0.08	)		(0.11	)		(0.05	)		(0.41	)
Net asset value
End of period/year	$	10.15		$	9.22		$	9.09		$	9.84		$	8.53		$	6.57
Total return (C)		11.21	%(D)		4.65	%		(6.90	)%		16.80	%		30.86	%		(48.61	)%
Net assets end of period/year (000’s)		$  84,665			$  86,834			$  118,070			$  135,479			$  134,751			$  103,077
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		0.71	%(F)		0.68	%		0.67	%		0.70	%		0.74	%		0.65	%
Before reimbursement/waiver or recapture		0.71	%(F)		0.68	%		0.67	%		0.70	%		0.74	%		0.65	%
Net investment income to average net assets (B)		2.75	%(F)		1.79	%		0.77	%		1.04	%		2.35	%		2.59	%
Portfolio turnover rate (G)		14	%(D)		41	%		13	%		11	%		32	%		38	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    31

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Multi-Manager International Portfolio
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.16		$	9.00		$	9.74		$	8.45		$	6.50		$	13.13
Investment operations
Net investment income (A), (B)		0.10			0.09			0.01			0.02			0.01			0.21
Net realized and unrealized gain (loss) on affiliated investments		0.88			0.24			(0.75	)		1.32			1.94			(6.50	)
Total from investment operations		0.98			0.33			(0.74	)		1.34			1.95			(6.29	)
Distributions
Net investment income		(0.02	)		(0.17	)		—	(C)		(0.05	)		—			(0.25	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.09	)
Total distributions		(0.02	)		(0.17	)		—	(C)		(0.05	)		—			(0.34	)
Net asset value
End of period/year	$	10.12		$	9.16		$	9.00		$	9.74		$	8.45		$	6.50
Total return (D)		10.68	%(E)		3.92	%		(7.59	)%		15.95	%		30.00	%		(49.04	)%
Net assets end of period/year (000’s)		$  9,622			$  9,847			$  13,373			$  18,432			$  18,010			$  15,781
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		1.45	%(G)		1.45	%		1.45	%		1.45	%		1.45	%		1.42	%
Before reimbursement/waiver or recapture		1.60	%(G)		1.54	%		1.48	%		1.49	%		1.57	%		1.42	%
Net investment income to average net assets (B)		2.06	%(G)		1.05	%		0.11	%		0.19	%		0.08	%		1.95	%
Portfolio turnover rate (H)		14	%(E)		41	%		13	%		11	%		32	%		38	%

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

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

^(E) Not annualized.

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

^(G) Annualized.

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

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

For a share outstanding throughout each period	Transamerica Multi-Manager International Portfolio
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.15		$	9.01		$	9.75		$	8.45		$	6.50		$	13.13
Investment operations
Net investment income (A), (B)		0.10			0.09			0.02			0.02			0.03			0.21
Net realized and unrealized gain (loss) on affiliated investments		0.89			0.23			(0.74	)		1.33			1.92			(6.49	)
Total from investment operations		0.99			0.32			(0.72	)		1.35			1.95			(6.28	)
Distributions
Net investment income		(0.03	)		(0.18	)		(0.02	)		(0.05	)		—			(0.26	)
Net realized gains on affiliated investments		—			—			—			—			—			(0.09	)
Total distributions		(0.03	)		(0.18	)		(0.02	)		(0.05	)		—			(0.35	)
Net asset value
End of period/year	$	10.11		$	9.15		$	9.01		$	9.75		$	8.45		$	6.50
Total return (C)		10.82	%(D)		3.87	%		(7.42	)%		16.10	%		30.00	%		(48.98	)%
Net assets end of period/year (000’s)		$  90,515			$  92,050			$  117,858			$  144,849			$  132,777			$  128,742
Ratio and supplemental data
Expenses to average net assets: (E)
After reimbursement/waiver or recapture		1.45	%(F)		1.38	%		1.34	%		1.36	%		1.43	%		1.31	%
Before reimbursement/waiver or recapture		1.45	%(F)		1.38	%		1.34	%		1.36	%		1.43	%		1.31	%
Net investment income to average net assets (B)		2.04	%(F)		1.07	%		0.16	%		0.27	%		0.50	%		2.01	%
Portfolio turnover rate (G)		14	%(D)		41	%		13	%		11	%		32	%		38	%

^(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.

Note: Prior to November 1, 2009, 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 2013

Page    32

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Multi-Manager International Portfolio
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010 (A)
Net asset value
Beginning of period/year	$	9.23		$	9.11		$	9.86		$	8.84
Investment operations
Net investment income (loss) (B), (C)		0.15			0.16			0.11			(0.02	)
Net realized and unrealized gain (loss) on affiliated investments		0.88			0.25			(0.74	)		1.19
Total from investment operations		1.03			0.41			(0.63	)		1.17
Distributions
Net investment income		(0.14	)		(0.29	)		(0.12	)		(0.15	)
Total distributions		(0.14	)		(0.29	)		(0.12	)		(0.15	)
Net asset value
End of period/year	$	10.12		$	9.23		$	9.11		$	9.86
Total return (D)		11.29	%(E)		5.07	%		(6.49	)%		13.41	%(E)
Net assets end of period/year (000’s)		$  32,539			$  28,450			$  28,748			$  28,047
Ratio and supplemental data
Expenses to average net assets: (F)
After reimbursement/waiver or recapture		0.33	%(G)		0.28	%		0.29	%		0.34	%(G)
Before reimbursement/waiver or recapture		0.33	%(G)		0.28	%		0.29	%		0.34	%(G)
Net investment income (loss) to average net assets (C)		3.11	%(G)		1.87	%		1.12	%		(0.21	)%(G)
Portfolio turnover rate (H)		14	%(E)		41	%		13	%		11	%(E)

^(A)  Commenced operations November 30, 2009.

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

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

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

^(E)  Not annualized.

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

^(G)  Annualized.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    33

NOTES TO FINANCIAL STATEMENTS

At April 30, 2013

(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 series of the Trust.

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

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

This report should be read in conjunction with the Funds’ current prospectus, which contains additional 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 a repurchase agreement are held at the Funds’ custodian, or designated subcustodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

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

The restricted and illiquid securities at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

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

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

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

Transamerica Funds Semi-Annual Report 2013

Page    34

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 2. (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.

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

The Funds’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the investment valuations as well as the fair valuation guidelines.

The availability of observable inputs may vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    35

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 2. (continued)

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

Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized as Level 3 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are traded on inactive markets or valued by reference to similar instruments and are generally categorized as Level 2.

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 observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments, at April 30, 2013, is disclosed in the Valuation Summary of each Fund’s Schedule of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

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

Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the investment companies in which the Funds invest. The Funds have material ownership interests in the Underlying Funds.

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

Fund Name/Breakpoint	Rate
Transamerica Asset Allocation - Conservative Portfolio
ANA	0.10%
Transamerica Asset Allocation - Growth Portfolio
ANA	0.10
Transamerica Asset Allocation - Moderate Growth Portfolio
ANA	0.10
Transamerica Asset Allocation - Moderate Portfolio
ANA	0.10

Fund Name/Breakpoint	Rate
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%

Transamerica Funds Semi-Annual Report 2013

Page    36

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

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

Fund Name	Expense Limit			Maximum Operating Expense Limit Effective Through
Transamerica Asset Allocation - Conservative Portfolio		0.45	%	March 1, 2014
Transamerica Asset Allocation - Growth Portfolio		0.45		March 1, 2014
Transamerica Asset Allocation - Moderate Growth Portfolio		0.45		March 1, 2014
Transamerica Asset Allocation - Moderate Portfolio		0.45		March 1, 2014
Transamerica Multi-Manager Alternative Strategies Portfolio		0.55		March 1, 2014
Transamerica Multi-Manager International Portfolio		0.45		March 1, 2014

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

There were no amounts recaptured for the period ended April 30, 2013.

The following amounts were available for recapture by the adviser as of April 30, 2013:

Fund Name/Class	Amount Available		Year Reimbursed		Available Through
Transamerica Multi-Manager International Portfolio
Class B	$	5,507		2011		10/31/2013
		10,232		2012		10/31/2014

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

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the period ended April 30, 2013 the underwriter commissions were as follows:

Transamerica Asset Allocation - Conservative Portfolio
Received by Underwriter	$	824,542
Retained by Underwriter		134,504
Contingent Deferred Sales Charge		53,573
Transamerica Asset Allocation - Growth Portfolio
Received by Underwriter	$	818,515
Retained by Underwriter		123,328
Contingent Deferred Sales Charge		80,120
Transamerica Asset Allocation - Moderate Growth Portfolio
Received by Underwriter	$	1,782,901
Retained by Underwriter		277,566
Contingent Deferred Sales Charge		107,579

Transamerica Asset Allocation - Moderate Portfolio
Received by Underwriter	$	1,353,013
Retained by Underwriter		217,920
Contingent Deferred Sales Charge		78,495
Transamerica Asset Allocation - Multi-Manager Alternative Strategies Portfolio
Received by Underwriter	$	263,124
Retained by Underwriter		42,479
Contingent Deferred Sales Charge		12,742
Transamerica Asset Allocation - Multi-Manager International Portfolio
Received by Underwriter	$	33,382
Retained by Underwriter		5,395
Contingent Deferred Sales Charge		6,744

Transamerica Funds Semi-Annual Report 2013

Page    37

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

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

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services as follows:

Class A, B, C & R*
Open Account	$	21.00
Closed Account		1.50

Class I*
Open Direct Account	$	21.00
Open Networked Account		8.00
Closed Account		1.50
Sub-Transfer Agent and Omnibus Intermediary Fees		10 bps

* Applicable out-of pocket expenses, including, but not limited to, quarterly shareholder statements and postage, will be charged directly to the funds.

Fees paid and the amounts due to TFS for the period ended April 30, 2013 are as follows:

Fund Name	Fees Paid to TFS		Fees Due to TFS
Transamerica Asset Allocation - Conservative Portfolio	$	548,842	$	97,587
Transamerica Asset Allocation - Growth Portfolio		1,131,112		202,782
Transamerica Asset Allocation - Moderate Growth Portfolio		1,765,357		312,452
Transamerica Asset Allocation - Moderate Portfolio		1,050,104		198,667
Transamerica Multi-Manager Alternative Strategies Portfolio		225,485		25,670
Transamerica Multi-Manager International Portfolio		198,962		34,632

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), 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, 2013 were as follows:

Fund Name	Purchases of affiliated investments		Proceeds from maturities and sales of affiliated investments
Transamerica Asset Allocation - Conservative Portfolio	$	62,358,654	$	127,864,845
Transamerica Asset Allocation - Growth Portfolio		181,716,577		278,330,431
Transamerica Asset Allocation - Moderate Growth Portfolio		319,224,451		489,649,703
Transamerica Asset Allocation - Moderate Portfolio		174,045,108		277,990,141
Transamerica Multi-Manager Alternative Strategies Portfolio		345,415,712		303,440,978
Transamerica Multi-Manager International Portfolio		29,698,479		53,401,458

There were no transactions of U.S. Government securities during the period ended April 30, 2013.

Transamerica Funds Semi-Annual Report 2013

Page    38

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board (“FASB”) issued the authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013 the FASB issued further authoritative guidance clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual years beginning on or after January 1, 2013.

Management is currently evaluating the implication of the additional disclosure requirements and its impact on the remaining Funds’ financial statements.

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to its policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken or expected to be taken for all open tax years 2009-2012, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other in the Statement of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, net operating losses, and capital loss carryforwards.

NOTE 7. 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 2013

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Transamerica Funds

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board) held on August 2, 2012, the Board reviewed and considered the approval of a proposed investment advisory agreement (the “New Advisory Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and each of the funds listed below (each a “Fund,” and collectively, the “Funds”). Following their review and consideration the Board determined that the New Advisory Agreement will enable shareholders to continue to enjoy investment management services at a cost that is reasonable in light of the services rendered. The Board, including the Independent Board Members, approved the New Advisory Agreement for each Fund.

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

In reaching their decisions, the Board Members requested and obtained from TAM information they deemed necessary to evaluate the New Advisory Agreement, and also considered information they had previously received from TAM in connection with the initial approval or annual consideration, as applicable, of a Fund’s current advisory agreement (a “Current Advisory Agreement”). In considering the New Advisory Agreement for each Fund, the Board Members evaluated a number of factors and 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.

Among other matters, the Board Members considered:

• the terms and conditions of the New Advisory Agreement, including the differences from the Current Advisory Agreement;

• the differences among the various Current Advisory Agreements, as well as differences with the advisory agreements of other funds in the Transamerica Fund complex and current industry practices;

• the fact that each Fund’s advisory fees will remain the same under the New Advisory Agreement;

• the nature, scope and quality of services that TAM as investment adviser is expected to continue to provide to the Funds;

• the fact that the Board performed a full review of the Current Advisory Agreement for each Fund either in June 2012 or, if the Fund is relatively new, at the time of the Fund’s launch, as required by the Investment Company Act of 1940 Act and determined that TAM has the capabilities, resources and personnel necessary to provide the advisory services then being provided and anticipated to be provided to each Fund, and that the fees paid by each Fund represented reasonable compensation to TAM in light of the services provided.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately in respect of each Fund. The Board Members of each applicable Fund, including a majority of the Independent Board Members, concluded that the terms of the New Advisory Agreement are reasonable, and that the New Advisory Agreement should be approved and recommended to Fund shareholders.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by TAM under each New Advisory Agreement, the Board Members considered, among other things, that the differences between the New Advisory Agreement and the Current Advisory Agreements are not expected to result in any diminution in the nature, quality and extent of services provided to each Fund and its shareholders and that it is expected that TAM will continue to provide high quality advisory services under the New Advisory Agreement. The Board considered the services provided by TAM for the advisory fee it will receive, after payment of a Fund’s sub-advisory fee, if applicable, including oversight of the services provided by the Funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the Funds, as well as the “manager of managers” services TAM will provide. The Board Members also considered that they recently had performed a full review of each Current Advisory Agreement and had determined that TAM can provide investment and related services that are appropriate in scope and extent in light of each Fund’s operations, the competitive landscape of the investment company business and investor needs.

Based on their review of the materials provided and the assurances they received from TAM, the Board Members of each Fund determined that if the New Advisory Agreement is adopted, TAM will continue to provide the advisory services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

Transamerica Funds Semi-Annual Report 2013

Page    40

Investment Performance. The Board Members considered the performance results of the Funds. The Board Members noted that they had recently considered the performance of the Funds over various time periods in connection with the consideration of the applicable Current Advisory Agreements in June 2012 or, for relatively new Funds, had considered certain performance information prior to the Fund’s launch. Based on this information, the Board Members determined that TAM continues to be capable of generating a level of investment performance that is appropriate in light of each Fund’s investment objectives, policies and strategies.

Advisory Fees and Total Expense Ratios. The Board Members noted that the advisory fees and total expense ratios of each Fund are expected to remain the same under the New Advisory Agreement. The Board considered that it had recently considered information provided by Lipper Inc. comparing the advisory fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies. On the basis of these considerations, the Board Members determined that the advisory fees to be received by TAM under the New Advisory Agreement continue to be reasonable in light of the services provided.

Costs of Services Provided and Profitability. The Board Members considered information provided by TAM regarding the profitability of TAM with respect to the advisory services it provides to each Fund. The Board considered that it had recently reviewed profitability information about TAM’s costs of providing and/or procuring fund management services, as applicable, as well as the costs of providing administration, transfer agency and other services to the Funds. The Board Members determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale. The Board Members considered information on the advisory fees paid by each Fund, taking into account any applicable breakpoint fee structures to account for economies of scale, and concluded that each Fund’s fee structure reflected economies of scale to date. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether each Fund has achieved economies of scale and the appropriateness of advisory fees payable to TAM.

Fallout Benefits. The Board Members took into consideration the character of other incidental benefits to TAM from its relationship with each Fund. The Board Members noted that TAM is not expected to realize “soft dollar” benefits from its relationship with the Funds. The Board Members considered that the costs, nature, scope and quality of administrative and other services provided to the Funds by affiliates of TAM will not change as a result of approval of the New Advisory Agreement.

Other Considerations. The Board Members considered that the New Advisory Agreement would more closely align the Funds with current industry practice and standardize the terms of the advisory agreements across the Funds, allowing for more efficient monitoring and administration of their performance. In addition, the Board Members noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to continue to manage the Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. In this regard, the Board Members favorably considered the procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the sub-advisers, if applicable.

Transamerica Funds Semi-Annual Report 2013

Page    41

Transamerica Funds

Transamerica Asset Allocation – Conservative Portfolio

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  486,559,871.23	$  15,866,131.97	$  27,714,390.74 / $  172,827,476.30

At a special meeting of shareholders held on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  478,370,985.79	$  18,449,956.43	$  33,319,451.71 / $  172,827,476.30

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  477,544,204.41	$  19,510,374.03	$  33,085,815.49 / $  172,827,476.30

Transamerica Funds Semi-Annual Report 2013

Page    42

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  476,860,923.35	$  20,337,499.19	$  32,941,971.40 / $  172,827,476.30

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  482,728,063.68	$  17,019,971.98	$  30,392,358.28 / $  172,827,476.30

Transamerica Funds Semi-Annual Report 2013

Page    43

Transamerica Funds

Transamerica Asset Allocation – Growth Portfolio

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  537,510,371.94	$  20,830,777.78	$  23,718,971.97 / $  196,194,289.69

At a special meeting of shareholders held on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  523,290,039.61	$  23,026,355.11	$  35,743,726.97 / $  196,194,289.69

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  526,302,738.95	$  22,525,262.07	$  33,232,120.67 / $  196,194,289.69

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  526,199,980.99	$  23,178,285.07	$  32,681,855.64 / $  196,194,289.69

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  531,589,944.46	$  18,396,763.24	$  32,073,413.99 / $  196,194,289.69

Transamerica Funds Semi-Annual Report 2013

Page    45

Transamerica Funds

Transamerica Asset Allocation – Moderate Growth Portfolio

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  1,088,889,025.75	$  44,424,746.22	$  73,672,492.54 / $  399,925,974.27

At a special meeting of shareholders held on January 18, 2013, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  1,098,372,333.09	$  53,013,683.59	$  98,640,673.82 / $  382,206,791.07

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  1,098,580,848.21	$  56,422,000.40	$  95,023,841.89 / $  382,206,791.07

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  1,102,156,498.08	$  54,343,457.29	$  93,526,735.13 / $  382,206,791.07

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  1,113,238,806.26	$  49,678,638.23	$  87,109,246.01 / $  382,206,791.07

Transamerica Funds Semi-Annual Report 2013

Page    47

Transamerica Funds

Transamerica Asset Allocation – Moderate Portfolio

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  897,007,487.88	$  22,553,348.17	$  39,700,092.26 / $  320,287,912.41

At a special meeting of shareholders held on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  876,461,050.22	$  24,787,370.64	$  58,012,507.45 / $  320,287,912.41

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  865,063,148.97	$  17,243,584.70	$  76,954,194.64 / $  320,287,912.41

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

At a special meeting of shareholders held on January 18, 2013, the results of Proposal III were as follows:

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  873,341,823.92	$  24,962,119.74	$  80,409,332.54 / $  313,044,280.81

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  870,656,791.88	$  25,809,040.23	$  82,247,444.09 / $  313,044,280.81

Transamerica Funds Semi-Annual Report 2013

Page    49

Transamerica Funds

Transamerica Multi-Manager Alternative Strategies Portfolio

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  174,258,909.64	$  3,746,799.36	$  7,340,079.83 / $  71,481,720.70

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  172,226,079.72	$  4,260,277.72	$  8,859,431.39 / $  71,481,720.70

At a special meeting of shareholders held on January 18, 2013, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  175,920,033.36	$  4,808,216.80	$  9,450,265.50 / $  69,261,367.46

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  175,097,045.58	$  5,851,590.57	$  9,229,880.35 / $  69,261,367.46

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  175,906,622.80	$  4,363,686.68	$  9,908,206.52 / $  69,261,367.46

Transamerica Funds Semi-Annual Report 2013

Page    51

Transamerica Funds

Transamerica Multi-Manager International Portfolio

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  77,875,641.15	$  2,885,968.24	$  4,053,168.86 / $  29,683,794.30

At a special meeting of shareholders held on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  77,378,697.95	$  3,184,421.68	$  4,251,658.63 / $  29,683,794.30

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  77,379,921.15	$  3,226,285.35	$  4,208,571.75 / $  29,683,794.30

Transamerica Funds Semi-Annual Report 2013

Page    52

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  77,274,612.44	$  3,257,493.05	$  4,282,672.77 / $  29,683,794.30

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  77,730,250.30	$  3,045,444.74	$  4,039,083.22 / $  29,683,794.30

Transamerica Funds Semi-Annual Report 2013

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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 Semi-Annual Report 2013

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NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2013

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P.O. Box 9012

Clearwater, FL 33758-9012

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Open Funds

Semi-Annual Report

April 30, 2013

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. In November of 2012, financial markets were focused on the U.S. presidential elections and the impending U.S. fiscal cliff. Despite the Federal Reserve announcing targeted quantitative easing in December 2012, investor concern over the fiscal cliff held the U.S. markets down through the end of the year. During this time improving conditions in Europe and China drove international equities higher. On January 2, 2013 the U.S. Congress successfully resolved the fiscal cliff and as a result U.S. markets moved up strongly over the next three months. In February and March, slowing growth in China caused emerging markets to decline. At the same time, economic weakness in Europe reasserted itself pushing those markets down as well. The period ended in April with Japan announcing a massive new monetary easing program and at the same time, global exports improved, helping to boost both U.S. and international markets.

For the six month period ended April 30, 2013, the Standard & Poor’s 500^® Index gained 13.13%, the Morgan Stanley Capital International - Europe, Australasia, Far East Index (“MSCI-EAFE”) gained 17.18% and the Barclays U.S. Aggregate Bond Index gained 0.90%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Thomas A. Swank

President & Chief Executive Officer

Transamerica Funds

Christopher A. Staples

Vice President & CIO-Advisory Services

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, 2012 and held for the entire period until April 30, 2013.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses					Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period(B)		Annualized Expense Ratio
Transamerica Capital Growth
Class A	$	1,000.00	$	1,138.00	$	7.95(B	)	$	1,017.65	$	7.50		1.50	%
Class B		1,000.00		1,135.00		11.65(B	)		1,013.89		10.99		2.20
Class C		1,000.00		1,135.80		10.96(B	)		1,014.53		10.34		2.07
Class I		1,000.00		1,141.40		5.20(B	)		1,019.94		4.91		0.98
Class I2		1,000.00		1,142.00		4.46(B	)		1,020.63		4.21		0.84
Transamerica Diversified Equity
Class A		1,000.00		1,126.00		7.38(B	)		1,017.85		7.00		1.40
Class B		1,000.00		1,121.50		11.41(B	)		1,014.03		10.84		2.17
Class C		1,000.00		1,121.80		11.42(B	)		1,014.03		10.84		2.17
Class I		1,000.00		1,127.90		4.85(B	)		1,020.23		4.61		0.92
Class I2		1,000.00		1,128.80		4.17(B	)		1,020.88		3.96		0.79
Class T		1,000.00		1,128.30		4.91(B	)		1,020.18		4.66		0.93

Transamerica Funds Semi-Annual Report 2013

Page    1

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period(B)		Annualized Expense Ratio
Transamerica Dividend Focused
Class A	$	1,000.00	$	1,103.50	$	3.38(C	)	$	1,019.69	$	5.16		1.03	%
Class C		1,000.00		1,100.80		5.68(C	)		1,016.22		8.65		1.73
Class I		1,000.00		1,104.00		2.73(C	)		1,020.68		4.16		0.83
Class I2		1,000.00		1,104.20		2.40(C	)		1,021.18		3.66		0.73
Transamerica Emerging Markets Debt
Class A		1,000.00		1,065.10		5.53(B	)		1,019.44		5.41		1.08
Class C		1,000.00		1,061.30		9.20(B	)		1,015.87		9.00		1.80
Class I		1,000.00		1,067.10		4.05(B	)		1,020.88		3.96		0.79
Class I2		1,000.00		1,066.70		3.48(B	)		1,021.42		3.41		0.68
Transamerica Emerging Markets Equity
Class A		1,000.00		1,087.60		8.75(B	)		1,016.41		8.45		1.69
Class C		1,000.00		1,084.10		11.68(B	)		1,013.59		11.28		2.26
Class I		1,000.00		1,090.10		6.89(B	)		1,018.20		6.66		1.33
Class I2		1,000.00		1,089.60		6.27(B	)		1,018.79		6.06		1.21
Transamerica Enhanced Muni
Class A		1,000.00		1,072.40		4.42(B	)		1,008.58		4.31		0.86
Class C		1,000.00		1,069.10		7.49(B	)		1,017.56		7.30		1.46
Class I		1,000.00		1,073.10		3.65(B	)		1,021.27		3.56		0.71
Transamerica Flexible Income
Class A		1,000.00		1,050.60		4.83(B	)		1,019.84		4.76		0.95
Class B		1,000.00		1,046.00		9.13(B	)		1,015.87		9.00		1.80
Class C		1,000.00		1,047.10		8.43(B	)		1,016.56		8.30		1.66
Class I		1,000.00		1,052.00		3.51(B	)		1,021.37		3.46		0.69
Class I2		1,000.00		1,052.40		3.00(B	)		1,021.87		2.96		0.59
Transamerica Growth Opportunities
Class A		1,000.00		1,174.00		8.14(B	)		1,017.31		7.55		1.51
Class B		1,000.00		1,169.50		12.69(B	)		1,013.09		11.78		2.36
Class C		1,000.00		1,169.90		12.48(B	)		1,013.29		11.58		2.32
Class I		1,000.00		1,176.70		5.45(B	)		1,019.79		5.06		1.01
Class I2		1,000.00		1,177.10		4.59(B	)		1,020.58		4.26		0.85
Transamerica High Yield Bond
Class A		1,000.00		1,073.40		5.40(B	)		1,019.59		5.26		1.05
Class B		1,000.00		1,069.00		9.44(B	)		1,015.67		9.20		1.84
Class C		1,000.00		1,069.70		9.03(B	)		1,016.07		8.80		1.76
Class I		1,000.00		1,074.40		4.01(B	)		1,020.93		3.91		0.78
Class I2		1,000.00		1,075.90		3.45(B	)		1,021.47		3.36		0.67
Transamerica Income & Growth
Class A		1,000.00		1,127.10		6.28(B	)		1,018.89		5.96		1.19
Class C		1,000.00		1,122.30		9.84(B	)		1,015.52		9.35		1.87
Class I		1,000.00		1,128.40		4.91(B	)		1,020.18		4.66		0.93
Class I2		1,000.00		1,128.70		4.43(B	)		1,020.63		4.21		0.84
Transamerica International Bond
Class A		1,000.00		951.90		5.08(B	)		1,018.84		5.26		1.05
Class C		1,000.00		948.40		8.45(B	)		1,016.12		8.75		1.75
Class I		1,000.00		952.50		3.63(B	)		1,021.08		3.76		0.75
Class I2		1,000.00		952.50		3.53(B	)		1,021.18		3.66		0.73
Transamerica International Equity
Class A		1,000.00		1,151.50		7.68(B	)		1,017.70		7.20		1.44
Class C		1,000.00		1,148.00		10.86(B	)		1,014.68		10.19		2.04
Class I		1,000.00		1,153.30		5.45(B	)		1,019.74		5.11		1.02
Class I2		1,000.00		1,154.30		4.91(B	)		1,020.23		4.61		0.92
Transamerica International Small Cap Value
Class I		1,000.00		1,097.00		4.00(C	)		1,018.75		6.11		1.22
Class I2		1,000.00		1,097.00		4.00(C	)		1,018.75		6.11		1.22
Transamerica Large Cap Growth
Class A		1,000.00		1,107.00		6.11(B	)		1,018.99		5.86		1.17
Class C		1,000.00		1,105.70		9.66(B	)		1,015.62		9.25		1.85
Class I		1,000.00		1,109.50		4.86(B	)		1,020.18		4.66		0.93
Class I2		1,000.00		1,109.90		4.19(B	)		1,020.83		4.01		0.80

Transamerica Funds Semi-Annual Report 2013

Page    2

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period(B)		Annualized Expense Ratio
Transamerica Large Cap Value
Class A	$	1,000.00	$	1,166.00	$	6.18(B	)	$	1,019.09	$	5.76		1.15	%
Class C		1,000.00		1,162.50		9.60(B	)		1,015.92		8.95		1.79
Class I		1,000.00		1,168.10		4.25(B	)		1,020.88		3.96		0.79
Class I2		1,000.00		1,168.80		3.71(B	)		1,021.37		3.46		0.69
Transamerica Money Market
Class A		1,000.00		1,000.00		1.24(B	)		1,019.14		1.25		0.25
Class B		1,000.00		1,000.00		1.24(B	)		1,023.56		1.25		0.25
Class C		1,000.00		1,000.00		1.24(B	)		1,023.56		1.25		0.25
Class I		1,000.00		1,000.10		1.19(B	)		1,023.60		1.20		0.24
Class I2		1,000.00		1,000.10		1.09(B	)		1,023.70		1.10		0.22
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,088.50		7.20(B	)		1,017.90		6.95		1.39
Class B		1,000.00		1,084.20		11.89(B	)		1,013.39		11.48		2.30
Class C		1,000.00		1,085.40		10.39(B	)		1,014.83		10.04		2.01
Class I		1,000.00		1,091.00		5.08(B	)		1,019.94		4.91		0.98
Transamerica Short-Term Bond
Class A		1,000.00		1,019.10		4.11(B	)		1,020.48		4.11		0.82
Class C		1,000.00		1,015.20		7.94(B	)		1,016.91		7.95		1.59
Class I		1,000.00		1,019.20		3.10(B	)		1,021.72		3.11		0.62
Class I2		1,000.00		1,020.70		2.66(B	)		1,022.17		2.66		0.53
Transamerica Small Cap Growth
Class A		1,000.00		1,108.90		6.69(B	)		1,018.50		6.41		1.28
Class C		1,000.00		1,104.60		10.18(B	)		1,015.13		9.74		1.95
Class I		1,000.00		1,108.70		5.59(B	)		1,019.49		5.36		1.07
Class I2		1,000.00		1,109.90		4.87(B	)		1,020.18		4.66		0.93
Transamerica Small Cap Value
Class A		1,000.00		1,163.40		7.78(B	)		1,013.04		7.25		1.45
Class C		1,000.00		1,161.10		10.66(B	)		1,014.93		9.94		1.99
Class I		1,000.00		1,166.00		5.64(B	)		1,019.59		5.26		1.05
Class I2		1,000.00		1,166.70		5.10(B	)		1,020.08		4.76		0.95
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,162.00		7.40(B	)		1,017.95		6.90		1.38
Class B		1,000.00		1,157.70		11.23(B	)		1,014.38		10.49		2.10
Class C		1,000.00		1,157.90		11.02(B	)		1,014.58		10.29		2.06
Class I		1,000.00		1,164.50		5.31(B	)		1,019.89		4.96		0.99
Class I2		1,000.00		1,164.80		4.78(B	)		1,020.38		4.46		0.89
Transamerica Tactical Allocation
Class A		1,000.00		1,060.30		5.87(B	)		997.03		5.76		1.15
Class C		1,000.00		1,056.80		9.38(B	)		1,015.67		9.20		1.84
Class I		1,000.00		1,062.80		4.35(B	)		1,020.58		4.26		0.85
Transamerica Tactical Income
Class A		1,000.00		1,044.00		4.46(B	)		1,020.23		4.41		0.88
Class C		1,000.00		1,039.30		8.29(B	)		1,016.66		8.20		1.64
Class I		1,000.00		1,044.10		3.40(B	)		1,021.47		3.36		0.67
Transamerica Tactical Rotation
Class A		1,000.00		1,096.10		5.98(B	)		974.41		5.76		1.15
Class C		1,000.00		1,092.10		9.60(B	)		1,015.62		9.25		1.85
Class I		1,000.00		1,098.60		4.37(B	)		1,020.63		4.21		0.84

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

^(B)  Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

^(C)  Fund commenced operations on January 4, 2013. 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 (114 days), and divided by the number of days in the year (365 days). For comparability purposes, hypothetical expenses assume that the fund was in operation for the entire six-month period ended April 30, 2013. Thus, the hypothetical expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

Transamerica Funds Semi-Annual Report 2013

Page    3

Schedules of Investments Composition

At April 30, 2013

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

(unaudited)

Transamerica Capital Growth	% of Net Assets
Common Stocks		94.7	%
Securities Lending Collateral		11.1
Repurchase Agreement		5.0
Preferred Stock		0.0
Other Assets and Liabilities - Net		(10.8	)
Total		100.0	%
Transamerica Diversified Equity	% of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		4.3
Repurchase Agreement		1.0
Other Assets and Liabilities - Net		(3.4	)
Total		100.0	%
Transamerica Dividend Focused	% of Net Assets
Common Stocks		93.6	%
Securities Lending Collateral		10.6
Repurchase Agreement		6.3
Other Assets and Liabilities - Net		(10.5	)
Total		100.0	%
Transamerica Emerging Markets Debt	% of Net Assets
Foreign Government Obligations		57.8	%
Corporate Debt Securities		39.0
Securities Lending Collateral		10.1
Repurchase Agreement		1.8
Other Assets and Liabilities - Net(A)		(8.7	)
Total		100.0	%
Transamerica Emerging Markets Equity	% of Net Assets
Common Stocks		95.9	%
Securities Lending Collateral		6.7
Preferred Stocks		1.6
Repurchase Agreement		1.6
Other Assets and Liabilities - Net		(5.8	)
Total		100.0	%

Transamerica Enhanced Muni	% of Net Assets
Illinois		14.3	%
California		10.5
Florida		9.7
Michigan		9.3
Pennsylvania		9.0
Texas		7.3
Puerto Rico		3.8
Ohio		3.8
Colorado		3.5
Georgia		3.3
New Jersey		2.5
South Carolina		2.2
Oregon		2.1
Alaska		2.0
New York		1.5
Massachusetts		1.4
Idaho		1.3
Indiana		1.3
Missouri		1.2
Maryland		1.1
Connecticut		1.1
Mississippi		1.0
Arizona		0.9
Nevada		0.9
Utah		0.7
North Carolina		0.7
Minnesota		0.7
Rhode Island		0.4
Nebraska		0.2
District of Columbia		0.2
Washington		0.2
Wisconsin		0.2
New Mexico		0.2
Kentucky		0.2
Other Assets and Liabilities - Net		1.3
Total		100.0	%
Transamerica Flexible Income	% of Net Assets
Corporate Debt Securities		64.1	%
Securities Lending Collateral		10.8
U.S. Government Obligations		9.0
Mortgage-Backed Securities		7.0
Repurchase Agreement		5.8
Asset-Backed Securities		4.2
Foreign Government Obligations		3.7
Preferred Stocks		1.6
Preferred Corporate Debt Security		1.5
Municipal Government Obligations		1.3
Convertible Bonds		1.0
Common Stocks		0.9
Loan Assignments		0.6
Warrant		0.6
U.S. Government Agency Obligation		0.1
Other Assets and Liabilities - Net		(12.2	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2013

Page    4

Schedules of Investments Composition (continued)

At April 30, 2013

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

(unaudited)

Transamerica Growth Opportunities	% of Net Assets
Common Stocks		93.1	%
Securities Lending Collateral		16.6
Repurchase Agreement		6.2
Preferred Stocks		0.2
Convertible Preferred Stocks		0.1
Other Assets and Liabilities - Net		(16.2	)
Total		100.0	%
Transamerica High Yield Bond	% of Net Assets
Corporate Debt Securities		88.9	%
Securities Lending Collateral		15.3
Convertible Bonds		3.0
Preferred Stocks		2.4
Common Stocks		1.3
Preferred Corporate Debt Security		0.9
Loan Assignments		0.5
Repurchase Agreement		0.4
Warrants		0.0	(B)
Other Assets and Liabilities - Net		(12.7	)
Total		100.0	%
Transamerica Income & Growth	% of Net Assets
Common Stocks		98.2	%
Securities Lending Collateral		14.8
Repurchase Agreement		5.9
Other Assets and Liabilities - Net		(18.9	)
Total		100.0	%
Transamerica International Bond	% of Net Assets
Foreign Government Obligations		71.8	%
Corporate Debt Securities		22.6
Mortgage-Backed Securities		2.2
Securities Lending Collateral		1.7
Asset-Backed Securities		0.5
Repurchase Agreement		0.3
Other Assets and Liabilities - Net(A)		0.9
Total		100.0	%
Transamerica International Equity	% of Net Assets
Common Stocks		97.2	%
Securities Lending Collateral		4.9
Repurchase Agreement		2.3
Preferred Stock		0.7
Other Assets and Liabilities - Net		(5.1	)
Total		100.0	%
Transamerica International Small Cap Value	% of Net Assets
Common Stocks		96.5	%
Securities Lending Collateral		5.3
Repurchase Agreement		1.8
Preferred Stock		1.2
Other Assets and Liabilities - Net		(4.8	)
Total		100.0	%

Transamerica Large Cap Growth	% of Net Assets
Common Stocks		98.5	%
Securities Lending Collateral		16.5
Investment Companies		1.2
Repurchase Agreement		0.3
Other Assets and Liabilities - Net		(16.5	)
Total		100.0	%
Transamerica Large Cap Value	% of Net Assets
Common Stocks		99.3	%
Securities Lending Collateral		2.1
Repurchase Agreement		1.7
Other Assets and Liabilities - Net		(3.1	)
Total		100.0	%
Transamerica Money Market	% of Net Assets
Commercial Paper		64.4	%
Repurchase Agreements		27.4
Certificates of Deposit		3.7
Corporate Debt Securities		2.8
Demand Note		1.1
Asset-Backed Securities		0.5
Other Assets and Liabilities - Net		0.1
Total		100.0	%
Transamerica Multi-Managed Balanced	% of Net Assets
Common Stocks		60.1	%
U.S. Government Agency Obligations		15.9
Corporate Debt Securities		11.5
Mortgage-Backed Securities		5.8
Asset-Backed Securities		4.8
Securities Lending Collateral		4.7
Short-Term Investment Company		4.0
U.S. Government Obligations		1.4
Repurchase Agreement		1.2
Foreign Government Obligations		0.8
Structured Notes Debt		0.2
Preferred Corporate Debt Securities		0.1
Short-Term U.S. Government Obligation		0.1
Preferred Stocks		0.1
Purchased Options		0.0	(B)
Other Assets and Liabilities - Net(A)		(10.7	)
Total		100.0	%
Transamerica Short-Term Bond	% of Net Assets
Corporate Debt Securities		63.3	%
Mortgage-Backed Securities		21.4
Asset-Backed Securities		8.7
Repurchase Agreement		3.1
Securities Lending Collateral		2.5
Loan Assignments		2.0
Municipal Government Obligation		0.5
U.S. Government Agency Obligation		0.0	(B)
Other Assets and Liabilities - Net		(1.5	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2013

Page    5

Schedules of Investments Composition (continued)

At April 30, 2013

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

(unaudited)

Transamerica Small Cap Growth	% of Net Assets
Common Stocks		95.9	%
Securities Lending Collateral		23.5
Repurchase Agreement		7.8
Other Assets and Liabilities - Net		(27.2	)
Total		100.0	%
Transamerica Small Cap Value	% of Net Assets
Common Stocks		95.9	%
Securities Lending Collateral		18.4
Repurchase Agreement		7.0
Other Assets and Liabilities - Net		(21.3	)
Total		100.0	%
Transamerica Small/Mid Cap Value	% of Net Assets
Common Stocks		97.7	%
Securities Lending Collateral		8.2
Repurchase Agreement		2.7
Other Assets and Liabilities - Net		(8.6	)
Total		100.0	%
Transamerica Tactical Allocation	% of Net Assets
Investment Companies		98.7	%
Securities Lending Collateral		2.3
Repurchase Agreement		2.0
Other Assets and Liabilities - Net		(3.0	)
Total		100.0	%
Transamerica Tactical Income	% of Net Assets
Investment Companies		99.1	%
Securities Lending Collateral		20.5
Repurchase Agreement		0.5
Other Assets and Liabilities - Net		(20.1	)
Total		100.0	%
Transamerica Tactical Rotation	% of Net Assets
Investment Companies		96.1	%
Securities Lending Collateral		24.8
Repurchase Agreement		5.5
Other Assets and Liabilities - Net		(26.4	)
Total		100.0	%

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

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

Transamerica Funds Semi-Annual Report 2013

Page    6

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCK - 0.0%
Automobiles - 0.0%
Better Place - Series C (A) (B) (C) (D)		1,099,962		$  —
Total Preferred Stock (cost $4,993,827)				—
COMMON STOCKS - 94.7%
Automobiles - 1.5%
Tesla Motors, Inc. (B) (E)		187,353		10,115,188
Capital Markets - 2.6%
BlackRock, Inc. - Class A		66,633		17,757,695
Chemicals - 3.1%
Monsanto Co.		193,401		20,659,095
Commercial Services & Supplies - 3.5%
Edenred		709,896		23,634,218
Communications Equipment - 3.5%
Motorola Solutions, Inc.		414,744		23,723,357
Computers & Peripherals - 4.2%
Apple, Inc.		64,742		28,664,520
Diversified Financial Services - 3.9%
CME Group, Inc. - Class A		156,456		9,521,912
McGraw-Hill Cos., Inc.		171,899		9,301,455
MSCI, Inc. - Class A (B)		226,463		7,722,388
Electrical Equipment - 1.7%
First Solar, Inc. (B) (E)		246,353		11,470,196
Food Products - 6.2%
DE Master Blenders 1753 NV (B)		490,042		7,770,147
Mead Johnson Nutrition Co. - Class A		136,803		11,093,355
Nestle SA - ADR		323,851		23,067,907
Health Care Equipment & Supplies - 2.9%
Intuitive Surgical, Inc. (B)		39,385		19,388,842
Hotels, Restaurants & Leisure - 2.6%
Starbucks Corp.		289,078		17,587,506
Insurance - 4.4%
American International Group, Inc. (B)		172,540		7,146,607
Arch Capital Group, Ltd. (B) (E)		111,385		5,910,088
Progressive Corp.		655,130		16,568,238
Internet & Catalog Retail - 11.8%
Amazon.com, Inc. (B)		194,507		49,367,822
Groupon, Inc. - Class A (B) (E)		1,386,384		8,456,942
priceline.com, Inc. (B)		31,693		22,058,011
Internet Software & Services - 18.6%
Baidu, Inc. - ADR (B)		153,720		13,196,862
Facebook, Inc. - Class A (B)		1,553,926		43,136,986
Google, Inc. - Class A (B)		60,827		50,156,119
LinkedIn Corp. - Class A (B)		60,638		11,647,954
Yandex NV - Class A (B)		276,668		7,121,434

	Shares		Value
IT Services - 7.2%
Mastercard, Inc. - Class A		42,895		$  23,717,932
Visa, Inc. - Class A		145,941		24,585,221
Life Sciences Tools & Services - 2.9%
Illumina, Inc. (B) (E)		308,003		19,924,714
Media - 1.4%
Naspers, Ltd. - Class N		137,572		9,206,217
Oil, Gas & Consumable Fuels - 1.3%
Range Resources Corp.		123,168		9,055,311
Pharmaceuticals - 2.7%
Valeant Pharmaceuticals International, Inc. (B)		239,974		18,257,222
Professional Services - 3.0%
Intertek Group PLC		186,504		9,583,473
Verisk Analytics, Inc. - Class A (B)		173,187		10,614,631
Real Estate Management & Development - 1.5%
Brookfield Asset Management, Inc. - Class A		260,436		10,050,225
Software - 3.3%
Salesforce.com, Inc. (B) (E)		376,601		15,482,067
Workday, Inc. - Class A (B)		105,029		6,580,067
Textiles, Apparel & Luxury Goods - 0.9%
Coach, Inc. - Class A (E)		101,463		5,972,112
Total Common Stocks (cost $514,039,962)				639,274,036
SECURITIES LENDING COLLATERAL - 11.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (F)		74,750,237		74,750,237
Total Securities Lending Collateral (cost $74,750,237)				74,750,237
	Principal		Value
REPURCHASE AGREEMENT - 5.0%
State Street Bank & Trust Co. 0.03% (F), dated 04/30/2013, to be repurchased at $33,578,411 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $34,253,102.		$  33,578,383		33,578,383
Total Repurchase Agreement (cost $33,578,383)				33,578,383
Total Investment Securities (cost $627,362,409) (G)				747,602,656
Other Assets and Liabilities - Net				(72,575,060	)
Net Assets				$  675,027,596

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description		Acquisition Date		Cost		Value		Value as % of Net Assets
Preferred Stock		Better Place - Series C		11/11/2011	$	4,993,827	$	—		0.00	%

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

Transamerica Funds Semi-Annual Report 2013

Page    7

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Non-income producing security.

(C) 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 $0, or less than 0.01% of the fund’s net assets.

(D) Illiquid. Total aggregate market value of illiquid securities is $0, or less than 0.01% of the fund’s net assets.

(E) All or a portion of this security is on loan. The value of all securities on loan is $73,158,875. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(F) Rate shown reflects the yield at April 30, 2013.

(G) Aggregate cost for federal income tax purposes is $627,362,409. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $142,943,259 and $22,703,012, respectively. Net unrealized appreciation for tax purposes is $120,240,247.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: (H)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Stock
Automobiles	$	—	$	—		$	0	$	0
Common Stocks		589,079,981		50,194,055			—		639,274,036
Securities Lending Collateral		74,750,237		—			—		74,750,237
Repurchase Agreement		—		33,578,383			—		33,578,383
Total Investment Securities	$	663,830,218	$	83,772,438		$	0	$	747,602,656
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (I)
Collateral for Securities on Loan	$	—	$	(74,750,237	)	$	—	$	(74,750,237	)
Total Other Liabilities	$	—	$	(74,750,237	)	$	—	$	(74,750,237	)

(H) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(I) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (J)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) (K)			Transfers into Level 3		Transfer out of Level 3		Ending Balance at April 30, 2013 (L)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (K)
Common Stock	$	15,877,995	$	—	$	(23,327,498	)	$	—	$	—	$	7,449,503		$	—	$	—	$	—	$	—
Preferred Stock		109,996		—		—			—		—		(109,996	)		—		—		0		(109,996	)
Total	$	15,987,991	$	—	$	(23,327,498	)	$	—	$	—	$	7,339,507		$	—	$	—	$	0	$	(109,996	)

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

(K) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    8

Transamerica Diversified Equity

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Aerospace & Defense - 4.9%
Boeing Co.		320,556		$  29,302,024
Honeywell International, Inc.		314,394		23,120,535
United Technologies Corp.		241,295		22,027,820
Automobiles - 0.5%
Ford Motor Co.		523,246		7,173,703
Beverages - 2.4%
Anheuser-Busch InBev NV - ADR (A)		136,212		13,024,592
Coca-Cola Co.		546,043		23,114,000
Biotechnology - 6.2%
Amgen, Inc.		356,058		37,104,804
Biogen IDEC, Inc. (B)		82,414		18,042,897
Celgene Corp. (B)		166,589		19,669,163
Gilead Sciences, Inc. (B)		407,095		20,615,291
Chemicals - 2.3%
Monsanto Co.		236,386		25,250,752
Sherwin-Williams Co.		55,324		10,130,378
Commercial Services & Supplies - 0.7%
ADT Corp. (B)		136,600		5,961,224
Tyco International, Ltd.		156,362		5,022,347
Communications Equipment - 6.2%
Cisco Systems, Inc.		3,854,084		80,627,437
Emulex Corp. (A) (B)		424,595		2,547,570
F5 Networks, Inc. - Class B (B)		26,090		1,994,059
QUALCOMM, Inc.		162,652		10,022,616
Computers & Peripherals - 5.0%
Apple, Inc.		77,523		34,323,308
NetApp, Inc. (B)		635,888		22,186,132
QLogic Corp. (B)		193,908		2,105,841
SanDisk Corp. (B)		210,242		11,025,091
Western Digital Corp.		122,256		6,758,312
Consumer Finance - 1.4%
American Express Co.		307,216		21,016,647
Diversified Consumer Services - 0.1%
ITT Educational Services, Inc. (A) (B)		46,438		850,280
Diversified Financial Services - 2.2%
Bank of America Corp.		1,585,291		19,514,932
JPMorgan Chase & Co.		273,537		13,406,049
Diversified Telecommunication Services - 2.5%
Verizon Communications, Inc.		708,673		38,204,561
Energy Equipment & Services - 1.8%
Diamond Offshore Drilling, Inc.		76,796		5,306,604
Oceaneering International, Inc.		168,142		11,798,524
Transocean, Ltd. (B)		188,356		9,694,683
Food & Staples Retailing - 5.2%
Costco Wholesale Corp.		186,398		20,211,135
CVS Caremark Corp.		346,459		20,156,985
Wal-Mart Stores, Inc.		496,555		38,592,254
Food Products - 0.7%
Green Mountain Coffee Roasters, Inc. - Series C (A) (B)		187,734		10,775,932
Health Care Equipment & Supplies - 3.9%
Abbott Laboratories		576,182		21,272,640
Edwards Lifesciences Corp. (B)		83,662		5,336,799
Hologic, Inc. (B)		242,920		4,948,280
Medtronic, Inc.		298,406		13,929,592
Zimmer Holdings, Inc. - Class A		181,564		13,880,568

	Shares		Value
Health Care Providers & Services - 1.6%
Aetna, Inc.		176,244	$	10,123,455
McKesson Corp.		141,458		14,969,086
Hotels, Restaurants & Leisure - 1.8%
Starwood Hotels & Resorts Worldwide, Inc.		188,800		12,181,376
Wyndham Worldwide Corp.		114,681		6,890,035
Wynn Resorts, Ltd.		56,554		7,764,864
Household Products - 0.3%
Colgate-Palmolive Co.		35,293		4,214,337
Industrial Conglomerates - 3.3%
3M Co.		216,548		22,674,741
Danaher Corp.		236,354		14,403,413
General Electric Co.		594,845		13,259,095
Internet & Catalog Retail - 1.6%
Amazon.com, Inc. (B)		65,438		16,608,819
priceline.com, Inc. (B)		11,171		7,774,904
Internet Software & Services - 6.3%
eBay, Inc. (B)		323,522		16,949,317
Google, Inc. - Class A (B)		56,882		46,903,191
IAC/InterActiveCorp		382,688		18,013,124
Yahoo! Inc. (B)		560,808		13,868,782
IT Services - 3.1%
International Business Machines Corp.		87,871		17,797,392
Paychex, Inc. (A)		201,931		7,352,308
Visa, Inc. - Class A		136,288		22,959,077
Life Sciences Tools & Services - 0.4%
Bruker Corp. (B)		373,760		6,641,715
Machinery - 1.4%
Dover Corp.		90,873		6,268,419
Illinois Tool Works, Inc. - Class A		66,153		4,270,838
Parker Hannifin Corp.		127,588		11,300,469
Media - 4.4%
Comcast Corp. - Class A		573,979		23,705,333
News Corp. - Class A		498,644		15,443,004
Omnicom Group, Inc. (A)		301,362		18,012,407
Sirius XM Radio, Inc.		3,198,412		10,394,839
Metals & Mining - 0.2%
Allied Nevada Gold Corp. (A) (B)		234,059		2,504,431
Multiline Retail - 0.7%
Dollar Tree, Inc. (B)		227,145		10,803,016
Oil, Gas & Consumable Fuels - 0.7%
Valero Energy Corp.		279,475		11,268,432
Pharmaceuticals - 4.6%
AbbVie, Inc. - Class G		326,600		15,039,930
Eli Lilly & Co.		406,306		22,501,226
Johnson & Johnson		228,991		19,516,903
Merck & Co., Inc.		288,887		13,577,689
Road & Rail - 0.6%
Hertz Global Holdings, Inc. (B)		397,898		9,581,384
Semiconductors & Semiconductor Equipment - 3.5%
Altera Corp.		506,020		16,197,700
Broadcom Corp. - Class A		321,945		11,590,020
Microchip Technology, Inc. (A)		304,488		11,089,453
Xilinx, Inc.		380,222		14,414,216
Software - 8.8%
BMC Software, Inc. (B)		163,947		7,456,310
Check Point Software Technologies, Ltd. (A) (B)		276,372		12,884,463
Intuit, Inc.		118,060		7,041,098
Microsoft Corp.		1,735,831		57,456,006

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

Transamerica Funds Semi-Annual Report 2013

Page    9

Transamerica Diversified Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Software (continued)
NetSuite, Inc. (A) (B)		78,165		$  6,875,393
Oracle Corp.		1,035,365		33,939,265
Red Hat, Inc. (B)		188,269		9,023,733
Specialty Retail - 7.0%
Buckle, Inc. (A)		197,749		9,600,714
Home Depot, Inc.		429,278		31,487,541
Lowe’s Cos., Inc.		720,299		27,673,888
O’Reilly Automotive, Inc. (B)		181,013		19,426,315
PetSmart, Inc. - Class A		102,992		7,028,174
TJX Cos., Inc.		249,804		12,182,941
Tobacco - 1.8%
Philip Morris International, Inc.		291,579		27,872,037
Total Common Stocks (cost $1,165,350,597)				1,498,822,979
SECURITIES LENDING COLLATERAL - 4.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		65,902,079		65,902,079
Total Securities Lending Collateral (cost $65,902,079)				65,902,079

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $14,926,414 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $15,226,792.	$	14,926,402		$  14,926,402
Total Repurchase Agreement (cost $14,926,402)				14,926,402
Total Investment Securities (cost $1,246,179,078) (D)				1,579,651,460
Other Assets and Liabilities - Net				(52,229,714	)
Net Assets			$	1,527,421,746

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $64,401,111. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $1,246,179,078. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $345,303,587 and $11,831,205, respectively. Net unrealized appreciation for tax purposes is $333,472,382.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	1,498,822,979	$	—		$	—	$	1,498,822,979
Securities Lending Collateral		65,902,079		—			—		65,902,079
Repurchase Agreement		—		14,926,402			—		14,926,402
Total Investment Securities	$	1,564,725,058	$	14,926,402		$	—	$	1,579,651,460
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(65,902,079	)	$	—	$	(65,902,079	)
Total Other Liabilities	$	—	$	(65,902,079	)	$	—	$	(65,902,079	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    10

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 93.6%
Aerospace & Defense - 6.1%
Honeywell International, Inc.		424,700		$  31,232,438
Raytheon Co.		495,900		30,438,342
Airlines - 1.1%
Southwest Airlines Co. (A)		828,500		11,350,450
Capital Markets - 3.2%
State Street Corp.		547,700		32,024,019
Chemicals - 2.1%
E.I. du Pont de Nemours & Co.		394,300		21,493,293
Commercial Banks - 6.5%
PNC Financial Services Group, Inc. (A)		448,600		30,450,968
Wells Fargo & Co.		924,000		35,093,520
Consumer Finance - 2.5%
American Express Co.		378,200		25,872,662
Diversified Financial Services - 7.3%
Bank of America Corp.		3,492,200		42,988,982
JPMorgan Chase & Co.		622,300		30,498,923
Diversified Telecommunication Services - 5.4%
AT&T, Inc.		767,900		28,765,534
Verizon Communications, Inc. (A)		484,500		26,119,395
Electric Utilities - 1.5%
Entergy Corp. - Class B (A)		214,800		15,300,204
Electrical Equipment - 0.8%
Emerson Electric Co. (A)		147,000		8,159,970
Food & Staples Retailing - 6.2%
Sysco Corp. (A)		849,400		29,610,084
Walgreen Co. (A)		676,900		33,513,319
Gas Utilities - 4.4%
ONEOK, Inc. (A)		860,600		44,200,416
Health Care Equipment & Supplies - 5.1%
Baxter International, Inc.		300,400		20,988,948
Medtronic, Inc.		657,300		30,682,764
Health Care Providers & Services - 2.5%
Cardinal Health, Inc.		571,300		25,262,886
Industrial Conglomerates - 2.9%
General Electric Co.		1,322,900		29,487,441
Insurance - 1.9%
Loews Corp.		442,697		19,775,275
IT Services - 2.8%
International Business Machines Corp.		139,400		28,234,076

	Shares		Value
Machinery - 3.6%
Illinois Tool Works, Inc. - Class A (A)		416,200		$  26,869,872
Stanley Black & Decker, Inc. (A)		124,828		9,338,383
Multiline Retail - 3.1%
Target Corp. (A)		442,100		31,194,576
Oil, Gas & Consumable Fuels - 9.4%
BP PLC - ADR		339,400		14,797,840
ConocoPhillips (A)		450,700		27,244,815
Marathon Oil Corp.		862,000		28,161,540
Occidental Petroleum Corp.		275,000		24,546,500
Pharmaceuticals - 9.9%
Johnson & Johnson		378,100		32,225,463
Merck & Co., Inc.		638,100		29,990,700
Pfizer, Inc.		1,310,800		38,104,956
Road & Rail - 1.0%
Norfolk Southern Corp.		129,500		10,025,890
Tobacco - 4.3%
Altria Group, Inc.		382,400		13,961,424
Philip Morris International, Inc.		308,000		29,441,720
Total Common Stocks (cost $862,599,127)				947,447,588
SECURITIES LENDING COLLATERAL - 10.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (B)		106,819,320		106,819,320
Total Securities Lending Collateral (cost $106,819,320)				106,819,320
	Principal		Value
REPURCHASE AGREEMENT - 6.3%
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $64,060,358 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 2.50%, due 11/01/2027-11/20/2027, and with a total value of $65,343,573.		$  64,060,304		64,060,304
Total Repurchase Agreement (cost $64,060,304)				64,060,304
Total Investment Securities (cost $1,033,478,751) (C)				1,118,327,212
Other Assets and Liabilities - Net				(106,116,110	)
Net Assets				$  1,012,211,102

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $104,539,078. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Aggregate cost for federal income tax purposes is $1,033,478,751. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $84,867,687 and $19,226, respectively. Net unrealized appreciation for tax purposes is $84,848,461.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2013

Page    11

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (D)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	947,447,588	$	—		$	—	$	947,447,588
Securities Lending Collateral		106,819,320		—			—		106,819,320
Repurchase Agreement		—		64,060,304			—		64,060,304
Total Investment Securities	$	1,054,266,908	$	64,060,304		$	—	$	1,118,327,212
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (E)
Collateral for Securities on Loan	$	—	$	(106,819,320	)	$	—	$	(106,819,320	)
Total Other Liabilities	$	—	$	(106,819,320	)	$	—	$	(106,819,320	)

(D) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(E) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    12

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 57.8%
Argentina - 1.8%
Argentina Republic Government International Bond
7.82%, 12/31/2033		EUR  16,659,634		$  12,615,450
City of Buenos Aires Argentina
9.95%, 03/01/2017 - Reg S		$  3,800,000		3,344,000
Belarus - 0.5%
Republic of Belarus
8.95%, 01/26/2018 - Reg S		4,400,000		4,774,000
Brazil - 1.7%
Brazilian Government International Bond
2.63%, 01/05/2023 (A)		11,000,000		10,967,000
10.25%, 01/10/2028		BRL  6,665,000		4,155,735
Cayman Islands - 2.7%
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/2028 - 144A (A)		$  21,365,000		24,185,180
Chile - 1.3%
Republic of Chile
5.50%, 08/05/2020		CLP  5,156,000,000		11,586,357
Colombia - 2.7%
Colombia Government International Bond
2.63%, 03/15/2023		$  10,800,000		10,708,200
4.38%, 03/21/2023		COP  15,159,000,000		8,388,143
Republic of Colombia
7.38%, 01/27/2017		$  3,500,000		4,259,500
Costa Rica - 1.0%
Costa Rica Government International Bond
5.63%, 04/30/2043 - 144A		2,780,000		2,857,840
10.00%, 08/01/2020 - 144A		4,485,000		6,110,812
Cote d’Ivoire - 1.2%
Republic of The Ivory Coast
5.75%, 12/31/2032 - Reg S (B)		10,790,000		10,304,450
Croatia - 0.7%
Croatia Government International Bond
5.50%, 04/04/2023 - 144A		6,100,000		6,479,115
Dominican Republic - 1.1%
Dominican Republic International Bond
5.88%, 04/18/2024 - 144A (A)		9,050,000		9,276,250
Georgia - 0.5%
Georgia Government International Bond
6.88%, 04/12/2021 - 144A (A)		3,585,000		4,147,845
Guatemala - 0.9%
Guatemala Government Bond
4.88%, 02/13/2028 - 144A		8,200,000		8,323,000
Honduras - 0.8%
Honduras Government International Bond
7.50%, 03/15/2024 - 144A		6,740,000		6,807,400

	Principal		Value
Hungary - 1.5%
Hungary Government Bond
6.50%, 06/24/2019		HUF  1,000,000,000		$  4,729,219
6.75%, 11/24/2017		1,857,000,000		8,772,681
Indonesia - 2.0%
Indonesia Government International Bond
3.38%, 04/15/2023 - 144A		$  7,140,000		7,291,725
Indonesia Treasury Bond
6.13%, 05/15/2028		IDR  41,100,000,000		4,228,403
7.00%, 05/15/2022		53,107,000,000		6,061,058
Ireland - 1.1%
AHML Finance, Ltd.
7.75%, 02/13/2018 - 144A		RUB  284,000,000		9,220,576
Israel - 1.0%
Israel Government International Bond
4.50%, 01/30/2043		$  8,940,000		8,973,525
Mexico - 3.5%
Mexican Bonos
6.50%, 06/10/2021		MXN  145,650,000		13,677,915
Mexican Udibonos
2.50%, 12/10/2020		97,093,864		8,878,175
Mexico Government International Bond, Series GMTN
4.75%, 03/08/2044		$  7,360,000		8,143,840
Mongolia - 0.9%
Mongolia Government International Bond
5.13%, 12/05/2022 - 144A		8,780,000		8,297,100
Panama - 0.2%
Panama Government International Bond
4.30%, 04/29/2053		1,875,000		1,879,688
Peru - 1.4%
Peruvian Government International Bond
5.20%, 09/12/2023 - 144A		PEN  18,000,000		7,450,079
8.60%, 08/12/2017 - 144A		6,500,000		3,008,740
8.60%, 08/12/2017 - Reg S		3,690,000		1,708,039
Philippines - 2.9%
Philippine Government International Bond
3.90%, 11/26/2022		PHP  587,000,000		15,259,718
4.95%, 01/15/2021		100,000,000		2,721,089
6.25%, 01/14/2036		249,000,000		7,902,743
Poland - 2.7%
Poland Government Bond
4.75%, 04/25/2017		PLN  12,300,000		4,188,037
Poland Government International Bond
3.00%, 03/17/2023		$  18,720,000		18,686,866
6.38%, 07/15/2019		1,000,000		1,239,600
Romania - 1.2%
Romanian Government International Bond
4.38%, 08/22/2023 - 144A		10,000,000		10,349,500

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

Transamerica Funds Semi-Annual Report 2013

Page    13

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Russian Federation - 2.5%
Russian Federal Bond - OFZ
7.05%, 01/19/2028		RUB  366,650,000		$  12,088,495
8.15%, 02/03/2027		137,700,000		5,004,378
Russian Foreign Bond - Eurobond
4.50%, 04/04/2022 - 144A (A)		$  4,270,000		4,788,805
South Africa - 1.0%
Republic of South Africa
7.00%, 02/28/2031		ZAR  82,000,000		8,864,882
Supranational - 2.6%
Eastern and Southern African Trade and Development Bank, Series EMTN
6.88%, 01/09/2016		$  4,650,000		4,894,125
Eurasian Development Bank
4.77%, 09/20/2022 - 144A		6,423,000		6,575,546
Inter-American Development Bank, Series EMTN
5.00%, 07/24/2015		INR  630,000,000		11,583,815
Thailand - 2.0%
Thailand Government Bond
3.63%, 06/16/2023		THB  496,232,000		17,206,502
Turkey - 3.5%
Hazine Mustesarligi Varlik Kiralama AS
2.80%, 03/26/2018 - 144A		$  4,000,000		4,010,000
Republic of Turkey
10.50%, 01/15/2020		TRY  6,250,000		4,335,169
Turkey Government Bond
6.30%, 02/14/2018		15,200,000		8,639,688
Turkey Government International Bond
3.25%, 03/23/2023 (A)		$  6,500,000		6,410,625
5.13%, 03/25/2022 (A)		3,000,000		3,427,500
6.25%, 09/26/2022		3,500,000		4,313,750
Ukraine - 2.4%
Financing of Infrastrucural Projects State Enterprise
9.00%, 12/07/2017 - 144A		3,900,000		3,978,000
Ukraine Government International Bond
7.50%, 04/17/2023 - 144A (A)		9,040,000		8,723,600
9.25%, 07/24/2017 - 144A		7,520,000		8,027,600
Uruguay - 2.0%
Uruguay Government International Bond
5.00%, 09/14/2018		UYU  278,229,584		17,174,847
Venezuela - 6.5%
Venezuela Government International Bond
6.00%, 12/09/2020 - Reg S (A)		$  13,770,000		11,566,800
7.65%, 04/21/2025		7,220,000		6,256,130
8.25%, 10/13/2024 - Reg S (A)		4,600,000		4,146,900
9.25%, 09/15/2027 (A)		7,350,000		7,221,375
11.75%, 10/21/2026 - Reg S (A)		13,405,000		14,631,557
11.95%, 08/05/2031 - Reg S		11,945,000		13,157,418
Total Foreign Government Obligations (cost $491,374,241)				508,986,100

	Principal		Value
CORPORATE DEBT SECURITIES - 39.0%
Barbados - 0.4%
Columbus International, Inc.
11.50%, 11/20/2014 - 144A (A)		$  3,200,000		$  3,560,000
Bermuda - 0.4%
Noble Group, Ltd.
6.63%, 08/05/2020 - 144A		3,670,000		3,956,260
Brazil - 3.6%
Banco BMG SA
8.00%, 04/15/2018 - 144A		5,025,000		4,798,875
Banco Santander Brasil SA/Cayman Islands
8.00%, 03/18/2016 - 144A (A)		BRL  13,800,000		7,002,254
Oi SA
5.75%, 02/10/2022 - 144A (A)		$  3,040,000		3,207,200
Samarco Mineracao SA
4.13%, 11/01/2022 - 144A		3,600,000		3,532,500
Telemar Norte Leste SA
5.50%, 10/23/2020 - 144A		1,100,000		1,155,000
9.50%, 04/23/2019 - 144A		4,590,000		5,553,900
Vale SA
5.63%, 09/11/2042		6,010,000		6,278,497
Canada - 1.2%
PTTEP Canada International Finance, Ltd.
6.35%, 06/12/2042 - 144A		8,550,000		10,535,267
Cayman Islands - 6.1%
Dubai Holding Commercial Operations MTN, Ltd., Series EMTN
6.00%, 02/01/2017		GBP  2,750,000		4,362,486
Kaisa Group Holdings, Ltd.
10.25%, 01/08/2020 - Reg S (A)		$  5,900,000		6,487,162
KWG Property Holding, Ltd.
12.75%, 03/30/2016 - Reg S		2,405,000		2,712,566
13.25%, 03/22/2017 - Reg S		900,000		1,073,973
Nord Anglia Education, Inc.
8.50%, 02/15/2018 - 144A (C)		5,685,000		5,812,912
Odebrecht Finance, Ltd.
7.13%, 06/26/2042 - 144A		5,480,000		6,274,600
8.25%, 04/25/2018 - 144A		BRL  12,370,000		6,368,162
Petrobras International Finance Co.
6.75%, 01/27/2041		$  3,700,000		4,388,278
Saudi Electricity Global Sukuk Co. 2
5.06%, 04/08/2043 - 144A (A)		5,550,000		5,838,600
Vale Overseas, Ltd.
8.25%, 01/17/2034		5,180,000		6,902,107
Voto-Votorantim, Ltd.
6.75%, 04/05/2021 - 144A		3,350,000		3,932,062
Chile - 1.8%
Cencosud SA
4.88%, 01/20/2023 - 144A (A)		2,800,000		2,898,277
Corp. Nacional del Cobre de Chile
4.25%, 07/17/2042 - 144A (A)		6,300,000		6,122,907
SACI Falabella
3.75%, 04/30/2023 - 144A		3,400,000		3,406,800
6.50%, 04/30/2023 - 144A		CLP  1,563,000,000		3,318,824

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

Transamerica Funds Semi-Annual Report 2013

Page    14

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Colombia - 0.7%
Empresa de Telecomunicaciones de Bogota
7.00%, 01/17/2023 - 144A		COP  11,134,000,000		$  6,469,620
Dominican Republic - 0.5%
Aeropuertos Dominicanos Siglo XXI SA
9.25%, 11/13/2019 - 144A		$  4,000,000		4,340,000
Indonesia - 0.3%
Berau Coal Energy PT
7.25%, 03/13/2017 - 144A (A)		2,800,000		2,779,000
Ireland - 0.7%
ALFA Bank OJSC Via ALFA Bond Issuance PLC
7.75%, 04/28/2021 - 144A		50,000		56,635
7.75%, 04/28/2021 - Reg S (A)		2,200,000		2,491,940
Federal Grid Co. OJSC via Federal Grid Finance, Ltd., Series EMTN
8.45%, 03/13/2019 - Reg S		RUB  120,000,000		3,939,070
Isle of Man - 0.4%
Sasol Financing International PLC
4.50%, 11/14/2022		$  3,730,000		3,828,845
Kazakhstan - 0.8%
Development Bank of Kazakhstan JSC
4.13%, 12/10/2022 - 144A		4,630,000		4,562,865
KazMunayGas National Co. JSC
5.75%, 04/30/2043 - 144A		2,400,000		2,439,000
Luxembourg - 4.0%
Cirsa Funding Luxembourg SA
8.75%, 05/15/2018 - Reg S		EUR  1,840,000		2,532,232
Gazprom Neft OAO Via GPN Capital SA
4.38%, 09/19/2022 - 144A		$  4,550,000		4,555,688
MHP SA
8.25%, 04/02/2020 - 144A		6,580,000		6,479,171
TMK OAO Via TMK Capital SA
6.75%, 04/03/2020 - 144A		10,650,000		10,490,250
VTB Bank OJSC Via VTB Capital SA
6.95%, 10/17/2022 - 144A		4,600,000		4,876,000
Wind Acquisition Finance SA
11.75%, 07/15/2017 - 144A		3,610,000		3,871,725
Wind Acquisition Holdings Finance SA
12.25%, 07/15/2017 - 144A (C)		2,360,000		2,445,976
Mexico - 2.1%
America Movil SAB de CV
3.13%, 07/16/2022		5,540,000		5,637,654
6.45%, 12/05/2022		MXN  37,500,000		3,357,347
Bank of New York Mellon SA Institucion de Banca Multiple
9.63%, 05/02/2021 - 144A		$  4,868,750		3,018,625
BBVA Bancomer SA
6.75%, 09/30/2022 - Reg S (A)		2,300,000		2,645,000
Petroleos Mexicanos
5.50%, 06/27/2044 - Reg S (A)		3,360,000		3,679,200

	Principal		Value
Netherlands - 4.1%
Aerospace Satellite Corp. Holding BV
12.75%, 11/16/2015 - 144A		$  5,500,000		$  6,056,600
Hyva Global BV
8.63%, 03/24/2016 - 144A (A)		3,175,000		3,123,565
Lukoil International Finance BV
4.56%, 04/24/2023 - 144A		8,300,000		8,403,750
Marfrig Holding Europe BV
8.38%, 05/09/2018 - 144A		2,030,000		1,806,700
9.88%, 07/24/2017 - 144A (A)		11,060,000		10,341,100
VimpelCom Holdings BV
9.00%, 02/13/2018 - 144A		RUB  188,300,000		6,327,722
Panama - 1.3%
ENA Norte Trust
4.95%, 04/25/2023 - 144A		$  6,267,810		6,549,861
Global Bank Corp.
4.75%, 10/05/2017 - 144A		4,780,000		4,875,600
Peru - 1.0%
Banco de Credito del Peru
4.25%, 04/01/2023 - 144A		4,640,000		4,656,240
Corp. Lindley SA
4.63%, 04/12/2023 - 144A		3,680,000		3,735,200
Singapore - 0.5%
Berau Capital Resources Pte, Ltd.
12.50%, 07/08/2015 - 144A		2,700,000		2,875,500
Temasek Financial I, Ltd.
4.30%, 10/25/2019 - 144A		1,000,000		1,147,071
Sweden - 0.4%
PKO Finance AB
4.63%, 09/26/2022 - 144A		3,030,000		3,208,770
Thailand - 0.4%
Bangkok Bank PCL
3.88%, 09/27/2022 - 144A		3,450,000		3,573,786
Turkey - 2.5%
Finansbank AS
5.15%, 11/01/2017 - 144A (A)		6,600,000		6,913,500
KOC Holding AS
3.50%, 04/24/2020 - 144A (A)		4,500,000		4,471,875
Turkiye Vakiflar Bankasi Tao
3.75%, 04/15/2018 - 144A		6,450,000		6,482,250
6.00%, 11/01/2022 - 144A		4,001,000		4,226,056
United Arab Emirates - 1.4%
Abu Dhabi National Energy Co.
5.88%, 12/13/2021 - 144A		3,050,000		3,633,313
DP World, Ltd.
6.85%, 07/02/2037 - 144A (A)		7,480,000		8,985,350
United Kingdom - 1.7%
DTEK Finance PLC
7.88%, 04/04/2018 - 144A (A)		4,850,000		4,794,225
Nord Anglia Education UK Holdings PLC
10.25%, 04/01/2017 - 144A (A)		3,475,000		3,892,000
State Export-Import Bank of Ukraine JSC via Biz Finance PLC
8.75%, 01/22/2018 - Reg S (A)		6,580,000		6,464,850
United States - 0.9%
NII Capital Corp.
7.63%, 04/01/2021		8,700,000		7,699,500

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

Transamerica Funds Semi-Annual Report 2013

Page    15

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Venezuela - 1.2%
Petroleos de Venezuela SA
8.50%, 11/02/2017 - Reg S (A)		$  9,705,000		$  9,389,587
9.00%, 11/17/2021 - Reg S (A)		1,021,000		962,293
Virgin Islands, British - 0.6%
Yingde Gases Investment, Ltd.
8.13%, 04/22/2018 - 144A		4,800,000		4,980,000
Total Corporate Debt Securities (cost $337,356,868)				343,551,576
	Shares		Value
SECURITIES LENDING COLLATERAL - 10.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		88,955,404		88,955,404
Total Securities Lending Collateral (cost $88,955,404)				88,955,404

	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.03% (D), dated 04/30/2013, to be repurchased at $16,283,003 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 01/01/2032, and with a value of $16,610,685.		$  16,282,989		$  16,282,989
Total Repurchase Agreement (cost $16,282,989)				16,282,989
Total Investment Securities (cost $933,969,502) (E)				957,776,069
Other Assets and Liabilities - Net				(76,618,277	)
Net Assets				$  881,157,792

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
EUR	HSBC		(15,628,931	)		05/21/2013	$	(20,368,092	)	$	(217,281	)
EUR	RBS		4,346,350			05/21/2013		5,664,507			60,212
GBP	HSBC		(2,881,465	)		05/21/2013		(4,391,843	)		(83,415	)
HUF	BCLY		430,875,968			05/21/2013		1,867,000			24,327
HUF	HSBC		(1,969,072,528	)		05/21/2013		(8,671,272	)		28,042
HUF	RBS		(1,190,000,000	)		05/21/2013		(5,184,959	)		(38,537	)
NZD	BCLY		(129,387	)		05/21/2013		(108,920	)		(1,810	)
PLN	BCLY		8,989,773			05/21/2013		2,836,929			3,503
PLN	RBS		584,250			05/21/2013		182,772			1,829
PLN	RBS		(23,000,000	)		05/21/2013		(7,269,739	)		2,600
RUB	RBS		(124,500,000	)		05/23/2013		(3,915,956	)		(66,429	)
										$	(286,959	)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged		Net Exposures(1)
BCLY	$	26,020		$	—	$	26,020
HSBC		(272,654	)		—		(272,654	)
RBS		(40,325	)		—		(40,325	)

⁽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 Investment Securities			Value
Foreign Government Obligations		53.1	%	$	508,986,100
Commercial Banks		7.0			66,834,621
Oil, Gas & Consumable Fuels		5.6			53,836,408
Wireless Telecommunication Services		2.4			23,022,223
Metals & Mining		2.4			22,836,011
Diversified Telecommunication Services		2.4			22,788,545
Transportation Infrastructure		2.1			19,875,211
Food Products		1.9			18,626,971
Construction & Engineering		1.3			12,642,762
Diversified Financial Services		1.2			11,751,920
Machinery		1.1			10,490,250
Real Estate Management & Development		1.1			10,273,701

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

Transamerica Funds Semi-Annual Report 2013

Page    16

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Diversified Consumer Services		1.0	%	$	9,704,912
Media		1.0			9,616,600
Commercial Services & Supplies		0.9			8,294,548
Multiline Retail		0.7			6,725,624
Electric Utilities		0.6			5,838,600
Chemicals		0.5			4,980,000
Industrial Conglomerates		0.5			4,471,875
Trading Companies & Distributors		0.4			3,956,260
Beverages		0.4			3,735,200
Multi-Utilities		0.4			3,633,313
Auto Components		0.3			3,123,565
Food & Staples Retailing		0.3			2,898,277
Hotels, Restaurants & Leisure		0.3			2,532,232
Capital Markets		0.1			1,147,071
Investment Securities, at Value		89.0			852,622,800
Short-Term Investments		11.0			105,238,393
Total Investments		100.0	%	$	957,861,193

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $87,120,852. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of April 30, 2013. Maturity date disclosed is the ultimate maturity date.

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

(D) Rate shown reflects the yield at April 30, 2013.

(E) Aggregate cost for federal income tax purposes is $933,969,502. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $29,198,348 and $5,306,657, respectively. Net unrealized appreciation for tax purposes is $23,891,691.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $408,712,826 or 46.38% of the fund’s net assets.
BCLY	Barclays Bank PLC
EMTN	European Medium Term Note
GMTN	Global Medium Term Note
HSBC	HSBC Bank USA
JSC	Joint Stock Company
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OFZ	Obligatsyi Federal’novo Zaima (Russian: Coupon-bearing Federal Loan Bonds)
OJSC	Open Joint Stock Company
OTC	Over the Counter
RBS	Royal Bank of Scotland Group PLC
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Transamerica Funds Semi-Annual Report 2013

Page    17

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish New Lira
UYU	Uruguayan Peso
ZAR	South African Rand

VALUATION SUMMARY: (F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Foreign Government Obligations	$	—	$	508,986,100		$	—	$	508,986,100
Corporate Debt Securities		—		343,551,576			—		343,551,576
Securities Lending Collateral		88,955,404		—			—		88,955,404
Repurchase Agreement		—		16,282,989			—		16,282,989
Total Investment Securities	$	88,955,404	$	868,820,665		$	—	$	957,776,069
Derivative Financial Instruments
Forward Foreign Currency Contracts (G)	$	—	$	120,513		$	—	$	120,513
Total Derivative Financial Instruments	$	—	$	120,513		$	—	$	120,513
Other Assets (H)
Foreign Currency	$	706,868	$	—		$	—	$	706,868
Total Other Assets	$	706,868	$	—		$	—	$	706,868
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Forward Foreign Currency Contracts (G)	$	—	$	(407,472	)	$	—	$	(407,472	)
Total Derivative Financial Instruments	$	—	$	(407,472	)	$	—	$	(407,472	)
Other Liabilities (H)
Collateral for Securities on Loan	$	—	$	(88,955,404	)	$	—	$	(88,955,404	)
Total Other Liabilities	$	—	$	(88,955,404	)	$	—	$	(88,955,404	)

(F) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(H) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    18

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCKS - 1.6%
Brazil - 1.6%
Cia Energetica de Sao Paulo - Class Preference, 5.48% (A)		64,900		$  687,682
Investimentos Itau SA, 3.94% (A)		172,100		858,457
Klabin SA, 2.32% (A)		310,400		2,113,032
Total Preferred Stocks (cost $3,089,090)				3,659,171
COMMON STOCKS - 95.9%
Brazil - 12.7%
Arteris SA - Class A		167,730		1,869,489
BRF - Brasil Foods SA - ADR (B)		70,234		1,743,910
Cia de Saneamento Basico do Estado de Sao Paulo - ADR (B)		221,334		3,165,076
Cielo SA		39,720		1,053,774
Cyrela Brazil Realty SA Empreendimentos e Participacoes - Class A		80,200		728,745
Duratex SA		152,790		1,155,423
Even Construtora e Incorporadora SA		284,400		1,343,286
Hypermarcas SA (C)		283,100		2,265,366
Itau Unibanco Holding SA - ADR		130,300		2,192,949
Kroton Educacional SA		86,900		1,216,144
M Dias Branco SA		16,300		725,078
Natura Cosmeticos SA		47,600		1,205,494
Petroleo Brasileiro SA - ADR		171,373		3,281,793
Petroleo Brasileiro SA - Class A ADR		61,953		1,237,201
Vale SA - Class B ADR		330,743		5,377,881
China - 2.3%
China Petroleum & Chemical Corp. - ADR		30,710		3,395,298
China Vanke Co., Ltd. - Class B		286,735		584,736
CNOOC, Ltd. - ADR		4,700		880,498
Luthai Textile Co., Ltd. - Class B		350,130		360,619
Hong Kong - 16.8%
Bank of China, Ltd. - Class H		13,273,000		6,208,771
BBMG Corp. - Class H		828,000		665,802
Beijing Capital International Airport Co., Ltd.		618,000		426,858
China Agri-Industries Holdings, Ltd.		2,318,000		1,135,081
China Citic Bank Corp., Ltd. - Class H		3,558,000		2,003,629
China Construction Bank Corp. - Class H		5,199,000		4,354,748
China Merchants Bank Co., Ltd. - Class H (B)		1,504,000		3,205,629
China Minsheng Banking Corp., Ltd. - Class H (B)		439,000		562,882
China Mobile, Ltd. - ADR (B)		16,518		912,454
China Resources Power Holdings Co., Ltd.		460,000		1,511,569
China Shanshui Cement Group, Ltd.		970,000		548,739
China Unicom Hong Kong, Ltd. - ADR (B)		101,100		1,458,873
CITIC Resources Holdings, Ltd. (C)		1,438,000		181,600
COSCO Pacific, Ltd.		662,000		876,962
Country Garden Holdings Co., Ltd.		1,838,000		1,044,513
Datang International Power Generation Co., Ltd. - Class H		3,932,000		1,722,750
Harbin Electric Co., Ltd. - Class H		558,000		428,559
Huadian Power International Co. - Class H		1,576,000		865,159
Industrial & Commercial Bank of China, Ltd. - Class H		3,202,000		2,252,910
Kingboard Chemical Holdings, Ltd.		451,500		1,230,546
KWG Property Holding, Ltd.		1,409,500		973,553
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H		424,100		873,323

	Shares		Value
Hong Kong (continued)
Shiamo Property Holdings, Ltd.		505,000		$  1,089,373
Sinofert Holdings, Ltd. (B)		3,808,000		824,396
Sinopec Shanghai Petrochemical Co., Ltd. - Class H		1,536,000		528,485
Sinopharm Group Co., Ltd. - Class H		226,400		672,477
TPV Technology, Ltd.		1,050,000		271,966
Yuexiu Property Co., Ltd.		2,540,000		752,821
Hungary - 0.5%
Magyar Telekom		602,165		1,112,845
India - 5.1%
Dr. Reddy’s Laboratories, Ltd. - ADR (B)		53,469		2,025,406
HDFC Bank, Ltd. - ADR		30,361		1,288,521
Infosys, Ltd. - ADR (B)		66,035		2,756,301
Tata Motors, Ltd. - Series V ADR (B)		173,535		4,779,154
Wipro, Ltd. - ADR (B)		62,534		499,646
Indonesia - 1.8%
Charoen Pokphand Indonesia PT		1,923,000		998,832
Indofood CBP Sukses Makmur PT		1,413,000		1,664,063
Kalbe Farma PT		9,024,500		1,290,209
Korea, Republic of - 17.4%
Daeduck Electronics Co.		88,280		973,942
Daelim Industrial Co., Ltd.		10,501		734,202
Hana Financial Group, Inc.		134,770		4,307,549
Handsome Co., Ltd.		28,340		847,910
Hyundai Mobis		4,330		982,929
Hyundai Motor Co.		26,495		4,799,557
ISU Chemical Co., Ltd.		17,570		311,101
KIA Motors Corp.		71,444		3,555,009
KT&G Corp.		16,491		1,187,448
LG Corp.		19,073		1,136,102
LG International Corp.		17,980		579,579
LG Uplus Corp. (C)		175,490		1,657,220
Poongsan Corp.		34,580		836,790
Samsung Electronics Co., Ltd.		9,737		13,438,881
SK Corp.		16,071		2,312,951
Woori Finance Holdings Co., Ltd.		118,430		1,279,685
Malaysia - 3.7%
AirAsia Bhd		2,051,000		1,975,162
Genting Malaysia Bhd - Class B		361,200		446,380
Malayan Banking Bhd		998,378		3,156,745
Tenaga Nasional Bhd		396,500		1,023,015
UMW Holdings Bhd		363,400		1,708,010
Mexico - 3.1%
Grupo Financiero Banorte SAB de CV - Class O		794,900		5,990,080
OHL Mexico SAB de CV (C)		308,700		955,416
Poland - 1.1%
KGHM Polska Miedz SA		54,529		2,554,011
Russian Federation - 2.4%
Gazprom OAO - ADR		684,979		5,444,944
South Africa - 8.3%
AngloGold Ashanti, Ltd. - ADR		29,200		569,400
Aspen Pharmacare Holdings, Ltd.		125,992		2,736,484
AVI, Ltd.		142,210		855,780
Imperial Holdings, Ltd.		58,195		1,288,611
Liberty Holdings, Ltd.		65,610		873,728
Mediclinic International, Ltd.		461,002		3,341,860
MMI Holdings, Ltd.		262,862		670,813
Nedbank Group, Ltd.		100,644		2,138,159
Sappi, Ltd. (C)		426,032		1,281,870
Shoprite Holdings, Ltd.		174,053		3,299,122

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

Transamerica Funds Semi-Annual Report 2013

Page    19

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
South Africa (continued)
Telkom SA, Ltd. (C)		296,639		$  423,133
Truworths International, Ltd.		111,795		1,111,160
Taiwan - 12.8%
Cathay Financial Holding Co., Ltd.		2,022,000		2,720,026
Delta Electronics, Inc.		667,000		3,198,038
E.Sun Financial Holding Co., Ltd.		1,266,400		763,822
Formosa Chemicals & Fibre Corp.		418,000		978,714
Highwealth Construction Corp.		401,400		896,322
Hon Hai Precision Industry Co., Ltd.		1,260,000		3,253,321
Huaku Development Co., Ltd.		526,980		1,514,228
Pegatron Corp. (C)		854,000		1,397,675
Phison Electronics Corp.		224,000		1,764,706
Pou Chen Corp.		616,000		726,376
SinoPac Financial Holdings Co., Ltd.		1,620,346		809,843
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		516,500		9,854,820
Vanguard International Semiconductor Corp.		730,000		795,253
Thailand - 3.5%
Advanced Info Service PCL		150,200		1,381,738
Airports of Thailand PCL		461,300		2,271,136
Asian Property Development PCL		2,094,100		670,683
Bangkok Expressway PCL		887,329		1,209,307
Home Product Center PCL		2,471,338		1,263,035
Krung Thai Bank PCL		1,232,400		1,041,346
Turkey - 3.3%
Aygaz AS		164,230		895,925
Turk Hava Yollari		1,258,726		5,237,817
Turkiye Is Bankasi - Class C		303,409		1,171,156

	Shares		Value
United Kingdom - 0.5%
NovaTek OAO - GDR, Reg S		12,155		$  1,230,086
United States - 0.6%
Uralkali OJSC - GDR, Reg S		34,351		1,243,163
Total Common Stocks (cost $204,220,028)				214,855,439
SECURITIES LENDING COLLATERAL - 6.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A)		14,977,908		14,977,908
Total Securities Lending Collateral (cost $14,977,908)				14,977,908
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $3,488,925 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 2.00%, due 11/01/2027, and with a value of $3,559,856.		$  3,488,922		3,488,922
Total Repurchase Agreement (cost $3,488,922)				3,488,922
Total Investment Securities (cost $225,775,948) (D)				236,981,440
Other Assets and Liabilities - Net				(12,922,594	)
Net Assets				$  224,058,846

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Commercial Banks		18.4	%	$	43,586,881
Semiconductors & Semiconductor Equipment		10.9			25,853,660
Oil, Gas & Consumable Fuels		6.5			15,469,820
Automobiles		6.3			14,841,730
Metals & Mining		3.9			9,338,082
Electronic Equipment & Instruments		3.7			8,655,847
Transportation Infrastructure		3.2			7,609,168
Real Estate Management & Development		3.2			7,526,229
Airlines		3.0			7,212,979
Food Products		3.0			7,122,744
Pharmaceuticals		2.6			6,052,099
Health Care Providers & Services		2.1			4,887,660
Independent Power Producers & Energy Traders		2.0			4,787,160
IT Services		1.8			4,309,721
Insurance		1.8			4,264,567
Wireless Telecommunication Services		1.7			3,951,412
Chemicals		1.6			3,885,859
Personal Products		1.5			3,470,860
Industrial Conglomerates		1.5			3,449,053
Food & Staples Retailing		1.4			3,299,122
Water Utilities		1.3			3,165,076
Diversified Telecommunication Services		1.3			2,994,851
Paper & Forest Products		1.0			2,437,293
Specialty Retail		1.0			2,374,195
Containers & Packaging		0.9			2,113,032
Household Durables		0.9			2,072,031
Textiles, Apparel & Luxury Goods		0.8			1,934,905

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

Transamerica Funds Semi-Annual Report 2013

Page    20

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Computers & Peripherals		0.7	%	$	1,669,641
Distributors		0.5			1,288,611
Diversified Consumer Services		0.5			1,216,144
Construction Materials		0.5			1,214,541
Tobacco		0.5			1,187,448
Electric Utilities		0.4			1,023,015
Auto Components		0.4			982,929
Gas Utilities		0.4			895,925
Trading Companies & Distributors		0.3			761,179
Construction & Engineering		0.3			734,202
Hotels, Restaurants & Leisure		0.2			446,380
Electrical Equipment		0.2			428,559
Investment Securities, at Value		92.2			218,514,610
Short-Term Investments		7.8			18,466,830
Total Investments		100.0	%	$	236,981,440

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) All or a portion of this security is on loan. The value of all securities on loan is $14,531,520. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Non-income producing security.

(D) Aggregate cost for federal income tax purposes is $225,775,948. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $19,989,295 and $8,783,803, respectively. Net unrealized appreciation for tax purposes is $11,205,492.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OJSC	Open Joint Stock Company
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Transamerica Funds Semi-Annual Report 2013

Page    21

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Stocks	$	3,659,171	$	—		$	—	$	3,659,171
Common Stocks		71,845,669		143,009,770			—		214,855,439
Securities Lending Collateral		14,977,908		—			—		14,977,908
Repurchase Agreement		—		3,488,922			—		3,488,922
Total Investment Securities	$	90,482,748	$	146,498,692		$	—	$	236,981,440
Other Assets (F)
Foreign Currency	$	2,066,659	$	—		$	—	$	2,066,659
Total Other Assets	$	2,066,659	$	—		$	—	$	2,066,659
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(14,977,908	)	$	—	$	(14,977,908	)
Total Other Liabilities	$	—	$	(14,977,908	)	$	—	$	(14,977,908	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    22

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 98.7%
Alaska - 2.0%
Alaska Housing Finance Corp. (Revenue Bonds) Series A 5.00%, 12/01/2027		$  165,000		$  195,563
City of Valdez, AK (Revenue Bonds) 5.00%, 01/01/2021		50,000		61,172
Arizona - 0.9%
City of Tucson, AZ (Certificate Participation) Series A, Insurer: NATL-RE 5.00%, 07/01/2019		75,000		84,703
Scottsdale Municipal Property Corp. (Revenue Bonds) 5.00%, 07/01/2025		25,000		31,961
California - 10.5%
Alhambra Unified School District (General Obligation Unlimited) 4.50%, 08/01/2019		50,000		58,570
Atwater Public Financing Authority (Revenue Bonds) Insurer: ASSURED GTY 4.00%, 05/01/2019		25,000		26,344
California Communities Local Measurer (Certificate Participation) Insurer: AGM 4.00%, 06/01/2015		125,000		132,621
County of Sacramento, CA Airport System Revenue (Revenue Bonds) Series A, Insurer: AGM 5.00%, 07/01/2026		25,000		28,866
El Dorado Irrigation District / El Dorado County Water Agency (Revenue Bonds) Insurer: AGM 4.25%, 03/01/2018		60,000		67,981
Elsinore Valley Municipal Water District (Certificate Participation) Series A, Insurer: NATL-RE 4.25%, 07/01/2015		55,000		59,110
Hemet Unified School District (General Obligation Unlimited) Insurer: AGM 3.00%, 08/01/2017		50,000		53,450
Hercules Public Financing Authority (Revenue Bonds) Insurer: AGM 4.25%, 08/01/2024		25,000		27,308
Merced Union High School District (General Obligation Unlimited) Insured: ASSURED GTY 5.00%, 08/01/2029		50,000		58,710
Mountain View School District School Facilities Improvement District No. 1 (General Obligation Unlimited) Insurer: AGM 4.00%, 08/01/2026		25,000		27,108
Oakland Unified School District/Alameda County (General Obligation Unlimited) Insurer: AGM FGIC 5.00%, 08/01/2021		25,000		27,722

	Principal		Value
California (continued)
Oxnard Union High School District (General Obligation Unlimited) 4.00%, 08/01/2020		$  25,000		$  28,725
San Bernardino Community College District (General Obligation Unlimited) 5.75%, 08/01/2020		20,000		25,017
San Bernardino Joint Powers Financing Authority (Tax Allocation) Series A, Insurer: AGM 5.75%, 10/01/2019		30,000		35,013
San Diego Unified School District (General Obligation Unlimited) Series C-2, Insurer: AGM 5.50%, 07/01/2025		85,000		110,520
San Juan Unified School District (General Obligation Unlimited) Insurer: AGM 3.63%, 08/01/2021		70,000		79,447
Santa Ana Unified School District (General Obligation Unlimited) Insurer: ASSURED GTY 4.25%, 08/01/2029		75,000		80,041
Vallejo City Unified School District (Special Tax) Insurer: AGM 5.00%, 09/01/2019		100,000		100,284
Wasco Union High School District (General Obligation Unlimited) Series B, Insurer: AGM 4.00%, 08/01/2024		150,000		162,403
Woodbridge Irrigation District (Certificate Participation) Insurer: AGM 4.00%, 07/01/2026		175,000		175,702
Colorado - 3.5%
City & County of Denver, CO Airport System Revenue (Revenue Bonds) Series A 5.00%, 11/15/2021		60,000		72,953
Colorado Educational & Cultural Facilities Authority (Revenue Bonds) Series A, Insurer: AGC 5.00%, 06/15/2023		200,000		208,336
County of Pueblo, CO (Certificate Participation) Insurer: ASSURED GTY 4.85%, 09/15/2017		150,000		173,212
Connecticut - 1.1%
Hartford New Public Housing Authority (Revenue Bonds) 5.00%, 09/01/2031		45,000		50,234
Town of East Haven, CT (General Obligation Unlimited) Insurer: AGC-ICC 4.25%, 08/01/2019		50,000		57,993
University of Connecticut (Revenue Bonds) 5.00%, 11/15/2023		25,000		30,150
District of Columbia - 0.2%
Metropolitan Washington Airports Authority (Revenue Bonds) Series A 5.00%, 10/01/2020		25,000		30,752

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

Transamerica Funds Semi-Annual Report 2013

Page    23

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Florida - 9.7%
Citizens Property Insurance Corp. (Revenue Bonds) Insurer: AGM 5.00%, 06/01/2016 Series A-1, Insurer: AGM 4.25%, 06/01/2017		$  25,000 120,000		$  28,241 135,346
City of Cape Coral, FL (Special Assessment) Insurer: NATL-RE 4.00%, 07/01/2016		85,000		91,745
City of Lakeland, FL Energy System Revenue (Revenue Bonds) Series B, Insurer: AGM 5.25%, 10/01/2027		100,000		123,462
City of Tampa, FL (Revenue Bonds) Series A 5.00%, 11/15/2025		25,000		29,372
County of Broward, FL Half-Cent Sales Tax Revenue (Revenue Bonds) Series A 4.00%, 10/01/2014		35,000		36,691
County of Manatee, FL Public Utilities Revenue (Revenue Bonds) 5.00%, 10/01/2021		25,000		30,839
County of Miami-Dade, FL Aviation Revenue (Revenue Bonds) Series A, Insurer: ASSURED GTY 4.00%, 10/01/2017		70,000		78,548
Escambia County Housing Finance Authority (Revenue Bonds) Insurer: AGM 3.50%, 06/01/2017		50,000		53,202
Florida Department of Environmental Protection (Revenue Bonds) Series A 5.00%, 07/01/2022		55,000		67,802
Florida Municipal Power Agency (Revenue Bonds) 5.00%, 10/01/2018		25,000		29,652
Florida State Department of Transportation (Revenue Bonds) 5.00%, 07/01/2024		25,000		28,891
Greater Orlando Aviation Authority (Revenue Bonds) 3.60%, 10/01/2018		40,000		44,577
Hillsborough County Industrial Development Authority (Revenue Bonds)
5.00%, 10/01/2016		100,000		112,316
Series A
5.00%, 10/01/2018		50,000		50,941
Kissimmee Utility Authority (Revenue Bonds) Insurer: AGM 5.25%, 10/01/2018		100,000		119,909
Manatee County Port Authority (Revenue Bonds) Series A 3.00%, 10/01/2019		50,000		54,341
Miami-Dade County School Board (Certificate Participation) Insured: ASSURED GTY 5.00%, 02/01/2020		45,000		52,455

	Principal		Value
Florida (continued)
Palm Beach County School District (Certificate Participation) Series C 4.00%, 08/01/2017		$  50,000		$  55,884
Sunshine State Governmental Financing Commission (Revenue Bonds) Series A, Insurer: AGM 4.38%, 09/01/2021		25,000		29,134
Georgia - 3.3%
City of Atlanta, GA Water & Wastewater Revenue (Revenue Bonds) Insurer: AGM 5.75%, 11/01/2029		100,000		134,651
City of Atlanta, GA (General Obligation Unlimited) Insured: ASSURED GTY 4.00%, 12/01/2021		25,000		28,322
City of Atlanta, GA Department of Aviation (Revenue Bonds) 5.00%, 01/01/2020		40,000		48,655
County of DeKalb, GA (General Obligation Unlimited) Series A 4.00%, 01/01/2016		100,000		100,221
Georgia Higher Education Facilities Authority (Revenue Bonds) Series A, Insurer: ASSURED GTY 5.00%, 06/15/2032		50,000		55,860
Georgia Housing & Finance Authority (Revenue Bonds) 4.50%, 12/01/2025		50,000		55,233
Idaho - 1.3%
Idaho Health Facilities Authority (Revenue Bonds) Series B 6.13%, 12/01/2028		100,000		119,849
Idaho Housing & Finance Association (Revenue Bonds) Insured: ASSURED GTY 4.13%, 07/15/2019		45,000		51,088
Illinois - 14.3%
Chicago Board of Education (General Obligation Unlimited)
Insurer: AMBAC
5.50%, 12/01/2019		25,000		30,526
Series A, Insurer: AGM
5.00%, 12/01/2017		70,000		80,963
City of Chicago, IL (General Obligation Unlimited)
Insurer: AGM
5.50%, 01/01/2017		50,000		57,423
Series A, Insurer: AGM
5.00%, 01/01/2026		95,000		107,322
City of Chicago, IL O’Hare International Airport Revenue (Revenue Bonds) 5.00%, 01/01/2021		150,000		182,559
County of Cook, IL (General Obligation Unlimited) 5.00%, 11/15/2021		225,000		264,802
County of Cook, IL (General Obligation Unlimited) 5.00%, 11/15/2019		25,000		30,379

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

Transamerica Funds Semi-Annual Report 2013

Page    24

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Illinois (continued)
Grundy & Will Counties Community Unit School District No. 1 Coal City (General Obligation Unlimited) Insured: XLCA 4.63%, 02/01/2015		$  30,000		$  32,096
Illinois Finance Authority (Revenue Bonds)
4.00%, 04/01/2019		25,000		28,558
Series D
6.25%, 11/01/2028		65,000		78,119
Illinois Municipal Electric Agency (Revenue Bonds) Insurer: FGIC NATL-RE 5.25%, 02/01/2026		75,000		85,199
Kankakee County Community Unit School District No. 53 (General Obligation Limited) 3.00%, 02/01/2019		50,000		53,675
Knox & Warren Counties Community Unit School District No. 205 Galesburg (General Obligation Unlimited) 5.75%, 01/01/2027		40,000		47,095
Lake County School District No. 33 5.30%, 12/01/2031 (A)		45,000		16,733
Macon & de Witt Counties Community Unit School District No. 2 Maroa-Forsyth (General Obligation Unlimited) Insurer: AGM 3.35%, 12/01/2018		185,000		196,061
Metropolitan Pier & Exposition Authority (Revenue Bonds) Series A, Insurer: AGM FGIC 5.50%, 12/15/2023		40,000		47,967
Peoria Metropolitan Airport Authority (General Obligation Unlimited) 5.60%, 12/01/2022		35,000		42,725
Railsplitter Tobacco Settlement Authority (Revenue Bonds)
5.00%, 06/01/2019		80,000		94,906
5.38%, 06/01/2021		25,000		30,805
6.00%, 06/01/2028		75,000		91,589
Regional Transportation Authority (Revenue Bonds) Series A, Insurer: AGM MBIA 6.00%, 07/01/2027		45,000		59,749
State of Illinois (General Obligation Unlimited) Insurer: AGM 4.00%, 01/01/2020		75,000		82,693
Will & Kendall Counties Community Consolidated School District 202 Plainfield (General Obligation Unlimited) Series A, Insurer: ASSURED GTY 4.50%, 01/01/2025		50,000		53,718
Will County Community Unit School District No. 365 Valley View (General Obligation Unlimited) Series A 5.63%, 11/01/2030		50,000		60,369

	Principal		Value
Indiana - 1.3%
Fort Wayne Redevelopment Authority (Revenue Bonds) 4.00%, 02/01/2022		$  25,000		$  28,562
Indiana Finance Authority (Revenue Bonds) 5.00%, 03/01/2024		75,000		86,386
Indianapolis Local Public Improvement Bond Bank (Revenue Bonds) Series A, Insurer: NATL-RE 5.50%, 07/01/2020		40,000		49,352
Kentucky - 0.2%
County of Warren, KY (Revenue Bonds) 4.00%, 04/01/2017		25,000		27,599
Maryland - 1.1%
Maryland Community Development Administration (Revenue Bonds) Series C 4.50%, 03/01/2027		50,000		53,899
Morgan State University (Revenue Bonds) 5.00%, 07/01/2021		75,000		92,134
Massachusetts - 1.4%
City of Chelsea, MA (General Obligation Limited) Insurer: AGM 4.00%, 09/01/2020		50,000		56,167
Massachusetts Bay Transportation Authority (Revenue Bonds) Series A 5.00%, 07/01/2030		100,000		126,680
Michigan - 9.3%
City of Detroit, MI (General Obligation Unlimited) Series A, Insurer: AGM 5.25%, 04/01/2014		25,000		25,048
City of Detroit, MI Sewage Disposal System Revenue (Revenue Bonds)
Insurer: CIFG
4.50%, 07/01/2027		75,000		78,987
Series A, Insurer: AGM
5.25%, 07/01/2024		50,000		60,004
5.50%, 07/01/2015		100,000		108,651
City of Detroit, MI Water Supply System Revenue (Revenue Bonds) Series D, Insurer: AGM 5.00%, 07/01/2025		100,000		104,336
City of Detroit, MI Water Supply System Revenue (Revenue Bonds) Insurer: CIFG 4.25%, 07/01/2018		100,000		112,331
Detroit City School District (General Obligation Unlimited)
Series A, Insurer: AGM
5.25%, 05/01/2027 - 05/01/2028		165,000		195,191
Series A, Insurer: FGIC
6.00%, 05/01/2020		110,000		139,389
Hazel Park School District (General Obligation Unlimited) Insurer: AGM 5.00%, 05/01/2021		50,000		59,671
Huron Valley School District (General Obligation Unlimited) 5.00%, 05/01/2022		25,000		29,923

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

Transamerica Funds Semi-Annual Report 2013

Page    25

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Michigan (continued)
L’Anse Creuse Public Schools (General Obligation Unlimited) 5.00%, 05/01/2022		$  40,000		$  48,923
Michigan State Hospital Finance Authority (Revenue Bonds)
6.00%, 12/01/2017		170,000		206,599
Series A, Insurer: AGM
5.00%, 08/15/2031		35,000		35,128
Minnesota - 0.7%
City of International Falls, MN (Revenue Bonds) 5.65%, 12/01/2022		55,000		54,997
City of Rochester, MN (Revenue Bonds) 4.50%, 11/15/2038 (B)		25,000		30,141
Mississippi - 1.0%
Mississippi Development Bank (Revenue Bonds) Series A 5.25%, 01/01/2025		85,000		106,569
Mississippi Home Corp. (Revenue Bonds) Series B 4.25%, 12/01/2018		25,000		27,764
Missouri - 1.2%
Missouri Development Finance Board (Revenue Bonds) Insurer: AGM 5.00%, 06/01/2025		50,000		58,001
Missouri State Health & Educational Facilities Authority (Revenue Bonds) Series B 5.00%, 06/01/2019		75,000		90,408
Nebraska - 0.2%
Nebraska Public Power District (Revenue Bonds) 5.00%, 01/01/2022		25,000		30,897
Nevada - 0.9%
County of Clark, NV Airport System Revenue (Revenue Bonds) Series D 5.00%, 07/01/2020		25,000		30,032
County of Clark, NV (Revenue Bonds) 5.00%, 07/01/2024		25,000		29,531
Nevada System of Higher Education (Revenue Bonds) Series A 4.50%, 07/01/2023		50,000		55,871
New Jersey - 2.5%
New Jersey Economic Development Authority (Revenue Bonds) Series A 5.25%, 09/01/2022		25,000		30,628
New Jersey Transportation Trust Fund Authority (Revenue Bonds)
4.38%, 12/15/2020		50,000		58,890
5.00%, 06/15/2020		25,000		30,369
Series A
5.25%, 12/15/2019		40,000		49,274
5.75%, 12/15/2031		105,000		123,549
Township of Toms River, NJ (General Obligation Unlimited) Insurer: NATL-RE 4.00%, 12/01/2019		25,000		27,914

	Principal		Value
New Mexico - 0.2%
New Mexico Educational Assistance Foundation (Revenue Bonds) 4.00%, 12/01/2020		$  25,000		$  29,395
New York - 1.5%
County of Nassau, NY (General Obligation Unlimited) Series A, Insurer: ASSURED GTY 5.00%, 05/01/2019		30,000		36,122
New York State Dormitory Authority (Revenue Bonds)
4.00%, 10/01/2018		40,000		45,454
Insurer: AGM
5.00%, 10/01/2022		30,000		37,017
Insurer: FGIC NATL-RE
5.50%, 05/15/2024		55,000		72,336
North Carolina - 0.7%
City of Wilson, NC (Certificate Participation) Insured: ASSURED GTY 4.13%, 05/01/2019		35,000		40,000
Johnston Memorial Hospital Authority (Revenue Bonds) Insurer: AGM 5.00%, 10/01/2017		40,000		46,331
Ohio - 3.8%
Buckeye Tobacco Settlement Financing Authority (Revenue Bonds) Series A-2 5.13%, 06/01/2024		330,000		305,332
County of Lorain, OH (Revenue Bonds) Insurer: AGM 5.00%, 02/01/2024		50,000		56,966
Ohio Higher Educational Facility Commission (Revenue Bonds) 5.25%, 01/01/2024		30,000		33,953
Ohio Housing Finance Agency (Revenue Bonds) Series 1 3.80%, 05/01/2021		35,000		38,531
State of Ohio (Revenue Bonds) 4.00%, 01/01/2019		50,000		57,207
Oregon - 2.1%
State of Oregon Housing & Community Services Department (Revenue Bonds)
5.00%, 07/01/2018		105,000		123,387
Series A
5.00%, 07/01/2019		120,000		141,814
Pennsylvania - 9.0%
City of Philadelphia, PA Gas Works Revenue (Revenue Bonds)
5.00%, 07/01/2015		25,000		26,877
Insurer: AGM
5.38%, 07/01/2017		100,000		115,386
City of Pittsburgh, PA (General Obligation Unlimited) Series B, Insurer: AGM 5.25%, 09/01/2016		50,000		56,790
Delaware County Regional Water Quality Control Authority (Revenue Bonds) Insurer: NATL-RE 5.25%, 05/01/2024		150,000		185,289

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

Transamerica Funds Semi-Annual Report 2013

Page    26

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority (Revenue Bonds) 5.00%, 05/15/2021		$  50,000		$  60,080
School District of Philadelphia (General Obligation Unlimited)
3.75%, 09/01/2021		50,000		54,643
5.00%, 09/01/2017 - 09/01/2019		150,000		174,498
Series B
3.13%, 09/01/2020		100,000		105,156
Series C
5.00%, 09/01/2016		35,000		39,730
Southwest Delaware County Municipal Authority (Revenue Bonds) Series A, Insurer: FSA 3.35%, 08/01/2019		25,000		26,012
State Public School Building Authority (Revenue Bonds)
Insurer: AGM
5.00%, 06/01/2017 - 06/01/2020		125,000		139,455
Series A, Insurer: ASSURED GTY
4.75%, 11/15/2029		125,000		135,351
Trinity Area School District (General Obligation Unlimited) Insurer: AGM 4.00%, 11/01/2020		40,000		45,962
Puerto Rico - 3.8%
Commonwealth of Puerto Rico (General Obligation Unlimited) 5.00%, 07/01/2013		100,000		100,533
Government Development Bank for Puerto Rico (Revenue Bonds) Series B 5.00%, 12/01/2013		35,000		35,611
Puerto Rico Highway & Transportation Authority (Revenue Bonds)
Insurer: NATL-RE
6.25%, 07/01/2013		100,000		100,706
Insurer: RADIAN
5.50%, 07/01/2013		45,000		45,277
Series A, Insurer: AMBAC
5.50%, 07/01/2014		125,000		129,359
Puerto Rico Municipal Finance Agency (Revenue Bonds) Series B, Insurer: AGC 5.25%, 07/01/2018		75,000		82,909
Rhode Island - 0.4%
Rhode Island Housing & Mortgage Finance Corp. (Revenue Bonds) Series A 4.20%, 04/01/2016		50,000		53,712
South Carolina - 2.2%
Greenville County School District (Revenue Bonds) Insured: ASSURED GTY 5.00%, 12/01/2025		25,000		28,165
South Carolina Jobs-Economic Development Authority (Revenue Bonds) Insurer: CIFG 5.00%, 11/01/2013		250,000		254,040

	Principal		Value
Texas - 7.3%
Brazos River Authority (Revenue Bonds) Insurer: NATL-RE 4.00%, 08/01/2015		$  25,000		$  25,401
City of Corpus Christi, TX Utility System Revenue (Revenue Bonds) 5.00%, 07/15/2019		60,000		72,679
City of San Antonio, TX (Revenue Bonds)
Insurer: AGM
3.50%, 07/01/2019		50,000		55,514
4.63%, 07/01/2027		50,000		55,614
County of Bexar, TX (Revenue Bonds) Insurer: AGM 5.00%, 08/15/2019		165,000		197,363
Gulf Coast Waste Disposal Authority (Revenue Bonds) Insurer: AMBAC 5.00%, 10/01/2022		50,000		50,194
Harris County Cultural Education Facilities Finance Corp. (Revenue Bonds) 4.38%, 11/15/2021		20,000		23,378
Harris County Municipal Utility District No. 391 (General Obligation Unlimited) Insurer: ASSURED GTY 5.00%, 09/01/2018		25,000		29,210
Lower Colorado River Authority (Revenue Bonds) 5.00%, 05/15/2020		35,000		42,956
Oakmont Public Utility District (General Obligation Unlimited) Insurer: AGM 4.00%, 03/01/2018		40,000		44,104
Parkway Utility District (General Obligation Unlimited) Insurer: AGM 4.00%, 03/01/2023		75,000		81,268
Tarrant County Cultural Education Facilities Finance Corp. (Revenue Bonds) Insured: ASSURED GTY 4.25%, 09/01/2017		100,000		112,202
Texas Public Finance Authority (Revenue Bonds) Insurer: AGM 4.38%, 10/15/2028		100,000		109,197
University of North Texas (Revenue Bonds) Insurer: AGM 5.50%, 04/15/2017		50,000		50,219
Utah - 0.7%
City of Riverton, UT (Revenue Bonds) 5.00%, 08/15/2018		75,000		89,649
Washington - 0.2%
Port of Seattle, WA (Revenue Bonds) 5.00%, 08/01/2018		25,000		29,874

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

Transamerica Funds Semi-Annual Report 2013

Page    27

Transamerica Enhanced Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Wisconsin - 0.2%
Wisconsin Center District (Revenue Bonds) Insurer: AGM 5.25%, 12/15/2023		$  25,000		$  29,514
Total Municipal Government Obligations (cost $12,532,065)				12,782,746
Total Investment Securities (cost $12,532,065) (C)				12,782,746
Other Assets and Liabilities - Net				166,709
Net Assets				$  12,949,455

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) Floating or variable rate note. Rate is listed as of April 30, 2013.

(C) Aggregate cost for federal income tax purposes is $12,532,065. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $253,718 and $3,037, respectively. Net unrealized appreciation for tax purposes is $250,681.

DEFINITIONS:

AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal Corporation
AMBAC	AMBAC Financial Group, Inc.
ASSURED GTY	Assured Guaranty, Ltd.
CIFG	CIFG Assurance North America, Inc.
FGIC	Financial Guaranty Insurance Company
FSA	Assured Guaranty Municipal Corporation (formerly Financial Security Assurance, Inc.)
ICC	Insured Custody Certificate
MBIA	National Public Finance Guarantee Corporation (formerly Municipal Bond Insurance Association)
NATL-RE	National Public Finance Guarantee Corporation
RADIAN	Radian Asset Assurance Inc.
XLCA	Syncora (formerly XL Capital Assurance, Inc.)

VALUATION SUMMARY: (D)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Municipal Government Obligations	$	—	$	12,782,746		$	—	$	12,782,746
Total Investment Securities	$	—	$	12,782,746		$	—	$	12,782,746
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (E)
Due to Custodian	$	—	$	(456,409	)	$	—	$	(456,409	)
Total Other Liabilities	$	—	$	(456,409	)	$	—	$	(456,409	)

(D) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(E) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    28

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 9.0%
U.S. Treasury Inflation Indexed Bond 2.50%, 01/15/2029		$  2,270,226		$  3,223,367
U.S. Treasury Note
1.75%, 05/15/2022		6,280,000		6,392,355
2.00%, 11/15/2021 - 02/15/2022		7,940,000		8,281,658
2.13%, 02/29/2016		4,655,000		4,894,658
2.63%, 11/15/2020		2,565,000		2,827,913
3.50%, 05/15/2020		2,150,000		2,502,903
Total U.S. Government Obligations (cost $26,263,212)				28,122,854
U.S. GOVERNMENT AGENCY OBLIGATION - 0.1%
Freddie Mac STRIPS, IO 5.00%, 08/01/2035		3,407,501		417,127
Total U.S. Government Agency Obligation (cost $1,216,860)				417,127
FOREIGN GOVERNMENT OBLIGATIONS - 3.7%
Canada Housing Trust No. 1 3.15%, 06/15/2015 (A)		CAD  2,500,000		2,588,689
Chile Government International Bond 5.50%, 08/05/2020		CLP  994,500,000		2,234,801
Mexican Bonos
Series M
7.00%, 06/19/2014		MXN  18,000,000		1,532,598
7.25%, 12/15/2016		28,500,000		2,597,180
Philippine Government International Bond 4.95%, 01/15/2021		PHP  90,000,000		2,448,979
Total Foreign Government Obligations (cost $10,037,023)				11,402,247
MORTGAGE-BACKED SECURITIES - 7.0%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A 4.08%, 03/13/2031 - 144A		$  649,991		684,679
American General Mortgage Loan Trust Series 2009-1, Class A6 5.75%, 09/25/2048 - 144A (A)		1,785,000		1,842,559
BCAP LLC Trust
Series 2009-RR10, Class 2A1
3.12%, 08/26/2035 - 144A (A)		532,591		524,339
Series 2009-RR14, Class 1A1
6.01%, 05/26/2037 - 144A (A)		1,005,414		1,073,439
Series 2009-RR3, Class 2A1
4.59%, 05/26/2037 - 144A (A)		43,349		43,425
Series 2009-RR6, Class 2A1
2.95%, 08/26/2035 - 144A (A)		794,233		726,436
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A (A)		1,019,282		1,060,998
Countrywide Alternative Loan Trust
Series 2004-3T1, Class A3
5.00%, 05/25/2034		877,539		912,958
Series 2006-OC1, Class 2A3A
0.52%, 03/25/2036 (A)		2,892,443		1,614,865
Credit Suisse Mortgage Capital Certificates Series 2010-18R, Class 1A11 3.75%, 08/26/2035 - 144A (A)		498,362		496,525

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
2.88%, 12/26/2037 - 144A (A)		$  314,761		$  315,958
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		223,235		234,110
Series 2009-R7, Class 12A1
5.33%, 08/26/2036 - 144A (A)		243,237		238,925
Series 2009-R7, Class 1A1
2.53%, 02/26/2036 - 144A (A)		610,528		596,924
Series 2009-R7, Class 4A1
2.91%, 09/26/2034 - 144A (A)		460,091		446,288
Series 2009-R9, Class 1A1
2.67%, 08/26/2046 - 144A (A)		553,148		558,376
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-LD11, Class ASB 6.00%, 06/15/2049 (A)		908,474		990,024
JPMorgan Re-REMIC Series 2009-7, Class 8A1 5.36%, 01/27/2047 - 144A (A)		392,450		396,850
LSTAR Commercial Mortgage Trust Series 2011-1, Class A 3.91%, 06/25/2043 - 144A		517,814		535,812
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4A
5.98%, 08/15/2045 - 144A (A)		1,740,000		2,005,362
Series 2010-R4, Class 3A
5.50%, 08/26/2047 - 144A		1,096,288		1,138,685
ORES NPL LLC Series 2012-LV1, Class A 4.00%, 09/25/2044 - 144A		728,329		728,438
RREF LLC Series 2013-LT2, Class A 2.83%, 05/22/2028		1,179,512		1,179,710
S2 Hospitality LLC Series 2012-LV1, Class A 4.50%, 04/15/2025 - 144A		375,268		375,179
Spirit Master Funding LLC Series 2007-1A, Class A 5.74%, 03/20/2025 - 144A		2,714,851		2,794,651
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 (A)		204,047		205,967
Series 2003-L, Class 1A2
4.51%, 11/25/2033 (A)		149,278		152,177
Total Mortgage-Backed Securities (cost $20,964,544)				21,873,659
ASSET-BACKED SECURITIES - 4.2%
Bayview Opportunity Master Fund Trust IIB, LP Series 2013-2RPL, Class A 3.72%, 03/28/2018 - 144A (B)		1,234,495		1,244,604
Countrywide Asset-Backed Certificates Series 2006-6, Class 2A3 0.48%, 09/25/2036 (A)		3,600,000		2,471,825
GSAA Trust Series 2006-1, Class A3 0.53%, 01/25/2036 (A)		2,174,172		1,547,293

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

Transamerica Funds Semi-Annual Report 2013

Page    29

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
GSAMP Trust Series 2006-HE1, Class A2D 0.51%, 01/25/2036 (A)		$  2,270,000		$  2,029,103
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class C1
3.22%, 10/15/2043 - 144A		518,000		522,377
Series 2013-T1, Class D1
2.49%, 01/15/2044 - 144A		850,000		852,507
HSBC Home Equity Loan Trust Series 2006-3, Class A4 0.44%, 03/20/2036 (A)		1,510,000		1,463,503
Lehman XS Trust Series 2005-8, Class 1A3 0.55%, 12/25/2035 (A)		2,588,514		1,676,956
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class A4 0.52%, 02/25/2036 (A)		1,450,375		1,372,944
Total Asset-Backed Securities (cost $10,262,231)				13,181,112
MUNICIPAL GOVERNMENT OBLIGATIONS - 1.3%
Rhode Island Economic Development Corp. (Revenue Bonds) Insurer: AGM 6.00%, 11/01/2015 (C) (D)		1,545,000		1,607,063
State of California (General Obligation Unlimited) 7.95%, 03/01/2036		1,820,000		2,319,171
Total Municipal Government Obligations (cost $3,367,058)				3,926,234
PREFERRED CORPORATE DEBT SECURITY - 1.5%
Insurance - 1.5%
ZFS Finance USA Trust II 6.45%, 12/15/2065 - 144A (A)		4,300,000		4,644,000
Total Preferred Corporate Debt Security (cost $3,922,448)				4,644,000
CORPORATE DEBT SECURITIES - 64.1%
Aerospace & Defense - 0.1%
Bombardier, Inc. 6.13%, 01/15/2023 - 144A (E)		240,000		259,500
Airlines - 2.4%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		902,163		1,005,911
American Airlines Pass-Through Trust 4.00%, 07/15/2025 - 144A		2,305,000		2,313,644
Continental Airlines Pass-Through Trust
6.90%, 10/19/2023		1,200,055		1,278,059
7.46%, 10/01/2016		268,565		271,600
U.S. Airways Pass-Through Trust 3.95%, 05/15/2027		855,000		859,275
UAL Pass-Through Trust 10.40%, 05/01/2018		1,462,256		1,696,217
Beverages - 0.4%
Anheuser-Busch InBev Worldwide, Inc. 9.75%, 11/17/2015		BRL  2,200,000		1,191,403

	Principal		Value
Building Products - 1.0%
Owens Corning 4.20%, 12/15/2022		$  2,960,000		$  3,122,978
Capital Markets - 1.9%
Macquarie Group, Ltd. 6.25%, 01/14/2021 - 144A		1,275,000		1,448,731
Morgan Stanley
3.75%, 02/25/2023 (E)		2,000,000		2,075,688
5.75%, 01/25/2021		750,000		892,704
Prospect Capital Corp. 5.88%, 03/15/2023		1,625,000		1,630,899
Commercial Banks - 7.1%
Barclays Bank PLC 10.18%, 06/12/2021 - 144A		2,570,000		3,516,017
BBVA Bancomer SA 6.50%, 03/10/2021 - 144A (E)		1,400,000		1,596,000
CIT Group, Inc. 4.75%, 02/15/2015 - 144A (E)		570,000		599,925
FirstMerit Corp. 4.35%, 02/04/2023		865,000		908,829
Intesa Sanpaolo SpA 3.13%, 01/15/2016		1,930,000		1,929,299
M&I Marshall & Ilsley Bank 5.00%, 01/17/2017		1,550,000		1,697,903
Rabobank Nederland NV 11.00%, 06/30/2019 - 144A (A) (F)		1,695,000		2,275,537
Regions Bank 7.50%, 05/15/2018		1,660,000		2,059,261
Royal Bank of Scotland Group PLC 5.05%, 01/08/2015 (E)		1,000,000		1,041,659
UBS AG 7.63%, 08/17/2022 (E)		990,000		1,147,949
Wells Fargo & Co. 7.98%, 03/15/2018 (A) (E) (F)		2,400,000		2,781,000
Zions Bancorporation 7.75%, 09/23/2014		2,500,000		2,713,400
Commercial Services & Supplies - 0.6%
Hertz Corp. 5.88%, 10/15/2020		270,000		294,975
Steelcase, Inc. 6.38%, 02/15/2021		1,385,000		1,552,628
Construction Materials - 0.8%
Cemex Finance LLC 9.50%, 12/14/2016 - 144A		1,330,000		1,429,750
Voto-Votorantim Overseas Trading Operations NV 6.63%, 09/25/2019 - 144A		840,000		982,800
Consumer Finance - 1.2%
Ally Financial, Inc. 4.63%, 06/26/2015		600,000		632,250
SLM Corp., Series MTN 3.88%, 09/10/2015 (E)		650,000		674,650
Springleaf Finance Corp., Series MTN
6.50%, 09/15/2017		320,000		328,000
6.90%, 12/15/2017		2,070,000		2,154,094
Containers & Packaging - 0.9%
Exopack Holding Corp. 10.00%, 06/01/2018		1,280,000		1,292,800

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

Transamerica Funds Semi-Annual Report 2013

Page    30

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Containers & Packaging (continued)
Graphic Packaging International, Inc.
4.75%, 04/15/2021		$  265,000		$  275,600
9.50%, 06/15/2017		885,000		933,675
Sealed Air Corp. 8.13%, 09/15/2019 - 144A		195,000		223,275
Distributors - 0.7%
Glencore Funding LLC 6.00%, 04/15/2014 - 144A		2,000,000		2,088,234
Diversified Financial Services - 6.2%
Bank of America Corp. 6.50%, 08/01/2016		2,405,000		2,773,951
Citigroup, Inc. 5.95%, 01/30/2023 (A) (E) (F)		2,290,000		2,398,775
CNH Capital LLC 3.88%, 11/01/2015		340,000		351,900
Ford Motor Credit Co., LLC
3.88%, 01/15/2015		780,000		811,623
4.25%, 09/20/2022 (E)		775,000		819,522
General Electric Capital Corp. 7.13%, 06/15/2022 (A) (F)		1,300,000		1,521,825
Jefferies Group, Inc. 5.13%, 01/20/2023 (E)		810,000		878,966
JPMorgan Chase & Co. 5.15%, 05/01/2023 (A) (F)		2,090,000		2,123,962
Oaktree Capital Management, LP 6.75%, 12/02/2019 - 144A		1,950,000		2,266,304
Unison Ground Lease Funding LLC 6.39%, 04/15/2040 - 144A		2,615,000		3,026,494
Vesey Street Investment Trust I 4.40%, 09/01/2016 (A)		2,170,000		2,359,899
Diversified Telecommunication Services - 2.9%
CenturyLink, Inc. 5.80%, 03/15/2022		1,345,000		1,423,684
Frontier Communications Corp. 7.63%, 04/15/2024		1,500,000		1,563,750
GTP Towers Issuer LLC 4.44%, 02/15/2040 - 144A		2,295,000		2,397,176
Hughes Satellite Systems Corp. 6.50%, 06/15/2019		400,000		445,000
Level 3 Communications, Inc. 8.88%, 06/01/2019 - 144A (E)		180,000		198,900
Level 3 Financing, Inc. 8.13%, 07/01/2019		1,840,000		2,028,600
Wind Acquisition Finance SA
7.25%, 02/15/2018 - 144A		700,000		738,500
11.75%, 07/15/2017 - 144A		200,000		214,500
Electrical Equipment - 1.0%
Anixter, Inc. 5.95%, 03/01/2015 (E)		1,300,000		1,387,750
Polypore International, Inc. 7.50%, 11/15/2017 (E)		1,560,000		1,684,800
Energy Equipment & Services - 1.5%
Drill Rigs Holdings, Inc. 6.50%, 10/01/2017 - 144A		340,000		344,250
Enterprise Products Operating LLC 8.38%, 08/01/2066 (A)		1,150,000		1,321,062
Seadrill, Ltd. 5.63%, 09/15/2017 - 144A (E)		675,000		690,188

	Principal		Value
Energy Equipment & Services (continued)
Transocean, Inc. 6.38%, 12/15/2021		$  935,000		$  1,119,962
Weatherford International, Ltd. 9.63%, 03/01/2019		945,000		1,249,548
Food & Staples Retailing - 0.8%
C&S Group Enterprises LLC 8.38%, 05/01/2017 - 144A (E)		1,252,000		1,345,900
Ingles Markets, Inc. 8.88%, 05/15/2017		1,140,000		1,195,575
Stater Bros Holdings, Inc. 7.38%, 11/15/2018		65,000		69,712
Food Products - 1.1%
Arcor SAIC 7.25%, 11/09/2017 - 144A		1,285,000		1,365,312
Michael Foods Group, Inc. 9.75%, 07/15/2018		1,200,000		1,345,500
Post Holdings, Inc. 7.38%, 02/15/2022 (E)		618,000		685,980
Health Care Equipment & Supplies - 0.6%
Hologic, Inc. 6.25%, 08/01/2020		590,000		637,200
Mallinckrodt International Finance SA 3.50%, 04/15/2018 - 144A (E)		1,320,000		1,338,698
Health Care Providers & Services - 0.8%
CHS/Community Health Systems, Inc. 7.13%, 07/15/2020 (E)		1,000,000		1,117,500
Express Scripts Holding Co. 4.75%, 11/15/2021		1,220,000		1,409,974
Hotels, Restaurants & Leisure - 2.0%
CityCenter Holdings LLC / CityCenter Finance Corp. 10.75%, 01/15/2017 (E) (G)		1,500,000		1,659,375
GWR Operating Partnership LLP 10.88%, 04/01/2017		1,500,000		1,695,000
WMG Acquisition Corp. 6.00%, 01/15/2021 - 144A		1,348,000		1,442,360
Wyndham Worldwide Corp. 2.50%, 03/01/2018		1,400,000		1,411,369
Household Durables - 1.0%
Beazer Homes USA, Inc. 6.63%, 04/15/2018		1,340,000		1,460,600
Brookfield Residential Properties, Inc. 6.50%, 12/15/2020 - 144A		635,000		683,419
Meritage Homes Corp. 4.50%, 03/01/2018 - 144A		975,000		979,875
Household Products - 0.4%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.75%, 10/15/2020 (E)		1,360,000		1,424,600
Independent Power Producers & Energy Traders - 0.7%
NRG Energy, Inc.
7.63%, 05/15/2019 (E)		640,000		694,400
7.88%, 05/15/2021		1,280,000		1,449,600
Insurance - 6.1%
American Financial Group, Inc. 9.88%, 06/15/2019		1,100,000		1,498,443
Chubb Corp. 6.38%, 03/29/2067 (A) (E)		1,500,000		1,668,750

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

Transamerica Funds Semi-Annual Report 2013

Page    31

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Insurance (continued)
Fidelity National Financial, Inc. 6.60%, 05/15/2017		$  2,580,000		$  2,937,908
Hanover Insurance Group, Inc. 6.38%, 06/15/2021		1,515,000		1,765,061
ING US, Inc. 5.50%, 07/15/2022 - 144A		955,000		1,085,959
Liberty Mutual Group, Inc. 4.95%, 05/01/2022 - 144A		820,000		912,741
Oil Insurance, Ltd. 3.27%, 06/03/2013 - 144A (A) (F)		1,245,000		1,129,467
Reinsurance Group of America, Inc. 6.75%, 12/15/2065 (A) (E)		2,760,000		2,808,300
Sompo Japan Insurance, Inc. 5.33%, 03/28/2073 - 144A (A)		2,375,000		2,467,031
Stone Street Trust 5.90%, 12/15/2015 - 144A		2,450,000		2,659,306
IT Services - 0.7%
Cardtronics, Inc. 8.25%, 09/01/2018		1,890,000		2,071,913
Marine - 0.6%
Martin Midstream Partners LP / Martin Midstream Finance Corp. 8.88%, 04/01/2018		1,663,000		1,779,410
Media - 1.7%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75%, 01/15/2024 (H)		1,500,000		1,561,875
Clear Channel Worldwide Holdings, Inc. 7.63%, 03/15/2020		1,305,000		1,404,537
Lions Gate Entertainment, Inc. 10.25%, 11/01/2016 - 144A		1,010,000		1,099,638
Nara Cable Funding, Ltd. 8.88%, 12/01/2018 - 144A		1,100,000		1,177,000
Metals & Mining - 1.6%
Anglo American Capital PLC 9.38%, 04/08/2019 - 144A		890,000		1,185,944
ArcelorMittal 6.75%, 02/25/2022 (E)		1,965,000		2,155,351
FMG Resources August 2006 Pty, Ltd. 7.00%, 11/01/2015 - 144A		160,000		167,600
Rio Tinto Finance USA, Ltd. 9.00%, 05/01/2019		1,000,000		1,383,466
Multi-Utilities - 0.7%
Black Hills Corp.
5.88%, 07/15/2020		1,200,000		1,407,011
9.00%, 05/15/2014		690,000		743,186
Oil, Gas & Consumable Fuels - 4.8%
Chesapeake Energy Corp. 6.50%, 08/15/2017 (E)		1,325,000		1,484,000
Energy Transfer Equity, LP 7.50%, 10/15/2020 (E)		320,000		374,400
Gazprom OAO Via GAZ Capital SA 8.13%, 07/31/2014 - 144A		1,560,000		1,690,260
Linn Energy LLC / Linn Energy Finance Corp. 6.25%, 11/01/2019 - 144A (E)		1,305,000		1,363,725
Lukoil International Finance BV
3.42%, 04/24/2018 - 144A		1,050,000		1,068,900
6.38%, 11/05/2014 - 144A		1,180,000		1,267,438

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Petrobras International Finance Co. 5.38%, 01/27/2021		$  1,040,000		$  1,148,438
Petrohawk Energy Corp. 7.25%, 08/15/2018		1,050,000		1,162,087
Petroleum Co., of Trinidad & Tobago, Ltd. 9.75%, 08/14/2019 - 144A		876,000		1,121,280
Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.75%, 09/30/2019 - 144A		1,545,000		1,927,387
Rosneft Oil Co. via Rosneft International Finance, Ltd. 3.15%, 03/06/2017 - 144A		970,000		979,652
TNK-BP Finance SA 6.25%, 02/02/2015 - 144A		1,250,000		1,337,750
Paper & Forest Products - 1.0%
Ainsworth Lumber Co., Ltd. 7.50%, 12/15/2017 - 144A (E)		650,000		708,500
Boise Cascade LLC/Boise Cascade Finance Corp. 6.38%, 11/01/2020 - 144A		1,020,000		1,091,400
Fibria Overseas Finance, Ltd. 6.75%, 03/03/2021 - 144A (E)		1,245,000		1,389,731
Personal Products - 0.1%
Revlon Consumer Products Corp. 5.75%, 02/15/2021 - 144A (E)		460,000		473,800
Pharmaceuticals - 0.2%
Watson Pharmaceuticals, Inc. 3.25%, 10/01/2022 (E)		715,000		712,401
Professional Services - 0.4%
Block Financial LLC 5.13%, 10/30/2014 (E)		1,300,000		1,368,050
Real Estate Investment Trusts - 1.8%
EPR Properties 7.75%, 07/15/2020		2,335,000		2,832,451
Kilroy Realty, LP 6.63%, 06/01/2020 (E)		2,440,000		2,974,970
Real Estate Management & Development - 0.5%
Algeco Scotsman Global Finance PLC 8.50%, 10/15/2018 - 144A (E)		1,370,000		1,479,600
Road & Rail - 1.1%
Aviation Capital Group Corp.
4.63%, 01/31/2018 - 144A		960,000		1,001,382
7.13%, 10/15/2020 - 144A		2,200,000		2,527,604
Software - 0.4%
First Data Corp.
6.75%, 11/01/2020 - 144A		650,000		697,125
7.38%, 06/15/2019 - 144A		630,000		685,125
Specialty Retail - 0.7%
Claire’s Stores, Inc. 9.00%, 03/15/2019 - 144A		815,000		934,194
Michaels Stores, Inc. 11.38%, 11/01/2016 (E)		1,196,000		1,252,822
Textiles, Apparel & Luxury Goods - 0.2%
Jones Group, Inc. / Apparel Group Hold / Apparel Group USA / Footwear Acc Retail 6.88%, 03/15/2019		510,000		552,075
Tobacco - 0.5%
Lorillard Tobacco Co. 8.13%, 06/23/2019 (E)		1,235,000		1,581,171

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

Transamerica Funds Semi-Annual Report 2013

Page    32

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Trading Companies & Distributors - 1.1%
International Lease Finance Corp.
6.25%, 05/15/2019		$  1,310,000		$  1,468,837
6.75%, 09/01/2016 - 144A		1,850,000		2,104,375
Wireless Telecommunication Services - 3.8%
Crown Castle Towers LLC
4.88%, 08/15/2020 - 144A		1,550,000		1,788,905
6.11%, 01/15/2020 - 144A		1,650,000		2,027,559
MetroPCS Wireless, Inc. 6.63%, 04/01/2023 - 144A (E)		991,000		1,065,325
SBA Tower Trust 5.10%, 04/17/2017 - 144A		2,365,000		2,642,218
Sprint Nextel Corp. 8.38%, 08/15/2017 (E)		1,300,000		1,514,500
WCP Wireless Site Funding / WCP Wireless Site RE Funding / WCP Wireless Site NON 6.83%, 11/15/2015 - 144A		2,570,000		2,764,223
Total Corporate Debt Securities (cost $182,684,951)				200,362,516
CONVERTIBLE BONDS - 1.0%
Automobiles - 0.4%
Ford Motor Co. Series 2012-D, Class A3 4.25%, 11/15/2016		730,000		1,201,762
Energy Equipment & Services - 0.6%
NuStar Logistics, LP 8.15%, 04/15/2018		1,775,000		2,036,012
Total Convertible Bonds (cost $2,752,253)				3,237,774
LOAN ASSIGNMENTS - 0.6%
Communications Equipment - 0.5%
Sorenson Communications, Inc. — , 10/31/2014 (C) (D) (I)		1,500,000		1,521,563
Food & Staples Retailing - 0.1%
Albertsons LLC 5.75%, 03/21/2016 (A) (C) (D)		500,000		505,469
Total Loan Assignments (cost $1,997,500)				2,027,032

	Shares		Value
PREFERRED STOCKS - 1.6%
Commercial Banks - 0.3%
CoBank ACB 144A, 6.25% (A)		9,770		$  1,028,292
Consumer Finance - 0.6%
Ally Financial, Inc. - Series A, 8.50% (A)		75,200		2,013,104
Diversified Telecommunication Services - 0.7%
Centaur Funding Corp. - Series A, Class A 144A, 9.08%		1,661		2,091,039
Total Preferred Stocks (cost $5,009,824)				5,132,435
COMMON STOCKS - 0.9%
Diversified Telecommunication Services - 0.9%
Verizon Communications, Inc. (E)		51,000		2,749,410
Total Common Stocks (cost $1,597,183)				2,749,410
WARRANT - 0.6%
Commercial Banks - 0.6%
Wells Fargo & Co. (J) Expiration: 10/28/2018 Exercise Price: $34.01		148,210		1,774,074
Total Warrant (cost $1,141,217)				1,774,074
SECURITIES LENDING COLLATERAL - 10.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (K)		33,724,272		33,724,272
Total Securities Lending Collateral (cost $33,724,272)				33,724,272
	Principal		Value
REPURCHASE AGREEMENT - 5.8%
State Street Bank & Trust Co. 0.03% (K), dated 04/30/2013, to be repurchased at $18,038,530 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 01/01/2032, and with a value of $18,402,071.		$  18,038,515		18,038,515
Total Repurchase Agreement (cost $18,038,515)				18,038,515
Total Investment Securities (cost $322,979,091) (L)				350,613,261
Other Assets and Liabilities - Net				(38,230,896	)
Net Assets				$  312,382,365

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Floating or variable rate note. Rate is listed as of April 30, 2013.

(B) Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of April 30, 2013. Maturity date disclosed is the ultimate maturity date.

(C) Illiquid. Total aggregate market value of illiquid securities is $3,634,095, or 1.16% of the fund’s net assets.

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

Transamerica Funds Semi-Annual Report 2013

Page    33

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Municipal Government Obligations	Rhode Island Economic Development Corp. - Insurer: AGM		10/25/2010	$	1,545,000	$	1,607,063		0.51	%
Loan Assignments	Sorenson Communications, Inc.		3/13/2013		1,500,000		1,521,563		0.49
Loan Assignments	Albertsons LLC		2/26/2013		497,500		505,469		0.16
				$	3,542,500	$	3,634,095		1.16	%

(E) All or a portion of this security is on loan. The value of all securities on loan is $33,030,179. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(F) The security has a perpetual maturity. The date shown is the next call date.

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

(H) When-issued security. A conditional transaction in a security authorized for issuance, but not yet issued.

(I) All or portion of this security represents unsettled loan commitment at April 30, 2013 where the rate will be determined at time of settlement.

(J) Non-income producing security.

(K) Rate shown reflects the yield at April 30, 2013.

(L) Aggregate cost for federal income tax purposes is $322,979,091. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $28,792,330 and $1,158,160, respectively. Net unrealized appreciation for tax purposes is $27,634,170.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $106,988,210 or 34.25% of the fund’s net assets.
AGM	Assured Guaranty Municipal Corporation
IO	Interest Only
MTN	Medium Term Note
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)
STRIPS	Separate Trading of Registered Interest and Principal of Securities

CURRENCY ABBREVIATIONS:

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

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

Transamerica Funds Semi-Annual Report 2013

Page    34

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (M)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	28,122,854		$	—	$	28,122,854
U.S. Government Agency Obligation		—		417,127			—		417,127
Foreign Government Obligations		—		11,402,247			—		11,402,247
Mortgage-Backed Securities		—		21,873,659			—		21,873,659
Asset-Backed Securities		—		13,181,112			—		13,181,112
Municipal Government Obligations		—		3,926,234			—		3,926,234
Preferred Corporate Debt Security		—		4,644,000			—		4,644,000
Corporate Debt Securities		—		200,362,516			—		200,362,516
Convertible Bonds		—		3,237,774			—		3,237,774
Loan Assignments		—		2,027,032			—		2,027,032
Preferred Stocks		5,132,435		—			—		5,132,435
Common Stocks		2,749,410		—			—		2,749,410
Warrant		1,774,074		—			—		1,774,074
Securities Lending Collateral		33,724,272		—			—		33,724,272
Repurchase Agreement		—		18,038,515			—		18,038,515
Total Investment Securities	$	43,380,191	$	307,233,070		$	—	$	350,613,261
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (N)
Collateral for Securities on Loan	$	—	$	(33,724,272	)	$	—	$	(33,724,272	)
Total Other Liabilities	$	—	$	(33,724,272	)	$	—	$	(33,724,272	)

(M) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(N) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    35

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.1%
Automobiles - 0.0%
Better Place (A) (B) (C) (D)		666,891		$  —
Internet Software & Services - 0.1%
Dropbox, Inc. (A) (B) (C) (D)		34,602		327,335
Total Convertible Preferred Stocks (cost $1,980,343)				327,335
PREFERRED STOCKS - 0.2%
Automobiles - 0.0%
Better Place - Series C (A) (B) (C) (D)		581,653		—
Internet Software & Services - 0.0% (E)
Peixe Urbano, Inc. (A) (B) (C) (D)		50,890		99,235
Software - 0.2%
Palantir Technologies, Inc. - Series G (A) (B) (C) (D)		355,382		1,087,469
Total Preferred Stocks (cost $5,403,518)				1,186,704
COMMON STOCKS - 93.1%
Automobiles - 1.5%
Tesla Motors, Inc. (D) (F)		178,497		9,637,053
Beverages - 1.6%
Monster Beverage Corp. (D)		188,348		10,622,827
Biotechnology - 0.9%
Ironwood Pharmaceuticals, Inc. - Class A (D) (F)		398,285		6,057,915
Capital Markets - 0.7%
Greenhill & Co., Inc. (F)		94,965		4,386,433
Chemicals - 2.4%
Rockwood Holdings, Inc.		245,479		15,929,132
Commercial Services & Supplies - 7.6%
Covanta Holding Corp.		501,274		10,025,480
Edenred		722,134		24,041,652
Stericycle, Inc. (D) (F)		152,905		16,562,670
Communications Equipment - 3.3%
Motorola Solutions, Inc.		388,828		22,240,962
Construction Materials - 2.3%
Martin Marietta Materials, Inc.		152,850		15,436,322
Diversified Consumer Services - 1.6%
New Oriental Education & Technology Group - ADR		389,244		7,446,238
Weight Watchers International, Inc. - Class A		68,360		2,882,741
Diversified Financial Services - 5.8%
IntercontinentalExchange, Inc. (D)		64,003		10,428,009
McGraw-Hill Cos., Inc.		217,764		11,783,210
MSCI, Inc. - Class A (D)		477,436		16,280,567
Electric Utilities - 2.3%
Brookfield Infrastructure Partners, LP		395,148		15,272,470
Electrical Equipment - 2.7%
First Solar, Inc. (D) (F)		250,049		11,642,282
Sensata Technologies Holding NV (D)		190,685		6,378,413
Electronic Equipment & Instruments - 0.9%
Trimble Navigation, Ltd. (D)		207,695		5,969,154
Food Products - 3.6%
DE Master Blenders 1753 NV (D)		399,995		6,342,354
McCormick & Co., Inc. (F)		91,803		6,604,308
Mead Johnson Nutrition Co. - Class A		132,985		10,783,754
Health Care Equipment & Supplies - 2.0%
Intuitive Surgical, Inc. (D)		26,321		12,957,565

	Shares		Value
Health Care Providers & Services - 1.5%
Qualicorp SA (D)		1,018,360		$  9,925,288
Health Care Technology - 2.4%
athenahealth, Inc. (D) (F)		165,516		15,932,570
Hotels, Restaurants & Leisure - 3.8%
Dunkin’ Brands Group, Inc.		259,749		10,080,859
Panera Bread Co. - Class A (D) (F)		48,702		8,631,456
Wyndham Worldwide Corp.		106,279		6,385,242
Insurance - 4.3%
Arch Capital Group, Ltd. (D) (F)		242,731		12,879,307
Progressive Corp.		626,701		15,849,268
Internet & Catalog Retail - 2.3%
Groupon, Inc. - Class A (D) (F)		1,415,236		8,632,940
TripAdvisor, Inc. (D) (F)		126,037		6,627,025
Internet Software & Services - 11.7%
Akamai Technologies, Inc. (D) (F)		424,831		18,654,329
Dropbox, Inc. (A) (B) (C) (D)		327,298		3,096,239
LinkedIn Corp. - Class A (D)		86,546		16,624,621
MercadoLibre, Inc. (F)		80,714		8,119,021
Qihoo 360 Technology Co., Ltd. - ADR (D) (F)		152,755		5,239,497
SINA Corp. (D)		56,167		3,163,326
Yandex NV - Class A (D)		570,665		14,688,917
Youku Tudou, Inc. - ADR (D) (F)		390,612		7,913,799
IT Services - 2.7%
Gartner, Inc. (D)		315,283		18,239,122
Life Sciences Tools & Services - 3.6%
Illumina, Inc. (D) (F)		364,659		23,589,791
Machinery - 0.5%
3D Systems Corp. (D) (F)		94,630		3,618,651
Media - 0.6%
Aimia, Inc.		270,503		4,269,192
Multiline Retail - 2.4%
Dollar Tree, Inc. (D)		332,366		15,807,327
Oil, Gas & Consumable Fuels - 2.2%
Range Resources Corp.		199,595		14,674,224
Professional Services - 6.5%
IHS, Inc. - Class A (D)		149,709		14,586,148
Intertek Group PLC		183,248		9,416,164
Verisk Analytics, Inc. - Class A (D)		309,388		18,962,390
Software - 8.5%
Salesforce.com, Inc. (D)		393,932		16,194,545
ServiceNow, Inc. (D)		94,630		3,876,045
Solera Holdings, Inc.		381,269		21,953,469
Splunk, Inc. (D)		95,494		3,896,155
Workday, Inc. - Class A (D)		104,805		6,566,033
Zynga, Inc. - Class A (D) (F)		1,322,135		4,217,611
Textiles, Apparel & Luxury Goods - 0.9%
Coach, Inc. - Class A		98,497		5,797,533
Total Common Stocks (cost $505,694,671)				617,819,615
SECURITIES LENDING COLLATERAL - 16.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (G)		110,425,615		110,425,615
Total Securities Lending Collateral (cost $110,425,615)				110,425,615

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

Transamerica Funds Semi-Annual Report 2013

Page    36

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 6.2%
State Street Bank & Trust Co. 0.03% (G), dated 04/30/2013, to be repurchased at $40,812,614 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $41,630,567.	$	40,812,580	$	40,812,580
Total Repurchase Agreement (cost $40,812,580)				40,812,580
Total Investment Securities (cost $664,316,727) (H)				770,571,849
Other Assets and Liabilities - Net				(107,147,213	)
Net Assets			$	663,424,636

NOTES TO SCHEDULE OF INVESTMENTS:

(A) 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 $4,610,278, or 0.69% of the fund’s net assets.

(B) Illiquid. Total aggregate market value of illiquid securities is $4,610,278, or 0.69% of the fund’s net assets.

(C) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Convertible Preferred Stocks	Better Place		01/25/2010	$	1,667,226	$	—		0.00	%
Convertible Preferred Stocks	Dropbox, Inc.		05/25/2012		313,117		327,335		0.05
Preferred Stocks	Better Place - Series C		11/11/2011		2,640,705		—		0.00
Preferred Stocks	Peixe Urbano, Inc.		12/02/2011		1,675,344		99,235		0.01
Preferred Stocks	Palantir Technologies, Inc. - Series G		07/19/2012		1,087,469		1,087,469		0.16
Common Stocks	Dropbox, Inc.		05/01/2012		2,961,752		3,096,239		0.47
				$	10,345,613	$	4,610,278		0.69	%

(D) Non-income producing security.

(E) Percentage rounds to less than 0.1%.

(F) All or a portion of this security is on loan. The value of all securities on loan is $107,635,055. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(G) Rate shown reflects yield at April 30, 2013.

(H) Aggregate cost for federal income tax purposes is $664,316,727. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $145,604,377 and $39,349,255, respectively. Net unrealized appreciation for tax purposes is $106,255,122.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2013

Page    37

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (l)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Convertible Preferred Stocks
Automobiles	$	—	$	—		$	0	$	0
Internet Software & Services		—		—			327,335		327,335
Preferred Stocks
Automobiles		—		—			0		0
Internet Software & Services		—		—			99,235		99,235
Software		—		—			1,087,469		1,087,469
Common Stocks
Automobiles		9,637,053		—			—		9,637,053
Beverages		10,622,827		—			—		10,622,827
Biotechnology		6,057,915		—			—		6,057,915
Capital Markets		4,386,433		—			—		4,386,433
Chemicals		15,929,132		—			—		15,929,132
Commercial Services & Supplies		26,588,150		24,041,652			—		50,629,802
Communications Equipment		22,240,962		—			—		22,240,962
Construction Materials		15,436,322		—			—		15,436,322
Diversified Consumer Services		10,328,979		—			—		10,328,979
Diversified Financial Services		38,491,786		—			—		38,491,786
Electric Utilities		15,272,470		—			—		15,272,470
Electrical Equipment		18,020,695		—			—		18,020,695
Electronic Equipment & Instruments		5,969,154		—			—		5,969,154
Food Products		17,388,062		6,342,354			—		23,730,416
Health Care Equipment & Supplies		12,957,565		—			—		12,957,565
Health Care Providers & Services		9,925,288		—			—		9,925,288
Health Care Technology		15,932,570		—			—		15,932,570
Hotels, Restaurants & Leisure		25,097,557		—			—		25,097,557
Insurance		28,728,575		—			—		28,728,575
Internet & Catalog Retail		15,259,965		—			—		15,259,965
Internet Software & Services		74,403,510		—			3,096,239		77,499,749
IT Services		18,239,122		—			—		18,239,122
Life Sciences Tools & Services		23,589,791		—			—		23,589,791
Machinery		3,618,651		—			—		3,618,651
Media		4,269,192		—			—		4,269,192
Multiline Retail		15,807,327		—			—		15,807,327
Oil, Gas & Consumable Fuels		14,674,224		—			—		14,674,224
Professional Services		33,548,538		9,416,164			—		42,964,702
Software		56,703,858		—			—		56,703,858
Textiles, Apparel & Luxury Goods		5,797,533		—			—		5,797,533
Securities Lending Collateral		110,425,615		—			—		110,425,615
Repurchase Agreement		—		40,812,580			—		40,812,580
Total Investment Securities	$	685,348,821	$	80,612,750		$	4,610,278	$	770,571,849
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (J)
Collateral for Securities on Loan	$	—	$	(110,425,615	)	$	—	$	(110,425,615	)
Total Other Liabilities	$	—	$	(110,425,615	)	$	—	$	(110,425,615	)

(l) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. 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 2013

Page    38

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

(J) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (K)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) (L)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (M)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (L)
Common Stocks	$	2,961,752	$	—	$	—		$	—	$	—	$	134,487		$	—	$	—	$	3,096,239	$	134,487
Convertible Preferred Stocks		379,806		—		—			—		—		(52,471	)		—		—		327,335		(52,471	)
Preferred Stocks		4,586,348		—		(937,005	)		—		—		(2,462,639	)		—		—		1,186,704		(315,160	)
Total	$	7,927,906	$	—	$	(937,005	)	$	—	$	—	$	(2,380,623	)	$	—	$	—	$	4,610,278	$	(233,144	)

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

(L) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    39

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
PREFERRED CORPORATE DEBT SECURITY - 0.9%
Commercial Banks - 0.9%
Goldman Sachs Capital II 4.00%, 06/01/2043 (A) (B)		$  8,225,000		$  7,015,925
Total Preferred Corporate Debt Security (cost $5,830,614)				7,015,925
CORPORATE DEBT SECURITIES - 88.9%
Aerospace & Defense - 1.2%
Bombardier, Inc.
6.13%, 01/15/2023 - 144A (A)		630,000		681,187
7.50%, 03/15/2018 - 144A		450,000		519,188
7.75%, 03/15/2020 - 144A		1,300,000		1,540,500
Spirit Aerosystems, Inc.
6.75%, 12/15/2020		920,000		991,300
7.50%, 10/01/2017		1,945,000		2,061,700
Triumph Group, Inc. 8.63%, 07/15/2018 (A)		2,965,000		3,291,150
Airlines - 1.9%
American Airlines Pass-Through Trust 5.63%, 01/15/2021 - 144A		1,150,000		1,171,562
Continental Airlines Pass-Through Certificates 6.13%, 04/29/2018 (A)		1,340,000		1,366,800
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		1,080,000		1,134,108
6.90%, 10/19/2023		3,143,491		3,347,818
Delta Air Lines, Inc., Pass-Through Trust
6.38%, 07/02/2017		1,180,000		1,230,150
6.75%, 05/23/2017		1,325,000		1,394,562
U.S. Airways Pass-Through Trust
5.38%, 05/15/2023		507,000		516,532
6.25%, 10/22/2024		1,741,767		1,955,134
6.75%, 12/03/2022		150,000		160,500
9.13%, 10/01/2015		1,841,602		1,998,138
Auto Components - 0.4%
Affinia Group, Inc. 7.75%, 05/01/2021 - 144A		190,000		195,463
Goodyear Tire & Rubber Co. 6.50%, 03/01/2021 (A)		2,481,000		2,595,746
Automobiles - 0.8%
Chrysler Group LLC / CG Co.-Issuer, Inc.
8.00%, 06/15/2019 (A)		2,518,000		2,820,160
8.25%, 06/15/2021 (A)		820,000		940,950
Jaguar Land Rover Automotive PLC
7.75%, 05/15/2018 - 144A		650,000		718,250
8.13%, 05/15/2021 - 144A (A)		1,660,000		1,900,700
Beverages - 1.9%
Constellation Brands, Inc.
3.75%, 05/01/2021		800,000		800,000
4.25%, 05/01/2023		1,750,000		1,750,000
7.25%, 09/01/2016 - 05/15/2017 (A)		5,700,000		6,570,750
Cott Beverages, Inc.
8.13%, 09/01/2018		2,520,000		2,765,700
8.38%, 11/15/2017		2,455,000		2,626,850
Building Products - 2.2%
Associated Materials LLC / AMH New Finance, Inc.
9.13%, 11/01/2017 - 144A		407,000		439,051
9.13%, 11/01/2017 (A)		4,661,000		5,028,054

	Principal		Value
Building Products (continued)
Euramax International, Inc. 9.50%, 04/01/2016 (A)		$  4,404,000		$  4,326,930
Ply Gem Industries, Inc.
8.25%, 02/15/2018		4,822,000		5,280,090
9.38%, 04/15/2017		1,330,000		1,467,987
Chemicals - 1.7%
Hexion US Finance Corp. 6.63%, 04/15/2020 - 144A		1,930,000		2,012,025
Huntsman International LLC 8.63%, 03/15/2020 - 03/15/2021		3,390,000		3,870,500
Momentive Performance Materials, Inc. 8.88%, 10/15/2020		3,850,000		4,196,500
NOVA Chemicals Corp. 8.63%, 11/01/2019		2,650,000		2,997,812
Commercial Banks - 0.7%
CIT Group, Inc.
4.25%, 08/15/2017		1,500,000		1,590,000
5.00%, 05/15/2017		450,000		490,500
5.25%, 03/15/2018		583,000		644,215
Royal Bank of Scotland Group PLC 6.13%, 12/15/2022 (A)		2,650,000		2,851,108
UBS AG (Escrow Shares) 5.75%, 08/15/2017		4,970,000		192,588
Commercial Services & Supplies - 2.4%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 8.25%, 01/15/2019		1,010,000		1,122,362
Ceridian Corp.
8.88%, 07/15/2019 - 144A		5,251,000		6,163,361
11.25%, 11/15/2015		2,756,000		2,855,905
12.25%, 11/15/2015 (C)		160,125		166,130
Hertz Corp.
5.88%, 10/15/2020		663,000		724,328
6.75%, 04/15/2019 (A)		2,110,000		2,336,825
7.50%, 10/15/2018		900,000		995,625
United Rentals North America, Inc.
6.13%, 06/15/2023		700,000		754,250
7.38%, 05/15/2020 (A)		1,884,000		2,133,630
8.25%, 02/01/2021		850,000		969,000
Computers & Peripherals - 0.4%
Seagate HDD Cayman 6.88%, 05/01/2020		3,010,000		3,269,613
Construction & Engineering - 1.0%
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.88%, 02/15/2021 - 144A		1,449,000		1,499,715
K Hovnanian Enterprises, Inc.
7.25%, 10/15/2020 - 144A		1,240,000		1,385,700
7.50%, 05/15/2016		85,000		89,994
8.63%, 01/15/2017		1,146,000		1,226,220
9.13%, 11/15/2020 - 144A		2,811,000		3,190,485
Consumer Finance - 2.7%
Ally Financial, Inc.
4.63%, 06/26/2015 (A)		1,390,000		1,464,713
5.50%, 02/15/2017 (A)		1,928,000		2,101,375
6.75%, 12/01/2014		2,350,000		2,523,313
Springleaf Finance Corp., Series MTN
5.40%, 12/01/2015 (A)		1,040,000		1,085,500
6.50%, 09/15/2017		150,000		153,750
6.90%, 12/15/2017		12,765,000		13,283,578

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

Transamerica Funds Semi-Annual Report 2013

Page    40

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Containers & Packaging - 2.2%
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 4.88%, 11/15/2022 - 144A (A)		$  405,000		$  414,112
Graphic Packaging International, Inc.
4.75%, 04/15/2021		680,000		707,200
7.88%, 10/01/2018 (A)		3,150,000		3,496,500
9.50%, 06/15/2017		1,300,000		1,371,500
Packaging Dynamics Corp. 8.75%, 02/01/2016 - 144A		3,110,000		3,257,725
Sealed Air Corp.
5.25%, 04/01/2023 - 144A		1,100,000		1,138,500
8.13%, 09/15/2019 - 144A (A)		2,340,000		2,679,300
8.38%, 09/15/2021 - 144A		925,000		1,082,250
Tekni-Plex, Inc. 9.75%, 06/01/2019 - 144A		2,252,000		2,499,720
Diversified Consumer Services - 0.5%
Service Corp., International
6.75%, 04/01/2015 - 04/01/2016		860,000		946,650
7.00%, 06/15/2017 (A)		1,240,000		1,426,000
7.00%, 05/15/2019		1,560,000		1,706,250
Diversified Financial Services - 3.5%
Bank of America Corp. 8.00%, 01/30/2018 (A) (B) (D)		3,793,000		4,308,943
Citigroup, Inc.
5.90%, 02/15/2023 (A) (B) (D)		4,757,000		4,966,712
5.95%, 01/30/2023 (A) (B) (D)		3,450,000		3,613,875
General Motors Corp. (Escrow Shares) 7.20%, 01/15/2049 (E)		2,825,000		—
General Motors Financial Co., Inc. 4.75%, 08/15/2017 - 144A (A)		1,884,000		1,987,620
JPMorgan Chase & Co.
5.15%, 05/01/2023 (A) (B) (D)		3,912,000		3,975,570
7.90%, 04/30/2018 (B) (D)		3,650,000		4,251,002
Nuveen Investments, Inc.
9.13%, 10/15/2017 - 144A		985,000		1,051,487
9.50%, 10/15/2020 - 144A		2,880,000		3,103,200
Diversified Telecommunication Services - 7.9%
CenturyLink, Inc.
5.63%, 04/01/2020		1,775,000		1,895,070
7.65%, 03/15/2042 (A)		5,782,000		5,955,460
Cincinnati Bell, Inc. 8.38%, 10/15/2020 (A)		2,944,000		3,157,440
Frontier Communications Corp.
7.63%, 04/15/2024		936,000		975,780
9.00%, 08/15/2031		9,012,000		9,395,010
Hughes Satellite Systems Corp. 6.50%, 06/15/2019 (A)		3,028,000		3,368,650
Intelsat Jackson Holdings SA 8.50%, 11/01/2019		1,320,000		1,485,000
Koninklijke KPN NV 7.00%, 03/28/2073 - 144A (A) (B)		850,000		850,615
Level 3 Communications, Inc. 8.88%, 06/01/2019 - 144A (A) (F) (G)		300,000		331,500
Level 3 Financing, Inc. 8.13%, 07/01/2019		5,490,000		6,052,725
Lynx II Corp. 6.38%, 04/15/2023 - 144A (A)		1,575,000		1,704,938
Sprint Capital Corp. 8.75%, 03/15/2032		5,558,000		6,572,335

	Principal		Value
Diversified Telecommunication Services (continued)
Wind Acquisition Finance SA
7.25%, 02/15/2018 - 144A		$  3,485,000		$  3,676,675
11.75%, 07/15/2017 - 144A		500,000		536,250
Windstream Corp.
7.00%, 03/15/2019		6,947,000		7,111,991
7.50%, 04/01/2023		3,334,000		3,634,060
7.75%, 10/15/2020 (A)		441,000		483,998
8.13%, 08/01/2013		3,000,000		3,046,500
Electric Utilities - 2.4%
Elwood Energy LLC 8.16%, 07/05/2026		4,376,418		4,556,946
Homer City Generation, LP
8.14%, 10/01/2019 (C)		2,995,391		3,145,161
8.73%, 10/01/2026 (C)		5,109,595		5,390,623
LSP Energy, LP (Escrow Shares)
7.16%, 01/15/2014 (E)		7,150,000		50
8.16%, 07/15/2025 (E)		750,000		505
Red Oak Power LLC 9.20%, 11/30/2029		4,740,000		5,332,500
Electrical Equipment - 0.3%
Belden, Inc. 5.50%, 09/01/2022 - 144A		2,000,000		2,060,000
Energy Equipment & Services - 3.0%
Drill Rigs Holdings, Inc. 6.50%, 10/01/2017 - 144A		1,695,000		1,716,187
El Paso LLC 7.25%, 06/01/2018		7,206,000		8,424,398
Kinder Morgan Finance Co. LLC 5.70%, 01/05/2016		81,000		88,519
Regency Energy Partners, LP / Regency Energy Finance Corp.
4.50%, 11/01/2023 - 144A		256,000		264,960
6.88%, 12/01/2018 (A)		5,711,000		6,239,267
Stallion Oilfield Holdings, Ltd. 10.50%, 02/15/2015 (A)		5,655,000		5,966,025
Food & Staples Retailing - 0.9%
Rite Aid Corp.
7.50%, 03/01/2017 (A)		2,600,000		2,678,000
7.70%, 02/15/2027		2,355,000		2,460,975
10.25%, 10/15/2019		1,875,000		2,160,938
Food Products - 0.6%
ARAMARK Corp. 5.75%, 03/15/2020 - 144A (A)		1,705,000		1,785,988
Harmony Foods Corp. 10.00%, 05/01/2016 - 144A		514,000		556,405
Post Holdings, Inc. 7.38%, 02/15/2022		1,920,000		2,131,200
Gas Utilities - 0.1%
Star Gas Partners, LP / Star Gas Finance Co. 8.88%, 12/01/2017 (A)		1,046,000		1,082,610
Health Care Equipment & Supplies - 1.4%
Accellent, Inc. 10.00%, 11/01/2017 (A)		1,159,000		1,103,948
Biomet, Inc. 6.50%, 08/01/2020 - 144A (A)		3,253,000		3,545,770
Hologic, Inc. 6.25%, 08/01/2020		2,811,000		3,035,880
Mallinckrodt International Finance SA
3.50%, 04/15/2018 - 144A		635,000		643,995
4.75%, 04/15/2023 - 144A		2,542,000		2,618,153

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

Transamerica Funds Semi-Annual Report 2013

Page    41

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Health Care Providers & Services - 5.6%
CHS/Community Health Systems, Inc.
7.13%, 07/15/2020		$  2,490,000		$  2,782,575
8.00%, 11/15/2019		8,326,000		9,439,602
DaVita HealthCare Partners, Inc. 6.38%, 11/01/2018 (A)		4,500,000		4,809,375
Fresenius Medical Care U.S. Finance II, Inc.
5.63%, 07/31/2019 - 144A		2,525,000		2,821,688
5.88%, 01/31/2022 - 144A		700,000		801,500
HCA Holdings, Inc.
6.25%, 02/15/2021 (A)		2,064,000		2,260,080
7.75%, 05/15/2021 (A)		2,888,000		3,274,270
HCA, Inc.
6.50%, 02/15/2020 (A)		1,300,000		1,501,500
7.50%, 02/15/2022 (A)		3,074,000		3,673,430
7.88%, 02/15/2020		2,750,000		3,049,063
HealthSouth Corp. 7.75%, 09/15/2022		4,279,000		4,738,992
LifePoint Hospitals, Inc. 6.63%, 10/01/2020 (A)		3,660,000		3,984,825
Hotels, Restaurants & Leisure - 6.7%
Ameristar Casinos, Inc. 7.50%, 04/15/2021		4,647,000		5,181,405
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018		6,051,000		3,721,365
12.75%, 04/15/2018 (A)		6,500,000		4,615,000
Caesars Operating Escrow LLC / Caesars Escrow Corp. 9.00%, 02/15/2020 - 144A		1,112,000		1,095,320
CityCenter Holdings LLC / CityCenter Finance Corp. 10.75%, 01/15/2017 (A) (C)		3,325,974		3,679,359
GWR Operating Partnership LLP 10.88%, 04/01/2017		5,465,000		6,175,450
Mashantucket Western Pequot Tribe 8.50%, 11/15/2015 - 144A (H)		6,600,000		462,000
MGM Resorts International
6.63%, 12/15/2021		862,000		936,348
6.75%, 10/01/2020 - 144A		1,339,000		1,469,553
10.00%, 11/01/2016 (A)		3,575,000		4,334,687
11.38%, 03/01/2018 (A)		6,731,000		8,699,817
Royal Caribbean Cruises, Ltd. 7.25%, 06/15/2016 (A)		745,000		845,575
Seneca Gaming Corp. 8.25%, 12/01/2018 - 144A		1,000,000		1,080,000
Viking Cruises, Ltd. 8.50%, 10/15/2022 - 144A (A)		2,971,000		3,320,092
WMG Acquisition Corp. 6.00%, 01/15/2021 - 144A		2,343,000		2,507,010
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 7.75%, 08/15/2020 (A)		2,672,000		3,059,440
Household Durables - 4.2%
Beazer Homes USA, Inc.
6.63%, 04/15/2018		1,949,000		2,124,410
7.25%, 02/01/2023 - 144A (A)		2,411,000		2,519,495
9.13%, 06/15/2018		4,281,000		4,698,397

	Principal		Value
Household Durables (continued)
Brookfield Residential Properties, Inc. 6.50%, 12/15/2020 - 144A		$  1,733,000		$  1,865,141
DR Horton, Inc. 4.75%, 02/15/2023		2,869,000		2,955,070
Jarden Corp. 7.50%, 05/01/2017 - 01/15/2020		4,512,000		5,009,618
KB Home
7.25%, 06/15/2018		490,000		550,025
9.10%, 09/15/2017		3,666,000		4,380,870
Meritage Homes Corp. 7.15%, 04/15/2020		3,396,000		3,828,990
Standard Pacific Corp. 8.38%, 05/15/2018 - 01/15/2021		2,335,000		2,789,431
Tempur-Pedic International, Inc. 6.88%, 12/15/2020 - 144A (A)		1,310,000		1,429,538
Household Products - 1.6%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.75%, 10/15/2020 (A)		745,000		780,388
6.88%, 02/15/2021 (A)		300,000		327,000
7.13%, 04/15/2019		8,204,000		8,839,810
Sun Products Corp. 7.75%, 03/15/2021 - 144A		2,309,000		2,384,042
Independent Power Producers & Energy Traders - 2.0%
Calpine Corp.
7.25%, 10/15/2017 - 144A		7,663,000		8,113,201
7.88%, 07/31/2020 - 144A (A)		52,000		58,890
NRG Energy, Inc.
7.63%, 05/15/2019 (A)		2,833,000		3,073,805
7.88%, 05/15/2021		1,740,000		1,970,550
8.25%, 09/01/2020		1,900,000		2,161,250
Insurance - 1.3%
Genworth Financial, Inc. 6.15%, 11/15/2066 (A) (B)		3,584,000		3,382,400
Prudential Financial, Inc. 5.20%, 03/15/2044 (A) (B)		3,191,000		3,246,842
Sompo Japan Insurance, Inc. 5.33%, 03/28/2073 - 144A (B)		3,500,000		3,635,625
IT Services - 0.8%
SunGard Data Systems, Inc.
6.63%, 11/01/2019 - 144A		1,000,000		1,063,750
7.38%, 11/15/2018		2,363,000		2,552,040
7.63%, 11/15/2020		1,425,000		1,574,625
Unisys Corp. 6.25%, 08/15/2017 (A)		1,262,000		1,362,960
Media - 7.3%
Cablevision Systems Corp.
5.88%, 09/15/2022 (A)		1,350,000		1,366,875
7.75%, 04/15/2018 (A)		5,512,000		6,276,790
CCO Holdings LLC / CCO Holdings Capital Corp.
5.13%, 02/15/2023		1,900,000		1,919,000
5.75%, 09/01/2023 - 144A		2,776,000		2,880,100
5.75%, 01/15/2024		2,585,000		2,691,631
6.50%, 04/30/2021 (A)		800,000		868,000
7.25%, 10/30/2017 (A)		890,000		963,425
7.88%, 04/30/2018		450,000		478,575

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

Transamerica Funds Semi-Annual Report 2013

Page    42

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Media (continued)
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 - 144A		$  1,280,000		$  1,363,200
8.63%, 11/15/2017 - 144A		3,750,000		4,017,187
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022 - 144A		2,247,000		2,387,438
6.50%, 11/15/2022 - 144A (A)		2,956,000		3,170,310
7.63%, 03/15/2020		5,666,000		6,100,115
Cogeco Cable, Inc. 4.88%, 05/01/2020 - 144A		257,000		261,819
DISH DBS Corp.
4.63%, 07/15/2017		2,926,000		2,969,890
5.00%, 03/15/2023 - 144A (A)		1,889,000		1,832,330
5.88%, 07/15/2022		983,000		1,002,660
7.13%, 02/01/2016		1,000,000		1,105,000
7.75%, 05/31/2015		468,000		516,555
7.88%, 09/01/2019		1,700,000		1,938,000
Nara Cable Funding, Ltd. 8.88%, 12/01/2018 - 144A		1,510,000		1,615,700
ONO Finance II PLC 10.88%, 07/15/2019 - 144A (A)		1,600,000		1,696,000
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 7.50%, 03/15/2019 - 144A		2,275,000		2,496,812
Univision Communications, Inc.
6.88%, 05/15/2019 - 144A		1,750,000		1,911,875
7.88%, 11/01/2020 - 144A		3,605,000		4,055,625
Metals & Mining - 0.3%
AK Steel Corp. 8.75%, 12/01/2018 - 144A (A)		2,200,000		2,442,000
Multiline Retail - 0.5%
Brookstone Co., Inc. 13.00%, 10/15/2014 - 144A		1,769,000		1,687,184
JC Penney Corp., Inc. 7.40%, 04/01/2037 (A)		2,450,000		2,054,937
Oil, Gas & Consumable Fuels - 4.9%
Chesapeake Energy Corp.
6.13%, 02/15/2021 (A)		2,000,000		2,200,000
6.63%, 08/15/2020		2,035,000		2,302,094
CONSOL Energy, Inc.
6.38%, 03/01/2021 (A)		540,000		564,300
8.00%, 04/01/2017 (A)		750,000		811,875
8.25%, 04/01/2020 (A)		2,000,000		2,240,000
Continental Resources, Inc.
7.13%, 04/01/2021		650,000		749,125
8.25%, 10/01/2019 (A)		2,460,000		2,767,500
Energy Transfer Equity, LP 7.50%, 10/15/2020 (A)		5,414,000		6,334,380
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A (A)		2,300,000		2,403,500
7.75%, 02/01/2021 (A)		1,740,000		1,905,300
8.63%, 04/15/2020		2,340,000		2,614,950
Newfield Exploration Co.
5.63%, 07/01/2024 (A)		677,000		727,775
6.88%, 02/01/2020 (A)		1,238,000		1,349,420
7.13%, 05/15/2018		295,000		306,800

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Plains Exploration & Production Co.
6.13%, 06/15/2019		$  1,960,000		$  2,173,150
6.50%, 11/15/2020		2,118,000		2,361,570
6.75%, 02/01/2022		1,215,000		1,372,950
SM Energy Co.
6.50%, 11/15/2021 - 01/01/2023		2,890,000		3,181,600
6.63%, 02/15/2019		1,328,000		1,429,260
Paper & Forest Products - 0.4%
Boise Cascade LLC/Boise Cascade Finance Corp. 6.38%, 11/01/2020 - 144A		2,698,000		2,886,860
Personal Products - 0.2%
Revlon Consumer Products Corp. 5.75%, 02/15/2021 - 144A (A)		1,295,000		1,333,850
Pharmaceuticals - 0.6%
Valeant Pharmaceuticals International, Inc.
6.88%, 12/01/2018 - 144A		3,350,000		3,647,313
7.00%, 10/01/2020 - 144A		900,000		994,500
Real Estate Investment Trusts - 0.8%
Felcor Lodging, LP 5.63%, 03/01/2023 - 144A		1,515,000		1,569,919
Host Hotels & Resorts, LP
5.88%, 06/15/2019		700,000		774,375
6.00%, 10/01/2021		3,000,000		3,500,625
Real Estate Management & Development - 1.3%
Algeco Scotsman Global Finance PLC 8.50%, 10/15/2018 - 144A (A)		5,267,000		5,688,360
Mattamy Group Corp. 6.50%, 11/15/2020 - 144A		1,975,000		1,950,313
Realogy Corp. 11.50%, 04/15/2017 (F) (G)		2,415,000		2,568,956
Road & Rail - 1.2%
Aviation Capital Group Corp.
4.63%, 01/31/2018 - 144A		1,024,000		1,068,141
6.75%, 04/06/2021 - 144A		2,497,000		2,787,878
7.13%, 10/15/2020 - 144A		1,255,000		1,441,883
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 9.75%, 03/15/2020		3,605,000		4,285,444
Semiconductors & Semiconductor Equipment - 1.8%
Freescale Semiconductor, Inc.
9.25%, 04/15/2018 - 144A (A)		3,490,000		3,839,000
10.13%, 03/15/2018 - 144A		3,181,000		3,522,957
NXP BV / NXP Funding LLC
5.75%, 03/15/2023 - 144A		950,000		1,004,625
9.75%, 08/01/2018 - 144A		4,587,000		5,183,310
Software - 1.5%
First Data Corp.
6.75%, 11/01/2020 - 144A (A)		3,650,000		3,914,625
7.38%, 06/15/2019 - 144A		1,148,000		1,248,450
8.75%, 01/15/2022 - 144A (A) (C)		2,717,000		2,920,775
8.88%, 08/15/2020 - 144A (A)		2,160,000		2,462,400
Interface Security Systems Holdings, Inc. / Interface Security Systems LLC 9.25%, 01/15/2018 - 144A (A)		625,000		648,437

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

Transamerica Funds Semi-Annual Report 2013

Page    43

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Specialty Retail - 0.5%
Claire’s Stores, Inc.
6.13%, 03/15/2020 - 144A (A)		$  746,000		$  787,963
9.00%, 03/15/2019 - 144A		2,889,000		3,311,516
9.63%, 06/01/2015 (C)		429		430
CST Brands, Inc. 5.00%, 05/01/2023 - 144A		128,000		131,360
Textiles, Apparel & Luxury Goods - 1.5%
Jones Group, Inc. 6.13%, 11/15/2034		6,897,000		5,922,799
Levi Strauss & Co. 6.88%, 05/01/2022 (A)		3,985,000		4,448,256
PVH Corp. 7.38%, 05/15/2020		1,175,000		1,320,406
Trading Companies & Distributors - 0.7%
International Lease Finance Corp. 8.63%, 09/15/2015		4,665,000		5,318,100
Wireless Telecommunication Services - 3.1%
Cricket Communications, Inc.
7.75%, 05/15/2016		2,864,000		2,978,560
7.75%, 10/15/2020 (A)		2,307,000		2,347,372
MetroPCS Wireless, Inc. 6.63%, 04/01/2023 - 144A (A)		3,500,000		3,762,500
Softbank Corp. 4.50%, 04/15/2020 - 144A		6,250,000		6,474,650
Sprint Nextel Corp. 8.38%, 08/15/2017 (A)		6,830,000		7,956,950
Total Corporate Debt Securities (cost $645,229,052)				682,000,670
CONVERTIBLE BONDS - 3.0%
Diversified Financial Services - 0.1%
Rivers Pittsburgh Borrower, LP/Rivers Pittsburgh Finance Corp. 9.50%, 06/15/2019 - 144A		970,000		1,071,850
Energy Equipment & Services - 1.0%
NuStar Logistics, LP 8.15%, 04/15/2018		6,789,000		7,787,316
Hotels, Restaurants & Leisure - 0.6%
NCL Corp., Ltd. 5.00%, 02/15/2018 - 144A		579,000		601,436
Regal Cinemas Corp. 8.63%, 07/15/2019 (A)		3,225,000		3,579,750
Insurance - 1.3%
Lincoln National Corp. 7.00%, 05/17/2066 (B)		9,475,000		9,735,563
Total Convertible Bonds (cost $20,324,599)				22,775,915
LOAN ASSIGNMENTS - 0.5%
Diversified Telecommunication Services - 0.4%
Level 3 Financing, Inc., Tranche B 4.75%, 02/01/2016 (B)		2,587,000		2,613,517
Real Estate Management & Development - 0.1% Realogy Group LLC, Extended
4.45%, 10/10/2016 (B) (F) (G)		54,409		54,273
4.50%, 03/05/2020 (B) (F) (G)		834,687		844,077
Total Loan Assignments (cost $3,455,915)				3,511,867

	Shares		Value
PREFERRED STOCKS - 2.4%
Capital Markets - 0.2%
Goldman Sachs Group, Inc. - Series J, 5.50% (A) (B)		53,745		$  1,381,784
Commercial Banks - 0.5%
GMAC Capital Trust I - Series 2, 8.13% (B)		144,225		3,950,323
Consumer Finance - 1.2%
Ally Financial, Inc. - 144A, 7.00%		4,053		3,999,678
Ally Financial, Inc. - Series A, 8.50% (A) (B)		211,700		5,667,209
Insurance - 0.5%
Hartford Financial Services Group, Inc., 7.88% (A) (B)		114,684		3,551,763
Total Preferred Stocks (cost $15,415,328)				18,550,757
COMMON STOCKS - 1.3%
Automobiles - 0.1%
General Motors Co. (A) (I)		11,558		356,449
Motors Liquidation Co. GUC Trust (A) (I)		2,901		88,625
Independent Power Producers & Energy Traders - 1.1%
Dynegy, Inc. (I)		341,178		8,430,509
IT Services - 0.1%
Unisys Corp. (A) (I)		61,972		1,185,524
Total Common Stocks (cost $13,044,691)				10,061,107
WARRANTS - 0.0% (J)
Automobiles - 0.0% (J)
General Motors Co., Class A (I) Expiration: 07/10/2016 Exercise Price: $10.00		203		4,344
General Motors Co., Class A (I) Expiration: 07/10/2019 Exercise Price: $18.33		203		2,852
Total Warrants (cost $ - )				7,196
SECURITIES LENDING COLLATERAL - 15.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (K)		117,124,875		117,124,875
Total Securities Lending Collateral (cost $117,124,875)				117,124,875
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
State Street Bank & Trust Co. 0.03% (K), dated 04/30/2013, to be repurchased at $3,142,542 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 3.50%, due 01/01/2032 - 02/01/2032, and with a value of $3,206,561.		$  3,142,539		3,142,539
Total Repurchase Agreement (cost $3,142,539)				3,142,539
Total Investment Securities (cost $823,567,613) (L)				864,190,851
Other Assets and Liabilities - Net				(97,389,587	)
Net Assets				$  766,801,264

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

Transamerica Funds Semi-Annual Report 2013

Page    44

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $114,716,942. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Floating or variable rate note. Rate is listed as of April 30, 2013.

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

(D) The security has a perpetual maturity. The date shown is the next call date.

(E) 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 $555, or less than 0.01% of the fund’s net assets.

(F) Illiquid. Total aggregate market value of illiquid securities is $3,798,806, or 0.50% of the fund’s net assets.

(G) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Corporate Debt Securities	Level 3 Communications, Inc.		7/18/2012	$	300,000	$	331,500		0.04	%
Corporate Debt Securities	Realogy Corp.		2/8/2012-7/11/2012		2,290,482		2,568,956		0.34
Loan Assignments	Realogy Group LLC, Extended		9/4/2012-9/6/2012		53,096		54,273		0.01
Loan Assignments	Realogy Group LLC, Extended		2/8/2012-7/11/2012		813,223		844,077		0.11
				$	3,456,801	$	3,798,806		0.50	%

(H) In default.

(I) Non-income producing security.

(J) Percentage rounds to less than 0.1%.

(K) Rate shown reflects the yield at April 30, 2013.

(L) Aggregate cost for federal income tax purposes is $823,567,613. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $53,070,372 and $12,447,134, respectively. Net unrealized appreciation for tax purposes is $40,623,238.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $196,025,011 or 25.56% of the fund’s net assets.
MTN	Medium Term Note

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

Transamerica Funds Semi-Annual Report 2013

Page    45

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (M)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Corporate Debt Security	$	—	$	7,015,925	$	—	$	7,015,925
Corporate Debt Securities
Aerospace & Defense		—		9,085,025		—		9,085,025
Airlines		—		14,275,304		—		14,275,304
Auto Components		—		2,791,209		—		2,791,209
Automobiles		—		6,380,060		—		6,380,060
Beverages		—		14,513,300		—		14,513,300
Building Products		—		16,542,112		—		16,542,112
Chemicals		—		13,076,837		—		13,076,837
Commercial Banks		—		5,768,411		—		5,768,411
Commercial Services & Supplies		—		18,221,416		—		18,221,416
Computers & Peripherals		—		3,269,613		—		3,269,613
Construction & Engineering		—		7,392,114		—		7,392,114
Consumer Finance		—		20,612,229		—		20,612,229
Containers & Packaging		—		16,646,807		—		16,646,807
Diversified Consumer Services		—		4,078,900		—		4,078,900
Diversified Financial Services		—		27,258,409		0		27,258,409
Diversified Telecommunication Services		—		60,233,997		—		60,233,997
Electric Utilities		—		18,425,230		555		18,425,785
Electrical Equipment		—		2,060,000		—		2,060,000
Energy Equipment & Services		—		22,699,356		—		22,699,356
Food & Staples Retailing		—		7,299,913		—		7,299,913
Food Products		—		4,473,593		—		4,473,593
Gas Utilities		—		1,082,610		—		1,082,610
Health Care Equipment & Supplies		—		10,947,746		—		10,947,746
Health Care Providers & Services		—		43,136,900		—		43,136,900
Hotels, Restaurants & Leisure		—		51,182,421		—		51,182,421
Household Durables		—		32,150,985		—		32,150,985
Household Products		—		12,331,240		—		12,331,240
Independent Power Producers & Energy Traders		—		15,377,696		—		15,377,696
Insurance		—		10,264,867		—		10,264,867
IT Services		—		6,553,375		—		6,553,375
Media		—		55,884,912		—		55,884,912
Metals & Mining		—		2,442,000		—		2,442,000
Multiline Retail		—		3,742,121		—		3,742,121
Oil, Gas & Consumable Fuels		—		37,795,549		—		37,795,549
Paper & Forest Products		—		2,886,860		—		2,886,860
Personal Products		—		1,333,850		—		1,333,850
Pharmaceuticals		—		4,641,813		—		4,641,813
Real Estate Investment Trusts		—		5,844,919		—		5,844,919
Real Estate Management & Development		—		10,207,629		—		10,207,629
Road & Rail		—		9,583,346		—		9,583,346
Semiconductors & Semiconductor Equipment		—		13,549,892		—		13,549,892
Software		—		11,194,687		—		11,194,687
Specialty Retail		—		4,231,269		—		4,231,269
Textiles, Apparel & Luxury Goods		—		11,691,461		—		11,691,461
Trading Companies & Distributors		—		5,318,100		—		5,318,100
Wireless Telecommunication Services		—		23,520,032		—		23,520,032
Convertible Bonds		—		22,775,915		—		22,775,915
Loan Assignments		—		3,511,867		—		3,511,867

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

Transamerica Funds Semi-Annual Report 2013

Page    46

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued):

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
Investment Securities (continued)
Preferred Stocks	$	18,550,757	$	—		$	—	$	18,550,757
Common Stocks		10,061,107		—			—		10,061,107
Warrants		7,196		—			—		7,196
Securities Lending Collateral		117,124,875		—			—		117,124,875
Repurchase Agreement		—		3,142,539			—		3,142,539
Total Investment Securities	$	145,743,935	$	718,446,361		$	555	$	864,190,851
Other Assets (N)
Cash	$	109,810	$	—		$	—	$	109,810
Total Other Assets	$	109,810	$	—		$	—	$	109,810
LIABILITIES	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
Other Liabilities (N)
Collateral for Securities on Loan	$	—	$	(117,124,875	)	$	—	$	(117,124,875	)
Total Other Liabilities	$	—	$	(117,124,875	)	$	—	$	(117,124,875	)

(M) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(N) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) (O)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (P)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (O)
Corporate Debt Securities	$	—	$	—	$	—	$	—	$	—	$	555	$	—	$	—	$	555	$	555
Total	$	—	$	—	$	—	$	—	$	—	$	555	$	—	$	—	$	555	$	555

(O) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    47

Transamerica Income & Growth

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 98.2%
Aerospace & Defense - 2.7%
BAE Systems PLC		1,847,032		$  10,773,421
Airlines - 1.6%
Japan Airlines Co., Ltd.		128,973		6,535,637
Automobiles - 2.4%
Daimler AG		176,799		9,782,585
Beverages - 6.5%
Coca-Cola Amatil, Ltd.		835,461		13,113,096
Thai Beverage PCL		27,373,104		13,445,423
Capital Markets - 3.2%
Federated Investors, Inc. - Class B (A)		341,683		7,845,042
Solar Capital, Ltd. (A)		211,420		5,059,280
Chemicals - 1.3%
BASF SE - Class R (A)		56,366		5,264,479
Commercial Banks - 1.7%
Commonwealth Bank of Australia		92,150		7,016,820
Commercial Services & Supplies - 0.2%
Homeserve PLC		185,430		603,151
Construction & Engineering - 1.0%
NRW Holdings, Ltd.		3,001,186		4,044,729
Diversified Financial Services - 2.2%
KKR Financial Holdings LLC		842,309		9,004,283
Diversified Telecommunication Services - 14.1%
AT&T, Inc. (A)		322,957		12,097,969
BCE, Inc. (A)		130,182		6,097,860
Belgacom SA (A)		287,240		6,619,915
Swisscom AG		24,414		11,495,428
Telstra Corp., Ltd.		2,402,594		12,404,033
Verizon Communications, Inc. (A)		157,891		8,511,904
Electric Utilities - 2.9%
Brookfield Infrastructure Partners, LP		150,508		5,817,134
Southern Co. (A)		119,828		5,779,305
Energy Equipment & Services - 2.1%
Diamond Offshore Drilling, Inc.		120,718		8,341,614
Food Products - 0.2%
Asian Citrus Holdings, Ltd.		2,341,551		995,743
Media - 2.6%
Regal Entertainment Group - Class A (A)		589,019		10,567,001
Oil, Gas & Consumable Fuels - 20.6%
Boardwalk Pipeline Partners, LP		270,250		8,169,658
Canadian Oil Sands, Ltd.		420,330		8,256,817
Cheniere Energy Partners, LP		143,344		3,913,291
Energy Transfer Equity, LP		66,318		3,891,540
Energy Transfer Partners, LP - Class B		201,796		10,047,423
Kinder Morgan Energy Partners, LP		145,565		12,875,224
Penn West Petroleum, Ltd. (A)		140,383		1,295,735
Plains All American Pipeline, LP		191,669		11,005,634
TC Pipelines, LP		122,588		5,761,636
Teekay LNG Partners, LP		187,743		7,827,006
Total SA		213,057		10,738,008
Pharmaceuticals - 4.4%
AstraZeneca PLC - ADR		155,220		8,059,022
Novartis AG - ADR		61,939		4,568,621
Sanofi		49,150		5,386,674
Real Estate Investment Trusts - 19.0%
Annaly Capital Management, Inc. (A)		737,538		11,756,356
Ascendas Real Estate Investment Trust (A)		3,435,524		7,670,448
CDL Hospitality Trusts (A)		2,279,753		3,701,799

	Shares		Value
Real Estate Investment Trusts (continued)
Cofinimmo (A)		45,507		$  5,480,641
Health Care REIT, Inc.		124,447		9,329,792
National Retail Properties, Inc. (A)		253,788		10,070,308
PennyMac Mortgage Investment Trust		500,080		12,627,020
Realty Income Corp. (A)		155,610		7,931,442
Starwood Property Trust, Inc.		315,397		8,670,263
Tobacco - 5.4%
British American Tobacco PLC		143,876		7,969,645
Imperial Tobacco Group PLC		182,688		6,526,902
Philip Morris International, Inc.		77,252		7,384,519
Transportation Infrastructure - 1.8%
SATS, Ltd. (A)		2,824,500		7,223,492
Wireless Telecommunication Services - 2.3%
Vodafone Group PLC - ADR		308,116		9,425,268
Total Common Stocks (cost $375,495,322)				398,780,036
SECURITIES LENDING COLLATERAL - 14.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (B)		59,847,200		59,847,200
Total Securities Lending Collateral (cost $59,847,200)				59,847,200
	Principal		Value
REPURCHASE AGREEMENT - 5.9%
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $23,992,162 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $24,473,798.	$	23,992,143		23,992,143
Total Repurchase Agreement (cost $23,992,143)				23,992,143
Total Investment Securities (cost $459,334,665) (C)				482,619,379
Other Assets and Liabilities - Net				(76,663,595	)
Net Assets			$	405,955,784

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

Transamerica Funds Semi-Annual Report 2013

Page    48

Transamerica Income & Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $58,079,348. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Aggregate cost for federal income tax purposes is $459,334,665. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $28,548,832 and $5,264,118, respectively. Net unrealized appreciation for tax purposes is $23,284,714.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: (D)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	241,987,967	$	156,792,069		$	—	$	398,780,036
Securities Lending Collateral		59,847,200		—			—		59,847,200
Repurchase Agreement		—		23,992,143			—		23,992,143
Total Investment Securities	$	301,835,167	$	180,784,212		$	—	$	482,619,379
Other Assets (E)
Foreign Currency	$	43,493	$	—		$	—	$	43,493
Total Other Assets	$	43,493	$	—		$	—	$	43,493
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (E)
Collateral for Securities on Loan	$	—	$	(59,847,200	)	$	—	$	(59,847,200	)
Total Other Liabilities	$	—	$	(59,847,200	)	$	—	$	(59,847,200	)

(D) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(E) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    49

Transamerica International Bond

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 71.8%
Australia - 1.6%
New South Wales Treasury Corp.
5.50%, 03/01/2017		AUD  2,450,000		$  2,763,489
Austria - 1.9%
Austria Government Bond
3.20%, 02/20/2017 - 144A, Reg S		EUR  2,330,000		3,394,982
Belgium - 2.2%
Belgium Government Bond
4.00%, 03/28/2018		970,000		1,478,665
4.25%, 09/28/2021 - 03/28/2041		1,050,000		1,690,301
5.00%, 03/28/2035		400,000		720,446
Canada - 4.8%
Canadian Government Bond
2.50%, 06/01/2015		CAD  900,000		922,030
3.25%, 06/01/2021		5,470,000		6,156,458
5.00%, 06/01/2037		590,000		865,320
5.75%, 06/01/2033		383,000		590,921
Denmark - 1.1%
Denmark Government Bond
4.00%, 11/15/2019		DKK  9,050,000		1,945,932
France - 8.5%
Caisse d’Amortissement de la Dette Sociale
3.75%, 10/25/2020		EUR  1,220,000		1,885,551
Caisse d’Amortissement de la Dette Sociale, Series EMTN
3.75%, 09/08/2014		GBP  1,000,000		1,617,711
France Government Bond OAT
3.00%, 04/25/2022		EUR  4,100,000		6,037,988
4.50%, 04/25/2041		1,600,000		2,785,192
5.75%, 10/25/2032		1,367,850		2,684,254
Germany - 6.6%
Bundesrepublik Deutschland
1.75%, 07/04/2022		5,500,000		7,660,293
4.00%, 01/04/2037		929,000		1,670,005
5.50%, 01/04/2031		1,170,000		2,366,921
Italy - 9.4%
Italy Buoni Poliennali del Tesoro
2.75%, 12/01/2015		1,300,000		1,753,553
4.00%, 09/01/2020 - 02/01/2037		9,125,000		12,144,811
5.25%, 08/01/2017		1,800,000		2,626,735
Japan - 17.8%
10-Year Japan Government Bond
1.10%, 06/20/2021		JPY  170,000,000		1,827,894
Japan Government Bond
1.30%, 03/20/2015		1,024,000,000		10,736,795
2.10%, 12/20/2026 - 09/20/2028		799,900,000		9,378,421
2.20%, 09/20/2039 - 03/20/2041		812,000,000		9,442,469
Mexico - 1.1%
United Mexican States
9.50%, 12/18/2014		MXN  22,000,000		1,969,107
Netherlands - 2.2%
Netherlands Government Bond
3.25%, 07/15/2021 - 144A, Reg S		EUR  1,210,000		1,849,189
3.75%, 01/15/2042 - 144A, Reg S		435,000		750,464
4.50%, 07/15/2017 - 144A, Reg S		560,000		861,969
5.50%, 01/15/2028 - 144A		175,000		333,741

	Principal		Value
Russian Federation - 1.5%
Russian Federal Bond - OFZ
7.60%, 07/20/2022		RUB  76,300,000		$  2,671,238
Spain - 4.5%
Spain Government Bond
3.00%, 04/30/2015		EUR  1,300,000		1,753,296
3.15%, 01/31/2016		500,000		676,122
4.60%, 07/30/2019		360,000		508,901
4.90%, 07/30/2040		1,060,000		1,428,745
5.40%, 01/31/2023 - 144A, Reg S		1,640,000		2,372,431
5.50%, 07/30/2017		750,000		1,094,386
Supranational - 3.8%
European Investment Bank, Series EMTN
1.00%, 07/13/2018		3,000,000		4,030,058
2.63%, 03/15/2016		1,900,000		2,672,894
Sweden - 1.3%
Sweden Government Bond
4.50%, 08/12/2015		SEK  14,000,000		2,337,448
United Kingdom - 3.5%
U.K. Gilt
4.50%, 09/07/2034 - 12/07/2042		GBP  3,070,000		6,155,285
Total Foreign Government Obligations (cost $121,922,403)				126,612,411
MORTGAGE-BACKED SECURITIES - 2.2%
Italy - 0.3%
BPM Securitisation Srl Series 2, Class A2
0.35%, 01/15/2043 - Reg S (A) (B)		EUR  465,582		582,620
Spain - 1.9%
Union de Creditos Inmobiliarios Series 15, Class A
0.34%, 12/18/2048 - Reg S (A) (C)		3,310,070		3,301,569
Total Mortgage-Backed Securities (cost $5,070,889)				3,884,189
ASSET-BACKED SECURITIES - 0.5%
Italy - 0.5%
Leasimpresa Finance Srl Series 2, Class A
0.34%, 12/22/2025 - Reg S (A)		739,760		962,097
Total Asset-Backed Securities (cost $944,332)				962,097
CORPORATE DEBT SECURITIES - 22.6%
Australia - 2.3%
Commonwealth Bank of Australia, Series EMTN
2.63%, 01/12/2017 - Reg S		1,400,000		1,982,475
Suncorp-Metway, Ltd., Series EMTN
4.00%, 01/16/2014		GBP  1,290,000		2,053,208
Canada - 0.5%
Toronto-Dominion Bank, Series EMTN
5.38%, 05/14/2015 - Reg S		EUR  600,000		868,372
Finland - 1.2%
Nordea Bank Finland PLC
2.25%, 11/16/2015		1,600,000		2,204,107

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

Transamerica Funds Semi-Annual Report 2013

Page    50

Transamerica International Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
France - 2.6%
BNP Paribas Home Loan SFH, Series EMTN
3.38%, 01/12/2017		EUR  1,600,000		$  2,319,729
Cie de Financement Foncier SA, Series EMTN
4.75%, 06/25/2015		1,600,000		2,299,025
Germany - 3.8%
KFW
2.05%, 02/16/2026		JPY  99,000,000		1,168,783
2.60%, 06/20/2037 (D)		112,000,000		1,379,951
KFW, Series EMTN
5.50%, 12/07/2015		GBP  2,350,000		4,115,466
Netherlands - 2.6%
Fortis Bank Nederland NV, Series EMTN
3.38%, 05/19/2014		EUR  950,000		1,293,175
ING Bank NV, Series EMTN
3.38%, 03/23/2017		1,500,000		2,181,798
LeasePlan Corp. NV, Series EMTN
3.25%, 05/22/2014		810,000		1,100,631
Norway - 2.3%
Sparebank 1 Boligkreditt AS, Series EMTN
2.50%, 06/23/2015 (D)		1,500,000		2,064,260
Sparebanken Vest Boligkreditt AS, Series EMTN
2.50%, 06/09/2015		1,400,000		1,922,672
Sweden - 1.6%
Stadshypotek AB
2.75%, 04/30/2015		2,000,000		2,759,117
Switzerland - 2.0%
Credit Suisse AG, Series EMTN
2.63%, 12/01/2015		1,700,000		2,365,242
UBS AG
3.88%, 12/02/2019		800,000		1,243,148

	Principal		Value
United Kingdom - 3.7%
Abbey National Treasury Services PLC, Series EMTN
3.38%, 06/08/2015		EUR  1,250,000		$  1,746,398
Barclays Bank PLC, Series EMTN
3.63%, 04/13/2016		1,400,000		2,014,711
Lloyds TSB Bank PLC, Series EMTN
4.00%, 06/25/2018		750,000		1,145,652
Royal Bank of Scotland PLC, Series EMTN
4.00%, 03/15/2016 - Reg S		1,150,000		1,663,531
Total Corporate Debt Securities (cost $39,148,258)				39,891,451
	Shares		Value
SECURITIES LENDING COLLATERAL - 1.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (E)		2,959,114		2,959,114
Total Securities Lending Collateral (cost $2,959,114)				2,959,114
	Principal		Value
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.03% (E), dated 04/30/2013, to be repurchased at $487,005 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $500,584.		$  487,004		487,004
Total Repurchase Agreement (cost $487,004)				487,004
Total Investment Securities (cost $170,532,000) (F)				174,796,266
Other Assets and Liabilities - Net				1,517,041
Net Assets				$  176,313,307

FUTURES CONTRACTS: (G)
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
10-Year Australian Treasury Bond		Long		3			06/17/2013	$	14,982
10-Year Government of Canada Bond		Short		(40	)		06/19/2013		(157,427	)
10-Year Japan Government Bond		Long		20			06/11/2013		(58,152	)
10-Year Japan Government Bond Mini		Long		13			06/10/2013		(3,107	)
3-Year Australian Treasury Bond		Long		4			06/17/2013		5,122
Euro-BTP Italian Government Bond		Long		12			06/06/2013		61,450
German Euro BOBL		Short		(77	)		06/06/2013		(25,315	)
German Euro Bund		Short		(68	)		06/06/2013		(212,608	)
German Euro Schatz		Short		(23	)		06/06/2013		(1,104	)
U.K. Long Gilt Bond		Long		41			06/26/2013		228,915
								$	(147,244	)

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

Transamerica Funds Semi-Annual Report 2013

Page    51

Transamerica International Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD	BCLY		(2,660,390	)		06/11/2013	$	(2,770,102	)	$	20,855
BRL	CSFB		1,712,050			06/11/2013		841,840			9,534
BRL	UBS		(7,046,923	)		06/11/2013		(3,474,471	)		(29,848	)
CAD	BCLY		(142,583	)		06/11/2013		(139,664	)		(1,723	)
CAD	MSC		(979,302	)		06/11/2013		(955,992	)		(15,099	)
CAD	SSB		(287,595	)		06/11/2013		(282,521	)		(2,663	)
CLP	BCLY		434,629,982			06/11/2013		911,671			5,725
CLP	HSBC		(434,629,982	)		06/11/2013		(910,315	)		(7,081	)
CNY	CITI		5,737,954			06/13/2013		914,691			13,984
CNY	HSBC		5,726,800			06/13/2013		912,281			14,588
DKK	BNP		(1,950,198	)		06/11/2013		(339,414	)		(5,234	)
EUR	UBS		1,549,293			05/03/2013		2,040,263			119
EUR	BCLY		(30,712,954	)		06/11/2013		(39,943,302	)		(515,162	)
EUR	GSC		1,186,965			06/11/2013		1,552,506			11,094
EUR	HSBC		156,916			06/11/2013		206,001			706
EUR	HSBC		694,078			06/11/2013		903,267			11,048
EUR	SSB		1,264,065			06/11/2013		1,624,627			40,538
EUR	SSB		1,315,263			06/11/2013		1,712,143			20,465
EUR	SSB		(1,369,046	)		06/11/2013		(1,780,102	)		(23,355	)
EUR	SSB		(1,324,012	)		06/11/2013		(1,720,991	)		(23,143	)
EUR	SSB		(253,221	)		06/11/2013		(330,990	)		(2,580	)
EUR	TDB		539,567			06/11/2013		707,389			3,387
EUR	UBS		(1,549,293	)		06/11/2013		(2,040,759	)		(139	)
GBP	CSFB		326,025			06/11/2013		504,145			2,147
GBP	DUB		2,466,366			06/11/2013		3,745,941			84,139
JPY	DUB		3,604,781,272			06/11/2013		38,085,783			(1,100,191	)
JPY	GSC		(41,788,306	)		06/11/2013		(441,407	)		12,653
JPY	TDB		25,000,000			06/11/2013		251,993			4,511
JPY	UBS		179,081,450			06/11/2013		1,803,184			34,218
JPY	UBS		(167,611,785	)		06/11/2013		(1,763,989	)		44,267
KRW	CITI		975,585,150			06/11/2013		876,725			7,751
KRW	CSFB		(975,585,150	)		06/11/2013		(869,986	)		(14,490	)
MXN	WBC		(3,314,605	)		06/11/2013		(265,631	)		(6,403	)
MYR	BNP		2,786,850			06/11/2013		895,949			17,203
NZD	CITI		3,083			06/11/2013		2,623			11
NZD	GSC		1,597,299			06/11/2013		1,329,591			35,511
NZD	RBC		510,414			06/11/2013		421,606			14,610
NZD	SSB		(311,062	)		06/11/2013		(260,259	)		(5,584	)
PHP	DUB		37,456,815			06/11/2013		917,272			(8,817	)
RUB	CITI		(50,702,113	)		06/11/2013		(1,588,820	)		(27,769	)
RUB	CSFB		26,757,585			06/11/2013		859,019			(5,878	)
RUB	CSFB		(56,183,014	)		06/11/2013		(1,768,207	)		(23,136	)
SEK	GSC		(15,440,687	)		06/11/2013		(2,378,487	)		(1,729	)
										$	(1,410,960	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
GBP	UBS		1,157,542			06/11/2013	$	1,763,979		$	33,597
EUR	UBS		(1,358,490	)		06/11/2013		(1,763,979	)		(25,573	)
JPY	CSFB		60,386,439			06/11/2013		646,052			(26,478	)
EUR	CSFB		(502,731	)		06/11/2013		(646,052	)		(16,200	)
EUR	DUB		255,173			06/11/2013		327,999			8,143
JPY	DUB		(31,723,850	)		06/11/2013		(327,999	)		2,508
EUR	SSB		1,262,697			06/11/2013		1,657,921			5,442

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

Transamerica Funds Semi-Annual Report 2013

Page    52

Transamerica International Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS (continued):
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
GBP	SSB		(1,089,546	)		06/11/2013	$	(1,657,921	)	$	(34,062	)
CAD	SSB		298,147			06/11/2013		290,606			5,041
NZD	SSB		(344,210	)		06/11/2013		(290,606	)		(3,567	)
NOK	UBS		5,398,660			06/11/2013		915,252			19,470
CAD	UBS		(934,968	)		06/11/2013		(915,252	)		(11,877	)
GBP	DUB		798,199			06/11/2013		1,232,420			7,123
NZD	DUB		(1,455,524	)		06/11/2013		(1,232,420	)		(11,517	)
										$	(47,950	)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged		Net Exposures(1)
BCLY	$	(490,305	)	$	—	$	(490,305	)
BNP		11,969			—		11,969
CITI		(6,023	)		—		(6,023	)
CSFB		(74,501	)		—		(74,501	)
DUB		(1,018,612	)		—		(1,018,612	)
GSC		57,529			—		57,529
HSBC		19,261			—		19,261
MSC		(15,099	)		—		(15,099	)
RBC		14,610			—		14,610
SSB		(23,468	)		—		(23,468	)
TDB		7,898			—		7,898
UBS		64,234			—		64,234
WBC		(6,403	)		—		(6,403	)

⁽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 Investment Securities			Value
Foreign Government Obligations		72.4	%	$	126,612,411
Commercial Banks		17.2			30,129,969
Diversified Financial Services		4.4			7,708,274
Mortgage-Backed Securities		2.2			3,884,189
Insurance		1.2			2,053,208
Asset-Backed Securities		0.6			962,097
Investment Securities, at Value		98.0			171,350,148
Short-Term Investments		2.0			3,446,118
Total Investments		100.0	%	$	174,796,266

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Floating or variable rate note. Rate is listed as of April 30, 2013.

(B) When-issued security. A conditional transaction in a security authorized for issuance, but not yet issued.

(C) Illiquid. Total aggregate market value of illiquid securities is $3,301,569, or 1.87% of the fund’s net assets.

(D) All or a portion of this security is on loan. The value of all securities on loan is $2,899,387. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(E) Rate shown reflects the yield at April 30, 2013.

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

Transamerica Funds Semi-Annual Report 2013

Page    53

Transamerica International Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(F) Aggregate cost for federal income tax purposes is $170,532,000. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $8,583,827 and $4,319,561, respectively. Net unrealized appreciation for tax purposes is $4,264,266.

(G) Cash in the amount of $838,113 has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $9,562,776 or 5.42% of the fund’s net assets.
BCLY	Barclays Bank PLC
BNP	BNP Paribas
CITI	Citigroup, Inc.
CSFB	Credit Suisse First Boston
DUB	Deutsche Bank AG
EMTN	European Medium Term Note
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
MSC	Morgan Stanley
OAT	Obligations Assimilables du Tresor (French: Treasury Obligations)
OFZ	Obligatsyi Federal’novo Zaima (Russian: Coupon-bearing Federal Loan Bonds)
OTC	Over the Counter
RBC	Royal Bank of Canada
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
SSB	State Street Bank & Trust Co.
TDB	Toronto Dominion Bank
UBS	UBS AG
WBC	Westpac Banking Corporation

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
RUB	Russian Ruble
SEK	Swedish Krona

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica International Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (H)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Foreign Government Obligations	$	—		$	126,612,411		$	—	$	126,612,411
Mortgage-Backed Securities		—			3,884,189			—		3,884,189
Asset-Backed Securities		—			962,097			—		962,097
Corporate Debt Securities		—			39,891,451			—		39,891,451
Securities Lending Collateral		2,959,114			—			—		2,959,114
Repurchase Agreement		—			487,004			—		487,004
Total Investment Securities	$	2,959,114		$	171,837,152		$	—	$	174,796,266
Derivative Financial Instruments
Forward Foreign Cross Currency Contracts (I)	$	—		$	81,324		$	—	$	81,324
Forward Foreign Currency Contracts (I)		—			409,064			—		409,064
Futures Contracts (I)		310,469			—			—		310,469
Total Derivative Financial Instruments	$	310,469		$	490,388		$	—	$	800,857
Other Assets (J)
Cash on Deposit with Broker	$	838,113		$	—		$	—	$	838,113
Foreign Currency		3,993,235			—			—		3,993,235
Total Other Assets	$	4,831,348		$	—		$	—	$	4,831,348
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Forward Foreign Cross Currency Contracts (I)	$	—		$	(129,274	)	$	—	$	(129,274	)
Forward Foreign Currency Contracts (I)		—			(1,820,024	)		—		(1,820,024	)
Futures Contracts (I)		(457,713	)		—			—		(457,713	)
Total Derivative Financial Instruments	$	(457,713	)	$	(1,949,298	)	$	—	$	(2,407,011	)
Other Liabilities (J)
Collateral for Securities on Loan	$	—		$	(2,959,114	)	$	—	$	(2,959,114	)
Total Other Liabilities	$	—		$	(2,959,114	)	$	—	$	(2,959,114	)

(H) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(J) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica International Equity

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCK - 0.7%
Russian Federation - 0.7%
Sberbank of Russia, 4.56% (A)		1,721,800		$  3,013,150
Total Preferred Stock (cost $3,931,309)				3,013,150
COMMON STOCKS - 97.2%
Australia - 2.3%
APA Group		629,100		4,245,745
Asciano, Ltd.		555,000		3,106,990
Challenger Financial Services Group, Ltd.		475,000		2,068,217
Canada - 0.8%
Barrick Gold Corp.		164,600		3,244,782
Denmark - 1.0%
Carlsberg AS - Class B		45,547		4,227,968
France - 9.0%
Arkema SA		53,294		4,993,001
Cie Generale des Etablissements Michelin - Class B		49,591		4,188,259
Etablissements Maurel et Prom		129,509		2,202,743
Euler Hermes SA		44,163		4,216,635
Lagardere SCA		127,900		4,753,319
Sanofi		57,800		6,334,685
Vinci SA		106,000		5,103,657
Vivendi SA		204,683		4,636,387
Germany - 5.6%
Adidas AG (B)		31,000		3,237,459
Allianz SE - Class A (B)		40,900		6,035,380
Bayer AG (B)		28,565		2,980,153
Siemens AG - Class A		71,700		7,487,930
TUI AG (C)		270,800		2,869,446
Hong Kong - 5.1%
First Pacific Co., Ltd.		3,584,100		4,969,610
Guangdong Investment, Ltd. (B)		5,686,600		5,481,307
HSBC Holdings PLC		599,824		6,531,462
SJM Holdings, Ltd.		1,440,000		3,648,177
Ireland - 2.7%
Ryanair Holdings PLC - ADR		124,600		5,400,164
Smurfit Kappa Group PLC		365,000		5,417,342
Israel - 1.1%
Teva Pharmaceutical Industries, Ltd. - ADR		121,300		4,644,577
Italy - 3.9%
ENI SpA - Class B		259,300		6,201,372
Exor SpA		126,300		3,825,610
Pirelli & C. SpA (B)		214,000		2,222,209
Prysmian SpA		176,394		3,561,192
Japan - 19.8%
Air Water, Inc. (B)		318,800		5,150,639
Aisin Seiki Co., Ltd.		142,900		5,152,521
Daito Trust Construction Co., Ltd.		28,400		2,750,126
Fukuoka Financial Group, Inc. - Class A		973,300		4,972,082
Hitachi, Ltd.		1,351,300		8,621,928
Kintetsu World Express, Inc.		101,100		3,634,975
Kirin Holdings Co., Ltd.		417,600		7,312,337
Komatsu, Ltd.		129,400		3,529,513
Kuraray Co., Ltd.		376,000		5,704,508
Mitsubishi Corp.		260,300		4,667,430
Nippon Telegraph & Telephone Corp.		131,500		6,508,566
Nitori Holdings Co., Ltd.		69,700		5,247,966
ORIX Corp. (B)		604,000		9,268,954
Sony Corp.		228,900		3,787,410

	Shares		Value
Japan (continued)
USS Co., Ltd. - REIT		30,680		$  3,930,791
Korea, Republic of - 2.3%
Kangwon Land, Inc.		195,000		5,515,527
SK Telecom Co., Ltd.		22,500		3,953,283
Malaysia - 0.8%
UMW Holdings Bhd		718,700		3,377,949
Netherlands - 4.0%
Delta Lloyd NV		63,100		1,209,099
Heineken Holding NV - Class A (B)		42,200		2,537,568
Koninklijke Boskalis Westminster NV		87,300		3,635,919
Koninklijke Philips Electronics NV		208,800		5,766,315
Wolters Kluwer NV (B)		130,600		2,889,495
Singapore - 2.0%
Noble Group, Ltd.		4,293,000		3,921,105
SIA Engineering Co., Ltd.		1,021,400		4,196,057
Spain - 1.5%
Amadeus IT Holding SA - Class A (B)		200,800		5,927,505
Sweden - 5.8%
Investment AB Kinnevik - Class B		175,500		4,584,466
Investor AB - Class B		211,800		6,241,859
Saab AB - Class B		135,293		2,968,449
Svenska Cellulosa AB - Class B		188,830		4,903,540
Telefonaktiebolaget LM Ericsson - Class B		391,000		4,880,675
Switzerland - 6.6%
Aryzta AG (C)		74,700		4,635,610
GAM Holding AG		267,600		4,719,983
Lonza Group AG		17,913		1,247,437
Nestle SA		62,200		4,441,901
Novartis AG		106,800		7,931,318
Zurich Insurance Group AG (C)		13,900		3,880,878
Thailand - 0.7%
Bangkok Bank PCL		390,200		3,004,606
United Kingdom - 18.8%
AstraZeneca PLC		52,700		2,736,222
BHP Billiton PLC - ADR (B)		85,069		4,808,951
BP PLC - ADR (B)		117,000		5,101,200
British Sky Broadcasting Group PLC		343,300		4,500,756
Imperial Tobacco Group PLC		126,400		4,515,898
Inchcape PLC		639,600		4,977,548
Inmarsat PLC		189,400		2,125,627
Johnson Matthey PLC		135,545		5,103,703
Kingfisher PLC		1,088,100		5,292,016
National Grid PLC - Class B		429,600		5,468,680
Resolution, Ltd.		1,045,200		4,284,578
Rexam PLC		571,441		4,584,701
Royal Dutch Shell PLC - Class A		150,600		5,127,844
Unilever PLC		188,500		8,157,587
Vodafone Group PLC		2,403,600		7,325,385
WPP PLC - Class A		144,800		2,393,203
United States - 3.4%
Flextronics International, Ltd. (C)		586,605		4,194,226
Noble Corp.		177,500		6,656,250
Open Text Corp. (B) (C)		42,271		2,764,100
Total Common Stocks (cost $341,926,653)				394,564,543
SECURITIES LENDING COLLATERAL - 4.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A)		19,889,908		19,889,908
Total Securities Lending Collateral (cost $19,889,908)				19,889,908

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

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Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 2.3%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $9,356,279 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $9,545,151.		$  9,356,271		$  9,356,271
Total Repurchase Agreement (cost $9,356,271)				9,356,271
Total Investment Securities (cost $375,104,141) (D)				426,823,872
Other Assets and Liabilities - Net				(20,712,327	)
Net Assets				$  406,111,545

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Pharmaceuticals		5.8	%	$	24,626,955
Diversified Financial Services		5.1			21,689,762
Chemicals		4.9			20,951,851
Insurance		4.6			19,626,570
Media		4.5			19,173,160
Oil, Gas & Consumable Fuels		4.4			18,633,159
Commercial Banks		4.1			17,521,300
Food Products		4.0			17,235,098
Specialty Retail		3.4			14,470,773
Beverages		3.3			14,077,873
Industrial Conglomerates		3.1			13,254,245
Electronic Equipment & Instruments		3.0			12,816,154
Hotels, Restaurants & Leisure		2.8			12,033,150
Auto Components		2.7			11,562,989
Wireless Telecommunication Services		2.6			11,278,668
Containers & Packaging		2.3			10,002,043
Consumer Finance		2.2			9,268,954
Construction & Engineering		2.0			8,739,576
Diversified Telecommunication Services		2.0			8,634,193
Trading Companies & Distributors		2.0			8,588,535
Metals & Mining		1.9			8,053,733
Energy Equipment & Services		1.6			6,656,250
IT Services		1.4			5,927,505
Water Utilities		1.3			5,481,307
Multi-Utilities		1.3			5,468,680
Airlines		1.3			5,400,164
Distributors		1.2			4,977,548
Household Products		1.1			4,903,540
Communications Equipment		1.1			4,880,675
Capital Markets		1.1			4,719,983
Tobacco		1.1			4,515,898
Gas Utilities		1.0			4,245,745
Transportation Infrastructure		1.0			4,196,057
Household Durables		0.9			3,787,410
Air Freight & Logistics		0.9			3,634,975
Electrical Equipment		0.8			3,561,192
Machinery		0.8			3,529,513
Automobiles		0.8			3,377,949
Textiles, Apparel & Luxury Goods		0.8			3,237,459
Road & Rail		0.7			3,106,990

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

Transamerica Funds Semi-Annual Report 2013

Page    57

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Aerospace & Defense		0.7	%	$	2,968,449
Internet Software & Services		0.6			2,764,100
Real Estate Management & Development		0.6			2,750,126
Life Sciences Tools & Services		0.3			1,247,437
Investment Securities, at Value		93.1			397,577,693
Short-Term Investments		6.9			29,246,179
Total Investments		100.0	%	$	426,823,872

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) All or a portion of this security is on loan. The value of all securities on loan is $18,904,970. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Non-income producing security.

(D) Aggregate cost for federal income tax purposes is $375,104,141. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $59,014,965 and $7,295,234, respectively. Net unrealized appreciation for tax purposes is $51,719,731.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Stock	$	3,013,150	$	—		$	—	$	3,013,150
Common Stocks		36,814,250		357,750,293			—		394,564,543
Securities Lending Collateral		19,889,908		—			—		19,889,908
Repurchase Agreement		—		9,356,271			—		9,356,271
Total Investment Securities	$	59,717,308	$	367,106,564		$	—	$	426,823,872
Other Assets (F)
Foreign Currency	$	1,338,698	$	—		$	—	$	1,338,698
Total Other Assets	$	1,338,698	$	—		$	—	$	1,338,698
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(19,889,908	)	$	—	$	(19,889,908	)
Total Other Liabilities	$	—	$	(19,889,908	)	$	—	$	(19,889,908	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    58

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCK - 1.2%
Germany - 1.2%
Sartorius AG, 1.18% (A)		18,000		$  1,931,255
Total Preferred Stock (cost $1,795,623)				1,931,255
COMMON STOCKS - 96.5%
Australia - 7.1%
APA Group		345,500		2,331,751
Ausdrill, Ltd.		273,700		429,874
FlexiGroup, Ltd.		411,900		1,793,471
Kathmandu Holdings, Ltd.		769,400		1,499,558
OrotonGroup, Ltd.		137,500		1,000,675
Programmed Maintenance Services, Ltd.		311,600		778,516
Reject Shop, Ltd. (B)		113,900		2,099,465
STW Communications Group, Ltd.		963,300		1,448,047
Austria - 1.8%
Kapsch TrafficCom AG		21,500		1,056,128
Lenzing AG (B)		22,300		1,844,604
Belgium - 1.6%
Barco NV		18,000		1,601,280
CIE d’Entreprises CFE		15,100		918,731
Canada - 3.3%
Ithaca Energy, Inc. (C)		1,143,000		1,872,004
Newalta Corp.		152,500		2,099,533
TransGlobe Energy Corp. (C)		167,200		1,324,389
Finland - 2.1%
Ramirent OYJ		192,881		1,910,191
Tieto OYJ (B)		66,900		1,432,571
France - 4.7%
Boiron SA		18,300		1,037,031
Cegid Group		30,000		610,406
Etablissements Maurel et Prom		106,900		1,818,200
Lagardere SCA		54,200		2,014,307
Societe BIC SA		9,900		1,056,454
Sopra Group SA		13,500		1,039,173
Germany - 4.3%
Bertrandt AG		13,800		1,587,310
Gerresheimer AG		46,900		2,677,820
Rheinmetall AG		23,000		1,089,375
TUI AG (C)		142,300		1,507,837
Hong Kong - 4.5%
AMVIG Holdings, Ltd.		1,684,000		651,018
First Pacific Co., Ltd.		2,916,000		4,043,241
Midland Holdings, Ltd.		2,674,000		1,233,600
Pacific Textile Holdings, Ltd.		1,005,000		1,240,685
Ireland - 2.6%
Dragon Oil PLC		149,800		1,472,939
Smurfit Kappa Group PLC		183,100		2,717,576
Israel - 0.8%
Israel Discount Bank, Ltd. - Class A (C)		747,100		1,253,086
Italy - 3.9%
Ansaldo STS SpA		162,700		1,678,789
Danieli & C Officine Meccaniche SpA - Class B		85,300		1,427,789
Pirelli & C. SpA (B)		153,100		1,589,814
Prysmian SpA		75,500		1,524,258
Japan - 24.3%
Air Water, Inc. (B)		130,500		2,108,401
Arcs Co., Ltd.		40,900		810,574
Avex Group Holdings, Inc.		59,200		1,690,040

	Shares		Value
Japan (continued)
Chugoku Marine Paints, Ltd.		275,000		$  1,385,085
Daiichikosho Co., Ltd.		54,000		1,605,847
Fujimi, Inc.		113,700		1,519,732
HIS Co., Ltd.		37,900		1,632,867
Hoshizaki Electric Co., Ltd.		54,400		1,810,822
Kaken Pharmaceutical Co., Ltd. (B)		134,400		2,383,727
Kintetsu World Express, Inc. (B)		67,000		2,408,935
Miraca Holdings, Inc. (B)		31,100		1,550,454
Nakanishi, Inc.		11,800		1,510,632
Nitori Holdings Co., Ltd.		35,500		2,672,924
PanaHome Corp. (B)		185,500		1,459,491
Point, Inc. (B)		22,600		1,098,877
Rohto Pharmaceutical (B)		194,000		2,722,388
Ryohin Keikaku Co., Ltd. (B)		19,700		1,859,158
SKY Perfect JSAT Holdings, Inc. (B)		6,300		3,166,641
Sogo Medical Co., Ltd.		21,700		956,060
Toho Holdings Co., Ltd.		51,100		1,169,453
USS Co., Ltd. - REIT		24,600		3,151,808
Netherlands - 6.2%
BE Semiconductor Industries NV		147,200		1,376,371
BinckBank NV (B)		223,000		1,708,924
CSM		84,100		1,881,737
Delta Lloyd NV		141,100		2,703,706
Koninklijke Boskalis Westminster NV		54,600		2,274,011
Norway - 1.5%
ABG Sundal Collier Holding ASA		1,254,000		913,344
Norwegian Property ASA (B)		1,007,600		1,413,593
Philippines - 1.4%
Alliance Global Group, Inc.		3,838,000		2,209,927
Singapore - 2.2%
ARA Asset Management, Ltd. - 144A, Reg S		1,049,300		1,614,373
CWT, Ltd.		1,407,000		1,936,239
Sweden - 1.8%
Dios Fastigheter AB		226,039		1,391,589
Loomis AB - REIT		74,003		1,441,568
Switzerland - 4.9%
Aryzta AG (C)		22,500		1,396,268
GAM Holding AG (C)		263,390		4,645,726
Lonza Group AG (C)		13,900		967,977
PubliGroupe AG		5,100		740,482
United Kingdom - 16.0%
Beazley PLC		384,500		1,340,856
Berendsen PLC		156,700		1,882,776
Cape PLC		258,700		1,198,522
Catlin Group, Ltd.		195,000		1,591,756
Clarkson PLC		2,894		73,275
Consort Medical PLC		66,900		831,353
Dart Group PLC		204,000		513,351
Etalon Group, Ltd. - GDR, Reg S (C)		288,400		1,240,120
Greene King PLC		59,800		675,313
Inchcape PLC		410,700		3,196,183
Inmarsat PLC		134,000		1,503,876
International Personal Finance		367,600		2,912,158
Lancashire Holdings, Ltd.		99,800		1,312,281
Marston’s PLC		311,900		701,541
Northgate PLC		510,300		2,687,166
Rexam PLC		321,580		2,580,053
SDL PLC		69,800		394,554
Shanks Group PLC		750,000		952,398

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

Transamerica Funds Semi-Annual Report 2013

Page    59

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United States - 1.5%
AerCap Holdings NV (C)		146,400		$  2,323,368
Total Common Stocks (cost $145,204,179)				153,912,147
SECURITIES LENDING COLLATERAL - 5.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A)		8,366,353		8,366,353
Total Securities Lending Collateral (cost $8,366,353)				8,366,353
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $2,940,548 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 2.50%, due 11/01/2027 and with a value of $2,999,922.		$  2,940,545		2,940,545
Total Repurchase Agreement (cost $2,940,545)				2,940,545
Total Investment Securities (cost $158,306,700) (D)				167,150,300
Other Assets and Liabilities - Net				(7,705,121	)
Net Assets				$  159,445,179

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Media		6.4	%	$	10,665,364
Specialty Retail		5.6			9,423,842
Commercial Services & Supplies		5.6			9,409,767
Capital Markets		5.3			8,882,367
Insurance		4.2			6,948,599
Chemicals		4.1			6,857,822
Oil, Gas & Consumable Fuels		3.9			6,487,532
Pharmaceuticals		3.7			6,143,146
Containers & Packaging		3.6			5,948,647
Real Estate Management & Development		3.2			5,278,902
Consumer Finance		2.8			4,705,629
Hotels, Restaurants & Leisure		2.7			4,517,558
Air Freight & Logistics		2.6			4,345,174
Health Care Equipment & Supplies		2.6			4,273,240
Trading Companies & Distributors		2.5			4,233,559
Diversified Financial Services		2.4			4,043,241
Multiline Retail		2.4			3,958,623
Life Sciences Tools & Services		2.2			3,645,797
Construction & Engineering		2.2			3,622,616
Industrial Conglomerates		2.0			3,299,302
Food Products		2.0			3,278,005
Machinery		1.9			3,238,611
Distributors		1.9			3,196,183
Health Care Providers & Services		1.6			2,719,907
Road & Rail		1.6			2,687,166
Electronic Equipment & Instruments		1.6			2,657,408
IT Services		1.5			2,471,744
Gas Utilities		1.4			2,331,751
Food & Staples Retailing		1.1			1,766,634

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

Transamerica Funds Semi-Annual Report 2013

Page    60

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Transportation Infrastructure		1.0	%	$	1,678,789
Auto Components		0.9			1,589,814
Professional Services		0.9			1,587,310
Electrical Equipment		0.9			1,524,258
Diversified Telecommunication Services		0.9			1,503,876
Household Durables		0.9			1,459,491
Semiconductors & Semiconductor Equipment		0.8			1,376,371
Commercial Banks		0.7			1,253,086
Textiles, Apparel & Luxury Goods		0.7			1,240,685
Software		0.6			1,004,960
Airlines		0.3			513,351
Marine		0.0	(E)		73,275
Investment Securities, at Value		93.2			155,843,402
Short-Term Investments		6.8			11,306,898
Total Investments		100.0	%	$	167,150,300

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) All or a portion of this security is on loan. The value of all securities on loan is $7,962,391. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Non-income producing security.

(D) Aggregate cost for federal income tax purposes is $158,306,700. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $13,208,022 and $4,364,422, respectively. Net unrealized appreciation for tax purposes is $8,843,600.

(E) Percentage rounds to less than 0.1%.

DEFINITIONS :

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $1,614,373 or 1.01% of the fund’s net assets.
GDR	Global Depositary Receipt
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

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

Transamerica Funds Semi-Annual Report 2013

Page    61

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Stock	$	—	$	1,931,255		$	—	$	1,931,255
Common Stocks		8,859,414		145,052,733			—		153,912,147
Securities Lending Collateral		8,366,353		—			—		8,366,353
Repurchase Agreement		—		2,940,545			—		2,940,545
Total Investment Securities	$	17,225,767	$	149,924,533		$	—	$	167,150,300
Other Assets (G)
Foreign Currency	$	45,522	$	—		$	—	$	45,522
Total Other Assets	$	45,522	$	—		$	—	$	45,522
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (G)
Collateral for Securities on Loan	$	—	$	(8,366,353	)	$	—	$	(8,366,353	)
Total Other Liabilities	$	—	$	(8,366,353	)	$	—	$	(8,366,353	)

(F) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(G) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    62

Transamerica Large Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Aerospace & Defense - 3.8%
Honeywell International, Inc.		51,034		$  3,753,041
United Technologies Corp.		45,349		4,139,910
Airlines - 0.6%
Delta Air Lines, Inc. (A)		71,345		1,222,853
Beverages - 3.6%
Coca-Cola Co. (B)		178,839		7,570,255
Biotechnology - 4.2%
Biogen IDEC, Inc. (A)		20,385		4,462,888
Celgene Corp. (A)		36,159		4,269,293
Capital Markets - 1.4%
BlackRock, Inc. - Class A (B)		10,647		2,837,425
Chemicals - 3.2%
Eastman Chemical Co.		45,693		3,045,439
Monsanto Co.		33,170		3,543,219
Commercial Services & Supplies - 2.1%
ADT Corp. (A) (B)		14,540		634,526
Stericycle, Inc. (A) (B)		21,907		2,372,966
Tyco International, Ltd.		40,025		1,285,603
Communications Equipment - 1.7%
F5 Networks, Inc. - Class B (A) (B)		21,084		1,611,450
QUALCOMM, Inc.		31,200		1,922,544
Computers & Peripherals - 6.8%
Apple, Inc.		25,369		11,232,125
EMC Corp. (A)		130,899		2,936,064
Construction & Engineering - 0.8%
Fluor Corp.		28,237		1,608,944
Consumer Finance - 1.3%
American Express Co.		18,835		1,288,503
Discover Financial Services		35,095		1,535,055
Containers & Packaging - 1.5%
Ball Corp. (B)		70,030		3,089,724
Diversified Financial Services - 0.5%
NASDAQ OMX Group, Inc.		38,182		1,125,605
Diversified Telecommunication Services - 2.1%
Verizon Communications, Inc. (B)		80,254		4,326,493
Energy Equipment & Services - 3.4%
Cameron International Corp. (A) (B)		45,277		2,786,800
FMC Technologies, Inc. (A) (B)		19,854		1,078,072
Halliburton Co.		74,742		3,196,715
Food & Staples Retailing - 2.0%
Costco Wholesale Corp.		39,116		4,241,348
Food Products - 1.3%
ConAgra Foods, Inc.		76,035		2,689,358
Health Care Equipment & Supplies - 3.3%
Abbott Laboratories		101,437		3,745,054
Covidien PLC		47,561		3,036,294
Health Care Providers & Services - 2.4%
Express Scripts Holding Co. (A)		62,269		3,696,911
UnitedHealth Group, Inc.		20,983		1,257,511
Hotels, Restaurants & Leisure - 4.8%
Brinker International, Inc. (B)		73,039		2,841,217
Las Vegas Sands Corp.		76,810		4,320,563
Marriott International, Inc. - Class A (B)		63,754		2,745,247
Industrial Conglomerates - 1.5%
Danaher Corp. (B)		50,563		3,081,309
Insurance - 0.7%
ACE, Ltd.		15,848		1,412,691

	Shares		Value
Internet & Catalog Retail - 2.3%
Amazon.com, Inc. (A)		19,142		$  4,858,431
Internet Software & Services - 3.7%
eBay, Inc. (A)		84,865		4,446,077
Google, Inc. - Class A (A)		4,050		3,339,509
IT Services - 6.6%
Accenture PLC - Class A		38,219		3,112,555
International Business Machines Corp.		18,812		3,810,182
Mastercard, Inc. - Class A		9,550		5,280,482
Teradata Corp. (A)		28,867		1,474,238
Life Sciences Tools & Services - 1.1%
Agilent Technologies, Inc.		55,891		2,316,123
Machinery - 1.7%
Cummins, Inc.		28,110		2,990,623
Pentair, Ltd.		9,540		518,499
Media - 4.0%
Comcast Corp. - Class A		118,340		4,887,442
DIRECTV (A)		61,468		3,476,630
Oil, Gas & Consumable Fuels - 1.4%
Marathon Oil Corp.		45,074		1,472,567
Pioneer Natural Resources Co. (B)		11,947		1,460,282
Personal Products - 0.7%
Herbalife, Ltd. (B)		36,229		1,438,654
Pharmaceuticals - 1.7%
Allergan, Inc. (B)		30,806		3,498,021
Road & Rail - 2.4%
JB Hunt Transport Services, Inc. (B)		28,125		1,998,844
Union Pacific Corp.		20,025		2,962,899
Semiconductors & Semiconductor Equipment - 1.4%
Broadcom Corp. - Class A		81,560		2,936,160
Software - 7.5%
Intuit, Inc. (B)		33,295		1,985,714
Microsoft Corp.		150,265		4,973,771
Oracle Corp.		211,833		6,943,886
VMware, Inc. - Class A (A) (B)		25,811		1,819,676
Specialty Retail - 6.0%
Dick’s Sporting Goods, Inc. (B)		62,736		3,017,602
Foot Locker, Inc.		83,652		2,916,945
Lowe’s Cos., Inc.		99,619		3,827,362
PetSmart, Inc. - Class A (B)		39,871		2,720,797
Tobacco - 5.0%
Altria Group, Inc.		109,327		3,991,529
Philip Morris International, Inc.		67,828		6,483,678
Total Common Stocks (cost $187,301,260)				204,902,193
INVESTMENT COMPANIES - 1.2%
Capital Markets - 1.2%
iShares Dow Jones US Real Estate Index Fund (B)		22,718		1,668,864
iShares Russell 1000 Growth Index Fund		10,577		770,852
Total Investment Companies (cost $2,145,989)				2,439,716
SECURITIES LENDING COLLATERAL - 16.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		34,385,443		34,385,443
Total Securities Lending Collateral (cost $34,385,443)				34,385,443

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

Transamerica Funds Semi-Annual Report 2013

Page    63

Transamerica Large Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $587,216 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 2.50%, due 10/20/2027, and with a value of $599,068.		$  587,215		$  587,215
Total Repurchase Agreement (cost $587,215)				587,215
Total Investment Securities (cost $224,419,907) (D)				242,314,567
Other Assets and Liabilities - Net				(34,356,309	)
Net Assets				$  207,958,258

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Non-income producing security.

(B) All or a portion of this security is on loan. The value of all securities on loan is $33,649,871. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $224,419,907. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $24,085,315 and $6,190,655, respectively. Net unrealized appreciation for tax purposes is $17,894,660.

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	204,902,193	$	—		$	—	$	204,902,193
Investment Companies		2,439,716		—			—		2,439,716
Securities Lending Collateral		34,385,443		—			—		34,385,443
Repurchase Agreement		—		587,215			—		587,215
Total Investment Securities	$	241,727,352	$	587,215		$	—	$	242,314,567
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(34,385,443	)	$	—	$	(34,385,443	)
Total Other Liabilities	$	—	$	(34,385,443	)	$	—	$	(34,385,443	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    64

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Aerospace & Defense - 0.9%
Exelis, Inc.		1,373,396		$  15,340,833
Beverages - 3.7%
Molson Coors Brewing Co. - Class B		1,183,804		61,084,286
Chemicals - 3.5%
E.I. du Pont de Nemours & Co.		1,054,300		57,469,893
Commercial Banks - 8.6%
BankUnited, Inc.		1,023,705		25,950,922
CIT Group, Inc. (A)		1,295,673		55,079,059
Comerica, Inc. - Class A (B)		442,835		16,052,769
Wells Fargo & Co.		1,190,815		45,227,153
Communications Equipment - 2.2%
QUALCOMM, Inc.		590,819		36,406,267
Computers & Peripherals - 6.2%
Apple, Inc.		132,994		58,883,094
EMC Corp. (A)		1,998,005		44,815,252
Diversified Financial Services - 8.7%
Citigroup, Inc.		1,694,100		79,046,706
JPMorgan Chase & Co.		1,342,250		65,783,673
Diversified Telecommunication Services - 3.5%
Verizon Communications, Inc.		1,088,275		58,668,905
Electric Utilities - 2.8%
American Electric Power Co., Inc.		893,174		45,935,939
Electrical Equipment - 7.2%
Eaton Corp. PLC		1,561,074		95,865,554
Rockwell Automation, Inc. - Class B		287,530		24,376,794
Electronic Equipment & Instruments - 2.5%
Corning, Inc.		2,824,640		40,957,280
Food Products - 1.2%
Pinnacle Foods, Inc. (A) (B)		204,330		4,877,357
Smithfield Foods, Inc. (A)		597,947		15,307,443
Health Care Equipment & Supplies - 4.7%
Medtronic, Inc.		1,679,771		78,411,710
Household Products - 2.1%
Procter & Gamble Co.		466,198		35,790,020
Industrial Conglomerates - 4.4%
Danaher Corp.		256,400		15,625,016
General Electric Co.		2,562,229		57,112,084
Insurance - 3.5%
MetLife, Inc.		1,472,170		57,399,908
Life Sciences Tools & Services - 1.5%
Affymetrix, Inc. (A) (B)		2,742,645		9,983,228
Bio-Rad Laboratories, Inc. - Class A (A)		122,664		14,689,014
Metals & Mining - 2.8%
Cliffs Natural Resources, Inc. (B)		1,161,455		24,785,450
Freeport-McMoRan Copper & Gold, Inc.		690,330		21,006,742

	Shares		Value
Multi-Utilities - 2.9%
PG&E Corp.		988,300		$  47,873,252
Multiline Retail - 6.2%
Macy’s, Inc.		1,171,050		52,228,830
Target Corp.		731,830		51,637,925
Oil, Gas & Consumable Fuels - 11.0%
Chevron Corp.		436,590		53,268,346
Exxon Mobil Corp.		417,843		37,183,849
Occidental Petroleum Corp.		573,385		51,180,345
Royal Dutch Shell PLC - Class A ADR		600,803		40,836,580
Pharmaceuticals - 9.2%
Merck & Co., Inc.		1,368,471		64,318,137
Pfizer, Inc.		3,063,095		89,044,172
Total Common Stocks (cost $1,440,498,917)				1,649,503,787
SECURITIES LENDING COLLATERAL - 2.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		35,840,776		35,840,776
Total Securities Lending Collateral (cost $35,840,776)				35,840,776
	Principal		Value
REPURCHASE AGREEMENT - 1.7%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $27,697,419 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 2.00% - 2.50%, due 12/01/2027 - 12/15/2027, and with a total value of $28,251,969.		$  27,697,396		27,697,396
Total Repurchase Agreement (cost $27,697,396)				27,697,396
Total Investment Securities (cost $1,504,037,089) (D)				1,713,041,959
Other Assets and Liabilities - Net				(52,186,213	)
Net Assets				$  1,660,855,746

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Non-income producing security.

(B) All or a portion of this security is on loan. The value of all securities on loan is $34,781,393. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $1,504,037,089. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $218,025,820 and $9,020,950, respectively. Net unrealized appreciation for tax purposes is $209,004,870.

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

Transamerica Funds Semi-Annual Report 2013

Page    65

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	1,649,503,787	$	—		$	—	$	1,649,503,787
Securities Lending Collateral		35,840,776		—			—		35,840,776
Repurchase Agreement		—		27,697,396			—		27,697,396
Total Investment Securities	$	1,685,344,563	$	27,697,396		$	—	$	1,713,041,959
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(35,840,776	)	$	—	$	(35,840,776	)
Total Other Liabilities	$	—	$	(35,840,776	)	$	—	$	(35,840,776	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    66

Transamerica Money Market

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 0.5%
CCG Receivables Truste
Series 2013-1, Class A1
0.37%, 04/14/2014 - 144A		$  2,200,000		$  2,200,000
Total Asset-Backed Securities (cost $2,200,000)				2,200,000
CORPORATE DEBT SECURITIES - 2.8%
Commercial Banks - 2.2%
Deutsche Bank AG, Series GMTN
4.88%, 05/20/2013		5,000,000		5,011,692
Svenska Handelsbanken
0.83%, 09/25/2013 (A)		4,300,000		4,307,643
Diversified Financial Services - 0.6%
JPMorgan Chase & Co., Series MTN
1.03%, 09/30/2013 (A)		2,700,000		2,708,687
Total Corporate Debt Securities (cost $12,028,022)				12,028,022
CERTIFICATES OF DEPOSIT - 3.7%
Automobiles - 0.5%
Prestige Auto Receivables Trust
0.28%, 04/15/2014 (B)		2,000,000		2,000,000
Commercial Banks - 3.2%
Bank of Nova Scotia
0.29%, 04/09/2014 (B)		3,000,000		3,000,000
Barclays Bank PLC
0.58%, 10/02/2013 - 144A (B) (C)		5,000,000		5,000,000
Skandinaviska Enskilda Banken AB
0.58%, 06/07/2013 (B)		6,000,000		6,000,000
Total Certificates of Deposit (cost $16,000,000)				16,000,000
COMMERCIAL PAPER - 64.4%
Capital Markets - 6.0%
Royal Park Investments Funding Corp.
0.43%, 05/21/2013 - 144A (B)		10,000,000		9,997,611
0.80%, 07/08/2013 - 144A (B)		16,000,000		15,975,823
Chemicals - 0.3%
Ecolab, Inc.
0.29%, 05/16/2013 - 144A (B)		1,250,000		1,249,849
Commercial Banks - 23.8%
DNB Bank ASA
0.26%, 07/22/2013 - 144A (B)		8,300,000		8,295,085
Hess Corp.
0.33%, 12/02/2013 (B)		3,500,000		3,500,019
HSBC USA, Inc.
0.24%, 05/23/2013 (B)		6,000,000		5,999,120
0.25%, 06/04/2013 (B)		5,000,000		4,998,819
Mizuho Funding LLC
0.33%, 07/08/2013 - 144A (B)		20,000,000		19,987,722
National Australia Funding Delaware, Inc.
0.24%, 08/05/2013 - 144A (B)		10,000,000		9,993,600
Skandinaviska Enskilda Banken AB
0.25%, 07/02/2013 - 144A (B)		10,000,000		9,995,694
0.29%, 08/26/2013 - 144A (B)		8,000,000		7,992,460
Straight-A Funding LLC
0.14%, 06/05/2013 (B)		5,000,000		4,999,320
Sumitomo Mitsui Banking Corp.
0.22%, 07/11/2013 - 144A (B)		8,000,000		7,996,529

	Principal		Value
Commercial Banks (continued)
Swedbank AB
0.27%, 06/28/2013 (B)		$  1,500,000		$  1,499,348
0.28%, 06/27/2013 (B)		5,000,000		4,997,823
0.32%, 05/02/2013 (B)		3,000,000		2,999,973
Westpac Banking Corp.
0.34%, 01/10/2014 - 144A (B)		4,500,000		4,500,000
Westpac Securities NZ, Ltd.
0.29%, 06/05/2013 - 144A (B)		5,000,000		4,998,590
Diversified Financial Services - 32.1%
CAFCO LLC
0.30%, 06/26/2013 - 144A (B)		5,000,000		4,997,667
0.31%, 05/31/2013 - 144A (B)		7,700,000		7,698,011
0.34%, 05/29/2013 - 144A (B)		10,000,000		9,997,355
CIESCO LLC
0.27%, 05/20/2013 - 144A (B)		5,000,000		4,999,287
0.28%, 05/02/2013 - 144A (B)		4,800,000		4,799,963
0.32%, 06/24/2013 - 144A (B)		5,000,000		4,997,600
Harley-Davidson Financial Services, Inc.
0.27%, 05/06/2013 - 144A (B)		2,000,000		1,999,925
ING US Funding LLC
0.27%, 05/03/2013 (B)		15,000,000		14,999,775
Kells Funding LLC
0.24%, 07/01/2013 - 144A (B)		10,000,000		9,995,933
0.27%, 05/07/2013 (B)		10,000,000		9,999,550
0.28%, 11/04/2013 - 144A (B)		4,000,000		3,999,197
0.31%, 05/02/2013 (B)		7,000,000		6,999,940
Mont Blanc Capital Corp.
0.29%, 05/03/2013 - 06/11/2013 - 144A (B)		17,750,000		17,747,201
0.30%, 05/03/2013 - 144A (B)		3,000,000		2,999,950
Natixis US Finance Co. LLC
0.15%, 05/02/2013 (B)		20,000,000		19,999,917
Nordea North America, Inc.
0.24%, 06/24/2013 (B)		2,000,000		1,999,280
Svenska Handelsbanken, Inc.
0.25%, 07/12/2013 - 144A (B)		10,000,000		9,995,000
Electric Utilities - 1.2%
American Electric Power Co., Inc.
0.30%, 05/03/2013 - 144A (B)		2,200,000		2,199,963
OGE Energy Corp.
0.30%, 05/08/2013 - 144A (B)		2,000,000		1,999,883
Westar Energy, Inc.
0.28%, 05/08/2013 - 144A (B)		1,000,000		999,946
Independent Power Producers & Energy Traders - 0.5%
Southern Power Co.
0.30%, 05/20/2013 - 144A (B)		2,000,000		1,999,683
Multi-Utilities - 0.5%
Dominion Resources, Inc.
0.29%, 05/28/2013 - 144A (B)		2,050,000		2,049,554
Total Commercial Paper (cost $277,451,965)				277,451,965
DEMAND NOTE - 1.1%
Capital Markets - 1.1%
Goldman Sachs Co. Promissory Note
0.48%, 07/19/2013 (B) (C)		4,500,000		4,500,000
Total Demand Note (cost $4,500,000)				4,500,000

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

Transamerica Funds Semi-Annual Report 2013

Page    67

Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
REPURCHASE AGREEMENTS - 27.4%
Goldman Sachs & Co. 0.16% (B), dated 04/30/2013, to be repurchased at $23,800,106 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 03/01/2032, and with a value of $24,276,000.		$  23,800,000		$  23,800,000
JP Morgan Securities, Inc. 0.09% (B), dated 04/22/2013, to be repurchased at $94,001,567 on 05/01/2013. Collateralized by a U.S. Government Obligation, 0.38%, due 07/31/2013, and with a value of $94,004,720.		94,000,000		94,000,000
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $289,565 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.05%, due 01/01/2042, and with a value of $297,572.		289,564		289,564
Total Repurchase Agreements (cost $118,089,564)				118,089,564
Total Investment Securities (cost $430,269,551) (D)				430,269,551
Other Assets and Liabilities - Net				421,582
Net Assets				$  430,691,133

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Floating or variable rate note. Rate is listed as of April 30, 2013.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Illiquid. Total aggregate market value of illiquid securities is $9,500,000, or 2.21% of the fund’s net assets.

(D) Aggregate cost for federal income tax purposes is $430,269,551.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $201,659,081 or 46.82% of the fund’s net assets.
GMTN	Global Medium Term Note
MTN	Medium Term Note

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

Transamerica Funds Semi-Annual Report 2013

Page    68

Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Asset-Backed Securities	$	—	$	2,200,000	$	—	$	2,200,000
Corporate Debt Securities		—		12,028,022		—		12,028,022
Certificates of Deposit		—		16,000,000		—		16,000,000
Commercial Paper		—		277,451,965		—		277,451,965
Demand Note		—		4,500,000		—		4,500,000
Repurchase Agreements		—		118,089,564		—		118,089,564
Total Investment Securities	$	—	$	430,269,551	$	—	$	430,269,551

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. 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 2013

Page    69

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 1.4%
U.S. Treasury Bond
2.75%, 08/15/2042 - 11/15/2042		$  390,000		$  378,710
3.13%, 02/15/2043 (A)		1,570,000		1,644,820
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042 (A)		503,318		546,100
U.S. Treasury Note
0.13%, 04/30/2015		150,000		149,742
0.25%, 04/15/2016 (B)		460,000		459,210
0.63%, 04/30/2018		370,000		369,046
1.63%, 11/15/2022		513,000		512,279
2.00%, 02/15/2023 (B)		1,429,000		1,470,754
Total U.S. Government Obligations (cost $5,416,412)				5,530,661
U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.9%
Fannie Mae
Zero Coupon, 10/09/2019		435,000		387,499
2.10%, 02/01/2043 (C)		556,402		579,050
2.50%, 12/01/2027		97,300		102,020
3.00%, 02/01/2028 - 05/01/2043		5,675,264		5,949,790
3.33%, 06/01/2041 (C)		197,177		208,680
3.50%, 07/01/2027 - 03/01/2043		3,801,645		4,047,773
3.50%, 09/01/2041 (C)		145,414		153,764
4.00%, 02/01/2025 - 01/01/2043		3,349,195		3,594,061
4.50%, 02/01/2025 - 08/01/2042		3,485,377		3,755,861
5.00%, 05/01/2018 - 08/01/2041		1,614,468		1,758,628
5.50%, 07/01/2019 - 11/01/2038		3,277,393		3,618,609
6.00%, 08/01/2036 - 10/01/2040		1,272,218		1,399,837
6.50%, 05/01/2040		894,329		1,004,335
Fannie Mae, IO
2.40%, 01/25/2022 (C) (D)		580,000		85,006
Fannie Mae, TBA
3.00%		2,300,000		2,416,156
4.00%		200,000		213,812
4.50%		2,900,000		3,123,160
5.00%		100,000		108,281
6.00%		300,000		327,750
Freddie Mac
2.62%, 01/25/2023		530,000		539,538
3.00%, 03/01/2043 - 04/01/2043		3,292,329		3,439,117
3.97%, 01/25/2021 (C)		420,000		477,065
4.00%, 09/01/2040 - 06/01/2041		206,125		221,705
4.50%, 10/01/2041		1,382,059		1,480,059
5.00%, 04/01/2018 - 03/01/2038		157,535		169,083
5.50%, 09/01/2018 - 11/01/2018		45,437		48,679
Freddie Mac, IO
1.40%, 11/25/2019 (C)		6,190,000		463,049
1.44%, 08/25/2022 (C)		1,158,228		113,499
1.65%, 06/25/2022 (C)		1,771,220		196,109
1.69%, 12/25/2018 (C)		849,435		64,605
1.92%, 05/25/2019 (C)		717,992		66,187
Freddie Mac, TBA
3.00%		1,500,000		1,562,578
3.50%		4,250,000		4,518,283
4.00%		1,600,000		1,706,500
4.50%		300,000		321,187
5.00%		1,200,000		1,288,500
5.50%		900,000		971,859

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
FREMF Mortgage Trust
1.00%, 12/25/2045 (D)		$  210,000		$  214,520
3.68%, 08/25/2045 - 144A (C)		160,000		166,412
3.78%, 10/25/2045 - 144A (C)		120,000		123,467
4.16%, 11/25/2044 - 144A (C)		55,000		56,566
Ginnie Mae
4.00%, 08/20/2042 - 09/15/2042		1,158,402		1,265,668
4.50%, 05/20/2041 - 02/15/2042		3,034,733		3,338,810
5.00%, 12/15/2038 - 12/15/2040		396,131		434,283
Ginnie Mae, IO
1.01%, 02/16/2053 (C)		996,228		85,874
Ginnie Mae, TBA
3.00%		1,460,000		1,553,531
3.50%		2,300,000		2,493,344
4.00%		900,000		978,047
4.50%		600,000		654,469
5.00%		1,100,000		1,201,406
5.50%		500,000		546,328
Total U.S. Government Agency Obligations (cost $63,002,128)				63,594,399
FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Argentine Republic Government International Bond
2.50%, 12/31/2038 (B) (E)		25,000		8,313
2.50%, 12/31/2038 (E)		100,000		33,250
Brazilian Government International Bond
7.13%, 01/20/2037		100,000		146,750
Italy Buoni Poliennali del Tesoro
4.75%, 06/01/2017		EUR  125,000		178,563
5.25%, 08/01/2017		615,000		897,468
Mexico Government International Bond
5.13%, 01/15/2020		$  340,000		406,300
Poland Government International Bond
6.38%, 07/15/2019		80,000		99,168
Republic of South Africa
5.50%, 03/09/2020		180,000		211,950
Russian Federation
7.50%, 03/31/2030 - Reg S (E)		476,800		599,814
Turkey Government International Bond
4.88%, 04/16/2043 (B)		200,000		205,500
5.63%, 03/30/2021		145,000		170,012
6.25%, 09/26/2022		200,000		246,500
Total Foreign Government Obligations (cost $2,932,505)				3,203,588
MORTGAGE-BACKED SECURITIES - 5.8%
American General Mortgage Loan Trust Series 2009-1, Class A6 5.75%, 09/25/2048 - 144A (C)		1,060,000		1,094,181
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
2.50%, 11/15/2015 - 144A (C)		594,385		598,980
Series 2010-UB4, Class A4A
5.03%, 12/20/2041 - 144A (C)		314,006		326,931
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-1, Class AMFX
5.48%, 01/15/2049 (C)		20,000		22,134

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

Transamerica Funds Semi-Annual Report 2013

Page    70

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Merrill Lynch Commercial Mortgage, Inc. (continued)
Series 2007-3, Class AM
5.80%, 06/10/2049 (C)		$  170,000		$  194,117
Banc of America Re-REMIC Trust
Series 2012-CLRN, Class A
1.35%, 08/15/2029 - 144A (C)		122,000		122,991
BB-UBS Trust, IO
Series 2012-SHOW, Class XA
0.73%, 11/05/2036 - 144A (C)		3,045,000		191,025
BCAP LLC Trust
Series 2009-RR10, Class 2A1
3.12%, 08/26/2035 - 144A (C)		437,651		430,870
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A (C)		136,963		137,835
Series 2009-RR14, Class 1A1
6.01%, 05/26/2037 - 144A (C)		452,436		483,048
Series 2009-RR3, Class 2A1
4.59%, 05/26/2037 - 144A (C)		36,328		36,391
Series 2009-RR6, Class 2A1
2.95%, 08/26/2035 - 144A (C)		314,822		287,949
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A (C)		458,032		476,778
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A (C)		148,443		154,090
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 - 144A (C)		100,000		112,381
Commercial Mortgage Pass-Through Certificates
Series 2006-C8, Class AM
5.35%, 12/10/2046		190,000		213,314
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 - 144A		380,000		391,037
Series 2013-GAM, Class A2
3.37%, 02/10/2028 - 144A		210,000		219,668
Commercial Mortgage Pass-Through Certificates, IO
Series 2012-CR1, Class XA
2.43%, 05/15/2045 (C)		1,832,659		253,054
Series 2013-CR7, Class XA
1.63%, 03/10/2046 (C)		3,054,500		311,177
Series 2013-LC6, Class XA
1.96%, 01/10/2046 (C)		3,109,704		345,441
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C3, Class AJ
4.77%, 07/15/2037		35,000		36,294
Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class A3
5.47%, 09/15/2039		584,641		656,590
Series 2007-C4, Class A3
5.96%, 09/15/2039 (C)		765,000		800,139
Series 2007-TF2A, Class A3
0.47%, 04/15/2022 - 144A (C)		175,000		163,895
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		192,207		199,105
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A (C)		291,095		302,135

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates (continued)
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A		$  199,903		$  203,959
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A (C)		585,000		679,269
DBRR Trust
Series 2011-C32, Class A3A
5.92%, 06/17/2049 - 144A (C)		150,000		173,824
Series 2012-EZ1, Class A
0.95%, 09/25/2045 - 144A		636,029		637,423
Extended Stay America Trust
Series 2013-ESH7, Class A27
2.96%, 12/05/2031 - 144A		165,000		169,238
Greenwich Capital Commercial Funding Corp.
Series 2007-GG11, Class A4
5.74%, 12/10/2049		80,000		93,195
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (C)		140,000		160,630
Series 2007-GG9, Class AM
5.48%, 03/10/2039		220,000		247,691
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.55%, 12/10/2027 - 144A (C)		320,000		292,083
GS Mortgage Securities Corp. II, IO
Series 2013-GC10, Class XA
1.93%, 02/10/2046 (C)		2,433,627		296,971
Series 2013-KYO, Class XB1
3.25%, 11/08/2029 - 144A (C)		1,271,000		86,906
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ
5.62%, 11/10/2039		255,000		251,104
Series 2006-GG8, Class AM
5.59%, 11/10/2039		60,000		68,252
Series 2007-GG10, Class A4
5.98%, 08/10/2045 (C)		90,000		103,573
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
2.88%, 12/26/2037 - 144A (C)		281,525		282,596
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		197,063		206,662
Series 2009-R7, Class 12A1
5.33%, 08/26/2036 - 144A (C)		212,091		208,331
Series 2009-R7, Class 1A1
2.53%, 02/26/2036 - 144A (C)		497,292		486,211
Series 2009-R7, Class 4A1
2.91%, 09/26/2034 - 144A (C)		371,829		360,674
Series 2009-R9, Class 1A1
2.67%, 08/26/2046 - 144A (C)		297,686		300,500
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 - 144A		346,507		359,631
Series 2010-R3, Class 1A1
3.02%, 03/21/2036 - 144A (C)		250,957		259,375
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		121,974		123,287
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		603,135		615,099

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

Transamerica Funds Semi-Annual Report 2013

Page    71

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. (continued)
Series 2006-CB14, Class AM
5.63%, 12/12/2044 (C)		$  100,000		$  107,859
Series 2007-CB20, Class AM
6.08%, 02/12/2051 (C)		360,000		426,107
Series 2008-C2, Class ASB
6.13%, 02/12/2051 (C)		184,936		200,651
Series 2010-C1, Class B
5.95%, 06/15/2043 - 144A		370,000		455,997
Series 2013-C10, Class C
4.30%, 12/15/2047 (C)		160,000		167,130
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2012-CBX, Class XA
2.21%, 06/15/2045 (C)		988,387		113,185
JPMorgan Re-REMIC
Series 2009-7, Class 8A1
5.36%, 01/27/2047 - 144A (C)		187,306		189,406
Series 2010-4, Class 7A1
1.87%, 08/26/2035 - 144A (C)		279,119		276,215
LB-UBS Commercial Mortgage Trust
Series 2004-C8, Class C
4.93%, 12/15/2039 (C)		605,000		633,388
Series 2005-C2, Class AJ
5.21%, 04/15/2030 (C)		125,000		133,005
Series 2007-C7, Class A3
5.87%, 09/15/2045 (C)		154,056		177,824
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.45%, 11/12/2037 (C)		300,000		319,485
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049		720,000		835,089
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class A2FX
5.76%, 04/12/2049 (C)		222,218		228,720
Series 2007-HQ12, Class AM
5.76%, 04/12/2049 (C)		335,000		371,053
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		110,000		123,984
Series 2007-IQ15, Class AM
6.09%, 06/11/2049 (C)		190,000		215,266
Morgan Stanley Capital I Trust, IO
Series 2012-C4, Class XA
2.87%, 03/15/2045 - 144A (C)		1,581,029		226,093
Morgan Stanley Re-REMIC Trust
1.00%, 03/27/2051		100,000		97,105
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		53,008		53,489
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		207,415		210,073
Morgan Stanley Re-REMIC Trust, IO
Series 2012-C4, Class XA
1.00%, 03/27/2051 - 144A (C)		110,982		110,882
Motel 6 Trust
Series 2012-MTL6, Class B
2.74%, 10/05/2025 - 144A		350,000		356,330

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.59%, 01/11/2037 - 144A (C)		$  410,000		$  385,915
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025 - 144A		115,113		115,086
STRIPs, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A		352,713		348,833
Wachovia Bank Commercial Mortgage Trust
Series 2005-C20, Class B
5.42%, 07/15/2042 (C)		320,000		337,231
Series 2007-C33, Class A4
6.12%, 02/15/2051		230,000		264,209
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021 - 144A		221,999		222,207
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C10, Class XA
2.00%, 12/15/2045 - 144A (C)		1,930,315		240,065
Total Mortgage-Backed Securities (cost $22,356,916)				23,169,916
ASSET-BACKED SECURITIES - 4.8%
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		200,000		209,094
Series 2012-2, Class C
2.64%, 10/10/2017		125,000		128,677
Series 2012-3, Class C
2.42%, 05/08/2018		120,000		123,369
Series 2012-4, Class B
1.31%, 11/08/2017		75,000		75,572
Series 2012-4, Class C
1.93%, 08/08/2018		125,000		126,949
Series 2012-5, Class C
1.69%, 11/08/2018		140,000		141,519
Series 2013-2, Class C
1.79%, 03/08/2019		320,000		321,117
AUTO Asset-Backed Securities Srl
Series 2012-2, Class A
2.80%, 04/27/2025 - Reg S		EUR  217,323		289,887
CarMax Auto Owner Trust
Series 2012-1, Class D
3.09%, 08/15/2018		$  50,000		51,747
Chesapeake Funding LLC
Series 2012-1A, Class B
1.80%, 11/07/2023 - 144A (C)		200,000		201,673
Credit Acceptance Auto Loan Trust
Series 2012-2A, Class A
1.52%, 03/16/2020 - 144A		250,000		251,849
Series 2013-1A, Class A
1.21%, 10/15/2020 - 144A		250,000		249,967
DT Auto Owner Trust
Series 2012-1A, Class B
2.26%, 10/16/2017 - 144A		250,000		251,249

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

Transamerica Funds Semi-Annual Report 2013

Page    72

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
DT Auto Owner Trust (continued)
Series 2012-1A, Class C
3.38%, 10/16/2017 - 144A		$  250,000		$  253,085
Series 2012-1A, Class D
4.94%, 07/16/2018 - 144A		250,000		257,753
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015 - 144A		110,000		110,542
Series 2010-5, Class D
2.41%, 09/15/2015 - 144A		60,000		60,260
Series 2011-2, Class C
2.37%, 09/15/2015		140,000		140,663
Series 2011-2, Class D
2.86%, 09/15/2015		95,000		95,589
Series 2012-1, Class C
1.70%, 01/15/2016 (C)		160,000		160,921
Series 2012-1, Class D
2.30%, 01/15/2016 (C)		145,000		145,780
Series 2012-2, Class D
3.50%, 01/15/2019		100,000		105,667
Series 2012-4, Class C
1.39%, 09/15/2016		100,000		100,599
Series 2012-4, Class D
2.09%, 09/15/2016		155,000		155,932
Series 2012-5, Class C
2.14%, 09/15/2019		100,000		100,643
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A1
1.34%, 10/15/2043 - 144A		100,000		100,260
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		200,000		203,812
Series 2012-T2, Class B2
2.48%, 10/15/2045 - 144A		160,000		163,200
Series 2013-T1, Class A2
1.50%, 01/16/2046 - 144A		460,000		463,726
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		95,000		97,208
JGWPT XXIV LLC
Series 2011-2A, Class A
4.94%, 09/15/2056 - 144A		447,512		523,018
Nelnet Student Loan Trust
Series 2008-3, Class A4
1.94%, 11/25/2024 (C)		205,000		218,164
PFS Financing Corp.
Series 2012-AA, Class A
1.40%, 02/15/2016 - 144A (C)		160,000		160,943
Prestige Auto Receivables Trust
Series 2013-1A, Class A2
1.09%, 02/15/2018 - 144A		200,000		200,109
Series 2013-1A, Class A3
1.33%, 05/15/2019 - 144A		110,000		110,136
Santander Drive Auto Receivables Trust
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A		274,362		275,404
Series 2012-1, Class B
2.72%, 05/16/2016		80,000		81,908

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2012-1, Class C
3.78%, 11/15/2017		$  110,000		$  115,059
Series 2012-2, Class C
3.20%, 02/15/2018		310,000		321,093
Series 2012-3, Class B
1.94%, 12/15/2016		255,000		259,031
Series 2012-3, Class C
3.01%, 04/16/2018		350,000		363,473
Series 2012-4, Class C
2.94%, 12/15/2017		230,000		239,137
Series 2012-5, Class B
1.56%, 08/15/2018		290,000		293,211
Series 2012-5, Class C
2.70%, 08/15/2018		140,000		144,045
Series 2012-6, Class B
1.33%, 05/15/2017		150,000		150,994
Series 2012-6, Class C
1.94%, 03/15/2018		105,000		106,536
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		380,000		381,352
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		700,000		707,157
Series 2013-2, Class B
1.33%, 03/15/2018		370,000		370,630
Series 2013-2, Class C
1.95%, 03/15/2019		610,000		611,822
Scholar Funding Trust
Series 2013-A, Class A
0.85%, 01/30/2045 - 144A (C)		687,348		684,237
SLM Student Loan Trust
Series 2004-B, Class A2
0.48%, 06/15/2021 (C)		486,467		479,178
Series 2005-B, Class A2
0.46%, 03/15/2023 (C)		318,936		313,526
Series 2011-B, Class A2
3.74%, 02/15/2029 - 144A		100,000		109,150
Series 2011-C, Class A2B
4.54%, 10/17/2044 - 144A		140,000		157,170
Series 2012-A, Class A1
1.60%, 08/15/2025 - 144A (C)		93,430		94,832
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		120,000		131,799
Series 2012-B, Class A2
3.48%, 10/15/2030 - 144A		400,000		428,262
Series 2012-C, Class A1
1.30%, 08/15/2023 - 144A (C)		214,842		216,874
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		430,000		460,490
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		520,000		548,370
Series 2012-E, Class A1
0.95%, 10/16/2023 - 144A (C)		204,758		205,708
Series 2013-A, Class A2A
1.77%, 05/17/2027 - 144A		550,000		554,598
Series 2013-A, Class A2B
1.25%, 05/17/2027 - 144A (C)		470,000		469,999

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

Transamerica Funds Semi-Annual Report 2013

Page    73

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust (continued)
Series 2013-B, Class A2A
1.86%, 05/15/2030 - 144A (F)		$  705,000		$  704,877
SpringCastle SPV
Series 2013-1A, Class A
3.75%, 04/03/2021 - 144A		820,000		825,330
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026 - 144A		887,375		913,585
World Financial Network Credit Card Master Trust
Series 2010-A, Class B
6.75%, 04/15/2019		170,000		189,437
Series 2012-C, Class A
2.23%, 08/15/2022		360,000		372,921
Series 2012-D, Class A
2.15%, 04/17/2023		455,000		466,123
Total Asset-Backed Securities (cost $18,779,731)				19,097,997
PREFERRED CORPORATE DEBT SECURITIES - 0.1%
Commercial Banks - 0.0% (G)
Fifth Third Capital Trust IV
6.50%, 04/15/2067 (C)		155,000		155,484
Insurance - 0.1%
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		275,000		345,125
Total Preferred Corporate Debt Securities (cost $455,744)				500,609
CORPORATE DEBT SECURITIES - 11.5%
Biotechnology - 0.0% (G)
Amgen Inc		120,000		143,228
5.38%, 05/15/2043 (B)
Capital Markets - 0.3%
Goldman Sachs Group, Inc.
3.63%, 01/22/2023		565,000		586,100
5.75%, 01/24/2022		93,000		111,042
Morgan Stanley
2.13%, 04/25/2018		585,000		586,292
Chemicals - 0.3%
CF Industries, Inc.
7.13%, 05/01/2020		410,000		512,616
LyondellBasell Industries NV
5.00%, 04/15/2019		600,000		683,753
Commercial Banks - 0.3%
Caixa Economica Federal
2.38%, 11/06/2017 - 144A		150,000		146,475
3.50%, 11/07/2022 - 144A (B)		150,000		146,625
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A		610,000		629,825
Sberbank of Russia Via SB Capital SA
6.13%, 02/07/2022 - Reg S		200,000		228,250
Wells Fargo & Co.
3.45%, 02/13/2023		203,000		207,140
Commercial Services & Supplies - 0.1%
United Rentals North America, Inc.
7.63%, 04/15/2022		290,000		332,775

	Principal		Value
Communications Equipment - 0.0% (G)
CC Holdings GS V LLC / Crown Castle GS III Corp.
3.85%, 04/15/2023 - 144A		$  152,000		$  156,745
Computers & Peripherals - 0.1%
Apple, Inc.
2.40%, 05/03/2023		300,000		299,892
3.85%, 05/04/2043		80,000		80,412
Consumer Finance - 0.0% (G)
SLM Corp, Series MTN
4.63%, 09/25/2017		39,000		40,565
Containers & Packaging - 0.4%
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc.
7.00%, 11/15/2020 - 144A		340,000		359,550
Rexam PLC
6.75%, 06/01/2013 - 144A		1,121,000		1,123,457
Rock Tenn Co.
3.50%, 03/01/2020		72,000		74,860
4.00%, 03/01/2023		219,000		227,573
Distributors - 0.1%
VWR Funding, Inc.
7.25%, 09/15/2017 - 144A (B)		411,000		437,715
Diversified Financial Services - 1.7%
Bank of America Corp.
2.00%, 01/11/2018 (B)		480,000		481,537
3.88%, 03/22/2017		123,000		132,690
5.70%, 01/24/2022		498,000		593,564
6.50%, 08/01/2016		95,000		109,574
Bank of America Corp., Series GMTN
5.65%, 05/01/2018		1,040,000		1,207,332
Bank of America Corp., Series MTN
3.30%, 01/11/2023 (B)		350,000		354,490
Citigroup, Inc.
4.45%, 01/10/2017		80,000		88,467
4.59%, 12/15/2015		1,449,000		1,578,919
5.35%, 05/15/2023 (C) (H)		190,000		190,524
Ford Motor Credit Co., LLC
4.25%, 09/20/2022 (B)		400,000		422,979
5.00%, 05/15/2018		400,000		446,054
6.63%, 08/15/2017		200,000		235,101
General Electric Capital Corp., Series GMTN
3.10%, 01/09/2023		285,000		289,172
JPMorgan Chase & Co.
3.20%, 01/25/2023		225,000		230,583
3.25%, 09/23/2022		120,000		122,881
5.15%, 05/01/2023 (C) (H)		115,000		116,869
Novus USA Trust
1.59%, 02/28/2014 - 144A (C)		280,000		280,000
Diversified Telecommunication Services - 0.5%
AT&T, Inc.
4.30%, 12/15/2042 - 144A		120,000		117,591
5.35%, 09/01/2040		175,000		197,590
Intelsat Jackson Holdings SA
7.25%, 04/01/2019		170,000		187,000
Level 3 Financing, Inc.
8.13%, 07/01/2019		400,000		441,000

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

Transamerica Funds Semi-Annual Report 2013

Page    74

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Diversified Telecommunication Services (continued)
Sprint Capital Corp.
6.88%, 11/15/2028		$  135,000		$  138,038
Verizon Communications, Inc.
3.85%, 11/01/2042 (B)		550,000		504,376
Virgin Media Secured Finance PLC
6.50%, 01/15/2018		225,000		239,625
Electric Utilities - 1.1%
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		117,000		136,760
8.88%, 11/15/2018		25,000		33,405
Duke Energy Carolinas LLC
4.25%, 12/15/2041		125,000		133,126
Electricite de France SA
5.25%, 01/29/2023 - 144A (B) (C) (H)		125,000		125,734
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020		500,000		572,500
Florida Power & Light Co.
5.95%, 02/01/2038		150,000		201,363
Georgia Power Co.
3.00%, 04/15/2016 (B)		365,000		388,827
Hydro-Quebec
8.05%, 07/07/2024		1,900,000		2,815,779
Jersey Central Power & Light Co.
7.35%, 02/01/2019		105,000		133,648
Energy Equipment & Services - 0.5%
Enterprise Products Operating LLC
4.45%, 02/15/2043		100,000		101,275
Noble Holding International, Ltd.
5.25%, 03/15/2042		140,000		142,465
Sabine Pass Liquefaction LLC
5.63%, 02/01/2021 - 144A		425,000		439,875
Transocean, Inc.
2.50%, 10/15/2017 (B)		350,000		356,544
5.05%, 12/15/2016		180,000		200,740
6.00%, 03/15/2018		787,000		909,797
Food & Staples Retailing - 0.1%
Wal-Mart Stores Inc
4.00%, 04/11/2043		484,000		499,136
Food Products - 0.1%
Kraft Foods Group, Inc.
5.00%, 06/04/2042 (B)		69,000		78,192
Mondelez International, Inc.
6.50%, 08/11/2017		125,000		150,893
Health Care Equipment & Supplies - 0.2%
Boston Scientific Corp.
6.00%, 01/15/2020		110,000		129,853
6.25%, 11/15/2015		433,000		484,615
Health Care Providers & Services - 0.2%
Coventry Health Care, Inc.
5.45%, 06/15/2021 (B)		164,000		195,419
HCA, Inc.
7.25%, 09/15/2020		150,000		166,313
Tenet Healthcare Corp.
6.25%, 11/01/2018 (B)		165,000		186,037
UnitedHealth Group, Inc.
3.38%, 11/15/2021		55,000		58,901
WellPoint, Inc.
3.70%, 08/15/2021		108,000		115,631

	Principal		Value
Hotels, Restaurants & Leisure - 0.1%
Caesars Entertainment Operating Co., Inc.
11.25%, 06/01/2017		$  410,000		$  433,575
Insurance - 0.9%
Allianz Finance II BV, Series EMTN
5.75%, 07/08/2041 (C)		EUR  100,000		154,779
American International Group, Inc.
3.80%, 03/22/2017		$  296,000		321,160
4.88%, 06/01/2022 (B)		315,000		362,840
8.18%, 05/15/2068 (C)		55,000		74,388
American International Group, Inc., Series GMTN
5.45%, 05/18/2017		165,000		188,873
AXA SA, Series EMTN
5.25%, 04/16/2040 (C)		EUR  100,000		139,660
Manulife Financial Corp.
3.40%, 09/17/2015		$  145,000		153,133
Metropolitan Life Global Funding I
3.88%, 04/11/2022 - 144A		650,000		707,862
Muenchener Rueckversicherungs AG, Series EMTN
6.00%, 05/26/2041 - Reg S (C)		EUR  100,000		157,750
Prudential Financial, Inc.
5.20%, 03/15/2044 (C)		$  10,000		10,175
5.88%, 09/15/2042 (B) (C)		143,000		154,529
Prudential Financial, Inc., Series MTN
4.50%, 11/15/2020		108,000		123,185
4.75%, 09/17/2015		263,000		286,509
5.38%, 06/21/2020 (B)		210,000		248,989
7.38%, 06/15/2019 (B)		175,000		225,538
XL Group PLC
6.50%, 04/15/2017 (B) (C) (H)		285,000		280,013
Marine - 0.1%
DP World Sukuk, Ltd.
6.25%, 07/02/2017 - Reg S		200,000		224,000
Media - 1.2%
CBS Corp.
4.63%, 05/15/2018 (B)		70,000		78,835
5.75%, 04/15/2020		116,000		138,809
8.88%, 05/15/2019		220,000		294,323
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022 - 144A		400,000		429,000
Comcast Corp.
4.65%, 07/15/2042 (B)		644,000		703,710
5.88%, 02/15/2018		291,000		352,271
COX Communications, Inc.
3.25%, 12/15/2022 - 144A		719,000		744,558
4.70%, 12/15/2042 - 144A (B)		89,000		90,833
8.38%, 03/01/2039 - 144A		200,000		305,102
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021 - 144A (H)		200,000		201,909
NBCUniversal Media LLC
2.88%, 01/15/2023		289,000		297,145
4.38%, 04/01/2021		175,000		201,878
4.45%, 01/15/2043		298,000		315,696
5.15%, 04/30/2020		175,000		212,008

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

Transamerica Funds Semi-Annual Report 2013

Page    75

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Media (continued)
Time Warner Cable, Inc.
4.50%, 09/15/2042		$  412,000		$  391,877
Metals & Mining - 0.2%
Barrick Gold Corp.
2.50%, 05/01/2018		24,000		24,115
Freeport-McMoRan Copper & Gold, Inc.
3.10%, 03/15/2020 - 144A		255,000		256,596
5.45%, 03/15/2043 - 144A		212,000		215,060
Novelis, Inc.
8.75%, 12/15/2020		250,000		283,750
Multi-Utilities - 0.2%
Dominion Resources, Inc.
1.95%, 08/15/2016		235,000		242,516
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037		435,000		553,983
Multiline Retail - 0.1%
Macy’s Retail Holdings, Inc.
2.88%, 02/15/2023		225,000		223,096
7.45%, 07/15/2017		220,000		271,282
Oil, Gas & Consumable Fuels - 1.3%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		282,000		324,267
Energy Transfer Partners, LP
3.60%, 02/01/2023		370,000		377,615
6.50%, 02/01/2042		242,000		291,477
EOG Resources, Inc.
2.63%, 03/15/2023		140,000		140,848
Laredo Petroleum, Inc.
7.38%, 05/01/2022		180,000		198,000
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A		240,000		250,800
MEG Energy Corp.
6.38%, 01/30/2023 - 144A (B)		65,000		68,575
6.50%, 03/15/2021 - 144A		150,000		160,875
Murphy Oil Corp.
2.50%, 12/01/2017 (B)		230,000		234,014
3.70%, 12/01/2022		221,000		220,906
4.00%, 06/01/2022		50,000		51,406
5.13%, 12/01/2042 (B)		40,000		38,889
Nexen, Inc.
5.88%, 03/10/2035		10,000		12,181
6.40%, 05/15/2037		220,000		287,919
7.50%, 07/30/2039		175,000		259,579
Noble Energy Inc
4.15%, 12/15/2021		80,000		89,430
6.00%, 03/01/2041		140,000		176,210
Novatek OAO via Novatek Finance, Ltd.
4.42%, 12/13/2022 - 144A		200,000		201,250
Peabody Energy Corp.
6.25%, 11/15/2021 (B)		135,000		143,944
Range Resources Corp.
5.75%, 06/01/2021 (B)		40,000		43,700
7.25%, 05/01/2018		300,000		310,875
Rosneft Oil Co. via Rosneft International Finance, Ltd.
4.20%, 03/06/2022 - 144A		200,000		201,000
Sibur Securities, Ltd.
3.91%, 01/31/2018 - 144A (B)		200,000		196,550

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners, LP
4.00%, 07/01/2022		$  117,000		$  123,509
5.38%, 06/01/2021		422,000		484,017
Williams Cos., Inc.
3.70%, 01/15/2023		150,000		151,517
7.88%, 09/01/2021		185,000		240,294
Paper & Forest Products - 0.2%
International Paper Co.
4.75%, 02/15/2022 (B)		537,000		611,402
6.00%, 11/15/2041 (B)		115,000		139,967
Pharmaceuticals - 0.1%
Teva Pharmaceutical Finance Co., BV
2.95%, 12/18/2022 (B)		233,000		237,805
3.65%, 11/10/2021 (B)		70,000		75,723
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021		170,000		183,899
Real Estate Investment Trusts - 0.1%
Ventas Realty, LP / Ventas Capital Corp.
2.70%, 04/01/2020		55,000		55,891
4.75%, 06/01/2021		120,000		135,225
Vornado Realty, LP
5.00%, 01/15/2022		250,000		283,418
Real Estate Management & Development - 0.1%
Realogy Corp.
7.88%, 02/15/2019 - 144A		270,000		301,388
Road & Rail - 0.1%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023 (B)		243,000		249,657
Software - 0.1%
First Data Corp.
7.38%, 06/15/2019 - 144A		200,000		217,500
Specialty Retail - 0.1%
QVC, Inc.
4.38%, 03/15/2023 - 144A		10,000		10,241
5.95%, 03/15/2043 - 144A (B)		36,000		37,009
7.50%, 10/01/2019 - 144A		145,000		159,873
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV
2.38%, 09/08/2016		300,000		311,650
3.13%, 07/16/2022		200,000		203,525
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		545,000		669,709
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 (B)		12,000		13,215
SBA Tower Trust
5.10%, 04/17/2017 - 144A		650,000		726,191
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A		305,000		375,150
Total Corporate Debt Securities (cost $43,848,978)				45,931,069
STRUCTURED NOTES DEBT - 0.2%
Diversified Financial Services - 0.2%
Tiers Trust Series 2011-1A, Class A
2.04%, 05/12/2014 - 144A (C)		740,000		740,000
Total Structured Notes Debt (cost $740,115)				740,000

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

Transamerica Funds Semi-Annual Report 2013

Page    76

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill
0.03%, 05/30/2013 (A) (F) (I)		$  340,000		$  339,952
Total Short-Term U.S. Government Obligation (cost $339,952)				339,952
	Shares		Value
PREFERRED STOCKS - 0.1%
Capital Markets - 0.0% (G)
Goldman Sachs Group, Inc. - Series J,
5.50% (B) (C)		4,748		122,071
Diversified Financial Services - 0.1%
Citigroup Capital XIII, 7.88% (C)		5,463		154,275
Insurance - 0.0% (G)
Allstate Corp., 5.10% (C)		1,620		42,946
Total Preferred Stocks (cost $303,052)				319,292
COMMON STOCKS - 60.1%
Aerospace & Defense - 1.7%
General Dynamics Corp.		5,521		408,333
Honeywell International, Inc.		33,618		2,472,268
Northrop Grumman Corp.		4,128		312,655
United Technologies Corp.		39,357		3,592,900
Air Freight & Logistics - 0.1%
FedEx Corp.		5,895		554,189
Airlines - 0.1%
Southwest Airlines Co.		22,096		302,715
Automobiles - 0.6%
General Motors Co. (B) (J)		71,711		2,211,567
Beverages - 1.9%
Beam, Inc.		8,382		542,399
Coca-Cola Co.		74,571		3,156,591
Coca-Cola Enterprises, Inc.		29,164		1,068,277
Dr. Pepper Snapple Group, Inc.		11,569		564,914
PepsiCo, Inc.		25,339		2,089,708
Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc. (J)		6,595		646,310
Biogen IDEC, Inc. (J)		13,833		3,028,459
Celgene Corp. (J)		21,959		2,592,699
Onyx Pharmaceuticals, Inc. (B) (J)		4,793		454,376
Vertex Pharmaceuticals, Inc. (J)		9,758		749,610
Building Products - 0.2%
Masco Corp.		52,004		1,010,958
Capital Markets - 1.5%
Franklin Resources, Inc.		7		1,083
Goldman Sachs Group, Inc.		13,560		1,980,709
Invesco, Ltd.		44,874		1,424,301
Morgan Stanley		36,383		805,883
State Street Corp.		32,029		1,872,736
Chemicals - 1.1%
Air Products & Chemicals, Inc.		13,338		1,159,873
Axiall Corp. (J)		11,052		579,677
CF Industries Holdings, Inc. - Class B		1,277		238,173
Dow Chemical Co.		44,525		1,509,843
E.I. du Pont de Nemours & Co.		19,600		1,068,396
Commercial Banks - 1.8%
BB&T Corp.		11,348		349,178
CIT Group, Inc. (J)		2,357		100,196
Comerica, Inc. - Class A (B)		9,766		354,018

	Shares		Value
Commercial Banks (continued)
Regions Financial Corp.		1,504		$  12,769
SunTrust Banks, Inc.		24,882		727,798
Wells Fargo & Co.		144,000		5,469,120
Commercial Services & Supplies - 0.2%
Tyco International, Ltd.		25,888		831,522
Communications Equipment - 1.3%
Cisco Systems, Inc.		150,765		3,154,004
QUALCOMM, Inc.		31,145		1,919,155
Computers & Peripherals - 2.2%
Apple, Inc.		15,357		6,799,312
EMC Corp. (J)		59,013		1,323,661
Hewlett-Packard Co.		32,340		666,204
NetApp, Inc. (J)		6,099		212,794
Construction & Engineering - 0.5%
Fluor Corp.		32,332		1,842,277
Consumer Finance - 0.3%
Capital One Financial Corp.		23,714		1,370,195
Containers & Packaging - 0.2%
Crown Holdings, Inc. (J)		19,295		823,511
Diversified Financial Services - 2.0%
Bank of America Corp.		270,784		3,333,351
Citigroup, Inc.		82,982		3,871,940
CME Group, Inc. - Class A		5,102		310,508
IntercontinentalExchange, Inc. (B) (J)		4,036		657,585
Diversified Telecommunication Services - 1.3%
AT&T, Inc.		61,726		2,312,256
Verizon Communications, Inc.		56,337		3,037,128
Electric Utilities - 1.4%
Edison International		25,352		1,363,938
Exelon Corp.		25,428		953,804
NextEra Energy, Inc.		28,913		2,371,733
NV Energy, Inc.		37,548		812,163
Electrical Equipment - 0.6%
Emerson Electric Co.		46,679		2,591,151
Electronic Equipment & Instruments - 0.0% (G)
Corning, Inc.		7,953		115,318
Energy Equipment & Services - 1.5%
Cameron International Corp. (J)		5,219		321,229
Ensco PLC - Class A		26,512		1,529,212
National Oilwell Varco, Inc.		18,314		1,194,439
Noble Corp.		17,336		650,100
Schlumberger, Ltd.		28,871		2,148,869
Food & Staples Retailing - 1.0%
CVS Caremark Corp.		38,249		2,225,327
Kroger Co.		21,956		754,847
Wal-Mart Stores, Inc.		12,340		959,065
Food Products - 1.4%
Archer-Daniels-Midland Co.		49,755		1,688,685
General Mills, Inc.		33,092		1,668,498
Mondelez International, Inc. - Class A		69,177		2,175,617
Gas Utilities - 0.1%
Questar Corp.		8,090		205,405
Health Care Equipment & Supplies - 1.4%
Baxter International, Inc.		14,877		1,039,456
Boston Scientific Corp. (J)		80,608		603,754
CareFusion Corp. - Class A (J)		31,202		1,043,395
Covidien PLC		29,344		1,873,321
Intuitive Surgical, Inc. (J)		1,799		885,629
St. Jude Medical, Inc.		5,064		208,738

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

Transamerica Funds Semi-Annual Report 2013

Page    77

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Health Care Providers & Services - 1.1%
DaVita HealthCare Partners, Inc. (J)		6,569		$  779,412
Humana, Inc. - Class A		17,798		1,319,010
UnitedHealth Group, Inc.		39,735		2,381,318
Health Care Technology - 0.2%
athenahealth, Inc. (B) (J)		5,288		509,023
Cerner Corp. (B) (J)		3,681		356,210
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp.		10,972		378,644
Royal Caribbean Cruises, Ltd. - Class A		20,633		753,723
Wynn Resorts, Ltd.		352		48,330
Yum! Brands, Inc.		10,884		741,418
Household Durables - 0.3%
Lennar Corp. - Class A (B)		6,652		274,196
NVR, Inc. (J)		96		98,880
PulteGroup, Inc. (B) (J)		35,263		740,170
Household Products - 1.3%
Kimberly-Clark Corp.		13,230		1,365,204
Procter & Gamble Co.		47,946		3,680,814
Industrial Conglomerates - 0.8%
3M Co.		8,940		936,107
General Electric Co.		96,034		2,140,598
Insurance - 2.2%
ACE, Ltd.		16,391		1,461,094
Aflac, Inc.		5,539		301,543
American International Group, Inc. (J)		18,740		776,211
AON PLC		8,291		500,362
Berkshire Hathaway, Inc. - Class B (J)		19,527		2,076,111
Everest RE Group, Ltd.		2,550		344,224
Hartford Financial Services Group, Inc.		25,515		716,716
MetLife, Inc.		48,594		1,894,680
Prudential Financial, Inc.		14,161		855,608
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (J)		6,535		1,658,648
Expedia, Inc.		4,109		229,447
priceline.com, Inc. (J)		511		355,651
Internet Software & Services - 1.6%
eBay, Inc. (J)		15,613		817,965
Google, Inc. - Class A (J)		6,979		5,754,674
IT Services - 1.9%
Accenture PLC - Class A		7,711		627,984
Cognizant Technology Solutions Corp. - Class A (J)		12,110		784,728
International Business Machines Corp.		16,487		3,339,277
Jack Henry & Associates, Inc.		5,326		247,126
Visa, Inc. - Class A		14,412		2,427,846
Life Sciences Tools & Services - 0.2%
Mettler-Toledo International, Inc. (B) (J)		2,953		617,059
Thermo Fisher Scientific, Inc.		2,216		178,787
Machinery - 0.7%
Cummins, Inc.		1,780		189,374
Deere & Co.		8,953		799,503
PACCAR, Inc.		30,655		1,526,006
SPX Corp.		2,900		216,079
Media - 2.4%
CBS Corp. - Class B		32,039		1,466,745
Comcast Corp. - Class A		68,609		2,833,552
DIRECTV (J)		5,599		316,679
DISH Network Corp. - Class A		5,867		229,928
Time Warner Cable, Inc.		10,046		943,219

	Shares		Value
Media (continued)
Time Warner, Inc.		50,266		$  3,004,902
Walt Disney Co. - Class A		9,824		617,340
Metals & Mining - 0.3%
Alcoa, Inc. (B)		89,568		761,328
Freeport-McMoRan Copper & Gold, Inc.		5,291		161,005
Nucor Corp.		2,562		111,755
Walter Energy, Inc. (B)		5,749		103,022
Multi-Utilities - 0.8%
NiSource, Inc. - Class B		37,107		1,140,298
Sempra Energy		23,687		1,962,468
Multiline Retail - 0.8%
Macy’s, Inc.		12,254		546,528
Nordstrom, Inc.		2,538		143,626
Target Corp.		37,205		2,625,185
Oil, Gas & Consumable Fuels - 4.9%
Anadarko Petroleum Corp. - Class A		13,600		1,152,736
Apache Corp.		6,982		515,830
Cheniere Energy, Inc. (J)		14,711		418,969
Chevron Corp.		28,563		3,484,972
ConocoPhillips		36,840		2,226,978
EOG Resources, Inc.		11,716		1,419,510
Exxon Mobil Corp.		70,721		6,293,462
Marathon Petroleum Corp.		9,386		735,487
Occidental Petroleum Corp.		13,709		1,223,665
Phillips 66		10,439		636,257
Range Resources Corp.		2,853		209,753
Williams Cos., Inc.		35,628		1,358,496
Pharmaceuticals - 3.0%
Allergan, Inc.		11,499		1,305,711
Bristol-Myers Squibb Co.		38,618		1,533,907
Johnson & Johnson (B)		60,091		5,121,556
Merck & Co., Inc.		59,449		2,794,103
Pfizer, Inc.		41,396		1,203,382
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc.		3,323		241,815
American Campus Communities, Inc. - Class A		5,390		240,610
Apartment Investment & Management Co. - Class A		3,796		118,093
Boston Properties, Inc.		1,081		118,294
CBL & Associates Properties, Inc.		26,810		647,193
DiamondRock Hospitality Co.		23,758		237,105
Equity Residential		11,334		658,052
Host Hotels & Resorts, Inc. (B)		27,644		505,056
LaSalle Hotel Properties		24,571		637,126
Plum Creek Timber Co., Inc. (B)		7,976		411,083
Post Properties, Inc.		4,598		227,279
ProLogis, Inc. - Class A		2,834		118,886
Simon Property Group, Inc.		6,615		1,177,933
Weyerhaeuser Co.		51		1,556
Real Estate Management & Development - 0.0% (G)
St. Joe Co. (B) (J)		9,421		184,369
Road & Rail - 1.3%
CSX Corp.		85,478		2,101,904
Union Pacific Corp.		20,235		2,993,971
Semiconductors & Semiconductor Equipment - 1.3%
Applied Materials, Inc. - Class A		17,886		259,526
Broadcom Corp. - Class A		55,634		2,002,824
KLA-Tencor Corp.		16,511		895,722

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

Transamerica Funds Semi-Annual Report 2013

Page    78

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
LAM Research Corp. (J)		17,086		$  789,715
Micron Technology, Inc. (J)		27,619		260,171
Texas Instruments, Inc.		25,503		923,464
Xilinx, Inc.		7,273		275,719
Software - 2.3%
Adobe Systems, Inc. (J)		20,653		931,037
Citrix Systems, Inc. (J)		13,051		811,381
Microsoft Corp.		140,735		4,658,328
Oracle Corp.		86,741		2,843,370
VMware, Inc. - Class A (J)		1,938		136,629
Specialty Retail - 2.1%
AutoZone, Inc. (J)		3,886		1,589,725
Bed Bath & Beyond, Inc. (B) (J)		250		17,200
Home Depot, Inc.		37,142		2,724,366
Lowe’s Cos., Inc.		53,517		2,056,123
O’Reilly Automotive, Inc. (J)		1,182		126,852
Ross Stores, Inc.		8,120		536,488
TJX Cos., Inc.		29,440		1,435,789
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc. - Class A (B)		4,412		259,690
V.F. Corp.		10,181		1,814,458
Tobacco - 1.1%
Philip Morris International, Inc.		44,818		4,284,153
Trading Companies & Distributors - 0.2%
WW Grainger, Inc.		3,409		840,216
Wireless Telecommunication Services - 0.1%
Sprint Nextel Corp. (J)		51,396		362,342
Total Common Stocks (cost $193,795,474)				240,519,504
	Contracts		Value
PURCHASED OPTIONS - 0.0% (G)
Put Options - 0.0% (G)
Eurodollar, Mid-Curve 2-Year Future Exercise Price $98.75 Expires 09/13/2013		121		3,025
Eurodollar, Mid-Curve 2-Year Future Exercise Price $99.25 Expires 09/13/2013		41		6,663
Total Purchased Options (cost $30,618)				9,688
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 4.0%
BlackRock Provident TempFund 24 (K)		15,854,165		15,854,165
Total Short-Term Investment Company (cost $15,854,165)				15,854,165
SECURITIES LENDING COLLATERAL - 4.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (I)		19,024,926		19,024,926
Total Securities Lending Collateral (cost $19,024,926)				19,024,926

	Principal			Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.03% (I), dated 04/30/2013, to be repurchased at $4,801,159 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $4,898,808.		$  4,801,155			$  4,801,155
Total Repurchase Agreement (cost $4,801,155)					4,801,155
Total Investment Securities (cost $391,681,871) (L)					442,636,921
Other Assets and Liabilities - Net					(42,862,336	)
Net Assets					$  399,774,585
	Principal			Value
TBA SHORT COMMITMENTS - (3.8%)
U.S. GOVERNMENT AGENCY OBLIGATIONS - (3.8%)
Fannie Mae, TBA
3.00%		$  (1,000,000	)		$  (1,045,938	)
3.50%		(2,400,000	)		(2,553,558	)
4.00%		(1,000,000	)		(1,068,750	)
4.50%		(2,000,000	)		(2,156,094	)
5.50%		(2,000,000	)		(2,174,688	)
Freddie Mac, TBA
3.00%		(3,700,000	)		(3,845,641	)
Ginnie Mae, TBA
4.00%		(600,000	)		(656,110	)
4.50%		(1,500,000	)		(1,642,734	)
Total U.S. Government Agency Obligations (proceeds $(15,082,606))					(15,143,513	)
Total TBA Short Commitments (proceeds $(15,082,606))					(15,143,513	)
	Contracts			Value
WRITTEN OPTIONS - (0.0%) (G)
Put Option - (0.0%) (G)
Eurodollar, Mid-Curve 3-Year Future Exercise Price $98.13 Expires 09/13/2013		60			(3,000	)
Total Written Options (premiums $(14,911))					(3,000	)

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

Transamerica Funds Semi-Annual Report 2013

Page    79

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FUTURES CONTRACTS:
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		Short		(92	)		06/19/2013	$	(98,282	)
2-Year U.S. Treasury Note		Long		40			06/28/2013		6,625
30-Year U.S. Treasury Bond		Long		8			06/19/2013		32,254
5-Year U.S. Treasury Note		Long		132			06/28/2013		136,001
S&P 500 E-Mini Index		Long		64			06/21/2013		125,825
Ultra Long U.S. Treasury Bond		Long		27			06/19/2013		157,713
								$	360,136

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty		Contracts (Sold)			Settlement Date		Amount in U.S. Dollars (Sold)			Net Unrealized (Depreciation)
EUR		CITI		(280,000	)		06/19/2013	$	(358,109	)	$	(10,758	)
EUR		CITI		(1,003,996	)		07/23/2013		(1,318,247	)		(4,737	)
											$	(15,495	)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged		Net Exposures(1)
CITI	$	(15,495	)	$	—	$	(15,495	)

⁽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:

(A) All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $506,302.

(B) All or a portion of this security is on loan. The value of all securities on loan is $18,620,692. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Floating or variable rate note. Rate is listed as of April 30, 2013.

(D) 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 $299,526, or 0.07% of the fund’s net assets.

(E) Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of April 30, 2013. Maturity date disclosed is the ultimate maturity date.

(F) When-issued security. A conditional transaction in a security authorized for issuance, but not yet issued.

(G) Percentage rounds to less than 0.1%.

(H) The security has a perpetual maturity. The date shown is the next call date.

(I) Rate shown reflects the yield at April 30, 2013.

(J) Non-income producing security.

(K) The investment issuer is affiliated with the sub-adviser of the fund.

(L) Aggregate cost for federal income tax purposes is $391,681,871. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $52,292,282 and $1,337,232, respectively. Net unrealized appreciation for tax purposes is $50,955,050.

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

Transamerica Funds Semi-Annual Report 2013

Page    80

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $37,717,918 or 9.43% of the fund’s net assets.
CITI	Citigroup, Inc.
EMTN	European Medium Term Note
GMTN	Global Medium Term Note
IO	Interest Only
MTN	Medium Term Note
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OTC	Over the Counter
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
TBA	To Be Announced

CURRENCY ABBREVIATION:

EUR Euro

VALUATION SUMMARY: (M)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	5,530,661	$	—	$	5,530,661
U.S. Government Agency Obligations		—		63,594,399		—		63,594,399
Foreign Government Obligations		—		3,203,588		—		3,203,588
Mortgage-Backed Securities		—		23,169,916		—		23,169,916
Asset-Backed Securities		—		19,097,997		—		19,097,997
Preferred Corporate Debt Securities		—		500,609		—		500,609
Corporate Debt Securities		—		45,931,069		—		45,931,069
Structured Notes Debt		—		740,000		—		740,000
Short-Term U.S. Government Obligation		—		339,952		—		339,952
Preferred Stocks		319,292		—		—		319,292
Common Stocks		240,519,504		—		—		240,519,504
Purchased Options		9,688		—		—		9,688
Short-Term Investment Company		15,854,165		—		—		15,854,165
Securities Lending Collateral		19,024,926		—		—		19,024,926
Repurchase Agreement		—		4,801,155		—		4,801,155
Total Investment Securities	$	275,727,575	$	166,909,346	$	—	$	442,636,921
Derivative Financial Instruments
Futures Contracts (N)	$	458,418	$	—	$	—	$	458,418
Total Derivative Financial Instruments	$	458,418	$	—	$	—	$	458,418
Other Assets (O)
Foreign Currency	$	13,643	$	—	$	—	$	13,643
Total Other Assets	$	13,643	$	—	$	—	$	13,643

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

Transamerica Funds Semi-Annual Report 2013

Page    81

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (M)
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
TBA Short Commitments
U.S. Government Agency Obligations	$	—		$	(15,143,513	)	$	—	$	(15,143,513	)
Total TBA Short Commitments	$	—		$	(15,143,513	)	$	—	$	(15,143,513	)
Derivative Financial Instruments
Forward Foreign Currency Contracts (N)	$	—		$	(15,495	)	$	—	$	(15,495	)
Futures Contracts (N)		(98,282	)		—			—		(98,282	)
Written Options		(3,000	)		—			—		(3,000	)
Total Derivative Financial Instruments	$	(101,282	)	$	(15,495	)	$	—	$	(116,777	)
Other Liabilities (O)
Collateral for Securities on Loan	$	—		$	(19,024,926	)	$	—	$	(19,024,926	)
Total Other Liabilities	$	—		$	(19,024,926	)	$	—	$	(19,024,926	)

(M) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(O) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    82

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (A)
Freddie Mac
2.89%, 08/01/2037 (B)		$  653,713		$  702,554
Total U.S. Government Agency Obligation (cost $662,880)				702,554
MORTGAGE-BACKED SECURITIES - 21.4%
7 WTC Depositor LLC Trust
Series 2012-7WTC, Class A
4.08%, 03/13/2031 - 144A		10,454,029		11,011,918
American General Mortgage Loan Trust
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A (B)		12,527,583		12,643,476
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A (B)		20,610,912		21,275,531
Banc of America Funding Corp.
Series 2010-R4, Class 1A1
5.50%, 07/26/2036 - 144A		3,836,815		3,991,530
Series 2010-R6, Class 3A1
6.25%, 09/26/2037 - 144A		3,524,710		3,679,628
Series 2010-R6, Class 4A1
3.02%, 07/26/2035 - 144A (B)		1,848,592		1,836,978
Series 2011-R1, Class A1
4.00%, 08/26/2036 - 144A (B)		562,785		564,896
Banc of America Large Loan Trust
Series 2007-BMB1, Class D
1.40%, 08/15/2029 - 144A (B)		7,017,000		6,818,229
Banc of America Large Loan, Inc.
Series 2007-BMB1, Class A2
0.95%, 08/15/2029 - 144A (B)		4,581,758		4,517,535
Series 2007-BMB1, Class B
1.15%, 08/15/2029 - 144A (B)		20,163,000		19,793,473
BCAP LLC Trust
Series 2006-RR1, Class PD
5.00%, 11/25/2036		5,902,206		5,944,708
Series 2009-RR10, Class 2A1
3.12%, 08/26/2035 - 144A (B)		2,778,736		2,735,682
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A (B)		3,256,484		3,277,215
Series 2009-RR13, Class 14A1
5.25%, 03/26/2037 - 144A (B)		1,795,075		1,820,154
Series 2009-RR13, Class 2A3
5.53%, 02/26/2036 - 144A (B)		3,888,351		4,008,672
Series 2009-RR13, Class 3A3
5.29%, 05/26/2036 - 144A (B)		7,552,397		7,715,182
Series 2009-RR14, Class 1A1
6.01%, 05/26/2037 - 144A (B)		10,485,028		11,194,435
Series 2009-RR3, Class 1A2
6.00%, 11/26/2036 - 144A (B)		1,049,774		1,068,658
Series 2009-RR3, Class 2A1
4.59%, 05/26/2037 - 144A (B)		1,141,490		1,143,485
Series 2009-RR6, Class 2A1
2.95%, 08/26/2035 - 144A (B)		7,439,952		6,804,871
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A (B)		6,156,549		6,408,518
Series 2010-RR6, Class 15A5
5.50%, 12/26/2036 - 144A (B)		2,437,214		2,477,673
Series 2010-RR6, Class 16A5
5.50%, 04/26/2036 - 144A (B)		1,919,233		1,991,440
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A (B)		5,418,873		5,625,023

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2010-RR6, Class 20A1
4.50%, 11/26/2035 - 144A (B)		$  1,697,663		$  1,699,549
Series 2010-RR7, Class 5A6
5.50%, 10/26/2036 - 144A		7,922,749		8,228,115
Series 2012-RR2, Class 7A3
2.61%, 09/26/2035 - 144A (B)		7,773,168		7,913,288
Series 2012-RR4, Class 2A5
2.16%, 04/26/2037 - 144A (B)		10,791,841		10,816,835
Series 2012-RR5, Class 6A1
3.12%, 10/26/2035 (B)		10,084,676		10,141,767
Bear Stearns Commercial Mortgage Securities
Series 2007-PW17, Class AAB
5.70%, 06/11/2050		8,228,823		8,610,229
BNPP Mortgage Securities LLC
Series 2009-1, Class A1
6.00%, 08/27/2037 - 144A		7,481,148		7,873,018
Capmark Military Housing Trust
Series 2008-AMCW, Class A2
5.91%, 03/10/2015 - 144A		2,221,896		2,264,251
Citigroup Mortgage Loan Trust, Inc.
Series 2003-HE3, Class A
0.58%, 12/25/2033 (B)		5,907,741		5,409,807
Series 2009-10, Class 6A1
5.42%, 09/25/2034 - 144A (B)		4,171,824		4,289,223
Series 2010-8, Class 5A6
4.00%, 11/25/2036 - 144A		14,354,767		14,880,697
Series 2010-8, Class 6A6
4.50%, 12/25/2036 - 144A		12,334,633		13,025,903
Series 2010-8, Class 6A62
3.50%, 12/25/2036 - 144A		7,611,137		7,866,597
Commercial Mortgage Pass-Through Certificates
Series 2012-MVP, Class A
2.14%, 11/17/2026 - 144A (B)		21,337,320		21,628,511
Series 2012-MVP, Class B
1.80%, 11/17/2026 - 144A (B)		9,900,000		9,904,495
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-35, Class 1A3
5.00%, 02/25/2018		4,945,508		5,049,695
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C6, Class AJ
5.23%, 12/15/2040 (B)		20,842,000		22,467,301
Credit Suisse Mortgage Capital Certificates
Series 2006-TF2A, Class B
0.40%, 10/15/2021 - 144A (B)		8,010,805		7,736,876
Series 2007-C1, Class A3
5.38%, 02/15/2040		13,700,000		15,039,216
Series 2007-C1, Class AAB
5.34%, 02/15/2040		11,109,005		11,564,041
Series 2007-C4, Class AAB
5.96%, 09/15/2039 (B)		10,009,055		10,821,961
Series 2007-C5, Class A4
5.70%, 09/15/2040 (B)		16,730,000		19,448,290
Series 2009-12R, Class 36A1
5.05%, 06/27/2036 - 144A (B)		4,337,153		4,352,433

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

Transamerica Funds Semi-Annual Report 2013

Page    83

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates (continued)
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		$  3,337,013		$  3,456,772
Series 2010-12R, Class 10A1
4.50%, 11/26/2036 - 144A (B)		1,625,435		1,629,606
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A (B)		8,081,216		8,387,688
Series 2010-15R, Class 4A1
3.50%, 04/26/2035 - 144A (B)		10,915,451		11,019,683
Series 2010-15R, Class 6A1
3.50%, 10/26/2046 - 144A (B)		5,476,835		5,525,891
Series 2010-18R, Class 1A11
3.75%, 08/26/2035 - 144A (B)		5,563,193		5,542,692
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A		5,527,331		5,639,458
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 - 144A		14,582,267		14,585,155
Series 2010-1R, Class 40A1
5.00%, 04/27/2036 - 144A		524,441		524,642
Series 2010-RR4, Class 2B
5.47%, 09/18/2039 - 144A (B)		8,250,000		9,241,072
Del Coronado Trust
Series 2013-HDC, Class C
1.80%, 03/15/2026 - 144A (B)		10,000,000		10,000,740
Series 2013-HDC, Class D
2.15%, 03/15/2026 - 144A (B)		8,500,000		8,500,629
Extended Stay America Trust
Series 2013-ESH5, Class A15
1.28%, 12/05/2031 - 144A		17,900,000		17,851,670
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A3
1.46%, 03/06/2020 - 144A (B)		5,780,000		5,791,768
Series 2007-EOP, Class B
1.73%, 03/06/2020 - 144A (B)		11,300,000		11,329,290
Series 2007-EOP, Class E
2.48%, 03/06/2020 - 144A (B)		31,300,000		31,460,444
Impac CMB Trust
Series 2007-A, Class A
0.45%, 05/25/2037 (B)		17,013,076		16,713,459
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
2.88%, 12/26/2037 - 144A (B)		3,341,157		3,353,860
Series 2009-R2, Class 3A
2.83%, 01/26/2047 - 144A (B)		1,923,116		1,924,307
Series 2009-R7, Class 11A1
2.65%, 03/26/2037 - 144A (B)		3,023,894		2,953,319
Series 2009-R7, Class 12A1
5.33%, 08/26/2036 - 144A (B)		1,471,288		1,445,202
Series 2009-R7, Class 4A1
2.91%, 09/26/2034 - 144A (B)		1,931,644		1,873,695
Series 2009-R9, Class 1A1
2.67%, 08/26/2046 - 144A (B)		8,723,690		8,806,146
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 - 144A		6,232,858		6,468,934
Series 2010-R3, Class 1A1
3.02%, 03/21/2036 - 144A (B)		5,226,515		5,401,833
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		3,828,769		3,869,982

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Jefferies & Co., Inc. (continued)
Series 2010-R8, Class 2A1
5.00%, 10/26/2036 - 144A		$  4,226,573		$  4,226,759
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-PLSD, Class C
5.14%, 11/13/2044 - 144A		4,450,000		4,917,254
JPMorgan Re-REMIC
Series 2009-11, Class 1A1
2.91%, 02/26/2037 - 144A (B)		6,223,982		6,128,587
Series 2009-7, Class 8A1
5.36%, 01/27/2047 - 144A (B)		2,216,452		2,241,300
Series 2010-4, Class 7A1
1.87%, 08/26/2035 - 144A (B)		7,345,677		7,269,252
Series 2010-5, Class 2A2
4.50%, 07/26/2035 - 144A (B)		9,386,153		9,759,956
LB-UBS Commercial Mortgage Trust
Series 2004-C8, Class B
4.91%, 12/15/2039 (B)		12,585,000		13,231,177
LSTAR Commercial Mortgage Trust
Series 2011-1, Class A
3.91%, 06/25/2043 - 144A		5,663,594		5,860,438
Morgan Stanley Re-REMIC Trust
Series 2010-R4, Class 3A
5.50%, 08/26/2047 - 144A		19,775,098		20,539,860
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.00%, 07/25/2060 - 144A		14,086,463		13,663,869
Motel 6 Trust
Series 2012-MTL6, Class A1
1.50%, 10/05/2025 - 144A		11,000,000		11,107,921
ORES NPL LLC
Series 2012-LV1, Class A
4.00%, 09/25/2044 - 144A		8,863,121		8,864,442
RBSCF Trust
Series 2010-RR3, Class CSCA
5.47%, 09/16/2039 - 144A (B)		12,536,141		14,110,868
RBSSP Resecuritization Trust
Series 2009-1, Class 10A1
6.50%, 07/26/2037 - 144A		8,141,389		8,533,641
Series 2013-2, Class 2A1
0.39%, 12/20/2036 - 144A (B)		19,960,625		19,023,194
RREF LLC
Series 2013-LT2, Class A
2.83%, 05/22/2028		17,456,779		17,459,711
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025 - 144A		4,040,458		4,039,504
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class AJ
5.54%, 08/15/2039 (B)		4,859,000		5,357,106
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A2
0.32%, 09/15/2021 - 144A (B)		7,366,366		7,269,115
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 (B)		1,051,060		1,060,950

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

Transamerica Funds Semi-Annual Report 2013

Page    84

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Loan Trust
Series 2010-RR2, Class 1A1
3.08%, 09/27/2035 - 144A (B)		$  6,040,466		$  6,057,500
Series 2010-RR4, Class 1A1
5.05%, 12/27/2046 - 144A (B)		5,684,958		5,708,727
Series 2011-RR3, Class A1
2.85%, 03/27/2037 - 144A (B)		15,019,023		14,895,597
WFDB Commercial Mortgage Trust
Series 2011-BXR, Class A
3.66%, 07/05/2024 - 144A		15,000,000		15,155,160
Total Mortgage-Backed Securities (cost $798,227,763)				809,160,833
ASSET-BACKED SECURITIES - 8.7%
AmeriCredit Automobile Receivables Trust
Series 2012-2, Class C
2.64%, 10/10/2017		7,500,000		7,720,620
ARES CLO, Ltd.
Series 2007-3RA, Class A2
0.50%, 04/16/2021 - 144A (B)		16,642,692		16,204,556
ARES XII CLO, Ltd.
Series 2007-12A, Class A
0.92%, 11/25/2020 - 144A (B)		19,389,416		19,283,376
Bayview Opportunity Master Fund Trust IIB, LP
Series 2013-2RPL, Class A
3.72%, 03/28/2018 - 144A (C)		8,641,462		8,712,231
BXG Receivables Note Trust
Series 2012-A, Class A
2.66%, 12/02/2027 - 144A		17,204,702		17,243,240
Castle Garden Funding
Series 2005-1A, Class A2
0.55%, 10/27/2020 - 144A (B)		15,451,079		15,325,601
ColumbusNova CLO Ltd Series 2007-I 0.54%, 05/16/2019 - 144A (B)		4,870,247		4,797,646
Diamond Resorts Owner Trust
Series 2013-1, Class A
1.95%, 01/20/2025 - 144A		11,587,398		11,603,018
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		20,000,000		20,381,200
HSBC Home Equity Loan Trust
Series 2006-3, Class A4
0.44%, 03/20/2036 (B)		23,721,000		22,990,559
Series 2007-1, Class A4
0.56%, 03/20/2036 (B)		9,352,000		8,991,312
Marriott Vacation Club Owner Trust
Series 2012-1A, Class A
2.51%, 05/20/2030 - 144A		15,569,445		15,918,278
Mountain View Funding CLO
Series 2007-3A, Class A1
0.49%, 04/16/2021 - 144A (B)		4,931,024		4,818,350
Ocean Trails CLO I
Series 2006-1A, Class A1
0.53%, 10/12/2020 - 144A (B)		6,201,570		6,060,559

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Orange Lake Timeshare Trust
Series 2012-AA, Class A
3.45%, 03/10/2027 - 144A		$  5,178,936		$  5,399,461
Prestige Auto Receivables Trust
Series 2012-1A, Class C
3.25%, 07/15/2019 - 144A		5,000,000		5,122,900
Sierra Receivables Funding Co., LLC
Series 2011-2A, Class A
3.26%, 05/20/2028 - 144A		4,142,902		4,258,899
Series 2011-3A, Class A
3.37%, 07/20/2028 - 144A		5,613,079		5,819,551
Series 2012-2A, Class A
2.38%, 03/20/2029 - 144A		8,587,029		8,710,356
Series 2012-3A, Class A
1.87%, 08/20/2029 - 144A		15,335,887		15,452,164
Silverleaf Finance LLC
Series 2012-D, Class A
3.00%, 03/17/2025 - 144A		12,193,482		12,393,699
Station Place Securitization Trust
2.45%, 11/25/2014		30,000,000		30,000,000
SVO VOI Mortgage Corp.
Series 2012-AA, Class A
2.00%, 09/20/2029 - 144A		20,102,129		20,337,505
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026 - 144A		16,220,750		16,699,846
Trafigura Securitisation Finance PLC
Series 2012-1A, Class A
2.60%, 10/15/2015 - 144A (B)		25,520,000		26,034,387
Total Asset-Backed Securities (cost $322,475,065)				330,279,314
MUNICIPAL GOVERNMENT OBLIGATION - 0.5%
Rhode Island Economic Development Corp. (Revenue Bonds) Insurer: AGM
6.00%, 11/01/2015 (D) (E)		16,950,000		17,630,881
Total Municipal Government Obligation (cost $16,950,000)				17,630,881
CORPORATE DEBT SECURITIES - 63.3%
Aerospace & Defense - 0.8%
Exelis, Inc.
4.25%, 10/01/2016 (F)		27,920,000		29,973,376
Airlines - 3.0%
AirTran Airways Pass-Through Trust
10.41%, 04/01/2017 - 144A		20,929,198		24,120,901
America West Airlines Pass-Through Trust
7.93%, 01/02/2020		3,241,291		3,565,420
8.06%, 01/02/2022		10,818,018		12,062,089
Continental Airlines Pass-Through Trust
7.46%, 10/01/2016 (F)		3,509,583		3,549,241
Delta Air Lines, Inc., Pass-Through Trust
6.20%, 01/02/2020 (F)		29,909,402		34,096,718
Northwest Airlines Pass-Through Trust
1.04%, 05/20/2014 (B) (F)		623,862		611,384
6.26%, 11/20/2021		2,107,336		2,268,126
UAL Pass-Through Trust
10.40%, 05/01/2018		27,219,087		31,574,141

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

Transamerica Funds Semi-Annual Report 2013

Page    85

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Beverages - 0.5%
Anheuser-Busch InBev Worldwide, Inc.
9.75%, 11/17/2015		BRL  21,570,000		$  11,681,167
Coca-Cola Bottling Co. Consolidated
5.00%, 06/15/2016		$  7,650,000		8,362,261
Capital Markets - 2.3%
Macquarie Group, Ltd.
7.30%, 08/01/2014 - 144A		25,590,000		27,325,002
Morgan Stanley
3.80%, 04/29/2016		13,860,000		14,747,276
Morgan Stanley, Series GMTN
6.00%, 04/28/2015		40,000,000		43,590,800
Morgan Stanley, Series MTN
3.00%, 08/31/2017 (B) (F)		1,500,000		1,549,522
Chemicals - 0.3%
Ashland, Inc.
3.00%, 03/15/2016 - 144A (F)		10,000,000		10,225,000
Commercial Banks - 8.8%
Bank of America NA
6.00%, 06/15/2016		10,000,000		11,241,910
Barclays Bank PLC
6.05%, 12/04/2017 - 144A		29,900,000		33,850,538
BBVA US Senior SAU
2.42%, 05/16/2014 (B)		5,990,000		6,020,268
3.25%, 05/16/2014 (F)		21,548,000		21,759,364
BNP Paribas / BNP Paribas US Medium-Term Note Program LLC
5.13%, 01/15/2015 - 144A		9,960,000		10,462,980
Export-Import Bank of Korea
4.00%, 01/11/2017 (F)		13,900,000		15,127,662
First Horizon National Corp.
5.38%, 12/15/2015		19,628,000		21,381,153
First Tennessee Bank NA
5.05%, 01/15/2015		21,185,000		22,164,234
ING Bank NV
5.13%, 05/01/2015 - 144A		5,000,000		5,242,200
Intesa Sanpaolo SpA
3.13%, 01/15/2016 (F)		9,617,000		9,613,509
3.88%, 01/16/2018		10,000,000		10,006,800
JPMorgan Chase Bank NA
5.88%, 06/13/2016		28,428,000		32,335,628
6.00%, 10/01/2017		15,000,000		17,745,090
Korea Development Bank
8.00%, 01/23/2014		3,000,000		3,146,397
Regions Bank
7.50%, 05/15/2018		2,550,000		3,163,323
Regions Financial Corp.
5.75%, 06/15/2015 (F)		19,250,000		20,965,695
7.75%, 11/10/2014		13,000,000		14,361,503
Royal Bank of Scotland Group PLC
5.00%, 10/01/2014 (F)		9,820,000		10,144,060
5.05%, 01/08/2015 (F)		6,310,000		6,572,868
US Bancorp
3.44%, 02/01/2016		25,000,000		26,614,700
Zions Bancorporation
4.00%, 06/20/2016		10,000,000		10,497,420
7.75%, 09/23/2014		20,759,000		22,530,988

	Principal		Value
Commercial Services & Supplies - 0.7%
ADOP CO
6.63%, 10/01/2017 - 144A		$  15,000,000		$  17,211,750
Hutchison Whampoa International 11, Ltd.
3.50%, 01/13/2017 - 144A (F)		9,600,000		10,188,403
Communications Equipment - 0.2%
CC Holdings GS V LLC / Crown Castle GS III Corp.
2.38%, 12/15/2017 - 144A		6,950,000		7,026,860
Construction Materials - 1.0%
CRH America, Inc.
6.00%, 09/30/2016 (F)		33,015,000		37,698,541
Vulcan Materials Co.
6.30%, 06/15/2013		2,000		2,000
Containers & Packaging - 0.3%
Rexam PLC
6.75%, 06/01/2013 - 144A		11,424,000		11,449,041
Distributors - 0.8%
Glencore Funding LLC
6.00%, 04/15/2014 - 144A		29,555,000		30,858,878
Diversified Financial Services - 4.8%
Bank of America Corp.
5.42%, 03/15/2017		20,206,000		22,400,149
Citigroup, Inc.
5.30%, 01/07/2016 (F)		25,694,000		28,383,931
CNH Capital LLC
3.88%, 11/01/2015		18,000,000		18,630,000
Ford Motor Credit Co., LLC
7.00%, 04/15/2015		7,900,000		8,703,825
8.00%, 12/15/2016 (F)		23,033,000		27,725,168
Lazard Group LLC
7.13%, 05/15/2015		5,974,000		6,592,249
Merrill Lynch & Co., Inc.
6.05%, 05/16/2016 (F)		6,300,000		7,006,948
Murray Street Investment Trust I
4.65%, 03/09/2017 (C)		44,866,000		49,144,915
NASDAQ OMX Group, Inc.
4.00%, 01/15/2015 (F)		5,000,000		5,220,000
PTTEP Australia International Finance Pty, Ltd.
4.15%, 07/19/2015 - 144A		6,000,000		6,310,200
Diversified Telecommunication Services - 3.0%
GTP Towers Issuer LLC
4.44%, 02/15/2040 - 144A		25,765,000		26,912,084
Qwest Corp.
8.38%, 05/01/2016		11,007,000		13,016,185
Telecom Italia Capital SA
4.95%, 09/30/2014 (F)		5,238,000		5,465,528
5.25%, 11/15/2013 (F)		5,000,000		5,102,500
6.18%, 06/18/2014 (F)		26,189,000		27,503,583
Telefonica Emisiones SAU
3.73%, 04/27/2015		31,930,000		33,117,700
3.99%, 02/16/2016 (F)		4,000,000		4,208,332
Electric Utilities - 0.7%
Iberdrola Finance Ireland, Ltd.
3.80%, 09/11/2014 - 144A		24,822,000		25,615,559

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

Transamerica Funds Semi-Annual Report 2013

Page    86

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Electronic Equipment & Instruments - 1.0%
Avnet, Inc.
6.00%, 09/01/2015		$  18,943,000		$  20,562,077
6.63%, 09/15/2016 (F)		15,199,000		17,259,209
Energy Equipment & Services - 2.5%
Boardwalk Pipelines, LP
5.88%, 11/15/2016		11,075,000		12,528,660
DCP Midstream Operating, LP
3.25%, 10/01/2015		24,545,000		25,611,137
Korea National Oil Corp.
5.38%, 07/30/2014 - 144A		15,830,000		16,609,358
NuStar Pipeline Operating Partnership, LP
5.88%, 06/01/2013 (F)		3,000,000		3,008,406
Sunoco Logistics Partners Operations, LP
6.13%, 05/15/2016		17,646,000		19,580,725
Transocean, Inc.
5.05%, 12/15/2016		14,975,000		16,700,420
Food & Staples Retailing - 0.1%
Delhaize Group SA
6.50%, 06/15/2017 (F)		2,800,000		3,232,132
Health Care Equipment & Supplies - 0.5%
Boston Scientific Corp.
6.25%, 11/15/2015 (F)		15,638,000		17,502,097
Health Care Providers & Services - 0.8%
Owens & Minor, Inc.
6.35%, 04/15/2016		27,220,000		29,761,042
Hotels, Restaurants & Leisure - 1.0%
CityCenter Holdings LLC / CityCenter Finance Corp.
10.75%, 01/15/2017 (F) (G)		15,000,000		16,593,750
MGM Resorts International
10.00%, 11/01/2016 (F)		18,460,000		22,382,750
Household Durables - 0.7%
Meritage Homes Corp.
4.50%, 03/01/2018 - 144A		9,500,000		9,547,500
Whirlpool Corp.
7.75%, 07/15/2016		12,970,000		15,332,940
Independent Power Producers & Energy Traders - 1.0%
TransAlta Corp.
4.75%, 01/15/2015		35,701,000		37,676,693
Insurance - 6.4%
21st Century Insurance Group
5.90%, 12/15/2013		6,570,000		6,749,748
American International Group, Inc.
2.38%, 08/24/2015 (F)		7,540,000		7,725,228
Aspen Insurance Holdings, Ltd.
6.00%, 08/15/2014		15,291,000		16,196,074
Genworth Financial, Inc., Series GMTN
6.52%, 05/22/2018 (F)		12,677,000		14,733,425
Genworth Holdings, Inc.
4.95%, 10/01/2015		6,358,000		6,818,872
8.63%, 12/15/2016 (F)		6,000,000		7,338,078
ING US, Inc.
2.90%, 02/15/2018 - 144A (F)		28,165,000		28,825,385
Liberty Mutual Group, Inc.
5.75%, 03/15/2014 - 144A		19,200,000		19,869,773
Prudential Covered Trust
3.00%, 09/30/2015 - 144A		1,080,000		1,127,031

	Principal		Value
Insurance (continued)
State Auto Financial Corp.
6.25%, 11/15/2013		$  12,695,000		$  12,869,582
Stone Street Trust
5.90%, 12/15/2015 - 144A		29,415,000		31,927,953
Transatlantic Holdings, Inc.
5.75%, 12/14/2015		25,760,000		28,477,860
Willis North America, Inc.
6.20%, 03/28/2017		18,081,000		20,685,224
WR Berkley Corp.
5.60%, 05/15/2015		35,260,000		37,988,560
IT Services - 1.2%
Affiliated Computer Services, Inc.
5.20%, 06/01/2015 (F)		16,300,000		17,455,800
Computer Sciences Corp.
2.50%, 09/15/2015		25,615,000		26,304,095
Metals & Mining - 2.3%
Anglo American Capital PLC
9.38%, 04/08/2014 - 144A		12,156,000		13,089,435
Kinross Gold Corp.
3.63%, 09/01/2016		13,160,000		13,456,850
Vale Overseas, Ltd.
6.25%, 01/11/2016		27,000,000		30,437,019
Xstrata Finance Canada, Ltd.
2.85%, 11/10/2014 - 144A		9,960,000		10,203,502
5.80%, 11/15/2016 - 144A		18,163,000		20,647,208
Multi-Utilities - 0.4%
Black Hills Corp.
9.00%, 05/15/2014		12,521,000		13,486,144
Oil, Gas & Consumable Fuels - 7.3%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		17,450,000		20,065,476
Chesapeake Energy Corp.
9.50%, 02/15/2015		14,465,000		16,345,450
Empresa Nacional del Petroleo
4.88%, 03/15/2014 - 144A		3,681,000		3,767,831
Energy Transfer Partners, LP
8.50%, 04/15/2014		9,428,000		10,095,663
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014 - 144A		34,395,000		37,266,982
KazMunayGas National Co.
8.38%, 07/02/2013 - 144A		23,000,000		23,197,800
Lukoil International Finance BV
3.42%, 04/24/2018 - 144A (F)		13,425,000		13,666,650
6.38%, 11/05/2014 - 144A		21,650,000		23,254,265
Petrobras International Finance Co.
2.88%, 02/06/2015 (F)		11,930,000		12,180,411
3.50%, 02/06/2017 (F)		17,000,000		17,712,589
Petrohawk Energy Corp.
7.25%, 08/15/2018		29,270,000		32,394,572
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.83%, 09/30/2016 - 144A		23,070,222		24,915,840
Rosneft Oil Co. via Rosneft International Finance, Ltd.
3.15%, 03/06/2017 - 144A (F)		5,000,000		5,049,750
Tengizchevoil Finance Co., SARL
6.12%, 11/15/2014 - 144A		10,697,113		10,929,454
TNK-BP Finance SA
6.25%, 02/02/2015 - 144A		25,000,000		26,755,000

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

Transamerica Funds Semi-Annual Report 2013

Page    87

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Paper & Forest Products - 0.2%
Celulosa Arauco y Constitucion SA
5.13%, 07/09/2013 (F)		$  9,400,000		$  9,449,049
Pharmaceuticals - 0.4%
Hospira, Inc., Series GMTN
6.40%, 05/15/2015 (F)		15,244,000		16,682,393
Real Estate Investment Trusts - 3.1%
Digital Realty Trust, LP
4.50%, 07/15/2015		14,200,000		15,146,629
Hospitality Properties Trust
7.88%, 08/15/2014		10,000,000		10,505,520
Kilroy Realty, LP
5.00%, 11/03/2015 (F)		14,130,000		15,335,035
National Retail Properties, Inc.
6.15%, 12/15/2015		14,850,000		16,569,986
6.25%, 06/15/2014		9,958,000		10,501,259
PPF Funding, Inc.
5.50%, 01/15/2014 - 144A		5,070,000		5,195,878
UDR, Inc.
5.50%, 04/01/2014		5,500,000		5,716,881
WCI Finance LLC / WEA Finance LLC
5.70%, 10/01/2016 - 144A		17,000,000		19,390,965
WEA Finance LLC / WT Finance AUST Pty, Ltd.
5.75%, 09/02/2015 - 144A		17,115,000		18,957,276
Real Estate Management & Development - 0.5%
First Industrial, LP
5.75%, 01/15/2016		16,570,000		17,716,727
6.42%, 06/01/2014		2,691,000		2,799,749
Road & Rail - 1.1%
Aviation Capital Group Corp.
4.63%, 01/31/2018 - 144A (F)		19,555,000		20,397,938
GATX Financial Corp.
5.80%, 03/01/2016		19,000,000		21,114,567
Trading Companies & Distributors - 1.5%
International Lease Finance Corp.
6.75%, 09/01/2016 - 144A		30,280,000		34,443,500
Noble Group, Ltd.
8.50%, 05/30/2013 - 144A		24,175,000		24,283,788
Transportation Infrastructure - 1.0%
Penske Truck Leasing Co., LP / PTL Finance Corp.
2.50%, 07/11/2014 - 03/15/2016 - 144A		8,000,000		8,228,699
3.13%, 05/11/2015 - 144A		30,070,000		31,265,373
Wireless Telecommunication Services - 3.1%
Crown Castle Towers LLC
3.21%, 08/15/2015 - 144A		12,000,000		12,510,936
4.52%, 01/15/2015 - 144A		15,870,000		16,822,803
Richland Towers Funding LLC / Management Funding / RTM Boston / Seattle Funding
4.61%, 03/15/2016 - 144A		11,144,487		11,881,472
SBA Tower Trust
4.25%, 04/15/2015 - 144A (F)		29,090,000		30,277,134
Sprint Nextel Corp.
8.38%, 08/15/2017		18,000,000		20,970,000

	Principal		Value
Wireless Telecommunication Services (continued)
WCP Wireless Site Funding / WCP Wireless Site RE Funding / WCP Wireless Site NON
4.14%, 11/15/2015 - 144A		$  24,132,609		$  25,089,129
Total Corporate Debt Securities (cost $2,342,852,288)				2,398,897,204
LOAN ASSIGNMENTS - 2.0%
Commercial Services & Supplies - 0.1%
KAR Auction Services, Inc., Tranche B
3.75%, 05/19/2017 (B) (D) (E)		4,095,995		4,143,357
Food & Staples Retailing - 0.1%
Albertsons LLC
5.75%, 03/21/2016 (B) (D) (E)		3,400,000		3,437,189
Food Products - 0.4%
Michael Foods Group, Inc.
4.25%, 02/23/2018 (B) (D) (E)		13,638,638		13,834,694
Health Care Providers & Services - 0.4%
HCA, Inc.
3.53%, 03/31/2017 (B) (D) (E)		13,500,000		13,516,780
Hotels, Restaurants & Leisure - 0.7%
Dunkin’ Brands, Inc., Tranche B3
3.75%, 02/14/2020 (B) (D) (E)		15,871,084		16,026,954
Scientific Games International, Inc., Tranche B1
3.20%, 06/30/2015 (B) (D) (E)		11,833,572		11,842,447
Media - 0.1%
Nielsen Finance LLC, Tranche E - , 05/02/2016 (B) (D) (E) (H)		5,000,000		5,058,750
Personal Products - 0.2%
Revlon Inc., Tranche B
4.00%, 11/20/2017 (B) (D) (E)		8,479,900		8,599,152
Total Loan Assignments (cost $74,988,342)				76,459,323
	Shares		Value
SECURITIES LENDING COLLATERAL - 2.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (I)		96,347,115		96,347,115
Total Securities Lending Collateral (cost $96,347,115)				96,347,115
	Principal		Value
REPURCHASE AGREEMENT - 3.1%
State Street Bank & Trust Co. 0.03% (I), dated 04/30/2013, to be repurchased at $118,114,524 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 09/25/2039 -01/01/2042, and with a total value of $120,478,594.		$  118,114,426		118,114,426
Total Repurchase Agreement (cost $118,114,426)				118,114,426
Total Investment Securities (cost $3,770,617,879) (J)				3,847,591,650
Other Assets and Liabilities - Net				(58,695,131	)
Net Assets				$  3,788,896,519

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

Transamerica Funds Semi-Annual Report 2013

Page    88

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Percentage rounds to less than 0.1%.

(B) Floating or variable rate note. Rate is listed as of April 30, 2013.

(C) Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of April 30, 2013. Maturity date disclosed is the ultimate maturity date.

(D) Illiquid. Total aggregate market value of illiquid securities is $94,090,204, or 2.48% of the fund’s net assets.

(E) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Municipal Government Obligation	Rhode Island Economic Development Corp. - Insurer: AGM		10/25/2010	$	16,950,000	$	17,630,881		0.47	%
Loan Assignments	KAR Auction Services, Inc., Tranche B		3/8/2013		4,095,995		4,143,357		0.11
Loan Assignments	Albertsons LLC		2/27/2013		3,383,000		3,437,189		0.09
Loan Assignments	Michael Foods Group, Inc.		8/30/2011 - 5/16/2012		13,200,346		13,834,694		0.36
Loan Assignments	HCA, Inc.		1/25/2012 - 3/8/2012		13,341,988		13,516,780		0.36
Loan Assignments	Dunkin’ Brands, Inc., Tranche B3		2/14/2013		15,742,500		16,026,954		0.42
Loan Assignments	Scientific Games International, Inc., Tranche B1		1/25/2012		11,742,174		11,842,447		0.31
Loan Assignments	Nielsen Finance LLC, Tranche E		2/25/2013		5,000,000		5,058,750		0.13
Loan Assignments	Revlon Inc., Tranche B		2/21/2013		8,482,339		8,599,152		0.23
				$	91,938,342	$	94,090,204		2.48	%

(F) All or a portion of this security is on loan. The value of all securities on loan is $94,378,408. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

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

(H) All or portion of this security represents unsettled loan commitment at April 30, 2013 where the rate will be determined at time of settlement.

(I) Rate shown reflects the yield at April 30, 2013.

(J) Aggregate cost for federal income tax purposes is $3,770,617,879. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $80,747,440 and $3,773,669, respectively. Net unrealized appreciation for tax purposes is $76,973,771.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $1,727,613,242 or 45.60% of the fund’s net assets.
AGM	Assured Guaranty Municipal Corporation
CLO	Collateralized Loan Obligation
GMTN	Global Medium Term Note
MTN	Medium Term Note
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 ABBREVIATION:

BRL Brazilian Real

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

Transamerica Funds Semi-Annual Report 2013

Page    89

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (K)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Agency Obligation	$	—	$	702,554		$	—	$	702,554
Mortgage-Backed Securities		—		809,160,833			—		809,160,833
Asset-Backed Securities		—		330,279,314			—		330,279,314
Municipal Government Obligation		—		17,630,881			—		17,630,881
Corporate Debt Securities		—		2,398,897,204			—		2,398,897,204
Loan Assignments		—		76,459,323			—		76,459,323
Securities Lending Collateral		96,347,115		—			—		96,347,115
Repurchase Agreement		—		118,114,426			—		118,114,426
Total Investment Securities	$	96,347,115	$	3,751,244,535		$	—	$	3,847,591,650
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (L)
Collateral for Securities on Loan	$	—	$	(96,347,115	)	$	—	$	(96,347,115	)
Total Other Liabilities	$	—	$	(96,347,115	)	$	—	$	(96,347,115	)

(K) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(L) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    90

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 95.9%
Aerospace & Defense - 2.6%
Triumph Group, Inc.		141,560		$  11,310,644
Air Freight & Logistics - 1.2%
Hub Group, Inc. - Class A (A) (B)		138,935		5,091,968
Chemicals - 1.0%
Kraton Performance Polymers, Inc. (A)		203,390		4,618,987
Commercial Banks - 10.3%
Bank of the Ozarks, Inc. (B)		206,050		8,433,626
Home Bancshares, Inc. (B)		177,740		7,059,833
PrivateBancorp, Inc. - Class A (B)		606,820		11,638,808
Signature Bank (A) (B)		75,070		5,375,763
SVB Financial Group (A) (B)		106,640		7,583,170
Texas Capital Bancshares, Inc. (A) (B)		130,790		5,448,711
Commercial Services & Supplies - 2.7%
Healthcare Services Group Inc. (B)		531,460		11,846,243
Communications Equipment - 1.6%
Ixia (A) (B)		201,060		3,311,458
Procera Networks, Inc. (A) (B)		324,388		3,597,463
Diversified Consumer Services - 0.5%
Coinstar, Inc. (A) (B)		39,343		2,077,704
Diversified Financial Services - 1.4%
MarketAxess Holdings, Inc.		141,295		5,979,604
Electrical Equipment - 2.0%
EnerSys, Inc. (A) (B)		192,480		8,823,283
Energy Equipment & Services - 1.3%
Pacific Drilling SA (A)		582,770		5,816,045
Food Products - 2.5%
Annie’s, Inc. (A)		109,990		4,156,522
TreeHouse Foods, Inc. (A)		107,510		6,849,462
Health Care Equipment & Supplies - 1.7%
Cantel Medical Corp.		140,136		4,429,699
Neogen Corp. (A)		62,141		3,158,627
Health Care Providers & Services - 4.6%
Air Methods Corp. (B)		337,530		12,350,223
Centene Corp. (A)		167,450		7,736,190
Health Care Technology - 6.9%
athenahealth, Inc. (A) (B)		107,800		10,376,828
HMS Holdings Corp. (A) (B)		245,720		6,194,601
Medidata Solutions, Inc. (A) (B)		134,920		8,953,291
Vocera Communications, Inc. - Class A (A)		240,048		4,752,951
Hotels, Restaurants & Leisure - 3.2%
Buffalo Wild Wings, Inc. (A) (B)		51,770		4,659,300
Red Robin Gourmet Burgers, Inc. (A) (B)		96,025		4,644,729
Sonic Corp. (A)		384,810		4,821,670
Household Durables - 2.6%
Meritage Homes Corp. (A)		234,970		11,464,186
Insurance - 1.3%
Hilltop Holdings, Inc. (A)		444,600		5,953,194
Internet Software & Services - 3.0%
LivePerson, Inc. (A) (B)		415,109		5,321,697
SPS Commerce, Inc. (A) (B)		169,460		7,986,650
IT Services - 2.0%
MAXIMUS, Inc. - Class A (B)		108,095		8,614,091
Life Sciences Tools & Services - 2.7%
ICON PLC (A)		88,149		2,831,346
PAREXEL International Corp. (A) (B)		216,470		8,864,446
Machinery - 4.7%
Chart Industries, Inc. (A) (B)		68,520		5,811,181
Wabtec Corp.		143,450		15,053,643

	Shares		Value
Oil, Gas & Consumable Fuels - 6.2%
Approach Resources, Inc. (A) (B)		457,110		$  10,842,649
Callon Petroleum Co. (A) (B)		429,540		1,537,753
Gulfport Energy Corp. (A)		282,680		14,753,070
Personal Products - 3.1%
Inter Parfums, Inc.		197,130		5,710,856
Prestige Brands Holdings, Inc. (A)		296,060		7,978,817
Pharmaceuticals - 2.6%
Akorn, Inc. - Class A (A) (B)		756,665		11,387,808
Professional Services - 3.2%
Advisory Board Co. (A) (B)		284,625		13,989,319
Semiconductors & Semiconductor Equipment - 2.2%
Applied Micro Circuits Corp. (A) (B)		831,160		6,200,453
Inphi Corp. (A) (B)		391,870		3,687,497
Software - 5.9%
AVG Technologies NV (A) (B)		396,780		6,475,450
QLIK Technologies, Inc. (A) (B)		175,600		4,567,356
Sourcefire, Inc. (A)		79,000		3,773,040
Synchronoss Technologies, Inc. (A) (B)		394,075		11,168,085
Specialty Retail - 8.6%
Asbury Automotive Group, Inc. (A) (B)		246,310		9,874,568
Express, Inc. (A)		246,160		4,482,574
Francesca’s Holdings Corp. (A) (B)		162,650		4,645,284
Group 1 Automotive, Inc. (B)		145,490		8,799,235
Pier 1 Imports, Inc. (B)		435,990		10,119,328
Textiles, Apparel & Luxury Goods - 2.4%
Deckers Outdoor Corp. (A) (B)		81,020		4,465,822
Steven Madden, Ltd. - Class B (A)		125,700		6,112,791
Trading Companies & Distributors - 1.9%
Beacon Roofing Supply, Inc. (A) (B)		222,300		8,476,299
Total Common Stocks (cost $386,427,519)				422,045,891
SECURITIES LENDING COLLATERAL - 23.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		103,636,963		103,636,963
Total Securities Lending Collateral (cost $103,636,963)				103,636,963
	Principal		Value
REPURCHASE AGREEMENT - 7.8%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $34,256,767 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $34,943,643.		$  34,256,738		34,256,738
Total Repurchase Agreement (cost $34,256,738)				34,256,738
Total Investment Securities (cost $524,321,220) (D)				559,939,592
Other Assets and Liabilities - Net				(119,641,498	)
Net Assets				$  440,298,094

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

Transamerica Funds Semi-Annual Report 2013

Page    91

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Non-income producing security.

(B) All or a portion of this security is on loan. The value of all securities on loan is $101,248,771. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $524,321,220. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $44,415,271 and $8,796,899, respectively. Net unrealized appreciation for tax purposes is $35,618,372.

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	422,045,891	$	—		$	—	$	422,045,891
Securities Lending Collateral		103,636,963		—			—		103,636,963
Repurchase Agreement		—		34,256,738			—		34,256,738
Total Investment Securities	$	525,682,854	$	34,256,738		$	—	$	559,939,592
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(103,636,963	)	$	—	$	(103,636,963	)
Total Other Liabilities	$	—	$	(103,636,963	)	$	—	$	(103,636,963	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    92

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 95.9%
Aerospace & Defense - 0.0% (A)
AAR Corp.		14,246		$  254,434
Air Freight & Logistics - 0.7%
Air Transport Services Group, Inc. (B) (C)		783,661		4,521,724
Airlines - 0.2%
SkyWest, Inc.		72,213		1,033,368
Automobiles - 1.6%
Thor Industries, Inc. (C)		258,292		9,580,050
Capital Markets - 4.1%
Ares Capital Corp.		753,565		13,684,740
Investment Technology Group, Inc. (B) (C)		89,387		973,424
Waddell & Reed Financial, Inc. - Class A		200,902		8,612,669
Walter Investment Management Corp. (B) (C)		48,044		1,612,357
Chemicals - 1.8%
RPM International, Inc.		109,052		3,533,285
Sensient Technologies Corp.		186,164		7,325,553
Commercial Banks - 10.7%
BancorpSouth, Inc. (C)		178,899		2,862,384
Bank of Hawaii Corp. (C)		118,286		5,641,059
BBCN Bancorp, Inc.		667,909		8,602,668
Community Bank System, Inc. (C)		63,492		1,818,411
East-West Bancorp, Inc.		431,027		10,486,887
First Niagara Financial Group, Inc. (C)		1,054,397		10,027,315
FirstMerit Corp.		314,768		5,391,976
FNB Corp. (C)		588,882		6,707,366
Hancock Holding Co. (C)		260,547		7,105,117
Trustmark Corp. - Class A (C)		255,111		6,262,975
Commercial Services & Supplies - 3.2%
ACCO Brands Corp. (B) (C)		744,514		5,025,470
ARC Document Solutions, Inc. (B)		380,255		1,220,619
Deluxe Corp. (C)		245,525		9,364,323
Ennis, Inc.		225,747		3,469,731
Communications Equipment - 2.9%
Black Box Corp.		274,495		5,962,032
Oplink Communications, Inc. (B)		437,150		7,178,003
Plantronics, Inc. (C)		94,398		4,136,520
Computers & Peripherals - 0.5%
QLogic Corp. (B) (C)		261,474		2,839,608
Construction & Engineering - 0.6%
Aegion Corp. - Class A (B) (C)		121,284		2,554,241
Tutor Perini Corp. (B) (C)		65,907		1,083,511
Consumer Finance - 1.8%
World Acceptance Corp. (B) (C)		123,987		11,017,485
Containers & Packaging - 2.0%
Greif, Inc. - Class A		129,276		6,227,225
Sonoco Products Co.		167,765		5,878,485
Diversified Financial Services - 0.9%
Fifth Street Finance Corp. (C)		493,479		5,448,008
Electric Utilities - 2.7%
Empire District Electric Co.		287,473		6,632,002
Portland General Electric Co.		300,269		9,683,675
Electrical Equipment - 2.6%
EnerSys, Inc. (B) (C)		143,019		6,555,991
Franklin Electric Co., Inc.		127,197		4,117,367
GrafTech International, Ltd. (B) (C)		732,591		5,260,003
Electronic Equipment & Instruments - 4.6%
Anixter International, Inc. (C)		80,082		5,745,083
Benchmark Electronics, Inc. (B)		174,818		3,118,753
CTS Corp.		457,690		4,874,398

	Shares		Value
Electronic Equipment & Instruments (continued)
Park Electrochemical Corp. (C)		255,083		$  6,088,831
Plexus Corp. (B)		88,415		2,384,553
ScanSource, Inc. (B)		188,683		5,466,147
Energy Equipment & Services - 3.1%
Atwood Oceanics, Inc. (B) (C)		61,367		3,010,052
Gulfmark Offshore, Inc. - Class A (C)		94,736		3,942,912
Tidewater, Inc. (C)		227,042		11,908,353
Food & Staples Retailing - 0.8%
Nash Finch Co.		225,691		4,637,950
Gas Utilities - 1.1%
Atmos Energy Corp. (C)		151,352		6,715,488
Health Care Equipment & Supplies - 2.4%
Hill-Rom Holdings, Inc. (C)		299,851		10,215,924
Symmetry Medical, Inc. (B)		334,250		3,984,260
Health Care Providers & Services - 2.6%
Amsurg Corp. - Class A (B)		201,000		6,745,560
Kindred Healthcare, Inc. (B) (C)		870,190		9,128,293
Hotels, Restaurants & Leisure - 1.6%
Cracker Barrel Old Country Store, Inc.		77,703		6,429,146
Ruth’s Hospitality Group, Inc. (B) (C)		338,586		3,355,387
Household Durables - 0.4%
Harman International Industries, Inc. (C)		52,365		2,341,239
Insurance - 7.5%
American Equity Investment Life Holding Co. (C)		577,917		8,807,455
Donegal Group, Inc. - Class A (C)		45,128		660,674
FBL Financial Group, Inc. - Class A (C)		93,680		3,682,561
Hanover Insurance Group, Inc. (C)		131,641		6,638,656
HCC Insurance Holdings, Inc. (C)		230,941		9,838,086
Tower Group International, Ltd.		493,992		9,346,329
Validus Holdings, Ltd. (C)		168,230		6,495,360
IT Services - 2.7%
CACI International, Inc. - Class A (B)		278,169		16,270,105
Metals & Mining - 1.6%
Kaiser Aluminum Corp. (C)		154,773		9,750,699
Office Electronics - 1.2%
Zebra Technologies Corp. - Class A (B)		161,732		7,544,798
Oil, Gas & Consumable Fuels - 2.0%
Berry Petroleum Co. - Class A		42,801		2,050,596
Callon Petroleum Co. (B)		440,541		1,577,137
Kodiak Oil & Gas Corp. (B)		370,145		2,898,235
Stone Energy Corp. (B) (C)		277,042		5,466,039
Paper & Forest Products - 0.6%
P.H. Glatfelter Co.		162,419		3,898,056
Personal Products - 3.0%
Nu Skin Enterprises, Inc. - Class A (C)		358,463		18,184,828
Professional Services - 4.0%
CBIZ, Inc. (B) (C)		936,224		6,076,094
FTI Consulting, Inc. (B) (C)		245,694		8,137,385
Korn/Ferry International (B)		607,478		10,053,761
Real Estate Investment Trusts - 7.7%
First Potomac Realty Trust (C)		214,373		3,429,968
Hersha Hospitality Trust - Class A		1,669,434		9,983,215
LaSalle Hotel Properties (C)		90,817		2,354,885
Medical Properties Trust, Inc. (C)		710,125		11,425,911
Omega Healthcare Investors, Inc. (C)		422,806		13,897,633
Ramco-Gershenson Properties Trust (C)		297,116		5,190,617
Road & Rail - 0.9%
Werner Enterprises, Inc. (C)		240,668		5,525,737

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

Transamerica Funds Semi-Annual Report 2013

Page    93

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment - 0.5%
Integrated Silicon Solution, Inc. (B) (C)		341,429		$  3,130,904
Software - 0.8%
American Software, Inc. - Class A (C)		588,714		4,892,213
Specialty Retail - 8.9%
Ascena Retail Group, Inc. - Class B (B) (C)		534,687		9,891,710
Finish Line, Inc. - Class A (C)		173,762		3,369,245
Genesco, Inc. (B)		174,663		10,750,508
JOS A. Bank Clothiers, Inc. (B) (C)		94,933		4,146,673
Rent-A-Center, Inc. (C)		404,957		14,145,148
Select Comfort Corp. (B)		207,785		4,409,198
Sonic Automotive, Inc. - Class A		315,978		6,948,356
Textiles, Apparel & Luxury Goods - 1.6%
Iconix Brand Group, Inc. (B) (C)		330,334		9,464,069
Total Common Stocks (cost $525,635,984)				580,117,234
SECURITIES LENDING COLLATERAL - 18.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		111,382,852		111,382,852
Total Securities Lending Collateral (cost $111,382,852)				111,382,852

	Principal		Value
REPURCHASE AGREEMENT - 7.0%
State Street Bank & Trust Co. 0.03% (D), dated 04/30/2013, to be repurchased at $42,221,806 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, at 2.00% - 2.50% due 11/01/2027, and with a total value of $43,068,799.		$  42,221,771		$  42,221,771
Total Repurchase Agreement (cost $42,221,771)				42,221,771
Total Investment Securities (cost $679,240,607) (E)				733,721,857
Other Assets and Liabilities - Net				(128,849,866	)
Net Assets				$  604,871,991

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Percentage rounds to less than 0.1%.

(B) Non-income producing security.

(C) All or a portion of this security is on loan. The value of all securities on loan is $108,571,818. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(D) Rate shown reflects the yield at April 30, 2013.

(E) Aggregate cost for federal income tax purposes is $679,240,607. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $61,946,205 and $7,464,955, respectively. Net unrealized appreciation for tax purposes is $54,481,250.

VALUATION SUMMARY: (F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	580,117,234	$	—		$	—	$	580,117,234
Securities Lending Collateral		111,382,852		—			—		111,382,852
Repurchase Agreement		—		42,221,771			—		42,221,771
Total Investment Securities	$	691,500,086	$	42,221,771		$	—	$	733,721,857
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (G)
Collateral for Securities on Loan	$	—	$	(111,382,852	)	$	—	$	(111,382,852	)
Total Other Liabilities	$	—	$	(111,382,852	)	$	—	$	(111,382,852	)

(F) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(G) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    94

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 1.1%
American Science & Engineering, Inc.		17,300		$  1,115,504
Curtiss-Wright Corp.		36,500		1,198,660
Orbital Sciences Corp. (A)		97,400		1,755,148
Triumph Group, Inc.		62,325		4,979,767
Air Freight & Logistics - 0.3%
Atlas Air Worldwide Holdings, Inc. (A)		53,840		2,013,616
Airlines - 0.8%
Delta Air Lines, Inc. (A)		354,875		6,082,558
Auto Components - 0.8%
Magna International, Inc. - Class A		106,200		6,390,054
Building Products - 0.9%
A.O. Smith Corp.		42,400		3,198,232
American Woodmark Corp. (A) (B)		14,398		484,493
Fortune Brands Home & Security, Inc. (A)		40,800		1,484,712
Gibraltar Industries, Inc. (A) (B)		122,519		2,291,105
Capital Markets - 2.2%
Evercore Partners, Inc. - Class A		115,175		4,347,856
LPL Financial Holdings, Inc.		24,900		860,544
Piper Jaffray Cos. (A)		34,600		1,168,096
Raymond James Financial, Inc.		141,475		5,859,895
Stifel Financial Corp. (A)		70,000		2,255,400
Waddell & Reed Financial, Inc. - Class A		78,400		3,361,008
Chemicals - 1.8%
Axiall Corp.		107,350		5,630,507
Huntsman Corp.		256,750		4,842,305
OM Group, Inc. (A) (B)		74,200		1,815,674
Tronox, Ltd. - Class A (B)		126,500		2,598,310
Commercial Banks - 6.7%
Fifth Third Bancorp		513,600		8,746,608
First Citizens BancShares, Inc. - Class A		24,463		4,560,392
First Community Bancshares, Inc.		177,440		2,752,094
First Niagara Financial Group, Inc.		236,370		2,247,879
First Republic Bank - Class A		62,600		2,377,548
KeyCorp		488,900		4,874,333
Lakeland Bancorp, Inc. - Class A (B)		145,736		1,393,236
Regions Financial Corp.		1,498,775		12,724,600
Sandy Spring Bancorp, Inc. (B)		118,000		2,416,640
Texas Capital Bancshares, Inc. (A)		44,000		1,833,040
Umpqua Holdings Corp. (B)		190,000		2,280,000
Union First Market Bankshares Corp. (B)		86,594		1,637,493
Washington Trust Bancorp, Inc. (B)		55,921		1,495,887
Webster Financial Corp.		138,400		3,234,408
Wilshire Bancorp, Inc. (A)		303,600		1,940,004
Commercial Services & Supplies - 0.5%
Avery Dennison Corp.		46,250		1,917,063
HNI Corp. (B)		72,200		2,485,846
Communications Equipment - 0.4%
KVH Industries, Inc. (A) (B)		157,983		2,086,955
Polycom, Inc. (A)		121,700		1,277,850
Construction & Engineering - 1.4%
Chicago Bridge & Iron Co. NV - Class Y		23,800		1,280,202
Comfort Systems USA, Inc. - Class A		148,800		1,909,104
EMCOR Group, Inc.		179,625		6,717,975
Foster Wheeler AG (A)		57,200		1,206,920
Construction Materials - 0.7%
Caesar Stone Sdot Yam, Ltd. (A)		239,700		5,623,362
Consumer Finance - 0.6%
Discover Financial Services		114,675		5,015,885

	Shares		Value
Containers & Packaging - 0.3%
Bemis Co., Inc.		68,375		$  2,690,556
Electric Utilities - 1.4%
Cleco Corp.		196,350		9,723,252
MGE Energy, Inc. (B)		27,800		1,552,630
Electrical Equipment - 1.4%
Eaton Corp. PLC		70,750		4,344,757
PowerSecure International, Inc. (A) (B)		338,061		4,631,436
Regal Beloit Corp.		33,300		2,618,046
Electronic Equipment & Instruments - 1.6%
Avnet, Inc. (A)		192,350		6,299,462
Orbotech, Ltd. (A)		177,600		1,820,400
Rofin-Sinar Technologies, Inc. (A) (B)		54,800		1,364,520
Universal Display Corp. - Class A (A) (B)		34,200		1,075,248
Vishay Intertechnology, Inc. (A) (B)		194,800		2,734,992
Energy Equipment & Services - 1.5%
Dresser-Rand Group, Inc. (A)		35,600		1,979,716
Helix Energy Solutions Group, Inc. - Class A (A)		77,000		1,774,080
Patterson-UTI Energy, Inc. (B)		395,400		8,338,986
Food & Staples Retailing - 0.7%
Kroger Co.		160,000		5,500,800
Food Products - 2.5%
Ingredion, Inc.		49,025		3,530,290
J&J Snack Foods Corp.		25,145		1,886,378
JM Smucker Co.		46,325		4,782,130
Sanderson Farms, Inc.		38,600		2,364,636
Tyson Foods, Inc. - Class A		302,725		7,456,117
Health Care Equipment & Supplies - 3.0%
AngioDynamics, Inc. (A)		123,500		1,251,055
Becton Dickinson and Co.		66,025		6,226,157
Boston Scientific Corp. (A)		524,550		3,928,880
CareFusion Corp. - Class A (A)		139,525		4,665,716
Greatbatch, Inc. (A) (B)		102,957		2,876,619
Sirona Dental Systems, Inc. (A)		78,025		5,737,958
Health Care Providers & Services - 2.5%
Aetna, Inc.		63,925		3,671,852
Coventry Health Care, Inc.		45,800		2,269,390
Health Net, Inc. (A)		60,000		1,764,000
HealthSouth Corp. (A)		106,900		2,939,750
Omnicare, Inc. (B)		162,350		7,106,059
WellCare Health Plans, Inc. (A)		41,600		2,425,696
Health Care Technology - 0.4%
Omnicell, Inc. (A)		176,800		3,185,936
Hotels, Restaurants & Leisure - 0.6%
Churchill Downs, Inc.		58,800		4,495,848
Household Durables - 4.0%
Harman International Industries, Inc.		40,800		1,824,168
Helen of Troy, Ltd. (A)		43,400		1,513,792
La-Z-Boy, Inc.		139,400		2,517,564
MDC Holdings, Inc. (B)		39,925		1,501,180
Mohawk Industries, Inc. (A)		33,475		3,711,708
Newell Rubbermaid, Inc.		283,000		7,454,220
Ryland Group, Inc. (B)		186,471		8,402,383
Whirlpool Corp.		48,035		5,489,440
Household Products - 0.7%
Spectrum Brands Holdings, Inc. - Class A		97,300		5,448,800
Independent Power Producers & Energy Traders - 2.1%
AES Corp.		498,725		6,912,329
NRG Energy, Inc.		372,075		10,369,730

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

Transamerica Funds Semi-Annual Report 2013

Page    95

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Insurance - 7.7%
Alleghany Corp. (A)		9,000		$  3,543,660
Allstate Corp.		56,675		2,791,811
Aspen Insurance Holdings, Ltd.		92,500		3,532,575
eHealth, Inc. (A) (B)		45,300		948,582
Fidelity National Financial, Inc. - Class A		115,625		3,104,531
HCC Insurance Holdings, Inc.		114,000		4,856,400
Lincoln National Corp.		379,175		12,895,742
Selective Insurance Group, Inc. (B)		234,400		5,491,992
United Fire Group, Inc.		242,943		6,792,686
Unum Group		181,400		5,059,246
Validus Holdings, Ltd.		357,250		13,793,422
Internet Software & Services - 1.6%
AOL, Inc. (A)		89,900		3,473,736
Blucora, Inc. (A) (B)		58,500		864,045
IAC/InterActiveCorp		62,000		2,918,340
ValueClick, Inc. (A) (B)		117,616		3,629,630
XO Group, Inc. (A)		180,200		2,029,052
IT Services - 1.6%
CoreLogic, Inc. (A)		144,875		3,952,190
Fidelity National Information Services, Inc.		138,900		5,840,745
Global Payments, Inc. (B)		48,000		2,227,200
Sykes Enterprises, Inc. (A)		65,500		1,008,045
Life Sciences Tools & Services - 0.2%
ICON PLC (A)		49,550		1,591,546
Machinery - 4.2%
AGCO Corp.		102,997		5,484,590
Altra Holdings, Inc.		135,400		3,608,410
CIRCOR International, Inc.		89,500		4,236,035
Columbus McKinnon Corp. (A)		50,500		948,390
Crane Co.		32,000		1,722,560
Mueller Industries, Inc.		75,000		3,883,500
NN, Inc. (A)		182,770		1,646,758
Oshkosh Corp. (A)		42,800		1,680,328
Terex Corp. (A)		202,800		5,800,080
Trinity Industries, Inc.		78,523		3,314,456
Wabash National Corp. (A) (B)		161,600		1,523,888
Media - 0.7%
Gannett Co., Inc. (B)		291,950		5,885,712
Metals & Mining - 1.0%
Kaiser Aluminum Corp. (B)		23,500		1,480,500
Nucor Corp.		152,900		6,669,498
Multi-Utilities - 2.5%
CMS Energy Corp.		284,500		8,517,930
NiSource, Inc. - Class B		193,425		5,943,950
NorthWestern Corp.		135,000		5,807,700
Office Electronics - 0.7%
Xerox Corp.		624,175		5,355,422
Oil, Gas & Consumable Fuels - 5.1%
Energen Corp.		158,675		7,524,368
Gulfport Energy Corp. (A)		22,600		1,179,494
Hess Corp.		69,950		5,048,991
HollyFrontier Corp.		86,750		4,289,788
Peabody Energy Corp.		291,675		5,851,000
SM Energy Co.		54,500		3,324,500
Valero Energy Corp.		77,450		3,122,784
W&T Offshore, Inc. (B)		137,575		1,606,876
Western Refining, Inc. (B)		71,100		2,197,701
Whiting Petroleum Corp. (A)		169,400		7,538,300

	Shares		Value
Paper & Forest Products - 1.9%
Domtar Corp.		35,400		$  2,460,654
International Paper Co.		192,600		9,048,348
P.H. Glatfelter Co.		150,300		3,607,200
Pharmaceuticals - 1.1%
Jazz Pharmaceuticals PLC (A)		94,990		5,542,666
Nektar Therapeutics (A) (B)		333,333		3,613,330
Professional Services - 1.6%
FTI Consulting, Inc. (A) (B)		50,200		1,662,624
On Assignment, Inc. (A) (B)		133,200		3,232,764
Towers Watson & Co. - Class A		107,300		7,824,316
Real Estate Investment Trusts - 8.9%
BioMed Realty Trust, Inc. - Basis B		360,675		8,118,794
Brandywine Realty Trust (B)		986,650		14,730,685
CBL & Associates Properties, Inc.		156,500		3,777,910
Corrections Corp. of America		167,325		6,057,165
DiamondRock Hospitality Co.		265,800		2,652,684
Equity One, Inc.		127,100		3,239,779
Excel Trust, Inc. (B)		328,219		4,998,776
Home Properties, Inc.		32,700		2,107,842
Kilroy Realty Corp. (B)		201,975		11,429,765
Liberty Property Trust - Series C		173,875		7,474,886
National Retail Properties, Inc. (B)		107,700		4,273,536
Weingarten Realty Investors (B)		91,800		3,127,626
Real Estate Management & Development - 0.8%
CBRE Group, Inc. - Class A (A)		269,575		6,529,106
Road & Rail - 1.3%
AMERCO		16,300		2,619,410
Ryder System, Inc. - Class A		140,779		8,175,037
Semiconductors & Semiconductor Equipment - 5.8%
Broadcom Corp. - Class A		70,825		2,549,700
Brooks Automation, Inc. - Class A (B)		247,900		2,409,588
Entegris, Inc. (A)		284,600		2,698,008
LAM Research Corp. (A)		105,175		4,861,189
LTX-Credence Corp. (A)		410,500		2,421,950
Micron Technology, Inc. (A)		541,725		5,103,049
MKS Instruments, Inc.		67,600		1,816,412
NXP Semiconductor NV (A)		292,229		8,050,909
OmniVision Technologies, Inc. (A) (B)		270,000		3,620,700
RF Micro Devices, Inc. (A)		230,000		1,290,300
Silicon Motion Technology Corp. - ADR (B)		194,200		2,116,780
Skyworks Solutions, Inc. (A)		318,350		7,025,984
Teradyne, Inc. (A)		70,100		1,152,444
Veeco Instruments, Inc. (A) (B)		48,200		1,834,974
Software - 2.0%
AVG Technologies NV (A) (B)		127,000		2,072,640
Electronic Arts, Inc. (A)		174,000		3,064,140
Progress Software Corp. (A)		63,700		1,437,709
Seachange International, Inc. (A)		97,000		1,053,420
Symantec Corp. (A)		244,950		5,952,285
Websense, Inc. (A)		170,000		3,032,800
Specialty Retail - 4.7%
Abercrombie & Fitch Co. - Class A		201,950		10,008,642
American Eagle Outfitters, Inc.		128,500		2,499,325
ANN, Inc. (A)		91,001		2,688,170
Express, Inc. (A)		115,000		2,094,150
Finish Line, Inc. - Class A (B)		149,400		2,896,866
Foot Locker, Inc.		178,975		6,240,858
GameStop Corp. - Class A (B)		79,100		2,760,590

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

Transamerica Funds Semi-Annual Report 2013

Page    96

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Specialty Retail (continued)
GNC Holdings, Inc. - Class A		134,500		$  6,096,885
Staples, Inc.		242,575		3,211,693
Textiles, Apparel & Luxury Goods - 0.3%
Steven Madden, Ltd. - Class B (A)		53,000		2,577,390
Thrifts & Mortgage Finance - 2.2%
Berkshire Hills Bancorp, Inc.		139,231		3,600,514
Dime Community Bancshares, Inc.		155,000		2,211,850
Oritani Financial Corp.		63,000		974,610
Provident Financial Services, Inc.		116,500		1,785,945
Provident New York Bancorp (B)		282,100		2,550,184
TrustCo Bank Corp. (B)		224,000		1,200,640
United Financial Bancorp, Inc.		140,685		2,083,545
Washington Federal, Inc.		201,000		3,451,170
Trading Companies & Distributors - 0.9%
United Rentals, Inc. (A) (B)		133,225		7,008,967
Total Common Stocks (cost $682,097,622)				793,277,993
SECURITIES LENDING COLLATERAL - 8.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		67,001,683		67,001,683
Total Securities Lending Collateral (cost $67,001,683)				67,001,683

	Principal		Value
REPURCHASE AGREEMENT - 2.7%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $21,932,360 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $22,374,481.		$  21,932,342		$  21,932,342
Total Repurchase Agreement (cost $21,932,342)				21,932,342
Total Investment Securities (cost $771,031,647) (D)				882,212,018
Other Assets and Liabilities - Net				(70,078,437	)
Net Assets				$  812,133,581

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Non-income producing security.

(B) All or a portion of this security is on loan. The value of all securities on loan is $65,322,981. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $771,031,647. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $128,952,669 and $17,772,298, respectively. Net unrealized appreciation for tax purposes is $111,180,371.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	793,277,993	$	—		$	—	$	793,277,993
Securities Lending Collateral		67,001,683		—			—		67,001,683
Repurchase Agreement		—		21,932,342			—		21,932,342
Total Investment Securities	$	860,279,676	$	21,932,342		$	—	$	882,212,018
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(67,001,683	)	$	—	$	(67,001,683	)
Total Other Liabilities	$	—	$	(67,001,683	)	$	—	$	(67,001,683	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    97

Transamerica Tactical Allocation

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 98.7%
Capital Markets - 98.7%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		30		$  815
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF		6,550		177,309
iShares Barclays TIPS Bond Fund		650		79,398
iShares BofA Merrill Lynch Global ex-US Diversified Inflation-Linked Index		1,670		85,588
iShares Floating Rate Note Fund		2,020		102,333
iShares JPMorgan USD Emerging Markets Bond Fund (A)		2,190		265,866
iShares MSCI All Country World Minimum Volatility Index Fund		4,207		268,701
iShares MSCI EAFE Minimum Volatility Index Fund		2,782		172,960
iShares MSCI Emerging Markets Minimum Volatility Index Fund		13,490		844,069
iShares MSCI USA Minimum Volatility Index Fund		12,180		410,101
PowerShares DB Agriculture Fund (B)		2,640		69,221
PowerShares DB Commodity Index Tracking Fund (B)		2,620		68,827
PowerShares DB Energy Fund (B)		2,460		68,093
PowerShares DB Oil Fund (A) (B)		2,670		68,886
PowerShares DB Precious Metals Fund (B)		1,420		69,566
ProShares UltraShort 20+ Year Treasury		1,510		90,192
ProShares VIX Mid-Term Futures ETF (B)		5,650		138,708
SPDR Barclays Convertible Securities ETF		3,450		148,385
SPDR Dow Jones International Real Estate ETF		14,320		660,295
SPDR Nuveen Barclays Municipal Bond ETF (A)		3,820		92,559
Vanguard Intermediate-Term Bond ETF		8,452		749,861

	Shares		Value
Capital Markets (continued)
Vanguard Long-Term Bond ETF		3,998		$  378,810
Vanguard MSCI European ETF		2,740		140,726
Vanguard MSCI Pacific ETF		1,530		93,605
Vanguard S&P 500 ETF		23,610		1,726,835
Vanguard Short-Term Bond ETF		2,890		234,350
Vanguard Total Bond Market ETF		11,690		984,064
Total Investment Companies (cost $7,889,808)				8,190,123
SECURITIES LENDING COLLATERAL - 2.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		185,052		185,052
Total Securities Lending Collateral (cost $185,052)				185,052
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $166,908 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $174,784.		$  166,908		166,908
Total Repurchase Agreement (cost $166,908)				166,908
Total Investment Securities (cost $8,241,768) (D)				8,542,083
Other Assets and Liabilities - Net				(245,037	)
Net Assets				$  8,297,046

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $180,956. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $8,241,768. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $318,086 and $17,771, respectively. Net unrealized appreciation for tax purposes is $300,315.

DEFINITIONS:

ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depositary Receipt

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies	$	8,190,123	$	—	$	—	$	8,190,123
Securities Lending Collateral		185,052		—		—		185,052
Repurchase Agreement		—		166,908		—		166,908
Total Investment Securities	$	8,375,175	$	166,908	$	—	$	8,542,083

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

Transamerica Funds Semi-Annual Report 2013

Page    98

Transamerica Tactical Allocation

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(185,052	)	$	—	$	(185,052	)
Total Other Liabilities	$	—	$	(185,052	)	$	—	$	(185,052	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    99

Transamerica Tactical Income

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 99.1%
Capital Markets - 99.1%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		83,903		$  2,279,477
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF		386,330		10,512,039
iShares Barclays 0-5 Year TIPS Bond Fund		328,400		33,762,804
iShares Barclays 20+ Year Treasury Bond Fund (A)		171,753		21,127,337
iShares Barclays 7-10 Year Treasury Bond Fund (A)		204,180		22,220,909
iShares Barclays Short Treasury Bond Fund		395,290		43,580,722
iShares Barclays TIPS Bond Fund		26,610		3,250,411
iShares Floating Rate Note Fund		305,060		15,454,340
iShares iBoxx $ High Yield Corporate Bond Fund (A)		1,185,783		113,657,301
iShares iBoxx Investment Grade Corporate Bond Fund		164,169		20,049,960
iShares JPMorgan USD Emerging Markets Bond Fund (A)		587,014		71,263,500
iShares MSCI Emerging Markets Minimum Volatility Index Fund		631,230		39,496,061
iShares MSCI USA Minimum Volatility Index Fund		2,425,452		81,664,969
iShares S&P U.S. Preferred Stock Index Fund (A)		1,588,568		64,765,917
ProShares UltraShort 20+ Year Treasury (B)		131,739		7,868,770
ProShares VIX Mid-Term Futures ETF (B)		383,597		9,417,306
SPDR Barclays Convertible Securities ETF		979,110		42,111,521
SPDR Barclays High Yield Bond ETF (A)		5,234,952		218,559,246
SPDR Barclays TIPS ETF		70,863		4,320,517
SPDR Dow Jones International Real Estate ETF (A)		1,032,001		47,585,566
SPDR Nuveen Barclays Municipal Bond ETF (A)		932,716		22,599,709
SPDR S&P International Dividend ETF (A)		968,511		48,551,456

	Shares		Value
Capital Markets (continued)
SPDR Wells Fargo Preferred Stock ETF (A)		579,435		$  26,717,748
Vanguard Intermediate-Term Bond ETF (A)		487,568		43,257,033
Vanguard Long-Term Bond ETF (A)		314,228		29,773,103
Vanguard REIT ETF		187,084		14,083,684
Vanguard S&P 500 ETF (A)		608,930		44,537,140
Vanguard Short-Term Bond ETF (A)		620,900		50,348,781
Total Investment Companies (cost $1,128,957,439)				1,152,817,327
SECURITIES LENDING COLLATERAL - 20.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		238,594,039		238,594,039
Total Securities Lending Collateral (cost $238,594,039)				238,594,039
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $5,439,785 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 2.50%, due 11/01/2027, and with a value of $5,552,860.		$  5,439,781		5,439,781
Total Repurchase Agreement (cost $5,439,781)				5,439,781
Total Investment Securities (cost $1,372,991,259) (D)				1,396,851,147
Other Assets and Liabilities - Net				(234,209,643	)
Net Assets				$  1,162,641,504

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $233,359,455. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $1,372,991,259. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $28,509,210 and $4,649,322, respectively. Net unrealized appreciation for tax purposes is $23,859,888.

DEFINITIONS:

ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2013

Page    100

Transamerica Tactical Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies	$	1,152,817,327	$	—		$	—	$	1,152,817,327
Securities Lending Collateral		238,594,039		—			—		238,594,039
Repurchase Agreement		—		5,439,781			—		5,439,781
Total Investment Securities	$	1,391,411,366	$	5,439,781		$	—	$	1,396,851,147
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(238,594,039	)	$	—	$	(238,594,039	)
Total Other Liabilities	$	—	$	(238,594,039	)	$	—	$	(238,594,039	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    101

Transamerica Tactical Rotation

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 96.1%
Capital Markets - 96.1%
Consumer Discretionary Select Sector SPDR Fund (A)		3,350		$  182,943
Consumer Staples Select Sector SPDR Fund (A)		4,450		182,183
Energy Select Sector SPDR Fund (A)		2,630		205,850
Health Care Select Sector SPDR Fund (A)		4,130		195,473
Industrial Select Sector SPDR Fund (A)		4,070		168,702
iShares Barclays 0-5 Year TIPS Bond Fund		1,360		139,822
iShares Barclays Short Treasury Bond Fund		1,370		151,043
iShares Floating Rate Note Fund		2,880		145,901
iShares MSCI Australia Index Fund (A)		4,180		117,458
iShares MSCI Brazil Index Fund (A)		1,600		88,240
iShares MSCI EAFE Minimum Volatility Index Fund		3,480		216,355
iShares MSCI Germany Index Fund (A)		4,530		115,379
iShares MSCI Japan Index Fund (A)		17,310		202,527
iShares MSCI South Africa Index Fund (A)		400		25,680
iShares MSCI South Korea Index Fund (A)		1,260		73,609
iShares MSCI Turkey Index Fund		290		21,231
iShares MSCI U.K. Index Fund		11,370		213,642
iShares MSCI USA Minimum Volatility Index Fund		6,550		220,538
iShares S&P India Nifty 50 Index Fund		820		20,894
Market Vectors Russia ETF (A)		4,320		115,517
Materials Select Sector SPDR Fund (A)		2,770		109,554
SPDR S&P China ETF		520		36,998

	Shares		Value
Capital Markets (continued)
SPDR S&P Regional Banking ETF (A)		7,050		$  218,902
Technology Select Sector SPDR Fund (A)		22,700		699,386
Utilities Select Sector SPDR Fund (A)		1,480		61,316
Vanguard Short-Term Bond ETF		1,660		134,609
Total Investment Companies (cost $3,882,715)				4,063,752
SECURITIES LENDING COLLATERAL - 24.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (B)		1,047,580		1,047,580
Total Securities Lending Collateral (cost $1,047,580)				1,047,580
	Principal		Value
REPURCHASE AGREEMENT - 5.5%
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $233,778 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $242,756.		$  233,778		233,778
Total Repurchase Agreement (cost $233,778)				233,778
Total Investment Securities (cost $5,164,073) (C)				5,345,110
Other Assets and Liabilities - Net				(1,117,457	)
Net Assets				$  4,227,653

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $1,023,042. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Aggregate cost for federal income tax purposes is $5,164,073. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $182,064 and $1,027, respectively. Net unrealized appreciation for tax purposes is $181,037.

DEFINITIONS:

ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depositary Receipt

VALUATION SUMMARY: (D)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Investment Companies	$	4,063,752	$	—	$	—	$	4,063,752
Securities Lending Collateral		1,047,580		—		—		1,047,580
Repurchase Agreement		—		233,778		—		233,778
Total Investment Securities	$	5,111,332	$	233,778	$	—	$	5,345,110

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

Transamerica Funds Semi-Annual Report 2013

Page    102

Transamerica Tactical Rotation

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (D)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (E)
Collateral for Securities on Loan	$	—	$	(1,047,580	)	$	—	$	(1,047,580	)
Total Other Liabilities	$	—	$	(1,047,580	)	$	—	$	(1,047,580	)

(D) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(E) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    103

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2013

(unaudited)

	Transamerica Capital Growth			Transamerica Diversified Equity			Transamerica Dividend Focused		Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity
Assets:
Investment securities, at value	$	714,024,273		$	1,564,725,058		$	1,054,266,908	$	941,493,080		$	233,492,518
Repurchase agreements, at value		33,578,383			14,926,402			64,060,304		16,282,989			3,488,922
Foreign currency, at value		—			—			—		706,868			2,066,659
Unrealized appreciation on forward foreign currency contracts		—			—			—		120,513			—
Receivables:
Shares of beneficial interest sold		62,294			44,655			5,286		3,103,409			719
Investment securities sold		3,814,579			20,823,632			—		45,712,016			—
Interest		28			12			54		11,885,824			3
Dividends		587,034			1,075,383			1,410,453		281			617,630
Dividend reclaims		161,394			542,397			—		188			769
Securities lending income (net)		230,682			66,424			8,344		16,029			6,262
Prepaid expenses		3,233			6,526			2,929		1,996			594
Total assets		752,461,900			1,602,210,489			1,119,754,278		1,019,323,193			239,674,076
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		925,292			1,077,217			71,870		364,315			8,739
Investment securities purchased		1,059,110			6,242,337			—		47,788,752			59,651
Management and advisory fees		547,527			980,770			568,397		459,519			187,489
Distribution and service fees		40,983			178,287			374		63,369			422
Transfer agent fees		44,067			252,436			6,667		22,305			1,604
Trustees fees		1,802			3,778			2,278		1,184			101
Administration fees		17,025			34,316			21,988		19,495			4,934
Capital gains tax		—			—			—		26,944			319,026
Other		48,261			117,523			52,282		56,642			55,356
Collateral for securities on loan		74,750,237			65,902,079			106,819,320		88,955,404			14,977,908
Unrealized depreciation on forward foreign currency contracts		—			—			—		407,472			—
Total liabilities		77,434,304			74,788,743			107,543,176		138,165,401			15,615,230
Net assets	$	675,027,596		$	1,527,421,746		$	1,012,211,102	$	881,157,792		$	224,058,846
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	562,339,699		$	1,514,140,275		$	923,507,740	$	837,377,282		$	216,599,957
Undistributed net investment income		583,505			14,319,803			1,443,142		2,487,186			371,129
Undistributed (accumulated) net realized gain (loss) from investment securities and foreign currency transactions		(8,153,758	)		(334,637,510	)		2,411,759		17,891,802			(3,822,416	)
Net unrealized appreciation (depreciation) on:
Investment securities		120,240,247			333,472,382			84,848,461		23,779,623			10,886,564
Translation of assets and liabilities denominated in foreign currencies		17,903			126,796			—		(378,101	)		23,612
Net assets	$	675,027,596		$	1,527,421,746		$	1,012,211,102	$	881,157,792		$	224,058,846
Net assets by class:
Class A	$	68,598,504		$	447,872,782		$	308,673	$	143,560,555		$	450,537
Class B		5,512,891			20,204,459			—		—			—
Class C		20,090,286			44,027,105			346,807		30,601,808			346,235
Class I		82,757,512			285,656,647			1,253,615		118,712,081			625,345
Class I2		498,068,403			641,937,209			1,010,302,007		588,283,348			222,636,729
Class T		—			87,723,544			—		—			—
Shares outstanding:
Class A		4,019,884			29,667,643			28,071		12,252,218			44,087
Class B		356,850			1,359,625			—		—			—
Class C		1,299,644			2,968,754			31,558		2,619,145			34,010
Class I		4,776,287			18,620,602			113,972		10,107,224			61,092
Class I2		42,102,954			41,849,649			91,845,482		50,089,679			21,744,700
Class T		—			2,710,152			—		—			—
Net asset value per share:
Class A	$	17.06		$	15.10		$	11.00	$	11.72		$	10.22
Class B		15.45			14.86			—		—			—
Class C		15.46			14.83			10.99		11.68			10.18
Class I		17.33			15.34			11.00		11.75			10.24
Class I2		11.83			15.34			11.00		11.74			10.24
Class T		—			32.37			—		—			—
Maximum offering price per share: (A)
Class A	$	18.05		$	15.98		$	11.64	$	12.30		$	10.81
Class T	$	—		$	35.38		$	—	$	—		$	—
Investment securities, at cost	$	593,784,026		$	1,231,252,676		$	969,418,447	$	917,686,513		$	222,287,026
Repurchase agreement, at cost	$	33,578,383		$	14,926,402		$	64,060,304	$	16,282,989		$	3,488,922
Foreign currency, at cost	$	—		$	—		$	—	$	709,405		$	2,042,632
Securities loaned, at value:	$	73,158,875		$	64,401,111		$	104,539,078	$	87,120,852		$	14,531,520

^(A)  Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, 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 2013

Page    104

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica Enhanced Muni			Transamerica Flexible Income			Transamerica Growth Opportunities			Transamerica High Yield Bond			Transamerica Income & Growth
Assets:
Investment securities, at value	$	12,782,746		$	332,574,746		$	729,759,269		$	861,048,312		$	458,627,236
Repurchase agreements, at value		—			18,038,515			40,812,580			3,142,539			23,992,143
Cash		—			—			—			109,810			—
Foreign currency, at value		—			—			—			—			43,493
Receivables:
Shares of beneficial interest sold		320,586			2,139,195			104,048			38,762,032			1,467,123
Due from Advisor		49,540			—			—			—			—
Investment securities sold		108,117			—			5,815,583			677,860			4,328
Interest		176,956			3,851,970			34			12,005,880			20
Dividends		—			66,212			—			183,393			1,382,809
Dividend reclaims		—			—			67,322			—			158,232
Securities lending income (net)		—			10,027			284,083			23,007			147,219
12b-1 waiver		727			3,897			—			—			—
Prepaid expenses		40			938			2,573			2,758			1,033
Total assets		13,438,712			356,685,500			776,845,492			915,955,591			485,823,636
Liabilities:
Due to custodian		456,409			—			—			—			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		—			700,279			1,008,109			1,007,811			19,590
Investment securities purchased		16,733			8,084,841			1,401,586			30,381,763			19,748,129
When-issued securities purchased		—			1,500,000			—			—			—
Management and advisory fees		—			124,759			433,726			376,686			212,791
Distribution and service fees		1,966			112,260			41,440			168,027			8,192
Transfer agent fees		702			14,854			62,844			22,057			3,578
Trustees fees		9			804			1,465			1,671			208
Administration fees		292			6,674			14,280			16,142			7,951
Other		13,146			34,392			31,791			55,295			20,213
Collateral for securities on loan		—			33,724,272			110,425,615			117,124,875			59,847,200
Total liabilities		489,257			44,303,135			113,420,856			149,154,327			79,867,852
Net assets	$	12,949,455		$	312,382,365		$	663,424,636		$	766,801,264		$	405,955,784
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	12,647,503		$	362,599,569		$	562,849,547		$	718,493,852		$	379,893,707
Undistributed (accumulated) net investment income (loss)		(1,789	)		167,209			(193,301	)		(5,985	)		2,632,312
Undistributed (accumulated) net realized gain (loss) from investment securities and foreign currency transactions		53,060			(78,022,264	)		(5,484,320	)		7,690,159			149,822
Net unrealized appreciation (depreciation) on:
Investment securities		250,681			27,634,170			106,255,122			40,623,238			23,284,714
Translation of assets and liabilities denominated in foreign currencies		—			3,681			(2,412	)		—			(4,771	)
Net assets	$	12,949,455		$	312,382,365		$	663,424,636		$	766,801,264		$	405,955,784
Net assets by class:
Class A	$	3,484,073		$	94,711,056		$	99,120,164		$	344,082,189		$	6,707,114
Class B		—			6,355,632			5,643,153			9,698,135			—
Class C		1,150,314			92,025,736			11,663,486			90,162,434			8,863,653
Class I		8,315,068			61,082,693			76,688,347			111,184,202			20,079,721
Class I2		—			58,207,248			470,309,486			211,674,304			370,305,296
Shares outstanding:
Class A		328,241			9,860,144			10,489,831			34,426,696			603,319
Class B		—			661,604			677,033			969,921			—
Class C		108,472			9,640,005			1,390,992			9,054,113			799,095
Class I		780,242			6,352,529			7,708,695			11,053,082			1,804,154
Class I2		—			6,049,156			46,945,325			21,003,660			33,271,274
Net asset value per share:
Class A	$	10.61		$	9.61		$	9.45		$	9.99		$	11.12
Class B		—			9.61			8.34			10.00			—
Class C		10.60			9.55			8.39			9.96			11.09
Class I		10.66			9.62			9.95			10.06			11.13
Class I2		—			9.62			10.02			10.08			11.13
Maximum offering price per share: (A)
Class A	$	10.97		$	10.09		$	10.00		$	10.49		$	11.77
Investment securities, at cost	$	12,532,065		$	304,940,576		$	623,504,147		$	820,425,074		$	435,342,522
Repurchase agreement, at cost	$	—		$	18,038,515		$	40,812,580		$	3,142,539		$	23,992,143
Foreign currency, at cost	$	—		$	—		$	—		$	—		$	43,263
Securities loaned, at value:	$	—		$	33,030,179		$	107,635,055		$	114,716,942		$	58,079,348

^(A) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, 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 2013

Page    105

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica International Bond			Transamerica International Equity			Transamerica International Small Cap Value			Transamerica Large Cap Growth			Transamerica Large Cap Value
Assets:
Investment securities, at value	$	174,309,262		$	417,467,601		$	164,209,755		$	241,727,352		$	1,685,344,563
Repurchase agreements, at value		487,004			9,356,271			2,940,545			587,215			27,697,396
Cash on deposit with broker		838,113			—			—			—			—
Foreign currency, at value		3,993,235			1,338,698			45,522			—			—
Unrealized appreciation on forward foreign currency contracts		490,388			—			—			—			—
Receivables:
Shares of beneficial interest sold		278			1,047,007			—			20,107			139,340
Investment securities sold		1,246,179			—			—			1,818			—
Interest		1,834,918			8			2			—			23
Dividends		—			1,603,170			713,034			165,619			991,441
Dividend reclaims		—			206,579			28,247			3,478			45,454
Securities lending income (net)		362			14,119			21,612			9,553			20,007
Variation margin		40,144			—			—			—			—
Other		28,741			—			—			—			—
Prepaid expenses		632			1,211			506			517			7,417
Total assets		183,269,256			431,034,664			167,959,223			242,515,659			1,714,245,641
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		72,160			48,314			—			—			71,901
Investment securities purchased		1,838,813			4,528,162			89			—			16,460,805
Management and advisory fees		84,766			275,649			117,059			125,705			914,049
Distribution and service fees		281			10,672			—			960			3,354
Transfer agent fees		1,256			11,204			1,123			1,490			12,413
Trustees fees		512			417			49			274			2,989
Administration fees		3,947			8,794			3,457			4,653			36,484
Capital gains tax		—			119,787			—			—			—
Other		45,802			30,212			25,914			38,876			47,124
Collateral for securities on loan		2,959,114			19,889,908			8,366,353			34,385,443			35,840,776
Unrealized depreciation on forward foreign currency contracts		1,949,298			—			—			—			—
Total liabilities		6,955,949			24,923,119			8,514,044			34,557,401			53,389,895
Net assets	$	176,313,307		$	406,111,545		$	159,445,179		$	207,958,258		$	1,660,855,746
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	186,572,341		$	350,889,058		$	148,596,654		$	191,961,323		$	1,360,518,843
Undistributed (accumulated) net investment income (loss)		(3,586,180	)		2,305,091			1,316,956			404,886			925,736
Undistributed (accumulated) net realized gain (loss) from investment securities, futures and foreign currency transactions		(9,377,319	)		1,317,805			692,626			(2,302,611	)		90,406,297
Net unrealized appreciation (depreciation) on:
Investment securities		4,264,266			51,599,944			8,843,600			17,894,660			209,004,870
Futures contracts		(147,244	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(1,412,557	)		(353	)		(4,657	)		—			—
Net assets	$	176,313,307		$	406,111,545		$	159,445,179		$	207,958,258		$	1,660,855,746
Net assets by class:
Class A	$	361,598		$	7,710,658		$			$	591,670		$	3,773,614
Class C		239,875			10,302,369			—			394,212			2,255,007
Class I		97,866			125,428,115			1,464,485			309,113			4,491,915
Class I2		175,613,968			262,670,403			157,980,694			206,663,263			1,650,335,210
Shares outstanding:
Class A		36,573			467,130			—			54,569			292,260
Class C		24,361			630,100			—			36,510			174,917
Class I		9,886			7,551,031			133,464			28,442			346,923
Class I2		17,734,829			15,816,316			14,397,047			18,994,655			127,525,353
Net asset value per share:
Class A	$	9.89		$	16.51		$			$	10.84		$	12.91
Class C		9.85			16.35			—			10.80			12.89
Class I		9.90			16.61			10.97			10.87			12.95
Class I2		9.90			16.61			10.97			10.88			12.94
Maximum offering price per share: (A)
Class A	$	10.38		$	17.47		$	—		$	11.47		$	13.66
Investment securities, at cost	$	170,044,996		$	365,747,870		$	155,366,155		$	223,832,692		$	1,476,339,693
Repurchase agreement, at cost	$	487,004		$	9,356,271		$	2,940,545		$	587,215		$	27,697,396
Foreign currency, at cost	$	3,961,553		$	1,328,252		$	45,281		$	—		$	—
Securities loaned, at value:	$	2,899,387		$	18,904,970		$	7,962,391		$	33,649,871		$	34,781,393

^(A) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, 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 2013

Page    106

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica MLP & Energy Income		Transamerica Money Market			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Growth
Assets:
Investment securities, at value	$	—	$	312,179,987		$	437,835,766		$	3,729,477,224		$	525,682,854
Repurchase agreements, at value		—		118,089,564			4,801,155			118,114,426			34,256,738
Foreign currency, at value		—		—			13,643			—			—
Receivables:
Shares of beneficial interest sold		30,750,013		897,975			572,690			13,935,641			21,250
Investment securities sold		—		—			62,846,633			23,336,716			6,317,918
Interest		—		127,012			1,006,579			37,239,336			29
Dividends		—		—			177,650			—			20,481
Dividend reclaims		—		—			828			—			—
Securities lending income (net)		—		—			3,065			14,103			114,729
Variation margin		—		—			7,923			—			—
12b-1 waiver		—		81,483			—			38,125			—
Prepaid expenses		—		821			1,348			12,174			1,208
Total assets		30,750,013		431,376,842			507,267,280			3,922,167,745			566,415,207
Liabilities:
Shares of beneficial interest redeemed		—		427,722			532,958			19,850,316			10,376
Investment securities purchased		—		—			71,570,283			13,045,956			22,118,773
When-issued securities purchased		—		—			704,877			—			—
Management and advisory fees		—		5,010			267,170			1,600,170			321,715
Distribution and service fees		—		151,760			112,957			1,023,749			339
Distributions to shareholders		—		412			—			1,114,759			—
Interest from TBA short commitments		—		—			21,238			—			—
Transfer agent fees		—		57,792			45,075			86,969			2,778
Trustees fees		—		424			886			7,425			178
Administration fees		—		9,856			8,906			86,387			9,175
Other		—		32,733			41,411			108,380			16,816
Collateral for securities on loan		—		—			19,024,926			96,347,115			103,636,963
Written options and swaptions, at value		—		—			3,000			—			—
TBA short commitments, at value		—		—			15,143,513			—			—
Unrealized depreciation on forward foreign currency contracts		—		—			15,495			—			—
Total liabilities		—		685,709			107,492,695			133,271,226			126,117,113
Net assets	$	30,750,013	$	430,691,133		$	399,774,585		$	3,788,896,519		$	440,298,094
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	30,750,013	$	430,691,447		$	342,237,380		$	3,699,268,438		$	421,396,193
Undistributed (accumulated) net investment income (loss)		—		(314	)		27,038			(3,699,105	)		(400,820	)
Undistributed (accumulated) net realized gain (loss) from investment securities, futures, written option contracts and foreign currency transactions		—		—			6,259,034			16,348,971			(16,315,651	)
Net unrealized appreciation (depreciation) on:
Investment securities		—		—			50,955,050			76,973,771			35,618,372
Futures contracts		—		—			360,136			—			—
Options written		—		—			11,911			—			—
Translation of assets and liabilities denominated in foreign currencies		—		—			(15,057	)		4,444			—
Net unrealized appreciation (depreciation) on TBA short commitments		—		—			(60,907	)		—			—
Net assets	$	30,750,013	$	430,691,133		$	399,774,585		$	3,788,896,519		$	440,298,094
Net assets by class:
Class A	$	250,001	$	90,236,194		$	138,357,240		$	859,629,226		$	319,325
Class B		—		7,668,131			8,777,401			—			—
Class C		250,001		27,055,792			77,656,604			882,944,669			305,599
Class I		250,001		24,450,188			174,983,340			400,069,647			301,286
Class I2		30,000,010		281,280,828			—			1,646,252,977			439,371,884
Shares outstanding:
Class A		25,000		90,236,075			5,984,817			81,748,846			30,716
Class B		—		7,667,792			382,037			—			—
Class C		25,000		27,051,241			3,406,660			84,124,631			29,522
Class I		25,000		24,450,269			7,542,874			38,713,428			28,960
Class I2		3,000,001		281,281,254			—			159,394,113			42,204,059
Net asset value per share:
Class A	$	10.00	$	1.00		$	23.12		$	10.52		$	10.40
Class B		—		1.00			22.98			—			—
Class C		10.00		1.00			22.80			10.50			10.35
Class I		10.00		1.00			23.20			10.33			10.40
Class I2		10.00		1.00			—			10.33			10.41
Maximum offering price per share: (A)
Class A	$	10.58	$	1.00		$	24.47		$	10.79		$	11.01
Investment securities, at cost	$	—	$	312,179,987		$	386,880,716		$	3,652,503,453		$	490,064,482
Repurchase agreement, at cost	$	—	$	118,089,564		$	4,801,155		$	118,114,426		$	34,256,738
Foreign currency, at cost	$	—	$	—		$	13,570		$	—		$	—
Securities loaned, at value:	$	—	$	—		$	18,620,692		$	94,378,408		$	101,248,771
Premium received on written option and swaption contracts:	$	—	$	—		$	14,911		$	—		$	—
Proceeds received from TBA short commitments	$	—	$	—		$	15,082,606		$	—		$	—

^(A)  Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, 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 2013

Page    107

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Tactical Allocation			Transamerica Tactical Income			Transamerica Tactical Rotation
Assets:
Investment securities, at value	$	691,500,086	$	860,279,676	$	8,375,175		$	1,391,411,366		$	5,111,332
Repurchase agreements, at value		42,221,771		21,932,342		166,908			5,439,781			233,778
Receivables:
Shares of beneficial interest sold		2,710		3,009,136		91,494			12,034,123			149,348
Due from Advisor		—		—		43,948			—			39,723
Investment securities sold		3,931,074		9,048,310		1,252,352			53,918,757			1,026,566
Interest		35		18		—			5			—
Dividends		454,591		998,324		—			—			—
Securities lending income (net)		16,915		14,770		194			132,631			542
12b-1 waiver		—		—		—			16,565			—
Transfer agent		—		—		—			35			—
Prepaid expenses		1,402		2,925		22			2,451			11
Total assets		738,128,584		895,285,501		9,930,093			1,462,955,714			6,561,300
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		19,807		1,237,884		9,445			1,474,939			6,296
Investment securities purchased		21,375,101		13,888,776		1,415,653			59,093,375			1,264,100
Management and advisory fees		411,750		560,839		—			523,480			—
Distribution and service fees		397		336,603		2,368			501,529			1,360
Transfer agent fees		3,730		70,139		463			56,014			208
Trustees fees		248		1,531		3			1,097			1
Administration fees		12,157		17,941		171			25,313			81
Other		50,551		36,524		19,892			44,424			14,021
Collateral for securities on loan		111,382,852		67,001,683		185,052			238,594,039			1,047,580
Total liabilities		133,256,593		83,151,920		1,633,047			300,314,210			2,333,647
Net assets	$	604,871,991	$	812,133,581	$	8,297,046		$	1,162,641,504		$	4,227,653
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	542,831,021	$	673,815,211	$	8,049,147		$	1,145,402,431		$	4,097,554
Undistributed accumulated net investment income (loss)		1,747,136		2,185,391		(36,000	)		(11,804,567	)		(50,453	)
Undistributed (accumulated) net realized gain (loss) from investment securities and investments in investment companies		5,812,584		24,952,608		(16,416	)		5,183,752			(485	)
Net unrealized appreciation (depreciation) on:
Investment securities		54,481,250		111,180,371		300,315			23,859,888			181,037
Net assets	$	604,871,991	$	812,133,581	$	8,297,046		$	1,162,641,504		$	4,227,653
Net assets by class:
Class A	$	326,246	$	391,698,776	$	2,515,529		$	376,017,004		$	2,021,638
Class B		—		30,869,264		—			—			—
Class C		382,964		231,250,182		2,517,064			467,670,251			1,266,071
Class I		446,722		139,541,465		3,264,453			318,954,249			939,944
Class I2		603,716,059		18,773,894		—			—			—
Shares outstanding:
Class A		28,715		15,488,124		245,343			36,333,157			193,770
Class B		—		1,297,587		—			—			—
Class C		33,765		9,823,311		247,203			45,342,190			121,687
Class I		39,253		5,400,641		320,383			30,811,192			90,476
Class I2		53,028,117		726,002		—			—			—
Net asset value per share:
Class A	$	11.36	$	25.29	$	10.25		$	10.35		$	10.43
Class B		—		23.79		—			—			—
Class C		11.34		23.54		10.18			10.31			10.40
Class I		11.38		25.84		10.19			10.35			10.39
Class I2		11.38		25.86		—			—			—
Maximum offering price per share: (A)
Class A	$	12.02	$	26.76	$	10.85		$	10.87		$	11.04
Investment securities, at cost	$	637,018,836	$	749,099,305	$	8,074,860		$	1,367,551,478		$	4,930,295
Repurchase agreement, at cost	$	42,221,771	$	21,932,342	$	166,908		$	5,439,781		$	233,778
Securities loaned, at value:	$	108,571,818	$	65,322,981	$	180,956		$	233,359,455		$	1,023,042

^(A)  Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, 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 2013

Page    108

STATEMENTS OF OPERATIONS

For the period ended April 30, 2013

(unaudited)

	Transamerica Capital Growth			Transamerica Diversified Equity			Transamerica Dividend Focused (A)		Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity
Investment Income:
Dividend income	$	5,182,893		$	15,214,971		$	7,181,985	$	—		$	1,677,332
Interest income		3,836			1,961			6,916		22,875,774			914
Withholding taxes on foreign income		(141,554	)		(51,412	)		—		(78,253	)		(176,729	)
Securities lending income (net)		607,319			423,755			25,226		96,329			19,473
Total investment income		5,652,494			15,589,275			7,214,127		22,893,850			1,520,990
Expenses:
Management and advisory		2,806,220			5,225,719			1,877,316		2,274,927			847,492
Distribution and service:
Class A		100,114			645,840			257		174,740			560
Class B		27,415			100,754			—		—			—
Class C		99,280			212,818			901		97,485			1,503
Transfer agent:
Class A		102,057			671,354			8		60,607			349
Class B		13,999			47,224			—		—			—
Class C		22,972			89,846			8		10,856			92
Class I		57,552			200,441			177		41,992			252
Class I2		21,233			22,484			21,699		20,760			6,649
Class T		—			61,559			—		—			—
Printing and shareholder reports		40,927			99,288			27,473		41,408			8,417
Custody		66,363			104,579			42,532		137,050			134,943
Administration		92,455			183,976			72,417		96,347			22,302
Legal		10,500			23,916			13,011		8,735			1,537
Audit and tax		7,851			30,556			5,939		12,553			8,446
Trustees		6,655			13,281			5,018		6,304			1,366
Registration		51,114			70,049			51,345		22,180			43,555
Other		7,655			14,081			6,077		6,170			1,953
Total expenses		3,534,362			7,817,765			2,124,178		3,012,114			1,079,416
Class expense recaptured or (reimbursed)/(waived):
Class A		18,884			—			—		—			—
Class B		(4,046	)		(8,223	)		—		—			—
Class C		—			(7,538	)		—		—			—
Class I		—			—			—		—			5
Total expenses recaptured or (reimbursed)/(waived)		14,838			(15,761	)		—		—			5
Net expenses		3,549,200			7,802,004			2,124,178		3,012,114			1,079,421
Net investment income		2,103,294			7,787,271			5,089,949		19,881,736			441,569
Net realized gain (loss) on transactions from:
Investment securities		(7,196,046	)		69,974,894			2,411,759		18,049,717			1,469,110	(C)
Foreign currency transactions		5,863			—			—		591,327			(58,279	)
Total realized gain (loss)		(7,190,183	)		69,974,894			2,411,759		18,641,044			1,410,831
Net change in unrealized appreciation (depreciation) on:
Investment securities		101,109,515			100,541,212			84,848,461		10,277,613	(B)		8,886,596	(D)
Translation of assets and liabilities denominated in foreign currencies		17,771			956			—		(774,510	)		53,348
Net change in unrealized appreciation (depreciation)		101,127,286			100,542,168			84,848,461		9,503,103			8,939,944
Net realized and change in unrealized gain		93,937,103			170,517,062			87,260,220		28,144,147			10,350,775
Net increase in net assets resulting from operations	$	96,040,397		$	178,304,333		$	92,350,169	$	48,025,883		$	10,792,344

^(A) Commenced operations January 4, 2013.

^(B)  Net of foreign capital gains tax of $26,944.

^(C)  Net of foreign capital gains tax of $134,823.

^(D)  Net of foreign capital gains tax of $318,928.

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

Transamerica Funds Semi-Annual Report 2013

Page    109

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica Enhanced Muni (A)			Transamerica Flexible Income			Transamerica Growth Opportunities			Transamerica High Yield Bond		Transamerica Income & Growth (A)
Investment Income:
Dividend income	$	—		$	237,862		$	3,608,169		$	611,169	$	7,221,176
Interest income		109,170			6,998,672			3,185			22,629,073		1,290
Withholding taxes on foreign income		—			(2,305	)		(6,320	)		—		(365,629	)
Securities lending income (net)		—			55,749			1,014,535			183,516		233,849
Total investment income		109,170			7,289,978			4,619,569			23,423,758		7,090,686
Expenses:
Management and advisory		17,418			644,084			2,297,424			2,020,370		682,459
Distribution and service:
Class A		2,853			118,429			140,856			400,398		2,948
Class B		—			32,859			27,657			46,667		—
Class C		3,742			440,634			55,226			414,787		11,887
Transfer agent:
Class A		259			45,942			173,279			106,241		595
Class B		—			6,995			14,254			8,066		—
Class C		159			33,823			26,277			39,965		508
Class I		2,664			19,901			65,140			56,576		5,557
Class I2		—			2,313			15,596			8,603		7,075
Printing and shareholder reports		19,723			18,793			36,981			51,121		25,183
Custody		12,671			32,840			65,071			53,809		39,781
Administration		990			34,241			75,409			86,548		25,465
Legal		14			4,462			8,523			9,956		229
Audit and tax		7,624			8,565			7,964			9,384		7,674
Trustees		70			2,587			5,396			6,235		1,802
Registration		55,918			48,180			49,604			66,705		62,006
Other		1,989			3,974			6,679			6,959		3,273
Total expenses		126,094			1,498,622			3,071,336			3,392,390		876,442
Fund expenses recaptured or (reimbursed)/(waived)		(88,850	)		—			—			—		—
Class expense recaptured or (reimbursed)/(waived):
Class A		(1,536	)		(19,738	)		—			—		—
Class C		(1,045	)		—			—			—		—
Class I		(2,304	)		—			—			—		(287	)
Total expenses recaptured or (reimbursed)/(waived)		(93,735	)		(19,738	)		—			—		(287	)
Net expenses		32,359			1,478,884			3,071,336			3,392,390		876,155
Net investment income		76,811			5,811,094			1,548,233			20,031,368		6,214,531
Net realized gain (loss) on transactions from:
Investment securities		53,060			1,745,316			(4,956,543	)		9,542,580		241,000
Foreign currency transactions		—			4,074			178			—		(91,178	)
Total realized gain (loss)		53,060			1,749,390			(4,956,365	)		9,542,580		149,822
Net change in unrealized appreciation (depreciation) on:
Investment securities		250,681			5,951,461			102,859,217			20,010,163		23,284,714
Translation of assets and liabilities denominated in foreign currencies		—			3,252			(745	)		—		(4,771	)
Net change in unrealized appreciation (depreciation)		250,681			5,954,713			102,858,472			20,010,163		23,279,943
Net realized and change in unrealized gain		303,741			7,704,103			97,902,107			29,552,743		23,429,765
Net increase in net assets resulting from operations	$	380,552		$	13,515,197		$	99,450,340		$	49,584,111	$	29,644,296

^(A) Commenced operations October 31, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    110

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica International Bond			Transamerica International Equity			Transamerica International Small Cap Value (A)			Transamerica Large Cap Growth			Transamerica Large Cap Value
Investment Income:
Dividend income	$	—		$	6,097,090		$	1,875,803		$	1,828,802		$	18,190,479
Interest income		2,126,917			762			623			400			8,000
Withholding taxes on foreign income		—			(494,085	)		(128,997	)		(1,064	)		(95,661	)
Securities lending income (net)		459			74,916			33,859			39,220			73,880
Total investment income		2,127,376			5,678,683			1,781,288			1,867,358			18,176,698
Expenses:
Management and advisory		485,589			1,308,777			352,055			615,935			4,623,287
Distribution and service:
Class A		382			9,131			—			1,459			4,629
Class C		987			37,656			—			4,007			11,863
Transfer agent:
Class A		212			6,359			—			396			2,491
Class C		140			4,792			—			233			1,273
Class I		76			52,789			177			315			2,032
Class I2		6,768			8,184			2,842			6,756			54,810
Printing and shareholder reports		10,222			15,008			2,678			13,501			73,621
Custody		76,212			104,735			77,544			10,779			66,020
Administration		22,630			41,560			9,515			22,813			183,856
Legal		2,792			3,735			915			1,999			21,397
Audit and tax		8,654			8,845			5,939			8,395			9,048
Trustees		1,671			2,732			472			1,551			12,621
Registration		47,102			34,432			21,698			44,980			35,041
Other		2,890			3,210			1,346			2,417			13,614
Total expenses		666,327			1,641,945			475,181			735,536			5,115,603
Class expense recaptured or (reimbursed)/(waived):
Class A		(186	)		514			—			12			—
Class C		(117	)		—			—			—			—
Class I		(66	)		—			(211	)		70			—
Class I2		—			—			(10,638	)		—			—
Total expenses recaptured or (reimbursed)/(waived)		(369	)		514			(10,849	)		82			—
Net expenses		665,958			1,642,459			464,332			735,618			5,115,603
Net investment income		1,461,418			4,036,224			1,316,956			1,131,740			13,061,095
Net realized gain (loss) on transactions from:
Investment securities		(548,372	)		3,198,466			661,337			(756,620	)		91,379,645
Futures contracts		(152,485	)		—			—			—			—
Foreign currency transactions		(8,735,461	)		(71,393	)		31,289			—			—
Total realized gain (loss)		(9,436,318	)		3,127,073			692,626			(756,620	)		91,379,645
Net change in unrealized appreciation (depreciation) on:
Investment securities		(765,136	)		40,310,856	(B)		8,843,600			18,857,345			130,434,591
Futures contracts		(216,152	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(67,453	)		14,779			(4,657	)		—			—
Net change in unrealized appreciation (depreciation)		(1,048,741	)		40,325,635			8,838,943			18,857,345			130,434,591
Net realized and change in unrealized gain (loss)		(10,485,059	)		43,452,708			9,531,569			18,100,725			221,814,236
Net increase (decrease) in net assets resulting from operations	$	(9,023,641	)	$	47,488,932		$	10,848,525		$	19,232,465		$	234,875,331

^(A)  Commenced operations January 4, 2013.

^(B)  Net of foreign capital gains tax of $119,787.

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

Transamerica Funds Semi-Annual Report 2013

Page    111

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica MLP & Energy Income (A)		Transamerica Money Market			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Growth
Investment Income:
Dividend income	$	—	$	—		$	2,507,066		$	—		$	1,142,644
Interest income		—		1,065,154			2,114,622			64,260,545			2,287
Withholding taxes on foreign income		—		—			(3,726	)		—			—
Securities lending income (net)		—		—			23,280			128,938			337,661
Total investment income		—		1,065,154			4,641,242			64,389,483			1,482,592
Expenses:
Management and advisory		—		1,720,363			1,407,461			8,740,680			1,250,947
Distribution and service:
Class A		—		141,385			193,177			1,213,972			396
Class B		—		42,243			43,494			—			—
Class C		—		141,047			344,245			4,304,794			1,286
Transfer agent:
Class A		—		165,384			141,410			221,156			83
Class B		—		16,332			18,406			—			—
Class C		—		24,723			45,074			306,341			39
Class I		—		29,323			92,532			198,243			152
Class I2		—		26,427			—			64,766			11,186
Printing and shareholder reports		—		43,166			28,234			181,238			19,337
Custody		—		68,109			89,247			190,741			22,666
Administration		—		107,523			46,915			471,818			37,386
Legal		—		9,994			5,366			50,544			3,101
Audit and tax		—		7,625			8,116			10,736			7,674
Trustees		—		6,651			3,337			32,286			2,484
Registration		—		54,327			45,902			67,780			14,596
Other		—		5,148			4,578			25,368			1,750
Total expenses		—		2,609,770			2,517,494			16,080,463			1,373,083
Fund expenses recaptured or (reimbursed)/(waived)		—		(1,067,414	)		—			—			15,175
Class expense recaptured or (reimbursed)/(waived):
Class A		—		(301,131	)		—			(202,329	)		7
Class B		—		(58,089	)		—			—			—
Class C		—		(164,280	)		—			—			4
Class I		—		(29,323	)		—			—			41
Class I2		—		(26,427	)		—			—			2,031
Total expenses recaptured or (reimbursed)/(waived)		—		(1,646,664	)		—			(202,329	)		17,258
Net expenses		—		963,106			2,517,494			15,878,134			1,390,341
Net investment income		—		102,048			2,123,748			48,511,349			92,251
Net realized gain (loss) on transactions from:
Investment securities		—		—			12,209,794			16,385,439			(14,080,132	)
Futures contracts		—		—			72,209			—			—
Written option and swaption contracts		—		—			(24,027	)		—			—
Foreign currency transactions		—		—			33,126			(7,552	)		—
Total realized gain (loss)		—		—			12,291,102			16,377,887			(14,080,132	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—		—			17,635,691			4,795,408			44,497,424
Futures contracts		—		—			471,427			—			—
Written option and swaption contracts		—		—			11,911			—			—
Translation of assets and liabilities denominated in foreign currencies		—		—			(82,281	)		4,644			—
TBA Short Commitments		—		—			(88,302	)		—			—
Net change in unrealized appreciation (depreciation)		—		—			17,948,446			4,800,052			44,497,424
Net realized and change in unrealized gain		—		—			30,239,548			21,177,939			30,417,292
Net increase in net assets resulting from operations	$	—	$	102,048		$	32,363,296		$	69,689,288		$	30,509,543

^(A)  Commenced operations April 30, 2013.

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

Transamerica Funds Semi-Annual Report 2013

Page    112

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Tactical Allocation (A)			Transamerica Tactical Income			Transamerica Tactical Rotation (A)
Investment Income:
Dividend income	$	4,937,067		$	7,889,791		$	41,910		$	20,708,671		$	13,229
Interest income		3,335			2,502			34			1,489			16
Withholding taxes on foreign income		—			(3,346	)		—			—			—
Securities lending income (net)		78,720			90,614			788			499,276			1,001
Total investment income		5,019,122			7,979,561			42,732			21,209,436			14,246
Expenses:
Management and advisory		1,675,010			2,864,766			11,338			2,245,182			5,315
Distribution and service:
Class A		429			528,257			1,736			475,611			1,370
Class B		—			150,113			—			—			—
Class C		1,459			1,049,924			4,975			1,826,836			2,627
Transfer agent:
Class A		1,627			351,661			640			122,973			451
Class B		—			33,920			—			—			—
Class C		78			187,917			413			156,583			267
Class I		222			65,294			1,018			145,544			279
Class I2		14,697			622			—			—			—
Printing and shareholder reports		24,365			104,595			9,302			104,908			9,237
Custody		36,053			49,904			10,754			29,654			10,333
Administration		49,114			91,360			515			119,590			242
Legal		4,161			9,780			13			10,748			12
Audit and tax		7,674			10,366			9,843			30,861			10,389
Trustees		3,084			6,344			32			7,628			18
Registration		43,696			71,758			62,351			49,800			55,879
Other		3,542			7,624			2,929			6,898			3,051
Total expenses		1,865,211			5,584,205			115,859			5,332,816			99,470
Fund expenses recaptured or (reimbursed)/(waived)		—			—			(91,074	)		—			(86,274	)
Class expense recaptured or (reimbursed)/(waived):
Class A		(1,314	)		—			(185	)		(69,161	)		(451	)
Class C		—			—			36			13,363			(267	)
Class I		—			—			(404	)		26,301			(279	)
Total expenses recaptured or (reimbursed)/(waived)		(1,314	)		—			(91,627	)		(29,497	)		(87,271	)
Net expenses		1,863,897			5,584,205			24,232			5,303,319			12,199
Net investment income		3,155,225			2,395,356			18,500			15,906,117			2,047
Net realized gain (loss) on transactions from:
Investment securities		6,757,153			38,902,893			(16,416	)		—			(485	)
Investments in investment companies		—			—			—			3,292,033			—
Distributions from investments in investment companies		—			—			—			1,167,538			—
Total realized gain (loss)		6,757,153			38,902,893			(16,416	)		4,459,571			(485	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		51,644,276			68,142,150			300,315			22,723,092			181,037
Net change in unrealized appreciation (depreciation)		51,644,276			68,142,150			300,315			22,723,092			181,037
Net realized and change in unrealized gain		58,401,429			107,045,043			283,899			27,182,663			180,552
Net increase in net assets resulting from operations	$	61,556,654		$	109,440,399		$	302,399		$	43,088,780		$	182,599

^(A)  Commenced operations October 31, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    113

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Capital Growth						Transamerica Diversified Equity						Transamerica Dividend Focused
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited) (A)
From operations:
Net investment income	$	2,103,294		$	3,863,969		$	7,787,271		$	6,117,142		$	5,089,949
Net realized gain (loss) from investment securities and foreign currency transactions		(7,190,183	)		21,099,681			69,974,894			43,581,787			2,411,759
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		101,127,286			(5,524,153	)		100,542,168			(8,338,540	)		84,848,461
Net increase in net assets resulting from operations		96,040,397			19,439,497			178,304,333			41,360,389			92,350,169
Distributions to shareholders:
From net investment income:
Class A		—			—			—			—			(917	)
Class B		—			—	(B)		—			—	(B)		—
Class C		—			—	(B)		—			—	(B)		(472	)
Class I		(414,609	)		(8,831	)		—			—			(1,572	)
Class I2		(4,858,470	)		(19,118	)		—			(359,094	)		(3,643,846	)
Class P		—			—	(B)		—			—	(B)		—
		(5,273,079	)		(27,949	)		—			(359,094	)		(3,646,807	)
From net realized gains:
Class A		(1,530,417	)		(1,846,794	)		—			(10,445,335	)		—
Class B		(139,179	)		(231,580	)		—			(711,300	)		—
Class C		(494,636	)		(510,389	)		—			(1,806,126	)		—
Class I		(1,819,062	)		(349,551	)		—			(145,147	)		—
Class I2		(18,146,877	)		(19,815,931	)		—			(36,687,461	)		—
Class P		—			(1,887,565	)		—			(23,251,081	)		—
		(22,130,171	)		(24,641,810	)		—			(73,046,450	)		—
Total distributions to shareholders		(27,403,250	)		(24,669,759	)		—			(73,405,544	)		(3,646,807	)
Capital share transactions:
Proceeds from shares sold:
Class A		4,340,424			21,613,934			7,294,458			11,280,555			286,353
Class B		222,174			659,807			662,007			1,166,938			—
Class C		1,188,345			7,541,767			800,743			1,558,853			319,430
Class I		4,616,714			33,443,112			4,767,718			167,679,914			1,489,198
Class I2		3,830,421			169,765,244			9,910,599			19,674,746			938,642,789
Class P		—			4,374,502			—			1,546,498			—
Class T		—			—			397,455			551,538			—
		14,198,078			237,398,366			23,832,980			203,459,042			940,737,770
Issued from fund acquisition:
Class A		—			—			—			387,425,221			—
Class B		—			—			—			21,028,002			—
Class C		—			—			—			33,858,937			—
Class I		—			—			—			174,605,682			—
Class I2		—			—			—			371,097,411			—
Class T		—			—			—			89,250,628			—
		—			—			—			1,077,265,881			—
Dividends and distributions reinvested:
Class A		1,494,049			1,768,216			—			10,117,116			917
Class B		134,512			222,880			—			698,146			—
Class C		444,699			467,417			—			1,685,015			472
Class I		1,856,212			138,127			—			142,154			1,572
Class I2		23,005,346			19,835,049			—			37,046,554			3,643,846
Class P		—			1,863,143			—			23,224,123			—
		26,934,818			24,294,832			—			72,913,108			3,646,807
Cost of shares redeemed:
Class A		(10,683,417	)		(24,775,288	)		(33,171,604	)		(64,947,926	)		(4,721	)
Class B		(520,934	)		(1,040,168	)		(1,739,212	)		(2,554,722	)		—
Class C		(3,379,240	)		(4,091,362	)		(4,329,964	)		(6,581,307	)		—
Class I		(12,397,064	)		(16,598,979	)		(64,973,648	)		(80,332,816	)		(289,082	)
Class I2		(124,667,063	)		(47,639,645	)		(19,126,235	)		(127,460,797	)		(20,583,034	)
Class P		—			(21,301,345	)		—			(142,180,744	)		—
Class T		—			—			(4,869,886	)		(7,920,571	)		—
		(151,647,718	)		(115,446,787	)		(128,210,549	)		(431,978,883	)		(20,876,837	)

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

Transamerica Funds Semi-Annual Report 2013

Page    114

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Capital Growth						Transamerica Diversified Equity						Transamerica Dividend Focused
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited) (A)
Automatic conversions:
Class A		482,700			1,945,222			1,718,366			4,566,979			—
Class B		(482,700	)		(1,945,222	)		(1,718,366	)		(4,566,979	)		—
		—			—			—			—			—
Class level conversions:
Class I		—			52,090,212			—			46,485,850			—
Class P		—			(52,090,212	)		—			(46,485,850	)		—
		—			—			—			—			—
Fair fund settlement:
Class A		—			—			—			112,850			—
Class B		—			—			—			7,659			—
Class C		—			—			—			19,184			—
Class I		—			—			—			1,583			—
Class I2		—			—			—			400,991			—
Class P		—			—			—			253,188			—
		—			—			—			795,455			—
Net increase (decrease) in net assets resulting from capital shares transactions		(110,514,822	)		146,246,411			(104,377,569	)		922,454,603			923,507,740
Net increase (decrease) in net assets		(41,877,675	)		141,016,149			73,926,764			890,409,448			1,012,211,102
Net assets:
Beginning of period		716,905,271			575,889,122			1,453,494,982			563,085,534			—
End of period	$	675,027,596		$	716,905,271		$	1,527,421,746		$	1,453,494,982		$	1,012,211,102
Undistributed net investment income	$	583,505		$	3,753,290		$	14,319,803		$	6,532,532		$	1,443,142
Share activity:
Shares issued:
Class A		267,525			1,372,571			518,870			829,004			28,426
Class B		15,129			46,647			47,398			86,496			—
Class C		80,960			526,526			56,968			115,664			31,514
Class I		281,450			2,120,107			332,920			12,267,159			140,680
Class I2		338,725			15,630,006			705,016			1,412,499			93,485,103
Class T		—			—			13,003			18,744			—
Class P		—			293,046			—			116,179			—
		983,789			19,988,903			1,674,175			14,845,745			93,685,723
Shares issued on fund acquisition:
Class A		—			—			—			28,762,080			—
Class B		—			—			—			1,571,600			—
Class C		—			—			—			2,536,250			—
Class I		—			—			—			12,838,653			—
Class I2		—			—			—			27,326,761			—
Class T		—			—			—			3,110,020			—
		—			—			—			76,145,364			—
Shares issued-reinvested from dividends and distributions:
Class A		95,102			128,748			—			853,045			86
Class B		9,433			17,690			—			59,215			—
Class C		31,185			37,215			—			143,162			44
Class I		116,596			9,937			—			11,886			147
Class I2		2,118,356			2,064,001			—			3,102,726			341,184
Class P		—			135,304			—			1,949,968			—
		2,370,672			2,392,895			—			6,120,002			341,461
Shares redeemed:
Class A		(662,179	)		(1,608,349	)		(2,328,084	)		(4,702,537	)		(441	)
Class B		(35,557	)		(74,121	)		(124,487	)		(188,556	)		—
Class C		(231,210	)		(289,235	)		(312,231	)		(491,461	)		—
Class I		(753,589	)		(1,044,572	)		(4,525,702	)		(5,798,881	)		(26,855	)
Class I2		(10,890,102	)		(4,311,157	)		(1,366,672	)		(9,119,321	)		(1,980,805	)
Class T		—			—			(160,360	)		(271,255	)		—
Class P		—			(1,402,789	)		—			(10,523,115	)		—
		(12,572,637	)		(8,730,223	)		(8,817,536	)		(31,095,126	)		(2,008,101	)

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

Transamerica Funds Semi-Annual Report 2013

Page    115

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Capital Growth						Transamerica Diversified Equity						Transamerica Dividend Focused
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited) (A)
Automatic conversions:
Class A		29,889			125,322			121,235			338,131			—
Class B		(32,928	)		(137,013	)		(122,898	)		(341,053	)		—
		(3,039	)		(11,691	)		(1,663	)		(2,922	)		—
Class level conversions:
Class I		—			3,294,764			—			3,418,077			—
Class P		—			(3,328,044	)		—			(3,434,720	)		—
		—			(33,280	)		—			(16,643	)		—
Net increase (decrease) in shares outstanding:
Class A		(269,663	)		18,292			(1,687,979	)		26,079,723			28,071
Class B		(43,923	)		(146,797	)		(199,987	)		1,187,702			—
Class C		(119,065	)		274,506			(255,263	)		2,303,615			31,558
Class I		(355,543	)		4,380,236			(4,192,782	)		22,736,894			113,972
Class I2		(8,433,021	)		13,382,850			(661,656	)		22,722,665			91,845,482
Class T		—			—			(147,357	)		2,857,509			—
Class P		—			(4,302,483	)		—			(11,891,688	)		—
		(9,221,215	)		13,606,604			(7,145,024	)		65,996,420			92,019,083

^(A)  Commenced operations January 4, 2013.

^(B)  Rounds to less than $1.

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

Transamerica Funds Semi-Annual Report 2013

Page    116

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Emerging Markets Debt						Transamerica Emerging Markets Equity						Transamerica Enhanced Muni
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012 (B)			April 30, 2013 (unaudited) (A)
From operations:
Net investment income	$	19,881,736		$	12,008,317		$	441,569		$	730,667		$	76,811
Net realized gain (loss) from investment securities and foreign currency transactions		18,641,044			14,666,783			1,410,831			(5,280,264	)		53,060
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		9,503,103			14,521,638			8,939,944			1,970,232			250,681
Net increase (decrease) in net assets resulting from operations		48,025,883			41,196,738			10,792,344			(2,579,365	)		380,552
Distributions to shareholders:
From net investment income:
Class A		(3,195,592	)		(883,242	)		(836	)		—			(22,320	)
Class C		(476,612	)		(179,255	)		—			—			(6,521	)
Class I		(2,081,848	)		(427,524	)		(1,251	)		—			(49,759	)
Class I2		(15,588,590	)		(7,884,719	)		(777,953	)		—			—
		(21,342,642	)		(9,374,740	)		(780,040	)		—			(78,600	)
From net realized gains:
Class A		(2,255,450	)		—			—			—			—
Class C		(280,946	)		—			—			—			—
Class I		(1,051,779	)		—			—			—			—
Class I2		(11,406,660	)		—			—			—			—
		(14,994,835	)		—			—			—			—
Total distributions to shareholders		(36,337,477	)		(9,374,740	)		(780,040	)		—			(78,600	)
Capital share transactions:
Proceeds from shares sold:
Class A		128,980,152			60,495,482			138,334			317,479			3,935,607
Class C		20,610,521			9,144,349			83,353			268,877			1,143,304
Class I		120,426,722			44,858,033			302,241			316,870			9,264,308
Class I2		79,900,443			404,841,889			112,069,273			110,539,611			—
		349,917,838			519,339,753			112,593,201			111,442,837			14,343,219
Dividends and distributions reinvested:
Class A		5,199,058			756,150			836			—			20,442
Class C		596,876			148,705			—			—			6,142
Class I		2,015,302			362,106			1,251			—			48,763
Class I2		26,995,250			7,884,719			777,953			—			—
		34,806,486			9,151,680			780,040			—			75,347
Cost of shares redeemed:
Class A		(52,698,147	)		(6,621,195	)		(17,090	)		(3,557	)		(543,013	)
Class C		(1,420,497	)		(630,711	)		(11,720	)		—			(30,648	)
Class I		(51,522,264	)		(2,967,161	)		(4,490	)		—			(1,197,402	)
Class I2		(32,730,136	)		(27,547,054	)		(7,333,535	)		(819,779	)		—
		(138,371,044	)		(37,766,121	)		(7,366,835	)		(823,336	)		(1,771,063	)
Net increase in net assets resulting from capital shares transactions		246,353,280			490,725,312			106,006,406			110,619,501			12,647,503
Net increase in net assets		258,041,686			522,547,310			116,018,710			108,040,136			12,949,455
Net assets:
Beginning of period		623,116,106			100,568,796			108,040,136			—			—
End of period	$	881,157,792		$	623,116,106		$	224,058,846		$	108,040,136		$	12,949,455
Undistributed (accumulated) net investment income (loss)	$	2,487,186		$	3,948,092		$	371,129		$	709,600		$	(1,789	)
Share activity:
Shares issued:
Class A		11,082,038			5,571,798			13,635			32,393			377,707
Class C		1,774,178			857,601			8,211			26,977			110,804
Class I		10,328,372			4,030,089			29,355			32,050			888,932
Class I2		6,828,611			36,093,880			11,024,087			11,448,300			—
		30,013,199			46,553,368			11,075,288			11,539,720			1,377,443

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

Transamerica Funds Semi-Annual Report 2013

Page    117

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Emerging Markets Debt						Transamerica Emerging Markets Equity						Transamerica Enhanced Muni
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012 (B)			April 30, 2013 (unaudited) (A)
Shares issued-reinvested from dividends and distributions:
Class A		452,464			71,137			84			—			1,950
Class C		52,048			14,187			—			—			589
Class I		175,089			33,717			126			—			4,613
Class I2		2,345,129			744,990			78,187			—			—
		3,024,730			864,031			78,397			—			7,152
Shares redeemed:
Class A		(4,546,306	)		(603,472	)		(1,649	)		(376	)		(51,416	)
Class C		(122,723	)		(58,765	)		(1,178	)		—			(2,921	)
Class I		(4,390,924	)		(275,254	)		(439	)		—			(113,303	)
Class I2		(2,813,180	)		(2,624,896	)		(715,588	)		(90,286	)		—
		(11,873,133	)		(3,562,387	)		(718,854	)		(90,662	)		(167,640	)
Net increase (decrease) in shares outstanding:
Class A		6,988,196			5,039,463			12,070			32,017			328,241
Class C		1,703,503			813,023			7,033			26,977			108,472
Class I		6,112,537			3,788,552			29,042			32,050			780,242
Class I2		6,360,560			34,213,974			10,386,686			11,358,014			—
		21,164,796			43,855,012			10,434,831			11,449,058			1,216,955

^(A)  Commenced operations October 31, 2012.

^(B) Commenced operations April 30, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    118

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Flexible Income						Transamerica Growth Opportunities						Transamerica High Yield Bond
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	5,811,094		$	13,779,643		$	1,548,233		$	3,885,551		$	20,031,368		$	45,463,452
Net realized gain (loss) from investment securities and foreign currency transactions		1,749,390			1,977,553			(4,956,365	)		5,406,597			9,542,580			22,752,011
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		5,954,713			14,829,221			102,858,472			(43,451,903	)		20,010,163			24,399,502
Net increase (decrease) in net assets resulting from operations		13,515,197			30,586,417			99,450,340			(34,159,755	)		49,584,111			92,614,965
Distributions to shareholders:
From net investment income:
Class A		(1,943,761	)		(3,528,286	)		(257,012	)		(2,158	)		(8,072,806	)		(15,588,955	)
Class B		(130,916	)		(278,694	)		—			—			(243,533	)		(535,898	)
Class C		(1,823,666	)		(2,683,572	)		—			—			(2,219,543	)		(3,731,777	)
Class I		(1,023,978	)		(1,385,259	)		(675,466	)		(17,907	)		(3,251,916	)		(5,331,170	)
Class I2		(1,534,762	)		(6,246,218	)		(4,186,161	)		(251,448	)		(7,262,233	)		(21,623,534	)
Class P		—			—			—			—			—			(255,076	)
		(6,457,083	)		(14,122,029	)		(5,118,639	)		(271,513	)		(21,050,031	)		(47,066,410	)
From net realized gains:
Class A		—			—			(901,789	)		(21,107,697	)		—			—
Class B		—			—			(60,750	)		(2,052,683	)		—			—
Class C		—			—			(118,782	)		(3,163,826	)		—			—
Class I		—			—			(704,338	)		(1,977,019	)		—			—
Class I2		—			—			(3,690,555	)		(21,955,739	)		—			—
Class P		—			—			—			(20,068,508	)		—			—
		—			—			(5,476,214	)		(70,325,472	)		—			—
Total distributions to shareholders		(6,457,083	)		(14,122,029	)		(10,594,853	)		(70,596,985	)		(21,050,031	)		(47,066,410	)
Capital share transactions:
Proceeds from shares sold:
Class A		24,076,722			25,018,408			1,631,486			10,256,642			153,053,545			217,329,555
Class B		681,868			1,286,234			187,287			446,202			741,252			1,151,723
Class C		35,858,439			48,106,343			406,165			1,066,125			17,047,967			36,683,708
Class I		37,485,872			19,263,089			2,471,032			54,794,058			46,173,681			96,649,557
Class I2		308,283			16,945,180			21,089,479			87,359,373			4,699,293			27,611,681
Class P		—			—			—			2,657,869			—			15,312,982
		98,411,184			110,619,254			25,785,449			156,580,269			221,715,738			394,739,206
Issued from fund acquisition:
Class I2		—			—			—			274,997,568			—			—
		—			—			—			274,997,568			—			—
Dividends and distributions reinvested:
Class A		1,717,925			2,990,538			1,148,525			20,745,805			7,490,234			13,362,486
Class B		117,431			237,332			59,946			2,005,882			223,748			461,730
Class C		945,483			1,514,122			115,797			2,974,135			1,866,474			2,808,258
Class I		589,856			707,397			1,372,506			1,687,038			2,654,432			4,105,858
Class I2		1,534,762			6,246,218			7,876,716			22,207,188			7,262,233			21,623,534
Class P		—			—			—			19,936,423			—			246,783
		4,905,457			11,695,607			10,573,490			69,556,471			19,497,121			42,608,649
Cost of shares redeemed:
Class A		(10,569,422	)		(21,493,833	)		(9,353,626	)		(21,694,632	)		(83,952,587	)		(219,318,295	)
Class B		(1,089,719	)		(1,125,300	)		(421,203	)		(1,132,523	)		(707,141	)		(1,219,359	)
Class C		(28,915,215	)		(21,718,196	)		(1,420,839	)		(3,648,616	)		(9,194,677	)		(15,609,418	)
Class I		(9,513,241	)		(10,012,163	)		(18,590,389	)		(28,552,291	)		(44,885,161	)		(109,608,378	)
Class I2		(73,474,761	)		(10,677,231	)		(17,942,569	)		(50,946,632	)		(60,629,102	)		(208,758,316	)
Class P		—			—			—			(53,917,154	)		—			(9,723,844	)
		(123,562,358	)		(65,026,723	)		(47,728,626	)		(159,891,848	)		(199,368,668	)		(564,237,610	)
Automatic conversions:
Class A		160,383			1,208,343			572,367			2,959,267			184,726			1,219,233
Class B		(160,383	)		(1,208,343	)		(572,367	)		(2,959,267	)		(184,726	)		(1,219,233	)
		—			—			—			—			—			—
Class level conversions:
Class I		—			—			—			50,879,546			—			25,615,165
Class P		—			—			—			(50,879,546	)		—			(25,615,165	)
		—			—			—			—			—			—

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

Transamerica Funds Semi-Annual Report 2013

Page    119

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Flexible Income						Transamerica Growth Opportunities						Transamerica High Yield Bond
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
Fair fund settlement:
Class A		—			—			—			8,476			—			745
Class B		—			—			—			751			—			34
Class C		—			—			—			1,157			—			187
Class I		—			—			—			819			—			150
Class I2		—			—			—			9,257			—			1,410
Class P		—			—			—			8,112			—			50
		—			—			—			28,572			—			2,576
Net increase (decrease) in net assets resulting from capital shares transactions		(20,245,717	)		57,288,138			(11,369,687	)		341,271,032			41,844,191			(126,887,179	)
Net increase (decrease) in net assets		(13,187,603	)		73,752,526			77,485,800			236,514,292			70,378,271			(81,338,624	)
Net assets:
Beginning of period		325,569,968			251,817,442			585,938,836			349,424,544			696,422,993			777,761,617
End of period	$	312,382,365		$	325,569,968		$	663,424,636		$	585,938,836		$	766,801,264		$	696,422,993
Undistributed (accumulated) net investment income (loss)	$	167,209		$	813,198		$	(193,301	)	$	3,377,105		$	(5,985	)	$	1,012,679
Share activity:
Shares issued:
Class A		2,530,253			2,761,028			185,435			1,192,439			15,587,061			23,582,645
Class B		72,317			141,731			24,404			57,909			75,956			124,236
Class C		3,824,305			5,308,862			52,714			136,258			1,751,359			3,984,713
Class I		3,938,163			2,120,940			268,092			5,948,923			4,688,737			10,432,723
Class I2		32,593			1,842,360			2,216,980			9,112,718			478,076			2,962,611
Class P		—			—			—			298,679			—			1,704,433
		10,397,631			12,174,921			2,747,625			16,746,926			22,581,189			42,791,361
Shares issued on fund acquisition:
Class I2		—			—			—			29,633,359			—			—
		—			—			—			29,633,359			—			—
Shares issued-reinvested from dividends and distributions:
Class A		181,881			331,518			136,405			2,690,766			765,524			1,451,629
Class B		12,445			26,337			8,046			292,403			22,873			50,202
Class C		100,735			168,665			15,440			431,034			191,478			305,264
Class I		62,232			78,329			155,085			208,276			269,502			441,609
Class I2		162,249			691,019			884,031			2,724,808			737,331			2,345,315
Class P		—			—			—			2,562,522			—			28,013
		519,542			1,295,868			1,199,007			8,909,809			1,986,708			4,622,032
Shares redeemed:
Class A		(1,119,473	)		(2,379,156	)		(1,070,636	)		(2,495,976	)		(8,636,347	)		(24,047,986	)
Class B		(115,164	)		(125,119	)		(54,968	)		(147,122	)		(72,335	)		(132,269	)
Class C		(3,078,903	)		(2,409,939	)		(185,759	)		(480,977	)		(943,219	)		(1,705,004	)
Class I		(1,004,759	)		(1,101,400	)		(2,045,955	)		(3,219,364	)		(4,591,094	)		(12,140,731	)
Class I2		(7,815,108	)		(1,177,644	)		(2,010,754	)		(5,503,416	)		(6,150,668	)		(22,452,882	)
Class P		—			—			—			(6,139,753	)		—			(1,107,291	)
		(13,133,407	)		(7,193,258	)		(5,368,072	)		(17,986,608	)		(20,393,663	)		(61,586,163	)
Automatic conversions:
Class A		16,964			133,809			65,752			349,188			18,956			133,433
Class B		(16,967	)		(133,809	)		(74,423	)		(392,271	)		(18,954	)		(133,440	)
		(3	)		—			(8,671	)		(43,083	)		2			(7	)
Class level conversions:
Class I		—			—			—			5,518,389			—			2,760,255
Class P		—			—			—			(5,748,127	)		—			(2,774,877	)
		—			—			—			(229,738	)		—			(14,622	)
Net increase (decrease) in shares outstanding:
Class A		1,609,625			847,199			(683,044	)		1,736,417			7,735,194			1,119,721
Class B		(47,369	)		(90,860	)		(96,941	)		(189,081	)		7,540			(91,271	)
Class C		846,137			3,067,588			(117,605	)		86,315			999,618			2,584,973
Class I		2,995,636			1,097,869			(1,622,778	)		8,456,224			367,145			1,493,856
Class I2		(7,620,266	)		1,355,735			1,090,257			35,967,469			(4,935,261	)		(17,144,956	)
Class P		—			—			—			(9,026,679	)		—			(2,149,722	)
		(2,216,237	)		6,277,531			(1,430,111	)		37,030,665			4,174,236			(14,187,399	)

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

Transamerica Funds Semi-Annual Report 2013

Page    120

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Income & Growth			Transamerica International Bond						Transamerica International Equity
	April 30, 2013 (unaudited) (A)			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	6,214,531		$	1,461,418		$	4,698,126		$	4,036,224		$	4,379,261
Net realized gain (loss) from investment securities, futures and foreign currency transactions		149,822			(9,436,318	)		921,779			3,127,073			732,691
Net change in unrealized appreciation (depreciation) on investment securities, futures and foreign currency translations		23,279,943			(1,048,741	)		(1,463,211	)		40,325,635			14,710,738
Net increase (decrease) in net assets resulting from operations		29,644,296			(9,023,641	)		4,156,694			47,488,932			19,822,690
Distributions to shareholders:
From net investment income:
Class A		(43,911	)		(620	)		(408	)		(61,664	)		(12,440	)
Class C		(47,099	)		(59	)		(403	)		(90,894	)		(5,003	)
Class I		(184,061	)		(541	)		(407	)		(1,600,664	)		(2,012,635	)
Class I2		(3,307,148	)		(988,861	)		(31,208,242	)		(3,903,807	)		(1,247,304	)
		(3,582,219	)		(990,081	)		(31,209,460	)		(5,657,029	)		(3,277,382	)
From net realized gains:
Class A		—			(1,278	)		—			—			—
Class C		—			(1,543	)		—			—			—
Class I		—			(782	)		—			—			—
Class I2		—			(1,445,577	)		(2,783,860	)		—			—
		—			(1,449,180	)		(2,783,860	)		—			—
Total distributions to shareholders		(3,582,219	)		(2,439,261	)		(33,993,320	)		(5,657,029	)		(3,277,382	)
Capital share transactions:
Proceeds from shares sold:
Class A		6,753,711			307,932			192,561			6,736,525			2,573,264
Class C		8,880,535			50,742			194,713			4,637,684			4,565,686
Class I		20,158,437			12,500			100,000			26,567,054			10,862,772
Class I2		342,977,866			783,493			31,859,976			71,600,776			128,848,858
		378,770,549			1,154,667			32,347,250			109,542,039			146,850,580
Dividends and distributions reinvested:
Class A		41,194			1,898			408			59,628			11,029
Class C		44,749			1,559			403			14,908			5,003
Class I		183,880			1,322			407			1,505,165			1,883,087
Class I2		3,307,148			2,434,438			33,992,102			3,903,807			1,247,304
		3,576,971			2,439,217			33,993,320			5,483,508			3,146,423
Cost of shares redeemed:
Class A		(326,638	)		(98,273	)		(31,214	)		(2,869,707	)		(218,736	)
Class C		(370,861	)		—			—			(206,954	)		(64,552	)
Class I		(1,756,304	)		(12,357	)		—			(5,697,460	)		(8,532,781	)
Class I2		(10	)		(9,487,312	)		(317,984,100	)		(5,953,975	)		(19,398,152	)
		(2,453,813	)		(9,597,942	)		(318,015,314	)		(14,728,096	)		(28,214,221	)
Net increase (decrease) in net assets resulting from capital shares transactions		379,893,707			(6,004,058	)		(251,674,744	)		100,297,451			121,782,782
Net increase (decrease) in net assets		405,955,784			(17,466,960	)		(281,511,370	)		142,129,354			138,328,090
Net assets:
Beginning of period		—			193,780,267			475,291,637			263,982,191			125,654,101
End of period	$	405,955,784		$	176,313,307		$	193,780,267		$	406,111,545		$	263,982,191
Undistributed net investment income	$	2,632,312		$	(3,586,180	)	$	(4,057,517	)	$	2,305,091		$	3,925,896
Share activity:
Shares issued:
Class A		629,142			30,787			18,717			439,135			184,272
Class C		828,758			5,216			18,953			304,682			333,732
Class I		1,950,731			1,189			9,718			1,678,339			782,114
Class I2		32,959,193			78,203			3,057,240			4,605,315			9,234,491
		36,367,824			115,395			3,104,628			7,027,471			10,534,609

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

Transamerica Funds Semi-Annual Report 2013

Page    121

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Income & Growth			Transamerica International Bond						Transamerica International Equity
	April 30, 2013 (unaudited) (A)			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
Shares issued-reinvested from dividends and distributions:
Class A		3,830			184			40			3,970			897
Class C		4,164			152			40			1,000			408
Class I		17,409			128			40			99,746			152,848
Class I2		312,082			236,124			3,364,564			258,873			101,325
		337,485			236,588			3,364,684			363,589			255,478
Shares redeemed:
Class A		(29,653	)		(10,101	)		(3,054	)		(181,786	)		(15,704	)
Class C		(33,827	)		—			—			(13,671	)		(4,516	)
Class I		(163,986	)		(1,189	)		—			(372,809	)		(622,536	)
Class I2		(1	)		(939,066	)		(30,348,036	)		(385,109	)		(1,427,782	)
		(227,467	)		(950,356	)		(30,351,090	)		(953,375	)		(2,070,538	)
Net increase (decrease) in shares outstanding:
Class A		603,319			20,870			15,703			261,319			169,465
Class C		799,095			5,368			18,993			292,011			329,624
Class I		1,804,154			128			9,758			1,405,276			312,426
Class I2		33,271,274			(624,739	)		(23,926,232	)		4,479,079			7,908,034
		36,477,842			(598,373	)		(23,881,778	)		6,437,685			8,719,549

^(A) Commenced operations October 31, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    122

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica International Small Cap Value			Transamerica Large Cap Growth						Transamerica Large Cap Value
	April 30, 2013 (unaudited) (A)			April 30, 2013 (unaudited)			October 31, 2012 (B)			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	1,316,956		$	1,131,740		$	724,702		$	13,061,095		$	29,115,282
Net realized gain (loss) from investment securities and foreign currency transactions		692,626			(756,620	)		(1,546,619	)		91,379,645			89,723,517
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		8,838,943			18,857,345			(962,685	)		130,434,591			76,147,279
Net increase (decrease) in net assets resulting from operations		10,848,525			19,232,465			(1,784,602	)		234,875,331			194,986,078
Distributions to shareholders:
From net investment income:
Class A		—			(7,452	)		—			(20,527	)		(29,423	)
Class C		—			(4,831	)		—			(10,461	)		(20,620	)
Class I		—			(5,987	)		—			(32,611	)		(173,861	)
Class I2		—			(1,458,766	)		—			(13,522,912	)		(29,943,812	)
		—			(1,477,036	)		—			(13,586,511	)		(30,167,716	)
From net realized gains:
Class A		—			—			—			(146,611	)		—
Class C		—			—			—			(126,430	)		—
Class I		—			—			—			(190,103	)		—
Class I2		—			—			—			(73,116,044	)		—
		—			—			—			(73,579,188	)		—
Total distributions to shareholders		—			(1,477,036	)		—			(87,165,699	)		(30,167,716	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			812,629			421,615			2,725,363			1,416,036
Class C		—			698,785			286,021			918,457			401,754
Class I		1,607,848			33,200			801,987			695,754			4,171,842
Class I2		147,199,321			53,452,150			140,049,681			153,170,999			259,850,074
		148,807,169			54,996,764			141,559,304			157,510,573			265,839,706
Dividends and distributions reinvested:
Class A		—			7,452			—			167,067			29,241
Class C		—			4,831			—			128,216			15,696
Class I		—			5,839			—			222,714			173,503
Class I2		—			1,458,766			—			86,638,956			29,943,812
		—			1,476,888			—			87,156,953			30,162,252
Cost of shares redeemed:
Class A		—			(738,488	)		—			(1,400,913	)		(718,191	)
Class C		—			(663,931	)		—			(740,721	)		(689,596	)
Class I		(210,504	)		(579,711	)		(9,936	)		(352,905	)		(9,170,768	)
Class I2		(11	)		(1,079,126	)		(2,974,333	)		(56,252,687	)		(462,112,392	)
		(210,515	)		(3,061,256	)		(2,984,269	)		(58,747,226	)		(472,690,947	)
Net increase (decrease) in net assets resulting from capital shares transactions		148,596,654			53,412,396			138,575,035			185,920,300			(176,688,989	)
Net increase (decrease) in net assets		159,445,179			71,167,825			136,790,433			333,629,932			(11,870,627	)
Net assets:
Beginning of period		—			136,790,433			—			1,327,225,814			1,339,096,441
End of period	$	159,445,179		$	207,958,258		$	136,790,433		$	1,660,855,746		$	1,327,225,814
Undistributed net investment income	$	1,316,956		$	404,886		$	750,182		$	925,736		$	1,451,152

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

Transamerica Funds Semi-Annual Report 2013

Page    123

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica International Small Cap Value			Transamerica Large Cap Growth						Transamerica Large Cap Value
	April 30, 2013 (unaudited) (A)			April 30, 2013 (unaudited)			October 31, 2012 (B)			April 30, 2013 (unaudited)			October 31, 2012
Share activity:
Shares issued:
Class A		—			80,197			42,533			223,525			125,579
Class C		—			69,534			28,546			76,847			36,210
Class I		153,156			3,256			80,588			55,755			367,558
Class I2		14,397,048			5,256,091			14,005,045			12,773,776			23,895,899
		14,550,204			5,409,078			14,156,712			13,129,903			24,425,246
Shares issued-reinvested from dividends and distributions:
Class A		—			747			—			14,657			2,656
Class C		—			486			—			11,299			1,448
Class I		—			585			—			19,485			16,138
Class I2		—			146,169			—			7,581,863			2,750,137
		—			147,987			—			7,627,304			2,770,379
Shares redeemed:
Class A		—			(68,908	)		—			(111,400	)		(61,899	)
Class C		—			(62,057	)		—			(59,120	)		(61,993	)
Class I		(19,692	)		(55,019	)		(968	)		(28,951	)		(844,693	)
Class I2		(1	)		(107,665	)		(304,984	)		(4,657,140	)		(43,604,869	)
		(19,693	)		(293,649	)		(305,952	)		(4,856,611	)		(44,573,454	)
Net increase (decrease) in shares outstanding:
Class A		—			12,036			42,533			126,782			66,336
Class C		—			7,963			28,546			29,026			(24,335	)
Class I		133,464			(51,178	)		79,620			46,289			(460,997	)
Class I2		14,397,047			5,294,595			13,700,061			15,698,499			(16,958,833	)
		14,530,511			5,263,416			13,850,760			15,900,596			(17,377,829	)

^(A)  Commenced operations January 4, 2013.

^(B)  Commenced operations April 30, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    124

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica MLP & Energy Income		Transamerica Money Market						Transamerica Multi-Managed Balanced
	April 30, 2013 (unaudited)  (A)		April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	—	$	102,048		$	34,753		$	2,123,748		$	4,675,549
Net realized gain from investment securities, futures, written option contracts and foreign currency transactions		—		—			—			12,291,102			12,722,445
Net change in unrealized appreciation (depreciation) on investment securities, futures, written option contracts and foreign currency translations		—		—			—			17,948,446			20,141,300
Net increase in net assets resulting from operations		—		102,048			34,753			32,363,296			37,539,294
Distributions to shareholders:
From net investment income:
Class A		—		(1,511	)		(3,283	)		(778,663	)		(1,653,456	)
Class B		—		(154	)		(417	)		(14,624	)		(61,428	)
Class C		—		(586	)		(1,341	)		(207,769	)		(484,219	)
Class I		—		(1,880	)		(3,038	)		(1,386,514	)		(2,453,870	)
Class I2		—		(98,000	)		(21,910	)		—			—
Class P		—		—			(5,170	)		—			(657,407	)
		—		(102,131	)		(35,159	)		(2,387,570	)		(5,310,380	)
From net realized gains:
Class A		—		—			—			(4,393,440	)		(14,336,019	)
Class B		—		—			—			(314,260	)		(1,301,227	)
Class C		—		—			—			(2,364,203	)		(5,406,426	)
Class I		—		—			—			(5,851,179	)		(1,676,853	)
Class P		—		—			—			—			(21,640,447	)
		—		—			—			(12,923,082	)		(44,360,972	)
Total distributions to shareholders		—		(102,131	)		(35,159	)		(15,310,652	)		(49,671,352	)
Capital share transactions:
Proceeds from shares sold:
Class A		250,001		39,537,434			83,735,487			13,420,055			24,777,965
Class B		—		1,494,523			3,377,013			613,003			2,416,033
Class C		250,001		11,325,350			22,812,867			15,505,756			28,526,512
Class I		250,001		3,914,468			22,048,721			8,703,481			89,462,207
Class I2		30,000,010		853,926,956			829,533,478			—			—
Class P		—		—			1,488,390			—			3,611,903
		30,750,013		910,198,731			962,995,956			38,242,295			148,794,620
Dividends and distributions reinvested:
Class A		—		1,490			3,229			4,989,651			15,186,112
Class B		—		145			403			317,946			1,315,379
Class C		—		572			1,319			2,347,633			5,149,380
Class I		—		1,880			2,817			6,870,557			2,682,373
Class I2		—		98,297			21,298			—			—
Class P		—		—			5,113			—			22,142,260
		—		102,384			34,179			14,525,787			46,475,504
Cost of shares redeemed:
Class A		—		(45,757,455	)		(102,998,554	)		(12,011,096	)		(21,284,736	)
Class B		—		(2,461,695	)		(6,835,862	)		(831,719	)		(1,196,722	)
Class C		—		(15,661,617	)		(27,500,922	)		(6,214,554	)		(8,690,407	)
Class I		—		(4,925,790	)		(21,963,776	)		(24,905,371	)		(21,459,738	)
Class I2		—		(1,225,209,274	)		(194,700,954	)		—			—
Class P		—		—			(3,463,981	)		—			(93,138,368	)
		—		(1,294,015,831	)		(357,464,049	)		(43,962,740	)		(145,769,971	)
Automatic conversions:
Class A		—		654,223			2,570,448			771,228			3,038,885
Class B		—		(654,223	)		(2,570,448	)		(771,228	)		(3,038,885	)
		—		—			—			—			—
Class level conversions:
Class I		—		—			25,316,693			—			86,887,749
Class P		—		—			(25,316,693	)		—			(86,887,749	)
		—		—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		30,750,013		(383,714,716	)		605,566,086			8,805,342			49,500,153
Net increase (decrease) in net assets		30,750,013		(383,714,799	)		605,565,680			25,857,986			37,368,095

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

Transamerica Funds Semi-Annual Report 2013

Page    125

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica MLP & Energy Income		Transamerica Money Market						Transamerica Multi-Managed Balanced
	April 30, 2013 (unaudited)  (A)		April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
Net assets:
Beginning of period		—		814,405,932			208,840,252			373,916,599			336,548,504
End of period	$	30,750,013	$	430,691,133		$	814,405,932		$	399,774,585		$	373,916,599
Undistributed (accumulated) net investment income (loss)	$	—	$	(314	)	$	(231	)	$	27,038		$	290,860
Share activity:
Shares issued:
Class A		25,000		39,537,434			83,735,487			601,376			1,144,747
Class B		—		1,494,523			3,377,013			27,541			112,860
Class C		25,000		11,325,350			22,812,867			704,324			1,338,906
Class I		25,000		3,914,468			22,048,783			389,502			4,199,332
Class I2		3,000,001		853,926,956			829,533,478			—			—
Class P		—		—			1,488,328			—			169,890
		3,075,001		910,198,731			962,995,956			1,722,743			6,965,735
Shares issued-reinvested from dividends and distributions:
Class A		—		1,490			3,229			231,481			763,613
Class B		—		145			403			14,864			66,623
Class C		—		572			1,319			110,600			262,061
Class I		—		1,880			2,817			317,538			125,661
Class I2		—		98,297			21,298			—			—
Class P		—		—			5,113			—			1,122,264
		—		102,384			34,179			674,483			2,340,222
Shares redeemed:
Class A		—		(45,757,455	)		(102,998,554	)		(539,089	)		(984,833	)
Class B		—		(2,461,695	)		(6,835,862	)		(37,614	)		(55,465	)
Class C		—		(15,661,617	)		(27,500,922	)		(282,133	)		(410,724	)
Class I		—		(4,925,790	)		(21,963,776	)		(1,119,157	)		(983,134	)
Class I2		—		(1,225,209,274	)		(194,700,954	)		—			—
Class P		—		—			(3,463,981	)		—			(4,403,489	)
		—		(1,294,015,831	)		(357,464,049	)		(1,977,993	)		(6,837,645	)
Automatic conversions:
Class A		—		654,223			2,570,448			34,704			141,348
Class B		—		(654,223	)		(2,570,448	)		(34,913	)		(142,106	)
		—		—			—			(209	)		(758	)
Class level conversions:
Class I		—		—			25,316,693			—			4,096,546
Class P		—		—			(25,316,693	)		—			(4,107,100	)
		—		—			—			—			(10,554	)
Net increase (decrease) in shares outstanding:
Class A		25,000		(5,564,308	)		(16,689,390	)		328,472			1,064,875
Class B		—		(1,621,250	)		(6,028,894	)		(30,122	)		(18,088	)
Class C		25,000		(4,335,695	)		(4,686,736	)		532,791			1,190,243
Class I		25,000		(1,009,442	)		25,404,517			(412,117	)		7,438,405
Class I2		3,000,001		(371,184,021	)		634,853,822			—			—
Class P		—		—			(27,287,233	)		—			(7,218,435	)
		3,075,001		(383,714,716	)		605,566,086			419,024			2,457,000

^(A)  Commenced operations April 30, 2013.

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

Transamerica Funds Semi-Annual Report 2013

Page    126

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Short-Term Bond						Transamerica Small Cap Growth						Transamerica Small Cap Value
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012 (A)			April 30, 2013 (unaudited)			October 31, 2012 (B)
From operations:
Net investment income (loss)	$	48,511,349		$	94,532,059		$	92,251		$	(236,549	)	$	3,155,225		$	1,630,908
Net realized gain (loss) from investment securities and foreign currency transactions		16,377,887			21,700,342			(14,080,132	)		(2,235,519	)		6,757,153			(944,569	)
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		4,800,052			59,079,171			44,497,424			(8,879,052	)		51,644,276			2,836,974
Net increase (decrease) in net assets resulting from operations		69,689,288			175,311,572			30,509,543			(11,351,120	)		61,556,654			3,523,313
Distributions to shareholders:
From net investment income:
Class A		(10,992,008	)		(25,260,292	)		(36	)		—			(1,818	)		—
Class C		(8,400,120	)		(21,623,622	)		—			—			(626	)		—
Class I		(5,496,689	)		(11,280,454	)		(236	)		—			(3,120	)		—
Class I2		(26,048,951	)		(39,813,904	)		(310,438	)		—			(3,059,606	)		—
		(50,937,768	)		(97,978,272	)		(310,710	)		—			(3,065,170	)		—
From net realized gains:
Class A		(3,551,210	)		(5,501,610	)		—			—			—			—
Class C		(3,839,661	)		(6,008,755	)		—			—			—			—
Class I		(1,692,537	)		(1,936,001	)		—			—			—			—
Class I2		(7,974,540	)		(6,846,650	)		—			—			—			—
		(17,057,948	)		(20,293,016	)		—			—			—			—
Total distributions to shareholders		(67,995,716	)		(118,271,288	)		(310,710	)		—			(3,065,170	)		—
Capital share transactions:
Proceeds from shares sold:
Class A		241,787,058			307,910,378			56,611			251,547			20,120			271,868
Class C		123,436,881			194,376,513			45,356			250,000			92,073			256,673
Class I		137,249,707			253,606,422			39,450			250,000			14,121			368,750
Class I2		407,793,718			763,722,130			169,712,186			250,746,972			257,979,905			293,480,488
		910,267,364			1,519,615,443			169,853,603			251,498,519			258,106,219			294,377,779
Dividends and distributions reinvested:
Class A		13,099,314			26,298,697			36			—			1,818			—
Class C		10,179,964			22,189,160			—			—			626			—
Class I		5,058,027			8,680,411			236			—			3,120			—
Class I2		34,006,910			47,637,717			310,438			—			3,059,606			—
		62,344,215			104,805,985			310,710			—			3,065,170			—
Cost of shares redeemed:
Class A		(189,265,226	)		(332,998,208	)		—			—			(5,337	)		—
Class C		(108,588,004	)		(220,416,503	)		—			—			(4,169	)		—
Class I		(110,750,360	)		(170,842,978	)		—			—			(459	)		(3,000	)
Class I2		(317,832,974	)		(237,264,647	)		(164,753	)		(47,698	)		(4,335,081	)		(8,343,928	)
		(726,436,564	)		(961,522,336	)		(164,753	)		(47,698	)		(4,345,046	)		(8,346,928	)
Net increase in net assets resulting from capital shares transactions		246,175,015			662,899,092			169,999,560			251,450,821			256,826,343			286,030,851
Net increase in net assets		247,868,587			719,939,376			200,198,393			240,099,701			315,317,827			289,554,164
Net assets:
Beginning of period		3,541,027,932			2,821,088,556			240,099,701			—			289,554,164			—
End of period	$	3,788,896,519		$	3,541,027,932		$	440,298,094		$	240,099,701		$	604,871,991		$	289,554,164
Undistributed net investment income	$	(3,699,105	)	$	(1,272,686	)	$	(400,820	)	$	(182,361	)	$	1,747,136		$	1,657,081
Share activity:
Shares issued:
Class A		23,035,069			29,711,020			5,559			25,153			1,825			27,247
Class C		11,780,934			18,798,401			4,522			25,000			8,424			25,651
Class I		13,306,071			24,915,883			3,935			25,000			1,316			37,988
Class I2		39,495,456			74,830,755			16,688,103			25,504,366			23,817,382			30,201,187
		87,617,530			148,256,059			16,702,119			25,579,519			23,828,947			30,292,073

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

Transamerica Funds Semi-Annual Report 2013

Page    127

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Short-Term Bond						Transamerica Small Cap Growth						Transamerica Small Cap Value
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012 (A)			April 30, 2013 (unaudited)			October 31, 2012 (B)
Shares issued-reinvested from dividends and distributions:
Class A		1,248,954			2,548,518			4			—			180			—
Class C		972,625			2,155,927			—			—			62			—
Class I		490,666			854,595			25			—			310			—
Class I2		3,301,324			4,693,196			33,131			—			303,231			—
		6,013,569			10,252,236			33,160			—			303,783			—
Shares redeemed:
Class A		(18,031,574	)		(32,204,077	)		—			—			(537	)		—
Class C		(10,363,653	)		(21,344,776	)		—			—			(372	)		—
Class I		(10,736,214	)		(16,780,931	)		—			—			(46	)		(315	)
Class I2		(30,815,107	)		(23,289,128	)		(16,720	)		(4,821	)		(424,087	)		(869,596	)
		(69,946,548	)		(93,618,912	)		(16,720	)		(4,821	)		(425,042	)		(869,911	)
Net increase (decrease) in shares outstanding:
Class A		6,252,449			55,461			5,563			25,153			1,468			27,247
Class C		2,389,906			(390,448	)		4,522			25,000			8,114			25,651
Class I		3,060,523			8,989,547			3,960			25,000			1,580			37,673
Class I2		11,981,673			56,234,823			16,704,514			25,499,545			23,696,526			29,331,591
		23,684,551			64,889,383			16,718,559			25,574,698			23,707,688			29,422,162

^(A)  Commenced operations August 31, 2012.

^(B)  Commenced operations April 30, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    128

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small/Mid Cap Value						Transamerica Tactical Allocation			Transamerica Tactical Income
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)  (B)			April 30, 2013 (unaudited)			October 31, 2012 (A)
From operations:
Net investment income	$	2,395,356		$	2,351,657		$	18,500		$	15,906,117		$	8,206,386
Net realized gain (loss) from investment securities and investments in investment companies		38,902,893			(11,851,849	)		(16,416	)		4,459,571			8,875,774
Net change in unrealized appreciation (depreciation) on investment securities and investments in investment companies		68,142,150			82,859,950			300,315			22,723,092			1,136,796
Net increase in net assets resulting from operations		109,440,399			73,359,758			302,399			43,088,780			18,218,956
Distributions to shareholders:
From net investment income:
Class A		(1,447,118	)		(12	)		(27,751	)		(9,508,816	)		(4,419,080	)
Class C		—			—			(14,663	)		(9,652,507	)		(3,695,950	)
Class I		(965,696	)		—			(12,086	)		(8,518,200	)		(4,819,993	)
Class I2		(149,218	)		—			—			—			—
		(2,562,032	)		(12	)		(54,500	)		(27,679,523	)		(12,935,023	)
From net realized gains:
Class A		—			(17,683,447	)		—			(1,145,016	)		—
Class B		—			(1,903,904	)		—			—			—
Class C		—			(10,529,922	)		—			(1,298,064	)		—
Class I		—			(3,749,612	)		—			(1,027,731	)		—
Class I2		—			(699,048	)		—			—			—
		—			(34,565,933	)		—			(3,470,811	)		—
Total distributions to shareholders		(2,562,032	)		(34,565,945	)		(54,500	)		(31,150,334	)		(12,935,023	)
Capital share transactions:
Proceeds from shares sold:
Class A		62,790,088			81,626,637			2,533,526			170,851,091			264,641,029
Class B		335,336			1,053,528			—			—			—
Class C		22,469,345			34,234,046			2,445,676			193,688,242			281,913,481
Class I		34,199,734			64,607,438			3,567,558			146,187,712			265,933,761
Class I2		1,474,840			2,230,036			—			—			—
		121,269,343			183,751,685			8,546,760			510,727,045			812,488,271
Dividends and distributions reinvested:
Class A		1,399,157			16,432,439			25,414			9,753,531			3,871,084
Class B		—			1,625,289			—			—			—
Class C		—			8,583,461			14,663			9,631,199			3,147,999
Class I		664,877			2,088,879			12,086			7,626,007			4,119,506
Class I2		149,218			699,048			—			—			—
		2,213,252			29,429,116			52,163			27,010,737			11,138,589
Cost of shares redeemed:
Class A		(56,530,986	)		(112,260,440	)		(101,808	)		(63,290,634	)		(15,687,509	)
Class B		(2,903,934	)		(5,810,239	)		—			—			—
Class C		(20,383,175	)		(36,170,011	)		(68	)		(20,193,954	)		(7,215,078	)
Class I		(18,865,731	)		(35,288,108	)		(447,900	)		(78,380,481	)		(31,177,861	)
Class I2		(808,230	)		(1,357,234	)		—			—			—
		(99,492,056	)		(190,886,032	)		(549,776	)		(161,865,069	)		(54,080,448	)
Automatic conversions:
Class A		606,859			2,738,860			—			—			—
Class B		(606,859	)		(2,738,860	)		—			—			—
		—			—			—			—			—
Net increase in net assets resulting from capital shares transactions		23,990,539			22,294,769			8,049,147			375,872,713			769,546,412
Net increase in net assets		130,868,906			61,088,582			8,297,046			387,811,159			774,830,345
Net assets:
Beginning of period		681,264,675			620,176,093			—			774,830,345			—
End of period	$	812,133,581		$	681,264,675		$	8,297,046		$	1,162,641,504		$	774,830,345
Undistributed (accumulated) net investment income (loss)	$	2,185,391		$	2,352,067		$	(36,000	)	$	(11,804,567	)	$	(31,161	)

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

Transamerica Funds Semi-Annual Report 2013

Page    129

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small/Mid Cap Value						Transamerica Tactical Allocation			Transamerica Tactical Income
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)  (B)			April 30, 2013 (unaudited)			October 31, 2012 (A)
Share activity:
Shares issued:
Class A		2,664,693			3,856,023			252,902			16,720,580			26,003,834
Class B		15,040			54,380			—			—			—
Class C		1,010,357			1,742,483			245,698			19,011,107			27,764,291
Class I		1,444,325			2,987,372			363,733			14,305,748			26,091,533
Class I2		58,428			105,062			—			—			—
		5,192,843			8,745,320			862,333			50,037,435			79,859,658
Shares issued-reinvested from dividends and distributions:
Class A		62,518			877,333			2,601			955,781			381,836
Class B		—			91,772			—			—			—
Class C		—			490,204			1,509			947,075			311,210
Class I		29,123			109,308			1,247			747,083			407,089
Class I2		6,533			36,580			—			—			—
		98,174			1,605,197			5,357			2,649,939			1,100,135
Shares redeemed:
Class A		(2,454,576	)		(5,324,259	)		(10,160	)		(6,187,570	)		(1,541,305	)
Class B		(131,565	)		(292,180	)		—			—			—
Class C		(944,252	)		(1,845,189	)		(4	)		(1,983,036	)		(708,457	)
Class I		(793,205	)		(1,634,162	)		(44,597	)		(7,671,499	)		(3,068,762	)
Class I2		(32,576	)		(63,151	)		—			—			—
		(4,356,174	)		(9,158,941	)		(54,761	)		(15,842,105	)		(5,318,524	)
Automatic conversions:
Class A		25,439			130,868			—			—			—
Class B		(27,024	)		(138,577	)		—			—			—
		(1,585	)		(7,709	)		—			—			—
Net increase (decrease) in shares outstanding:
Class A		298,074			(460,035	)		245,343			11,488,791			24,844,365
Class B		(143,549	)		(284,605	)		—			—			—
Class C		66,105			387,498			247,203			17,975,146			27,367,044
Class I		680,243			1,462,518			320,383			7,381,332			23,429,860
Class I2		32,385			78,491			—			—			—
		933,258			1,183,867			812,929			36,845,269			75,641,269

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

^(B)  Commenced operations October 31, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    130

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Tactical Rotation
	April 30, 2013 (unaudited) (A)
From operations:
Net investment income	$	2,047
Net realized gain (loss) from investment securities		(485	)
Net change in unrealized appreciation (depreciation) on investment securities		181,037
Net increase in net assets resulting from operations		182,599
Distributions to shareholders:
From net investment income:
Class A		(20,490	)
Class C		(17,020	)
Class I		(14,990	)
		(52,500	)
Total distributions to shareholders		(52,500	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,973,545
Class C		1,215,201
Class I		911,032
		4,099,778
Dividends and distributions reinvested:
Class A		20,490
Class C		17,020
Class I		14,990
		52,500
Cost of shares redeemed:
Class A		(38,096	)
Class I		(16,628	)
		(54,724	)
Net increase in net assets resulting from capital shares transactions		4,097,554
Net increase in net assets		4,227,653
Net assets:
Beginning of period		—
End of period	$	4,227,653
Undistributed (accumulated) net investment income (loss)	$	(50,453	)
Share activity:
Shares issued:
Class A		195,262
Class C		119,925
Class I		90,553
		405,740
Shares issued-reinvested from dividends and distributions:
Class A		2,119
Class C		1,762
Class I		1,560
		5,441
Shares redeemed:
Class A		(3,611	)
Class I		(1,637	)
		(5,248	)
Net increase (decrease) in shares oustanding:
Class A		193,770
Class C		121,687
Class I		90,476
		405,933

^(A)  Commenced operations October 31, 2012.

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

Transamerica Funds Semi-Annual Report 2013

Page    131

FINANCIAL HIGHLIGHTS

For the period and years ended:

For a share outstanding throughout each period	Transamerica Capital Growth
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	15.34		$	15.47		$	13.78		$	11.77
Investment operations
Net investment income (loss)(B)		—	(C)		—	(C)		(0.12	)		(0.09	)
Net realized and unrealized gain		2.08			0.32			1.81			2.12
Total from investment operations		2.08			0.32			1.69			2.03
Distributions
Net investment income		—			—			—			(0.02	)
Net realized gain on investments		(0.36	)		(0.45	)		—			—
Total distributions		(0.36	)		(0.45	)		—			(0.02	)
Net asset value
End of period/year	$	17.06		$	15.34		$	15.47		$	13.78
Total return(D)		13.80	%(E)		2.38	%		12.34	%		17.24	%(E)
Net assets end of period/year (000’s)	$	68,599		$	65,782		$	66,058		$	48,547
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.50	%(F)		1.52	%		1.55	%		1.55	%(F)
Before reimbursement/waiver or recapture		1.44	%(F)		1.47	%		1.63	%		1.78	%(F)
Net investment income (loss) to average net assets		0.03	%(F)		0.01	%		(0.76	)%		(0.75	)%(F)
Portfolio turnover rate		13	%(E)		52	%		90	%		57	%(E)

(A) Commenced operations November 13, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Capital Growth
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	13.96		$	14.22		$	12.75		$	10.95
Investment operations
Net investment loss(B)		(0.05	)		(0.10	)		(0.20	)		(0.15	)
Net realized and unrealized gain		1.90			0.29			1.67			1.96
Total from investment operations		1.85			0.19			1.47			1.81
Distributions
Net investment income		—			—	(C)		—			(0.01	)
Net realized gain on investments		(0.36	)		(0.45	)		—			—
Total distributions		(0.36	)		(0.45	)		—			(0.01	)
Net asset value
End of period/year	$	15.45		$	13.96		$	14.22		$	12.75
Total return(D)		13.50	%(E)		1.65	%		11.61	%		16.51	%(E)
Net assets at end of period/year (000’s)	$	5,513		$	5,596		$	7,786		$	9,916
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.20	%(F)		2.20	%		2.20	%		2.20	%(F)
Before reimbursement/waiver or recapture		2.35	%(F)		2.33	%		2.45	%		2.51	%(F)
Net investment income (loss) to average net assets		(0.67	)%(F)		(0.73	)%		(1.41	)%		(1.36	)%(F)
Portfolio turnover rate		13	%(E)		52	%		90	%		57	%(E)

(A) Commenced operations November 13, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    132

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Capital Growth
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	13.96		$	14.20		$	12.74		$	10.94
Investment operations
Net investment loss(B)		(0.04	)		(0.08	)		(0.20	)		(0.15	)
Net realized and unrealized gain		1.90			0.29			1.66			1.96
Total from investment operations		1.86			0.21			1.46			1.81
Distributions
Net investment income		—			—	(C)		—			(0.01	)
Net realized gain on investments		(0.36	)		(0.45	)		—			—
Total distributions		(0.36	)		(0.45	)		—			(0.01	)
Net asset value
End of period/year	$	15.46		$	13.96		$	14.20		$	12.74
Total return(D)		13.58	%(E)		1.80	%		11.62	%		16.53	%(E)
Net assets at end of period/year (000’s)	$	20,090		$	19,809		$	16,252		$	12,814
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.07	%(F)		2.08	%		2.20	%		2.20	%(F)
Before reimbursement/waiver or recapture		2.07	%(F)		2.06	%		2.18	%		2.26	%(F)
Net investment income (loss) to average net assets		(0.54	)%(F)		(0.54	)%		(1.41	)%		(1.39	)%(F)
Portfolio turnover rate		13	%(E)		52	%		90	%		57	%(E)

(A) Commenced operations November 13, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Capital Growth
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	15.61		$	15.66		$	13.89		$	11.64
Investment operations
Net investment income (loss)(B)		0.05			0.11			(0.06	)		(0.06	)
Net realized and unrealized gain		2.11			0.30			1.83			2.33
Total from investment operations		2.16			0.41			1.77			2.27
Distributions
Net investment income		(0.08	)		(0.01	)		—			(0.02	)
Net realized gain on investments		(0.36	)		(0.45	)		—			—
Total distributions		(0.44	)		(0.46	)		—			(0.02	)
Net asset value
End of period/year	$	17.33		$	15.61		$	15.66		$	13.89
Total return(D)		14.14	%(C)		2.96	%		12.81	%		19.58	%(C)
Net assets at end of period/year (000’s)	$	82,758		$	80,083		$	11,767		$	434
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.98	%(E)		0.94	%		1.13	%		1.20	%(E)
Before reimbursement/waiver or recapture		0.98	%(E)		0.94	%		1.10	%		1.85	%(E)
Net investment income (loss) to average net assets		0.55	%(E)		0.66	%		(0.37	)%		(0.51	)%(E)
Portfolio turnover rate		13	%(C)		52	%		90	%		57	%(C)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Not annualized.

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

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    133

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Capital Growth
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	10.80		$	10.96		$	10.00
Investment operations
Net investment income(B)		0.04			0.07			—	(C)
Net realized and unrealized gain		1.45			0.22			0.96
Total from investment operations		1.49			0.29			0.96
Distributions
Net investment income		(0.10	)		—	(C)		—
Net realized gain on investments		(0.36	)		(0.45	)		—
Total distributions		(0.46	)		(0.45	)		—
Net asset value
End of period/year	$	11.83		$	10.80		$	10.96
Total return(D)		14.20	%(E)		3.11	%		9.70	%(E)
Net assets at end of period/year (000’s)	$	498,068		$	545,635		$	407,302
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.84	%(F)		0.84	%		1.09	%(F)
Before reimbursement/waiver or recapture		0.84	%(F)		0.84	%		1.09	%(F)
Net investment income (loss) to average net assets		0.68	%(F)		0.67	%		(0.48	)%(F)
Portfolio turnover rate		13	%(E)		52	%		90	%(E)

(A) Commenced operations September 30, 2011.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Diversified Equity
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	13.41		$	14.63		$	14.29		$	12.85
Investment operations
Net investment income (loss)(B)		0.05			0.01			(0.06	)		0.15
Net realized and unrealized gain		1.64			0.76	(C)		0.56			1.31
Total from investment operations		1.69			0.77			0.50			1.46
Distributions
Net investment income		—			—			(0.16	)		(0.02	)
Net realized gains on investments		—			(1.99	)		—			—
Total distributions		—			(1.99	)		(0.16	)		(0.02	)
Net asset value
End of period/year	$	15.10		$	13.41		$	14.63		$	14.29
Total return(D)		12.60	%(E)		7.04	%(C)		3.44	%		11.32	%(E)
Net assets end of period/year (000’s)	$	447,873		$	420,504		$	77,197		$	83,766
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.40	%(F)		1.47	%		1.52	%		1.52	%(F)
Before reimbursement/waiver or recapture		1.40	%(F)		1.39	%		1.66	%		1.72	%(F)
Net investment income (loss) to average net assets		0.72	%(F)		0.08	%		(0.42	)%		1.14	%(F)
Portfolio turnover rate		29	%(E)		80	%		141	%		79	%(E)

(A) Commenced operations November 13, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    134

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Diversified Equity
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	13.25		$	14.57		$	14.22		$	12.85
Investment operations
Net investment income (loss)(B)		—	(C)		(0.09	)		(0.16	)		0.06
Net realized and unrealized gain		1.61			0.76	(D)		0.55			1.32
Total from investment operations		1.61			0.67			0.39			1.38
Distributions
Net investment income		—			—	(C)		(0.04	)		(0.01	)
Net realized gains on investments		—			(1.99	)		—			—
Total distributions		—			(1.99	)		(0.04	)		(0.01	)
Net asset value
End of period/year	$	14.86		$	13.25		$	14.57		$	14.22
Total return(E)		12.15	%(F)		6.29	%(D)		2.71	%		10.68	%(F)
Net assets at end of period/year (000’s)	$	20,204		$	20,668		$	5,420		$	7,375
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.17	%(G)		2.17	%		2.17	%		2.17	%(G)
Before reimbursement/waiver or recapture		2.25	%(G)		2.19	%		2.30	%		2.44	%(G)
Net investment income (loss) to average net assets		(0.04	)%(G)		(0.63	)%		(1.07	)%		0.40	%(G)
Portfolio turnover rate		29	%(F)		80	%		141	%		79	%(F)

(A) Commenced operations November 13, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

(D) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

(F) Not annualized.

(G) Annualized.

For a share outstanding throughout each period	Transamerica Diversified Equity
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	13.22		$	14.55		$	14.22		$	12.85
Investment operations
Net investment income (loss)(B)		—	(C)		(0.08	)		(0.16	)		0.06
Net realized and unrealized gain		1.61			0.74	(D)		0.55			1.32
Total from investment operations		1.61			0.66			0.39			1.38
Distributions
Net investment income		—			—	(C)		(0.06	)		(0.01	)
Net realized gains on investments		—			(1.99	)		—			—
Total distributions		—			(1.99	)		(0.06	)		(0.01	)
Net asset value
End of period/year	$	14.83		$	13.22		$	14.55		$	14.22
Total return(E)		12.18	%(F)		6.22	%(D)		2.72	%		10.68	%(F)
Net assets at end of period/year (000’s)	$	44,027		$	42,637		$	13,393		$	15,013
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.17	%(G)		2.17	%		2.17	%		2.17	%(G)
Before reimbursement/waiver or recapture		2.21	%(G)		2.16	%		2.25	%		2.31	%(G)
Net investment income (loss) to average net assets		(0.05	)%(G)		(0.63	)%		(1.07	)%		0.48	%(G)
Portfolio turnover rate		29	%(F)		80	%		141	%		79	%(F)

(A) Commenced operations November 13, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

(D) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

(F) Not annualized.

(G) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    135

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Diversified Equity
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	13.60		$	14.74		$	14.41		$	12.65
Investment operations
Net investment income(B)		0.09			0.09			—	(C)		0.26
Net realized and unrealized gain		1.65			0.76	(D)		0.56			1.53
Total from investment operations		1.74			0.85			0.56			1.79
Distributions
Net investment income		—			—			(0.23	)		(0.03	)
Net realized gains on investments		—			(1.99	)		—			—
Total distributions		—			(1.99	)		(0.23	)		(0.03	)
Net asset value
End of period/year	$	15.34		$	13.60		$	14.74		$	14.41
Total return(E)		12.79	%(F)		7.62	%(D)		3.82	%		14.16	%(F)
Net assets at end of period/year (000’s)	$	285,657		$	310,170		$	1,127		$	421
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.92	%(G)		0.90	%		1.17	%		1.17	%(G)
Before reimbursement/waiver or recapture		0.92	%(G)		0.90	%		1.15	%		1.81	%(G)
Net investment income to average net assets		1.23	%(G)		0.67	%		0.01	%		2.14	%(G)
Portfolio turnover rate		29	%(F)		80	%		141	%		79	%(F)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

(D) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

(F) Not annualized.

(G) Annualized.

For a share outstanding throughout each period	Transamerica Diversified Equity
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(B)
Net asset value
Beginning of period/year	$	13.59		$	14.73		$	14.38		$	12.85
Investment operations
Net investment income(C)		0.09			0.10			0.04			0.26
Net realized and unrealized gain		1.66			0.77	(D)		0.57			1.30
Total from investment operations		1.75			0.87			0.61			1.56
Distributions
Net investment income		—			(0.02	)		(0.26	)		(0.03	)
Net realized gains on investments		—			(1.99	)		—			—
Total distributions		—			(2.01	)		(0.26	)		(0.03	)
Net asset value
End of period/year	$	15.34		$	13.59		$	14.73		$	14.38
Total return(F)		12.88	%(E)		7.79	%(D)		4.19	%		12.12	%(E)
Net assets at end of period/year (000’s)	$	641,937		$	577,540		$	291,409		$	358,714
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.79	%(G)		0.78	%		0.80	%		0.81	%(G)
Before reimbursement/waiver or recapture		0.79	%(G)		0.78	%		0.80	%		0.81	%(G)
Net investment income to average net assets		1.31	%(G)		0.75	%		0.30	%		2.02	%(G)
Portfolio turnover rate		29	%(E)		80	%		141	%		79	%(E)

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

(B) Commenced operations November 13, 2009.

(C) Calculated based on average number of shares outstanding.

(D) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

(E) Not annualized.

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

(G) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    136

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Diversified Equity
	Class T
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	28.69		$	28.70
Income (loss) from investment operations:
Net investment income(B)		0.18			0.14
Net realized and unrealized gain (loss)		3.50			(0.15	)(C)
Total from investment operations		3.68			(0.01	)
Net asset value
End of period/year	$	32.37		$	28.69
Total return(D)		12.83	%(E)		(0.04	)%(E),(C)
Net assets at end of period/year (000’s)	$	87,724		$	81,976
Ratios and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.93	%(F)		0.90	%(F)
Before reimbursement/waiver or recapture		0.93	%(F)		0.90	%(F)
Net investment income to average net assets		1.19	%(F)		0.65	%(F)
Portfolio turnover rate		29	%(E)		80	%(E)

(A) Commenced operations February 10, 2012.

(B) Calculated based on average number of shares outstanding.

(C) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Dividend Focused
	Class A			Class C			Class I			Class I2
	April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.05			0.02			0.05			0.06
Net realized and unrealized gain		0.98			0.99			0.99			0.98
Total from investment operations		1.03			1.01			1.04			1.04
Distributions
Net investment income		(0.03	)		(0.02	)		(0.04	)		(0.04	)
Total distributions		(0.03	)		(0.02	)		(0.04	)		(0.04	)
Net asset value
End of period/year	$	11.00		$	10.99		$	11.00		$	11.00
Total return(C)		10.35	%(D)		10.08	%(D)		10.40	%(D)		10.42	%(D)
Net assets end of period/year (000’s)	$	309		$	347		$	1,254		$	1,010,302
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.03	%(E)		1.73	%(E)		0.83	%(E)		0.73	%(E)
Before reimbursement/waiver or recapture		1.03	%(E)		1.73	%(E)		0.83	%(E)		0.73	%(E)
Net investment income to average net assets		1.43	%(E)		0.71	%(E)		1.63	%(E)		1.76	%(E)
Portfolio turnover rate		5	%(D)		5	%(D)		5	%(D)		5	%(D)

(A) Commenced operations January 4, 2013.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    137

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Emerging Markets Debt
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.54		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.28			0.59			0.08
Net realized and unrealized gain (loss)		0.46			1.45			(0.08	)
Total from investment operations		0.74			2.04			—
Distributions
Net investment income		(0.31	)		(0.50	)		—	(C)
Net realized gains on investments		(0.25	)		—			—
Total distributions		(0.56	)		(0.50	)		—	(C)
Net asset value
End of period/year	$	11.72		$	11.54		$	10.00
Total return(D)		6.51	%(E)		21.07	%		0.04	%(E)
Net assets end of period/year (000’s)	$	143,561		$	60,754		$	2,247
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.08	%(F)		1.21	%		1.35	%(F)
Before reimbursement/waiver or recapture		1.08	%(F)		1.19	%		1.65	%(F)
Net investment income to average net assets		4.87	%(F)		5.47	%		5.24	%(F)
Portfolio turnover rate		159	%(E)		305	%		31	%(E)

(A) Commenced operations August 31, 2011.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Emerging Markets Debt
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.51		$	9.99		$	10.00
Investment operations
Net investment income(B)		0.24			0.52			0.07
Net realized and unrealized gain (loss)		0.45			1.44			(0.08	)
Total from investment operations		0.69			1.96			(0.01	)
Distributions
Net investment income		(0.27	)		(0.44	)		—	(C)
Net realized gains on investments		(0.25	)		—			—
Total distributions		(0.52	)		(0.44	)		—	(C)
Net asset value
End of period/year	$	11.68		$	11.51		$	9.99
Total return(D)		6.13	%(E)		20.24	%		(0.08	)%(E)
Net assets at end of period/year (000’s)	$	30,602		$	10,543		$	1,025
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.80	%(F)		1.87	%		2.00	%(F)
Before reimbursement/waiver or recapture		1.80	%(F)		1.86	%		2.29	%(F)
Net investment income to average net assets		4.19	%(F)		4.87	%		4.35	%(F)
Portfolio turnover rate		159	%(E)		305	%		31	%(E)

(A) Commenced operations August 31, 2011.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    138

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Emerging Markets Debt
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.56		$	10.01		$	10.00
Investment operations
Net investment income(B)		0.30			0.63			0.09
Net realized and unrealized gain (loss)		0.46			1.44			(0.08	)
Total from investment operations		0.76			2.07			0.01
Distributions
Net investment income		(0.32	)		(0.52	)		—	(C)
Net realized gains on investments		(0.25	)		—			—
Total distributions		(0.57	)		(0.52	)		—	(C)
Net asset value
End of period/year	$	11.75		$	11.56		$	10.01
Total return(D)		6.71	%(E)		21.40	%		0.14	%(E)
Net assets at end of period/year (000’s)	$	118,712		$	46,190		$	2,064
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.79	%(F)		0.86	%		1.00	%(F)
Before reimbursement/waiver or recapture		0.79	%(F)		0.84	%		1.34	%(F)
Net investment income to average net assets		5.18	%(F)		5.68	%		5.46	%(F)
Portfolio turnover rate		159	%(E)		305	%		31	%(E)

(A) Commenced operations August 31, 2011.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Emerging Markets Debt
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.56		$	10.01		$	10.00
Investment operations
Net investment income(B)		0.30			0.63			0.07
Net realized and unrealized gain (loss)		0.46			1.45			(0.06	)
Total from investment operations		0.76			2.08			0.01
Distributions
Net investment income		(0.33	)		(0.53	)		—	(C)
Net realized gains on investments		(0.25	)		—			—
Total distributions		(0.58	)		(0.53	)		—	(C)
Net asset value
End of period/year	$	11.74		$	11.56		$	10.01
Total return(D)		6.67	%(E)		21.50	%		0.14	%(E)
Net assets at end of period/year (000’s)	$	588,283		$	505,629		$	95,233
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.68	%(F)		0.76	%		1.00	%(F)
Before reimbursement/waiver or recapture		0.68	%(F)		0.74	%		1.23	%(F)
Net investment income to average net assets		5.25	%(F)		5.82	%		4.63	%(F)
Portfolio turnover rate		159	%(E)		305	%		31	%(E)

(A) Commenced operations August 31, 2011.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    139

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Emerging Markets Equity
	Class A
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.42		$	10.00
Investment operations
Net investment income(B)		—			0.09
Net realized and unrealized gain (loss)		0.82			(0.67	)
Total from investment operations		0.82			(0.58	)
Distributions
Net investment income		(0.02	)		—
Total distributions		(0.02	)		—
Net asset value
End of period/year	$	10.22		$	9.42
Total return(C)		8.76	%(D)		(5.80	)%(D)
Net assets end of period/year (000’s)	$	451		$	302
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.69	%(E)		1.85	%(E)
Before reimbursement/waiver or recapture		1.69	%(E)		1.85	%(E)
Net investment income (loss) to average net assets		(0.06	)%(E)		1.97	%(E)
Portfolio turnover rate		32	%(D)		76	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Emerging Markets Equity
	Class C
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.39		$	10.00
Investment operations
Net investment income (loss)(B)		(0.03	)		0.07
Net realized and unrealized gain (loss)		0.82			(0.68	)
Total from investment operations		0.79			(0.61	)
Net asset value
End of period/year	$	10.18		$	9.39
Total return(C)		8.41	%(D)		(6.10	)%(D)
Net assets at end of period/year (000’s)	$	346		$	253
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.26	%(E)		2.52	%(E)
Before reimbursement/waiver or recapture		2.26	%(E)		2.52	%(E)
Net investment income (loss) to average net assets		(0.65	)%(E)		1.43	%(E)
Portfolio turnover rate		32	%(D)		76	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    140

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Emerging Markets Equity
	Class I
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.43		$	10.00
Investment operations
Net investment income(B)		0.02			0.11
Net realized and unrealized gain (loss)		0.83			(0.68	)
Total from investment operations		0.85			(0.57	)
Distributions
Net investment income		(0.04	)		—
Total distributions		(0.04	)		—
Net asset value
End of period/year	$	10.24		$	9.43
Total return(C)		9.01	%(D)		(5.70	)%(D)
Net assets at end of period/year (000’s)	$	625		$	302
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.33	%(E)		1.60	%(E)
Before reimbursement/waiver or recapture		1.33	%(E)		1.60	%(E)
Net investment income to average net assets		0.49	%(E)		2.26	%(E)
Portfolio turnover rate		32	%(D)		76	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Emerging Markets Equity
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.44		$	10.00
Investment operations
Net investment income(B)		0.02			0.10
Net realized and unrealized gain (loss)		0.82			(0.66	)
Total from investment operations		0.84			(0.56	)
Distributions
Net investment income		(0.04	)		—
Total distributions		(0.04	)		—
Net asset value
End of period/year	$	10.24		$	9.44
Total return(C)		8.96	%(D)		(5.60	)%(D)
Net assets at end of period/year (000’s)	$	222,637		$	107,183
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.21	%(E)		1.49	%(E)
Before reimbursement/waiver or recapture		1.21	%(E)		1.49	%(E)
Net investment income to average net assets		0.50	%(E)		2.06	%(E)
Portfolio turnover rate		32	%(D)		76	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    141

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Enhanced Muni
	Class A			Class C			Class I
	April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.10			0.06			0.11
Net realized and unrealized gain		0.62			0.63			0.62
Total from investment operations		0.72			0.69			0.73
Distributions
Net investment income		(0.11	)		(0.09	)		(0.07	)
Total distributions		(0.11	)		(0.09	)		(0.07	)
Net asset value
End of period/year	$	10.61		$	10.60		$	10.66
Total return(C)		7.24	%(D)		6.91	%(D)		7.31	%(D)
Net assets end of period/year (000’s)	$	3,484		$	1,150		$	8,315
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.86	%(E)		1.46	%(E)		0.71	%(E)
Before reimbursement/waiver or recapture		3.27	%(E)		3.98	%(E)		3.04	%(E)
Net investment income to average net assets		1.90	%(E)		1.22	%(E)		2.06	%(E)
Portfolio turnover rate		29	%(D)		29	%(D)		29	%(D)

(A) Commenced operations October 31, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Flexible Income
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.37		$	8.83		$	8.99		$	8.33		$	7.22		$	9.14
Investment operations
Net investment income(A)		0.21			0.45			0.51			0.50			0.46			0.44
Net realized and unrealized gain (loss)		0.26			0.55			(0.16	)		0.70			1.08			(1.89	)
Total from investment operations		0.47			1.00			0.35			1.20			1.54			(1.45	)
Distributions
Net investment income		(0.23	)		(0.46	)		(0.51	)		(0.54	)		(0.43	)		(0.47	)
Total distributions		(0.23	)		(0.46	)		(0.51	)		(0.54	)		(0.43	)		(0.47	)
Net asset value
End of period/year	$	9.61		$	9.37		$	8.83		$	8.99		$	8.33		$	7.22
Total return(B)		5.06	%(C)		11.60	%		3.93	%		14.89	%		22.30	%		(16.57	)%
Net assets end of period/year (000’s)	$	94,711		$	77,291		$	65,393		$	55,103		$	24,173		$	13,360
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.95	%(D)		0.95	%		0.97	%		1.07	%(E)		1.47	%		1.39	%
Before reimbursement/waiver or recapture		1.00	%(D)		1.01	%		1.07	%		1.15	%(E)		1.47	%		1.39	%
Net investment income to average net assets		4.39	%(D)		4.95	%		5.70	%		5.79	%		6.03	%		5.12	%
Portfolio turnover rate		21	%(C)		35	%		42	%		120	%		169	%		98	%

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

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

(C) Not annualized.

(D) Annualized.

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

Note: Prior to November 1, 2009, 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 2013

Page    142

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Flexible Income
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.37		$	8.83		$	9.00		$	8.34		$	7.23		$	9.14
Investment operations
Net investment income(A)		0.17			0.37			0.44			0.43			0.40			0.38
Net realized and unrealized gain (loss)		0.26			0.55			(0.18	)		0.71			1.09			(1.88	)
Total from investment operations		0.43			0.92			0.26			1.14			1.49			(1.50	)
Distributions
Net investment income		(0.19	)		(0.38	)		(0.43	)		(0.48	)		(0.38	)		(0.41	)
Total distributions		(0.19	)		(0.38	)		(0.43	)		(0.48	)		(0.38	)		(0.41	)
Net asset value
End of period/year	$	9.61		$	9.37		$	8.83		$	9.00		$	8.34		$	7.23
Total return(B)		4.60	%(C)		10.69	%		2.96	%		14.02	%		21.39	%		(17.03	)%
Net assets at end of period/year (000’s)	$	6,356		$	6,641		$	7,066		$	10,614		$	8,161		$	8,628
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.80	%(E)		1.79	%		1.82	%		1.88	%(D)		2.16	%		2.05	%
Before reimbursement/waiver or recapture		1.80	%(E)		1.79	%		1.82	%		1.88	%(D)		2.16	%		2.05	%
Net investment income to average net assets		3.53	%(E)		4.13	%		4.87	%		4.97	%		5.36	%		4.42	%
Portfolio turnover rate		21	%(C)		35	%		42	%		120	%		169	%		98	%

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

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

(C) Not annualized.

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

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Flexible Income
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.31		$	8.79		$	8.96		$	8.31		$	7.21		$	9.12
Investment operations
Net investment income(A)		0.17			0.38			0.45			0.44			0.41			0.39
Net realized and unrealized gain (loss)		0.26			0.54			(0.17	)		0.70			1.08			(1.88	)
Total from investment operations		0.43			0.92			0.28			1.14			1.49			(1.49	)
Distributions
Net investment income		(0.19	)		(0.40	)		(0.45	)		(0.49	)		(0.39	)		(0.42	)
Total distributions		(0.19	)		(0.40	)		(0.45	)		(0.49	)		(0.39	)		(0.42	)
Net asset value
End of period/year	$	9.55		$	9.31		$	8.79		$	8.96		$	8.31		$	7.21
Total return(B)		4.71	%(C)		10.71	%		3.21	%		14.15	%		21.50	%		(16.98	)%
Net assets at end of period/year (000’s)	$	92,026		$	81,874		$	50,314		$	36,264		$	12,978		$	5,981
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.66	%(D)		1.65	%		1.68	%		1.74	%(E)		2.06	%		1.97	%
Before reimbursement/waiver or recapture		1.66	%(D)		1.65	%		1.68	%		1.74	%(E)		2.06	%		1.97	%
Net investment income to average net assets		3.68	%(D)		4.22	%		4.98	%		5.14	%		5.43	%		4.52	%
Portfolio turnover rate		21	%(C)		35	%		42	%		120	%		169	%		98	%

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

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

(C) Not annualized.

(D) Annualized.

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

Note: Prior to November 1, 2009, 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 2013

Page    143

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Flexible Income
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	9.38		$	8.85		$	9.02		$	8.48
Investment operations
Net investment income(B)		0.22			0.47			0.53			0.50
Net realized and unrealized gain (loss)		0.26			0.55			(0.16	)		0.57
Total from investment operations		0.48			1.02			0.37			1.07
Distributions
Net investment income		(0.24	)		(0.49	)		(0.54	)		(0.53	)
Total distributions		(0.24	)		(0.49	)		(0.54	)		(0.53	)
Net asset value
End of period/year	$	9.62		$	9.38		$	8.85		$	9.02
Total return(C)		5.20	%(D)		11.87	%		4.19	%		13.10	%(D)
Net assets at end of period/year (000’s)	$	61,083		$	31,480		$	19,992		$	9,787
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.69	%(E)		0.67	%		0.69	%		0.76	%(E),(F)
Before reimbursement/waiver or recapture		0.69	%(E)		0.67	%		0.69	%		0.76	%(E),(F)
Net investment income to average net assets		4.69	%(E)		5.20	%		5.93	%		6.25	%(E)
Portfolio turnover rate		21	%(D)		35	%		42	%		120	%(D)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Flexible Income
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.38		$	8.86		$	9.03		$	8.37		$	7.25		$	9.17
Investment operations
Net investment income(B)		0.22			0.48			0.55			0.53			0.50			0.50
Net realized and unrealized gain (loss)		0.27			0.54			(0.17	)		0.71			1.10			(1.90	)
Total from investment operations		0.49			1.02			0.38			1.24			1.60			(1.40	)
Distributions
Net investment income		(0.25	)		(0.50	)		(0.55	)		(0.58	)		(0.48	)		(0.52	)
Total distributions		(0.25	)		(0.50	)		(0.55	)		(0.58	)		(0.48	)		(0.52	)
Net asset value
End of period/year	$	9.62		$	9.38		$	8.86		$	9.03		$	8.37		$	7.25
Total return(C)		5.24	%(D)		11.85	%		4.31	%		15.39	%		23.16	%		(16.02	)%
Net assets at end of period/year (000’s)	$	58,207		$	128,284		$	109,052		$	146,631		$	132,177		$	128,108
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.59	%(E)		0.57	%		0.58	%		0.64	%(F)		0.85	%		0.77	%
Before reimbursement/waiver or recapture		0.59	%(E)		0.57	%		0.58	%		0.64	%(F)		0.85	%		0.77	%
Net investment income to average net assets		4.66	%(E)		5.32	%		6.10	%		6.18	%		6.64	%		5.67	%
Portfolio turnover rate		21	%(D)		35	%		42	%		120	%		169	%		98	%

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

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Note: Prior to November 1, 2009, 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 2013

Page    144

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Growth Opportunities
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	8.15		$	10.93		$	9.82		$	7.54		$	6.57		$	11.40
Investment operations
Net investment income (loss)(A)		—			0.01			(0.10	)		(0.05	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss)		1.40			(0.55	)		1.21			2.33			1.02			(4.77	)
Total from investment operations		1.40			(0.54	)		1.11			2.28			0.97			(4.83	)
Distributions
Net investment income		(0.02	)		—	(B)		—			—			—			—
Net realized gains on investments		(0.08	)		(2.24	)		—			—			—			—
Total distributions		(0.10	)		(2.24	)		—			—			—			—
Net asset value
End of period/year	$	9.45		$	8.15		$	10.93		$	9.82		$	7.54		$	6.57
Total return(C)		17.40	%(D)		(3.79	)%		11.30	%		30.41	%		14.76	%		(42.37	)%
Net assets end of period/year (000’s)	$	99,120		$	91,110		$	103,177		$	59,685		$	48,788		$	41,005
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.51	%(E)		1.67	%		1.75	%		1.75	%		1.75	%		1.75	%
Before reimbursement/waiver or recapture		1.51	%(E)		1.54	%		1.64	%		1.98	%		2.23	%		1.81	%
Net investment income (loss) to average net assets		0.02	%(E)		0.10	%		(0.83	)%		(0.56	)%		(0.68	)%		(0.69	)%
Portfolio turnover rate		23	%(D)		38	%		125	%		63	%		71	%		45	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Growth Opportunities
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	7.21		$	10.01		$	9.05		$	6.99		$	6.13		$	10.72
Investment operations
Net investment loss(A)		(0.03	)		(0.04	)		(0.15	)		(0.10	)		(0.08	)		(0.12	)
Net realized and unrealized gain (loss)		1.24			(0.52	)		1.11			2.16			0.94			(4.47	)
Total from investment operations		1.21			(0.56	)		0.96			2.06			0.86			(4.59	)
Distributions
Net investment income		—			—	(B)		—			—			—			—
Net realized gains on investments		(0.08	)		(2.24	)		—			—			—			—
Total distributions		(0.08	)		(2.24	)		—			—			—			—
Net asset value
End of period/year	$	8.34		$	7.21		$	10.01		$	9.05		$	6.99		$	6.13
Total return(C)		16.95	%(D)		(4.47	)%		10.61	%		29.47	%		14.03	%		(42.82	)%
Net assets at end of period/year (000’s)	$	5,643		$	5,582		$	9,636		$	12,406		$	14,067		$	20,823
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.36	%(E)		2.32	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/waiver or recapture		2.36	%(E)		2.31	%		2.29	%		2.41	%		2.71	%		2.46	%
Net investment loss to average net assets		(0.81	)%(E)		(0.56	)%		(1.40	)%		(1.21	)%		(1.25	)%		(1.39	)%
Portfolio turnover rate		23	%(D)		38	%		125	%		63	%		71	%		45	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    145

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Growth Opportunities
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	7.25		$	10.05		$	9.08		$	7.01		$	6.16		$	10.74
Investment operations
Net investment loss(A)		(0.03	)		(0.04	)		(0.15	)		(0.10	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss)		1.25			(0.52	)		1.12			2.17			0.93			(4.47	)
Total from investment operations		1.22			(0.56	)		0.97			2.07			0.85			(4.58	)
Distributions
Net realized gains on investments		(0.08	)		(2.24	)		—			—			—			—
Total distributions		(0.08	)		(2.24	)		—			—			—			—
Net asset value
End of period/year	$	8.39		$	7.25		$	10.05		$	9.08		$	7.01		$	6.16
Total return(B)		16.99	%(C)		(4.46	)%		10.68	%		29.53	%		13.80	%		(42.64	)%
Net assets at end of period/year (000’s)	$	11,663		$	10,943		$	14,288		$	12,781		$	10,774		$	10,619
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.32	%(D)		2.28	%		2.40	%		2.40	%		2.40	%		2.34	%
Before reimbursement/waiver or recapture		2.32	%(D)		2.28	%		2.28	%		2.41	%		2.62	%		2.34	%
Net investment loss to average net assets		(0.78	)%(D)		(0.51	)%		(1.43	)%		(1.21	)%		(1.31	)%		(1.29	)%
Portfolio turnover rate		23	%(C)		38	%		125	%		63	%		71	%		45	%

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

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

(C) Not annualized.

(D) Annualized.

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

For a share outstanding throughout each period	Transamerica Growth Opportunities
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	8.61		$	11.37		$	10.19		$	8.04
Investment operations
Net investment income (loss)(B)		0.02			0.08			(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		1.48			(0.58	)		1.24			2.17
Total from investment operations		1.50			(0.50	)		1.22			2.15
Distributions
Net investment income		(0.08	)		(0.02	)		(0.04	)		—
Net realized gains on investments		(0.08	)		(2.24	)		—			—
Total distributions		(0.16	)		(2.26	)		(0.04	)		—
Net asset value
End of period/year	$	9.95		$	8.61		$	11.37		$	10.19
Total return(C)		17.67	%(D)		(3.16	)%		12.01	%		26.74	%(D)
Net assets at end of period/year (000’s)	$	76,688		$	80,359		$	9,954		$	815
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.01	%(E)		0.99	%		1.08	%		1.40	%(E)
Before reimbursement/waiver or recapture		1.01	%(E)		0.99	%		1.08	%		1.48	%(E)
Net investment income (loss) to average net assets		0.54	%(E)		0.90	%		(0.20	)%		(0.23	)%(E)
Portfolio turnover rate		23	%(D)		38	%		125	%		63	%(D)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    146

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Growth Opportunities
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	8.68		$	11.43		$	10.23		$	7.78		$	6.74		$	11.59
Investment operations
Net investment income(B)		0.03			0.09			0.01			0.03			0.01			0.01
Net realized and unrealized gain (loss)		1.48			(0.58	)		1.25			2.42			1.03			(4.86	)
Total from investment operations		1.51			(0.49	)		1.26			2.45			1.04			(4.85	)
Distributions
Net investment income		(0.09	)		(0.02	)		(0.06	)		—			—			—
Net realized gains on investments		(0.08	)		(2.24	)		—			—			—			—
Total distributions		(0.17	)		(2.26	)		(0.06	)		—			—			—
Net asset value
End of period/year	$	10.02		$	8.68		$	11.43		$	10.23		$	7.78		$	6.74
Total return(C)		17.71	%(D)		(2.97	)%		12.28	%		31.49	%		15.43	%		(41.85	)%
Net assets at end of period/year (000’s)	$	470,309		$	397,945		$	113,057		$	106,970		$	111,402		$	86,425
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.85	%(E)		0.85	%		0.89	%		0.88	%		0.91	%		0.86	%
Before reimbursement/waiver or recapture		0.85	%(E)		0.85	%		0.89	%		0.88	%		0.91	%		0.86	%
Net investment income to average net assets		0.67	%(E)		0.99	%		0.09	%		0.32	%		0.15	%		0.15	%
Portfolio turnover rate		23	%(D)		38	%		125	%		63	%		71	%		45	%

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

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica High Yield Bond
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.59		$	8.95		$	9.16		$	8.45		$	6.31		$	9.12
Investment operations
Net investment income(A)		0.28			0.59			0.61			0.66			0.65			0.64
Net realized and unrealized gain (loss)		0.41			0.67			(0.21	)		0.73			2.14			(2.83	)
Total from investment operations		0.69			1.26			0.40			1.39			2.79			(2.19	)
Distributions
Net investment income		(0.29	)		(0.62	)		(0.61	)		(0.68	)		(0.66	)		(0.62	)
Total distributions		(0.29	)		(0.62	)		(0.61	)		(0.68	)		(0.66	)		(0.62	)
Net asset value
End of period/year	$	9.99		$	9.59		$	8.95		$	9.16		$	8.45		$	6.31
Total return(B)		7.34	%(C)		14.57	%		4.41	%		17.21	%		47.58	%		(25.46	)%
Net assets end of period/year (000’s)	$	344,082		$	256,099		$	228,920		$	193,332		$	67,290		$	24,506
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.05	%(D)		1.06	%		1.17	%		1.15	%		1.19	%		1.16	%
Before reimbursement/waiver or recapture		1.05	%(D)		1.06	%		1.17	%		1.15	%		1.19	%		1.16	%
Net investment income to average net assets		5.73	%(D)		6.44	%		6.65	%		7.52	%		9.08	%		7.65	%
Portfolio turnover rate		31	%(C)		78	%		93	%		91	%		58	%		38	%

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

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

(C) Not annualized.

(D) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    147

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica High Yield Bond
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.60		$	8.95		$	9.15		$	8.44		$	6.30		$	9.11
Investment operations
Net investment income(A)		0.24			0.52			0.55			0.61			0.60			0.58
Net realized and unrealized gain (loss)		0.41			0.67			(0.21	)		0.72			2.15			(2.83	)
Total from investment operations		0.65			1.19			0.34			1.33			2.75			(2.25	)
Distributions
Net investment income		(0.25	)		(0.54	)		(0.54	)		(0.62	)		(0.61	)		(0.56	)
Total distributions		(0.25	)		(0.54	)		(0.54	)		(0.62	)		(0.61	)		(0.56	)
Net asset value
End of period/year	$	10.00		$	9.60		$	8.95		$	9.15		$	8.44		$	6.30
Total return(B)		6.90	%(C)		13.77	%		3.81	%		16.38	%		46.69	%		(26.04	)%
Net assets at end of period/year (000’s)	$	9,698		$	9,236		$	9,431		$	13,887		$	11,898		$	9,091
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.84	%(D)		1.84	%		1.83	%		1.83	%		1.91	%		1.85	%
Before reimbursement/waiver or recapture		1.84	%(D)		1.83	%		1.84	%		1.83	%		1.91	%		1.85	%
Net investment income to average net assets		4.92	%(D)		5.69	%		5.99	%		6.93	%		8.56	%		6.83	%
Portfolio turnover rate		31	%(C)		78	%		93	%		91	%		58	%		38	%

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

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

(C) Not annualized.

(D) Annualized.

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

For a share outstanding throughout each period	Transamerica High Yield Bond
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.56		$	8.92		$	9.13		$	8.42		$	6.30		$	9.10
Investment operations
Net investment income(A)		0.24			0.53			0.55			0.61			0.60			0.58
Net realized and unrealized gain (loss)		0.42			0.66			(0.21	)		0.73			2.14			(2.82	)
Total from investment operations		0.66			1.19			0.34			1.34			2.74			(2.24	)
Distributions
Net investment income		(0.26	)		(0.55	)		(0.55	)		(0.63	)		(0.62	)		(0.56	)
Total distributions		(0.26	)		(0.55	)		(0.55	)		(0.63	)		(0.62	)		(0.56	)
Net asset value
End of period/year	$	9.96		$	9.56		$	8.92		$	9.13		$	8.42		$	6.30
Total return(B)		6.97	%(C)		13.81	%		3.84	%		16.54	%		46.63	%		(25.89	)%
Net assets at end of period/year (000’s)	$	90,162		$	76,995		$	48,789		$	41,810		$	19,548		$	5,429
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.76	%(D)		1.77	%		1.76	%		1.77	%		1.81	%		1.80	%
Before reimbursement/waiver or recapture		1.76	%(D)		1.77	%		1.76	%		1.77	%		1.81	%		1.80	%
Net investment income to average net assets		5.01	%(D)		5.73	%		6.07	%		6.96	%		8.23	%		6.93	%
Portfolio turnover rate		31	%(C)		78	%		93	%		91	%		58	%		38	%

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

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

(C) Not annualized.

(D) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    148

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica High Yield Bond
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	9.66		$	9.00		$	9.20		$	8.55
Investment operations
Net investment income(B)		0.29			0.62			0.65			0.63
Net realized and unrealized gain (loss)		0.42			0.68			(0.21	)		0.68
Total from investment operations		0.71			1.30			0.44			1.31
Distributions
Net investment income		(0.31	)		(0.64	)		(0.64	)		(0.66	)
Total distributions		(0.31	)		(0.64	)		(0.64	)		(0.66	)
Net asset value
End of period/year	$	10.06		$	9.66		$	9.00		$	9.20
Total return(C)		7.44	%(D)		15.05	%		4.95	%		15.92	%(D)
Net assets at end of period/year (000’s)	$	111,184		$	103,181		$	82,736		$	27,057
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.78	%(E)		0.78	%		0.77	%		0.83	%(E)
Before reimbursement/waiver or recapture		0.78	%(E)		0.78	%		0.78	%		0.83	%(E)
Net investment income to average net assets		6.01	%(E)		6.64	%		7.09	%		7.71	%(E)
Portfolio turnover rate		31	%(D)		78	%		93	%		91	%(D)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica High Yield Bond
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.67		$	9.02		$	9.22		$	8.50		$	6.35		$	9.17
Investment operations
Net investment income(B)		0.30			0.64			0.66			0.71			0.69			0.69
Net realized and unrealized gain (loss)		0.42			0.66			(0.21	)		0.73			2.16			(2.85	)
Total from investment operations		0.72			1.30			0.45			1.44			2.85			(2.16	)
Distributions
Net investment income		(0.31	)		(0.65	)		(0.65	)		(0.72	)		(0.70	)		(0.66	)
Total distributions		(0.31	)		(0.65	)		(0.65	)		(0.72	)		(0.70	)		(0.66	)
Net asset value
End of period/year	$	10.08		$	9.67		$	9.02		$	9.22		$	8.50		$	6.35
Total return(C)		7.59	%(D)		15.01	%		5.06	%		17.74	%		48.39	%		(25.05	)%
Net assets at end of period/year (000’s)	$	211,674		$	250,912		$	388,633		$	408,505		$	472,936		$	418,923
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.67	%(E)		0.67	%		0.66	%		0.66	%		0.67	%		0.65	%
Before reimbursement/waiver or recapture		0.67	%(E)		0.67	%		0.66	%		0.66	%		0.67	%		0.65	%
Net investment income to average net assets		6.06	%(E)		6.88	%		7.16	%		8.11	%		9.96	%		8.34	%
Portfolio turnover rate		31	%(D)		78	%		93	%		91	%		58	%		38	%

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

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    149

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Income & Growth
	Class A			Class C			Class I			Class I2
	April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.33			0.30			0.31			0.32
Net realized and unrealized gain		0.93			0.92			0.97			0.96
Total from investment operations		1.26			1.22			1.28			1.28
Distributions
Net investment income		(0.14	)		(0.13	)		(0.15	)		(0.15	)
Total distributions		(0.14	)		(0.13	)		(0.15	)		(0.15	)
Net asset value
End of period/year	$	11.12		$	11.09		$	11.13		$	11.13
Total return(C)		12.71	%(D)		12.23	%(D)		12.84	%(D)		12.87	%(D)
Net assets end of period/year (000’s)	$	6,707		$	8,864		$	20,080		$	370,305
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.19	%(E)		1.87	%(E)		0.93	%(E)		0.84	%(E)
Before reimbursement/waiver or recapture		1.19	%(E)		1.87	%(E)		0.94	%(E)		0.84	%(E)
Net investment income to average net assets		6.31	%(E)		5.77	%(E)		6.01	%(E)		6.11	%(E)
Portfolio turnover rate		7	%(D)		7	%(D)		7	%(D)		7	%(D)

(A) Commenced operations October 31, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica International Bond
	Class A
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	10.51		$	10.29
Investment operations
Net investment income(B)		0.07			0.09
Net realized and unrealized gain (loss)		(0.57	)		0.17
Total from investment operations		(0.50	)		0.26
Distributions
Net investment income		(0.04	)		(0.04	)
Net realized gains on investments		(0.08	)		—
Total distributions		(0.12	)		(0.04	)
Net asset value
End of period/year	$	9.89		$	10.51
Total return(C)		(4.81	)%(D)		2.52	%(D)
Net assets end of period/year (000’s)	$	362		$	165
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.05	%(E)		1.05	%(E)
Before reimbursement/waiver or recapture		1.20	%(E)		1.18	%(E)
Net investment income to average net assets		1.37	%(E)		1.34	%(E)
Portfolio turnover rate		15	%(D)		47	%(D)

(A) Commenced operations March 1, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    150

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Bond
	Class C
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	10.47		$	10.29
Investment operations
Net investment income(B)		0.03			0.05
Net realized and unrealized gain (loss)		(0.57	)		0.16
Total from investment operations		(0.54	)		0.21
Distributions
Net investment income		—	(C)		(0.03	)
Net realized gains on investments		(0.08	)		—
Total distributions		(0.08	)		(0.03	)
Net asset value
End of period/year	$	9.85		$	10.47
Total return(D)		(5.16	)%(E)		2.03	%(E)
Net assets at end of period/year (000’s)	$	240		$	199
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.75	%(F)		1.75	%(F)
Before reimbursement/waiver or recapture		1.87	%(F)		1.83	%(F)
Net investment income to average net assets		0.65	%(F)		0.65	%(F)
Portfolio turnover rate		15	%(E)		47	%(E)

(A) Commenced operations March 1, 2012.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica International Bond
	Class I
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	10.53		$	10.29
Investment operations
Net investment income(B)		0.08			0.11
Net realized and unrealized gain (loss)		(0.57	)		0.17
Total from investment operations		(0.49	)		0.28
Distributions
Net investment income		(0.06	)		(0.04	)
Net realized gains on investments		(0.08	)		—
Total distributions		(0.14	)		(0.04	)
Net asset value
End of period/year	$	9.90		$	10.53
Total return(C)		(4.75	)%(D)		2.75	%(D)
Net assets at end of period/year (000’s)	$	98		$	103
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.75	%(E)		0.75	%(E)
Before reimbursement/waiver or recapture		0.88	%(E)		0.87	%(E)
Net investment income to average net assets		1.63	%(E)		1.65	%(E)
Portfolio turnover rate		15	%(D)		47	%(D)

(A) Commenced operations March 1, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    151

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Bond
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	10.53		$	11.24		$	12.08		$	11.64		$	10.56		$	11.00
Investment operations
Net investment income(B)		0.08			0.19			0.23			0.24			0.26			0.29
Net realized and unrealized gain (loss)		(0.58	)		0.07			(0.05	)		0.71			1.59			(0.29	)
Total from investment operations		(0.50	)		0.26			0.18			0.95			1.85			—	(C)
Distributions
Net investment income		(0.05	)		(0.89	)		(0.93	)		(0.39	)		(0.68	)		(0.44	)
Net realized gains on investments		(0.08	)		(0.08	)		(0.09	)		(0.12	)		(0.09	)		—
Total distributions		(0.13	)		(0.97	)		(1.02	)		(0.51	)		(0.77	)		(0.44	)
Net asset value
End of period/year	$	9.90		$	10.53		$	11.24		$	12.08		$	11.64		$	10.56
Total return(D)		(4.75	)%(E)		2.71	%		2.20	%		8.54	%		17.90	%		(0.14	)%
Net assets at end of period/year (000’s)	$	175,614		$	193,313		$	475,292		$	447,141		$	732,964		$	699,078
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.73	%(F)		0.68	%		0.63	%		0.61	%		0.60	%		0.61	%
Before reimbursement/waiver or recapture		0.73	%(F)		0.68	%		0.63	%		0.61	%		0.60	%		0.61	%
Net investment income to average net assets		1.62	%(F)		1.77	%		2.09	%		2.16	%		2.38	%		2.55	%
Portfolio turnover rate		15	%(E)		47	%		98	%		61	%		53	%		74	%

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

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

For a share outstanding throughout each period	Transamerica International Equity
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	14.57		$	13.47		$	15.03
Investment operations
Net investment income(B)		0.16			0.24			0.15
Net realized and unrealized gain (loss)		2.02			1.19			(1.71	)
Total from investment operations		2.18			1.43			(1.56	)
Distributions
Net investment income		(0.24	)		(0.33	)		—
Total distributions		(0.24	)		(0.33	)		—
Net asset value
End of period/year	$	16.51		$	14.57		$	13.47
Total return(C)		15.15	%(D)		11.10	%		(10.38	)%(D)
Net assets end of period/year (000’s)	$	7,711		$	2,999		$	490
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.44	%(E)		1.46	%		1.50	%(E)
Before reimbursement/waiver or recapture		1.43	%(E)		1.51	%		1.52	%(E)
Net investment income to average net assets		2.06	%(E)		1.76	%		1.56	%(E),(F)
Portfolio turnover rate		13	%(D)		33	%		16	%(D)

(A) Commenced operations March 1, 2011.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

(F) Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2013

Page    152

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Equity
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	14.45		$	13.40		$	15.03
Investment operations
Net investment income(B)		0.11			0.11			0.16
Net realized and unrealized gain (loss)		2.01			1.24			(1.79	)
Total from investment operations		2.12			1.35			(1.63	)
Distributions
Net investment income		(0.22	)		(0.30	)		—
Total distributions		(0.22	)		(0.30	)		—
Net asset value
End of period/year	$	16.35		$	14.45		$	13.40
Total return(C)		14.80	%(D)		10.49	%		(10.84	)%(D)
Net assets at end of period/year (000’s)	$	10,302		$	4,886		$	113
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.04	%(E)		2.04	%		2.14	%(E)
Before reimbursement/waiver or recapture		2.04	%(E)		2.04	%		2.14	%(E)
Net investment income to average net assets		1.51	%(E)		0.82	%		1.64	%(E),(F)
Portfolio turnover rate		13	%(D)		33	%		16	%(D)

(A) Commenced operations March 1, 2011.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

(F) Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01%.

For a share outstanding throughout each period	Transamerica International Equity
	Class I(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	14.65		$	13.50		$	13.97		$	12.55		$	9.94		$	21.16
Investment operations
Net investment income(B)		0.18			0.33			0.40			0.22			0.19			0.26
Net realized and unrealized gain (loss)		2.04			1.17			(0.68	)		1.36			2.61			(8.99	)
Total from investment operations		2.22			1.50			(0.28	)		1.58			2.80			(8.73	)
Distributions
Net investment income		(0.26	)		(0.35	)		(0.19	)		(0.16	)		(0.19	)		(0.20	)
Net realized gains on investments		—			—			—			—			—			(2.29	)
Total distributions		(0.26	)		(0.35	)		(0.19	)		(0.16	)		(0.19	)		(2.49	)
Net asset value
End of period/year	$	16.61		$	14.65		$	13.50		$	13.97		$	12.55		$	9.94
Total return(C)		15.33	%(D)		11.58	%		(2.05	)%		12.73	%		28.58	%		(46.36	)%
Net assets at end of period/year (000’s)	$	125,428		$	90,012		$	78,738		$	75,271		$	64,600		$	51,529
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.02	%(E)		1.05	%		1.16	%		1.43	%		1.67	%		1.52	%
Before reimbursement/waiver or recapture		1.02	%(E)		1.05	%		1.16	%		1.43	%		1.67	%		1.53	%
Net investment income to average net assets		2.38	%(E)		2.39	%		2.79	%		1.76	%		1.87	%		1.67	%
Portfolio turnover rate		13	%(D)		33	%		16	%		43	%		42	%		40	%

(A) Prior to March 1, 2011, information provided in previous periods reflects TS&W International Equity Portfolio, which is the accounting survivor pursuant to a Plan of Reorganization. Prior to November 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    153

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Equity
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	14.65		$	13.51		$	15.03
Investment operations
Net investment income(B)		0.19			0.36			0.29
Net realized and unrealized gain (loss)		2.04			1.14			(1.81	)
Total from investment operations		2.23			1.50			(1.52	)
Distributions
Net investment income		(0.27	)		(0.36	)		—
Total distributions		(0.27	)		(0.36	)		—
Net asset value
End of period/year	$	16.61		$	14.65		$	13.51
Total return(C)		15.43	%(D)		11.64	%		(10.11	)%(D)
Net assets at end of period/year (000’s)	$	262,670		$	166,085		$	46,313
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.92	%(E)		0.95	%		1.02	%(E)
Before reimbursement/waiver or recapture		0.92	%(E)		0.95	%		1.02	%(E)
Net investment income to average net assets		2.49	%(E)		2.62	%		3.07	%(E),(F)
Portfolio turnover rate		13	%(D)		33	%		16	%(D)

(A) Commenced operations March 1, 2011.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

(F) Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01%.

For a share outstanding throughout each period	Transamerica International Small Cap Value
	Class I			Class I2
	April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00
Investment operations
Net investment income(B)		0.16			0.12
Net realized and unrealized gain		0.81			0.85
Total from investment operations		0.97			0.97
Net asset value
End of period/year	$	10.97		$	10.97
Total return(C)		9.70	%(D)		9.70	%(D)
Net assets at end of period/year (000’s)	$	1,464		$	157,981
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.22	%(E)		1.22	%(E)
Before reimbursement/waiver or recapture		1.35	%(E)		1.25	%(E)
Net investment income to average net assets		4.80	%(E)		3.45	%(E)
Portfolio turnover rate		4	%(D)		4	%(D)

(A) Commenced operations January 4, 2013.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    154

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Large Cap Growth
	Class A
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.86		$	10.00
Investment operations
Net investment income(B)		0.05			0.03
Net realized and unrealized gain (loss)		1.00			(0.17	)
Total from investment operations		1.05			(0.14	)
Distributions
Net investment income		(0.07	)		—
Total distributions		(0.07	)		—
Net asset value
End of period/year	$	10.84		$	9.86
Total return(C)		10.70	%(D)		(1.40	)%(D)
Net assets end of period/year (000’s)	$	592		$	419
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.17	%(E)		1.25	%(E)
Before reimbursement/waiver or recapture		1.17	%(E)		1.26	%(E)
Net investment income to average net assets		1.04	%(E)		0.65	%(E)
Portfolio turnover rate		9	%(D)		24	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Large Cap Growth
	Class C
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.82		$	10.00
Investment operations
Net investment income(B)		0.02			—	(C)
Net realized and unrealized gain (loss)		1.01			(0.18	)
Total from investment operations		1.03			(0.18	)
Distributions
Net investment income		(0.05	)		—
Total distributions		(0.05	)		—
Net asset value
End of period/year	$	10.80		$	9.82
Total return(D)		10.57	%(E)		(1.80	)%(E)
Net assets at end of period/year (000’s)	$	394		$	280
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.85	%(F)		1.92	%(F)
Before reimbursement/waiver or recapture		1.85	%(F)		1.92	%(F)
Net investment income to average net assets		0.41	%(F)		—	%(F),(G)
Portfolio turnover rate		9	%(E)		24	%(E)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

(G) Rounds to less than 0.01% or (0.01)%.

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

Transamerica Funds Semi-Annual Report 2013

Page    155

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Large Cap Growth
	Class I
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.87		$	10.00
Investment operations
Net investment income(B)		0.08			0.04
Net realized and unrealized gain (loss)		0.99			(0.17	)
Total from investment operations		1.07			(0.13	)
Distributions
Net investment income		(0.07	)		—
Total distributions		(0.07	)		—
Net asset value
End of period/year	$	10.87		$	9.87
Total return(C)		10.95	%(D)		(1.30	)%(D)
Net assets at end of period/year (000’s)	$	309		$	786
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.93	%(E)		0.95	%(E)
Before reimbursement/waiver or recapture		0.90	%(E)		0.98	%(E)
Net investment income to average net assets		1.56	%(E)		0.75	%(E)
Portfolio turnover rate		9	%(D)		24	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Large Cap Growth
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.88		$	10.00
Investment operations
Net investment income(B)		0.06			0.05
Net realized and unrealized gain (loss)		1.02			(0.17	)
Total from investment operations		1.08			(0.12	)
Distributions
Net investment income		(0.08	)		—
Total distributions		(0.08	)		—
Net asset value
End of period/year	$	10.88		$	9.88
Total return(C)		10.99	%(D)		(1.20	)%(D)
Net assets at end of period/year (000’s)	$	206,663		$	135,305
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.80	%(E)		0.87	%(E)
Before reimbursement/waiver or recapture		0.80	%(E)		0.87	%(E)
Net investment income to average net assets		1.24	%(E)		1.07	%(E)
Portfolio turnover rate		9	%(D)		24	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    156

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Large Cap Value
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.77		$	10.30		$	10.00
Investment operations
Net investment income(B)		0.07			0.16			0.11
Net realized and unrealized gain		1.79			1.51			0.28
Total from investment operations		1.86			1.67			0.39
Distributions
Net investment income		(0.08	)		(0.20	)		(0.09	)
Net realized gains on investments		(0.64	)		—			—
Total distributions		(0.72	)		(0.20	)		(0.09	)
Net asset value
End of period/year	$	12.91		$	11.77		$	10.30
Total return(C)		16.60	%(D)		16.40	%		3.94	%(D)
Net assets end of period/year (000’s)	$	3,774		$	1,949		$	1,021
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.15	%(E)		1.26	%		1.32	%(E)
Before reimbursement/waiver or recapture		1.15	%(E)		1.26	%		1.32	%(E)
Net investment income to average net assets		1.22	%(E)		1.45	%		1.09	%(E)
Portfolio turnover rate		61	%(D)		117	%		35	%(D)

(A) Commenced operations November 15, 2010.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Large Cap Value
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.76		$	10.29		$	10.00
Investment operations
Net investment income(B)		0.04			0.10			0.06
Net realized and unrealized gain		1.78			1.50			0.28
Total from investment operations		1.82			1.60			0.34
Distributions
Net investment income		(0.05	)		(0.13	)		(0.05	)
Net realized gains on investments		(0.64	)		—			—
Total distributions		(0.69	)		(0.13	)		(0.05	)
Net asset value
End of period/year	$	12.89		$	11.76		$	10.29
Total return(C)		16.25	%(D)		15.64	%		3.38	%(D)
Net assets at end of period/year (000’s)	$	2,255		$	1,716		$	1,752
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.79	%(E)		1.87	%		1.91	%(E)
Before reimbursement/waiver or recapture		1.79	%(E)		1.87	%		1.91	%(E)
Net investment income to average net assets		0.65	%(E)		0.90	%		0.49	%(E)
Portfolio turnover rate		61	%(D)		117	%		35	%(D)

(A) Commenced operations November 15, 2010.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    157

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Large Cap Value
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.81		$	10.31		$	10.00
Investment operations
Net investment income(B)		0.10			0.22			0.13
Net realized and unrealized gain		1.79			1.51			0.30
Total from investment operations		1.89			1.73			0.43
Distributions
Net investment income		(0.11	)		(0.23	)		(0.12	)
Net realized gains on investments		(0.64	)		—			—
Total distributions		(0.75	)		(0.23	)		(0.12	)
Net asset value
End of period/year	$	12.95		$	11.81		$	10.31
Total return(C)		16.81	%(D)		17.00	%		4.31	%(D)
Net assets at end of period/year (000’s)	$	4,492		$	3,550		$	7,855
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.79	%(E)		0.83	%		0.95	%(E)
Before reimbursement/waiver or recapture		0.79	%(E)		0.83	%		0.95	%(E)
Net investment income to average net assets		1.69	%(E)		2.01	%		1.38	%(E)
Portfolio turnover rate		61	%(D)		117	%		35	%(D)

(A) Commenced operations November 15, 2010.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Large Cap Value
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.80		$	10.32		$	10.00
Investment operations
Net investment income(B)		0.11			0.23			0.16
Net realized and unrealized gain		1.78			1.49			0.30
Total from investment operations		1.89			1.72			0.46
Distributions
Net investment income		(0.11	)		(0.24	)		(0.14	)
Net realized gains on investments		(0.64	)		—			—
Total distributions		(0.75	)		(0.24	)		(0.14	)
Net asset value
End of period/year	$	12.94		$	11.80		$	10.32
Total return(C)		16.88	%(D)		16.90	%		4.60	%(D)
Net assets at end of period/year (000’s)	$	1,650,335		$	1,320,011		$	1,328,468
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.69	%(E)		0.73	%		0.76	%(E)
Before reimbursement/waiver or recapture		0.69	%(E)		0.73	%		0.76	%(E)
Net investment income to average net assets		1.78	%(E)		2.04	%		1.61	%(E)
Portfolio turnover rate		61	%(D)		117	%		35	%(D)

(A) Commenced operations November 15, 2010.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    158

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica MLP & Energy Income
	Class A			Class C			Class I			Class I2
	April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)			April 30, 2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		—			—			—			—
Net realized and unrealized gain (loss)		—			—			—			—
Total from investment operations		—			—			—			—
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		$	30,000
Ratios and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		—	%(E)		—	%(E)		—	%(E)		—	%(E)
Before reimbursement/waiver or recapture		—	%(E)		—	%(E)		—	%(E)		—	%(E)
Net investment income to average net assets		—	%(E)		—	%(E)		—	%(E)		—	%(E)
Portfolio turnover rate		—	%(D)		—	%(D)		—	%(D)		—	%(D)

(A) Commenced operations on April 30, 2013.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Money Market
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(A)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		0.02
Net realized and unrealized gain		—			—			—			—	(B)		—	(B)		—	(B)
Total from investment operations		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		0.02
Net equalization credits and charges		—			—			—			—	(B)		—			—
Distributions
Net investment income		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		(0.02	)
Total distributions		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		(0.02	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(E)		0.01	%		—	%(D)		0.01	%		0.21	%		2.52	%
Net assets end of period/year (000’s)	$	90,236		$	95,801		$	112,490		$	119,744		$	146,598		$	142,456
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.25	%(F),(G)		0.27	%(G)		0.20	%(G)		0.22	%(G)		0.60	%(G)		0.83	%
Before reimbursement/waiver or recapture		1.14	%(F)		1.17	%		1.26	%		1.19	%		1.11	%		1.08	%
Net investment income to average net assets		—	%(D),(F)		—	%(D)		—	%(D)		—	%(D)		0.20	%		2.40	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Rounds to less than 0.01% or (0.01)%.

(E) Not annualized.

(F) Annualized.

(G) Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.

Note: Prior to November 1, 2009, 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 2013

Page    159

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Money Market
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(A)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		0.02
Net realized and unrealized gain		—			—			—			—	(B)		—	(B)		—	(B)
Total from investment operations		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		0.02
Net equalization credits and charges		—			—			—			—	(B)		—			—
Distributions
Net investment income		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		(0.02	)
Total distributions		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		(0.02	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(E)		0.01	%		—	%(D)		0.01	%		0.08	%		1.83	%
Net assets at end of period/year (000’s)	$	7,668		$	9,289		$	15,318		$	19,442		$	35,612		$	40,110
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.25	%(F),(G)		0.27	%(G)		0.20	%(G)		0.21	%(G)		0.73	%(G)		1.48	%
Before reimbursement/waiver or recapture		1.88	%(F)		1.84	%		1.89	%		1.81	%		1.75	%		1.75	%
Net investment income to average net assets		—	%(D),(F)		—	%(D)		—	%(D)		—	%(D)		0.08	%		1.75	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Rounds to less than 0.01% or (0.01)%.

(E) Not annualized.

(F) Annualized.

(G) Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.

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

For a share outstanding throughout each period	Transamerica Money Market
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(A)		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		0.02
Net realized and unrealized gain		—			—			—			—	(B)		—	(B)		—	(B)
Total from investment operations		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		0.02
Net equalization credits and charges		—			—			—			—	(B)		—			—
Distributions
Net investment income		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		(0.02	)
Total distributions		—	(B)		—	(B)		—	(B)		—	(B)		—	(B)		(0.02	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(E)		—	%(D)		—	%(D)		0.01	%		0.07	%		1.86	%
Net assets at end of period/year (000’s)	$	27,056		$	31,391		$	36,078		$	33,800		$	46,177		$	59,991
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.25	%(F),(G)		0.27	%(G)		0.20	%(G)		0.22	%(G)		0.76	%(G)		1.48	%
Before reimbursement/waiver or recapture		1.67	%(F)		1.67	%		1.73	%		1.66	%		1.64	%		1.67	%
Net investment income to average net assets		—	%(D),(F)		—	%(D)		—	%(D)		—	%(D)		0.07	%		1.65	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Rounds to less than 0.01% or (0.01)%.

(E) Not annualized.

(F) Annualized.

(G) Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.

Note: Prior to November 1, 2009, 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 2013

Page    160

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Money Market
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(C)		—	(C)		—	(C)		—	(C)
Net realized and unrealized gain		—			—			—			—	(C)
Total from investment operations		—	(C)		—	(C)		—	(C)		—	(C)
Net equalization credits and charges		—			—			—			—	(C)
Distributions
Net investment income		—	(C)		—	(C)		—	(C)		—	(C)
Total distributions		—	(C)		—	(C)		—	(C)		—	(C)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return(D)		0.01	%(E)		0.02	%		0.01	%		0.01	%(E)
Net assets at end of period/year (000’s)	$	24,450		$	25,460		$	55		$	55
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.24	%(F),(G)		0.26	%(F)		0.19	%(F)		0.22	%(F),(G)
Before reimbursement/waiver or recapture		0.73	%(G)		0.72	%		3.60	%		3.17	%(G)
Net investment income to average net assets		0.02	%(G)		0.02	%		0.02	%(G)		0.01	%(G)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) 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.

(G) Annualized.

For a share outstanding throughout each period	Transamerica Money Market
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
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)		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)		0.03
Net realized and unrealized gain		—			—			—			—	(C)		—	(C)		—
Total from investment operations		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)		0.03
Net equalization credits and charges		—			—			—			—	(C)		—			—	(C)
Distributions
Net investment income		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)		(0.03	)
Total distributions		—	(C)		—	(C)		—	(C)		—	(C)		—	(C)		(0.03	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(D)		0.01	%(E)		0.03	%		0.01	%		0.01	%		0.35	%		2.84	%
Net assets at end of period/year (000’s)	$	281,281		$	652,465		$	17,612		$	21,773		$	34,119		$	29,327
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.22	%(F),(G)		0.25	%(G)		0.19	%(G)		0.21	%(G)		0.45	%(G)		0.48	%
Before reimbursement/waiver or recapture		0.47	%(F)		0.50	%		0.55	%		0.50	%		0.53	%		0.49	%
Net investment income to average net assets		0.03	%(F)		0.03	%		0.02	%		0.01	%		0.36	%		2.89	%

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

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

(G) Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.

Note: Prior to November 1, 2009, 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 2013

Page    161

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	22.15		$	23.34		$	21.40		$	17.85		$	16.44		$	25.70
Investment operations
Net investment income(A)		0.12			0.26			0.25			0.52			0.28			0.28
Net realized and unrealized gain (loss)		1.77			1.94			1.94			3.55			2.47			(8.64	)
Total from investment operations		1.89			2.20			2.19			4.07			2.75			(8.36	)
Distributions
Net investment income		(0.14	)		(0.31	)		(0.25	)		(0.52	)		(0.31	)		(0.24	)
Net realized gains on investments		(0.78	)		(3.08	)		—			—			(1.03	)		(0.66	)
Total distributions		(0.92	)		(3.39	)		(0.25	)		(0.52	)		(1.34	)		(0.90	)
Net asset value
End of period/year	$	23.12		$	22.15		$	23.34		$	21.40		$	17.85		$	16.44
Total return(B)		8.85	%(C)		11.27	%		10.26	%		23.08	%		18.43	%		(33.55	)%
Net assets end of period/year (000’s)	$	138,357		$	125,266		$	107,146		$	95,258		$	60,279		$	49,917
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.39	%(E)		1.47	%		1.46	%		1.56	%(D)		1.73	%(D)		1.52	%
Before reimbursement/waiver or recapture		1.39	%(E)		1.43	%		1.49	%		1.56	%(D)		1.73	%(D)		1.52	%
Net investment income to average net assets		1.08	%(E)		1.20	%		1.09	%		2.67	%		1.72	%		1.27	%
Portfolio turnover rate		213	%(C)		153	%		263	%		99	%		100	%		52	%

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

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

(C) Not annualized.

(D) Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01% and 0.02% for 2010 and 2009, respectively.

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	22.01		$	23.23		$	21.34		$	17.79		$	16.37		$	25.58
Investment operations
Net investment income(A)		0.02			0.08			0.06			0.33			0.16			0.13
Net realized and unrealized gain (loss)		1.77			1.92			1.92			3.58			2.45			(8.58	)
Total from investment operations		1.79			2.00			1.98			3.91			2.61			(8.45	)
Distributions
Net investment income		(0.04	)		(0.14	)		(0.09	)		(0.36	)		(0.17	)		(0.10	)
Net realized gains on investments		(0.78	)		(3.08	)		—			—			(1.03	)		(0.66	)
Total distributions		(0.82	)		(3.22	)		(0.09	)		(0.36	)		(1.20	)		(0.76	)
Net asset value
End of period/year	$	22.98		$	22.01		$	23.23		$	21.34		$	17.79		$	16.37
Total return(B)		8.42	%(C)		10.30	%		9.33	%		22.15	%		17.50	%		(33.95	)%
Net assets at end of period/year (000’s)	$	8,777		$	9,074		$	9,996		$	14,658		$	17,787		$	32,469
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.30	%(E)		2.33	%		2.29	%		2.34	%(D)		2.46	%(D)		2.15	%
Before reimbursement/waiver or recapture		2.30	%(E)		2.29	%		2.32	%		2.34	%(D)		2.46	%(D)		2.15	%
Net investment income to average net assets		0.20	%(E)		0.36	%		0.25	%		1.73	%		1.02	%		0.59	%
Portfolio turnover rate		213	%(C)		153	%		263	%		99	%		100	%		52	%

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

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

(C) Not annualized.

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

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    162

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	21.85		$	23.09		$	21.20		$	17.69		$	16.30		$	25.50
Investment operations
Net investment income(A)		0.05			0.13			0.13			0.40			0.18			0.15
Net realized and unrealized gain (loss)		1.75			1.92			1.91			3.53			2.46			(8.56	)
Total from investment operations		1.80			2.05			2.04			3.93			2.64			(8.41	)
Distributions
Net investment income		(0.07	)		(0.21	)		(0.15	)		(0.42	)		(0.22	)		(0.13	)
Net realized gains on investments		(0.78	)		(3.08	)		—			—			(1.03	)		(0.66	)
Total distributions		(0.85	)		(3.29	)		(0.15	)		(0.42	)		(1.25	)		(0.79	)
Net asset value
End of period/year	$	22.80		$	21.85		$	23.09		$	21.20		$	17.69		$	16.30
Total return(C)		8.54	%(B)		10.63	%		9.63	%		22.43	%		17.80	%		(33.92	)%
Net assets at end of period/year (000’s)	$	77,657		$	62,789		$	38,868		$	24,194		$	16,933		$	17,719
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.01	%(D)		2.04	%		2.03	%		2.11	%(E)		2.27	%(E)		2.08	%
Before reimbursement/waiver or recapture		2.01	%(D)		2.01	%		2.05	%		2.11	%(E)		2.27	%(E)		2.08	%
Net investment income to average net assets		0.45	%(D)		0.61	%		0.55	%		2.09	%		1.15	%		0.69	%
Portfolio turnover rate		213	%(B)		153	%		263	%		99	%		100	%		52	%

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

(B) Not annualized.

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

(D) Annualized.

(E) Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01% and 0.02% for 2010 and 2009, respectively.

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

For a share outstanding throughout each period	Transamerica Multi-Managed Balanced
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	22.22		$	23.40		$	21.46		$	18.49
Investment operations
Net investment income(B)		0.17			0.36			0.38			0.57
Net realized and unrealized gain		1.77			1.94			1.91			2.98
Total from investment operations		1.94			2.30			2.29			3.55
Distributions
Net investment income		(0.18	)		(0.40	)		(0.35	)		(0.58	)
Net realized gains on investments		(0.78	)		(3.08	)		—			—
Total distributions		(0.96	)		(3.48	)		(0.35	)		(0.58	)
Net asset value
End of period/year	$	23.20		$	22.22		$	23.40		$	21.46
Total return(C)		9.10	%(D)		11.76	%		10.70	%		19.52	%(D)
Net assets at end of period/year (000’s)	$	174,983		$	176,788		$	12,086		$	265
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.98	%(E)		0.99	%		1.00	%		1.46	%(E),(F)
Before reimbursement/waiver or recapture		0.98	%(E)		0.96	%		1.01	%		2.01	%(E),(F)
Net investment income to average net assets		1.50	%(E)		1.63	%		1.61	%		3.15	%(E)
Portfolio turnover rate		213	%(D)		153	%		263	%		99	%(D)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

(F) Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01% and 0.02% for 2010 and 2009, respectively.

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

Transamerica Funds Semi-Annual Report 2013

Page    163

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(A)
Net asset value
Beginning of period/year	$	10.51		$	10.33		$	10.53		$	10.26		$	9.44		$	10.00
Investment operations
Net investment income(B)		0.13			0.33			0.37			0.43			0.51			0.38
Net realized and unrealized gain (loss)		0.07			0.27			(0.16	)		0.29			0.78			(0.54	)
Total from investment operations		0.20			0.60			0.21			0.72			1.29			(0.16	)
Distributions
Net investment income		(0.14	)		(0.35	)		(0.39	)		(0.45	)		(0.47	)		(0.40	)
Net realized gains on investments		(0.05	)		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.19	)		(0.42	)		(0.41	)		(0.45	)		(0.47	)		(0.40	)
Net asset value
End of period/year	$	10.52		$	10.51		$	10.33		$	10.53		$	10.26		$	9.44
Total return(C)		1.91	%(D)		5.95	%		2.01	%		7.15	%		13.40	%		(1.70	)%(D)
Net assets end of period/year (000’s)	$	859,629		$	793,493		$	779,041		$	856,959		$	289,879		$	5,663
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.82	%(E)		0.83	%		0.82	%		0.83	%		0.91	%		1.11	%(E)
Before reimbursement/waiver or recapture		0.87	%(E)		0.89	%		0.92	%		0.97	%		1.09	%		1.11	%(E)
Net investment income to average net assets		2.59	%(E)		3.22	%		3.58	%		4.16	%		5.14	%		3.92	%(E)
Portfolio turnover rate		39	%(D)		61	%		51	%		54	%		77	%		67	%(D)

(A) Commenced operations November 1, 2007.

(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.

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

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(A)
Net asset value
Beginning of period/year	$	10.49		$	10.31		$	10.51		$	10.24		$	9.42		$	10.00
Investment operations
Net investment income(B)		0.09			0.25			0.29			0.36			0.43			0.32
Net realized and unrealized gain (loss)		0.07			0.27			(0.17	)		0.28			0.80			(0.55	)
Total from investment operations		0.16			0.52			0.12			0.64			1.23			(0.23	)
Distributions
Net investment income		(0.10	)		(0.27	)		(0.30	)		(0.37	)		(0.41	)		(0.35	)
Net realized gains on investments		(0.05	)		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.15	)		(0.34	)		(0.32	)		(0.37	)		(0.41	)		(0.35	)
Net asset value
End of period/year	$	10.50		$	10.49		$	10.31		$	10.51		$	10.24		$	9.42
Total return(C)		1.52	%(D)		5.15	%		1.23	%		6.32	%		12.74	%		(2.43	)%(D)
Net assets at end of period/year (000’s)	$	882,945		$	837,435		$	846,464		$	834,859		$	317,130		$	7,263
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.59	%(E)		1.59	%		1.59	%		1.59	%		1.65	%		1.76	%(E)
Before reimbursement/waiver or recapture		1.59	%(E)		1.59	%		1.59	%		1.63	%		1.74	%		1.76	%(E)
Net investment income to average net assets		1.82	%(E)		2.46	%		2.81	%		3.40	%		4.38	%		3.28	%(E)
Portfolio turnover rate		39	%(D)		61	%		51	%		54	%		77	%		67	%(D)

(A) Commenced operations November 1, 2007.

(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.

Note: Prior to November 1, 2009, 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 2013

Page    164

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	10.33		$	10.15		$	10.35		$	10.14
Investment operations
Net investment income(B)		0.14			0.35			0.38			0.39
Net realized and unrealized gain (loss)		0.06			0.26			(0.16	)		0.24
Total from investment operations		0.20			0.61			0.22			0.63
Distributions
Net investment income		(0.15	)		(0.36	)		(0.40	)		(0.42	)
Net realized gains on investments		(0.05	)		(0.07	)		(0.02	)		—
Total distributions		(0.20	)		(0.43	)		(0.42	)		(0.42	)
Net asset value
End of period/year	$	10.33		$	10.33		$	10.15		$	10.35
Total return(C)		1.92	%(D)		6.21	%		2.16	%		6.34	%(D)
Net assets at end of period/year (000’s)	$	400,070		$	368,296		$	270,667		$	198,461
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.62	%(E)		0.63	%		0.64	%		0.65	%(E)
Before reimbursement/waiver or recapture		0.62	%(E)		0.63	%		0.64	%		0.67	%(E)
Net investment income to average net assets		2.78	%(E)		3.40	%		3.75	%		4.17	%(E)
Portfolio turnover rate		39	%(D)		61	%		51	%		54	%(D)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Short-Term Bond
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	10.32		$	10.14		$	10.34		$	10.08		$	9.28		$	9.82
Investment operations
Net investment income(B)		0.15			0.36			0.40			0.46			0.50			0.43
Net realized and unrealized gain (loss)		0.06			0.26			(0.17	)		0.27			0.80			(0.54	)
Total from investment operations		0.21			0.62			0.23			0.73			1.30			(0.11	)
Distributions
Net investment income		(0.15	)		(0.37	)		(0.41	)		(0.47	)		(0.50	)		(0.43	)
Net realized gains on investments		(0.05	)		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.20	)		(0.44	)		(0.43	)		(0.47	)		(0.50	)		(0.43	)
Net asset value
End of period/year	$	10.33		$	10.32		$	10.14		$	10.34		$	10.08		$	9.28
Total return(C)		2.07	%(D)		6.31	%		2.28	%		7.37	%		14.44	%		(1.22	)%
Net assets at end of period/year (000’s)	$	1,646,253		$	1,521,804		$	924,917		$	999,064		$	710,660		$	492,333
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.53	%(E)		0.53	%		0.53	%		0.53	%		0.63	%		0.68	%
Before reimbursement/waiver or recapture		0.53	%(E)		0.53	%		0.53	%		0.58	%		0.69	%		0.68	%
Net investment income to average net assets		2.89	%(E)		3.50	%		3.87	%		4.52	%		5.14	%		4.38	%
Portfolio turnover rate		39	%(D)		61	%		51	%		54	%		77	%		67	%

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

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    165

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small Cap Growth
	Class A
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.38		$	10.00
Investment operations
Net investment loss(B)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		1.03			(0.60	)
Total from investment operations		1.02			(0.62	)
Distributions
Net investment income		—	(C)		—
Total distributions		—	(C)		—
Net asset value
End of period/year	$	10.40		$	9.38
Total return(D)		10.89	%(E)		(6.20	)%(E)
Net assets end of period/year (000’s)	$	319		$	236
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.28	%(F)		1.45	%(F)
Before reimbursement/waiver or recapture		1.28	%(F)		1.52	%(F)
Net investment loss to average net assets		(0.24	)%(F)		(1.17	)%(F)
Portfolio turnover rate		41	%(E)		11	%(E)

(A) Commenced operations August 31, 2012.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

For a share outstanding throughout each period	Transamerica Small Cap Growth
	Class C
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.37		$	10.00
Investment operations
Net investment loss(B)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		1.02			(0.60	)
Total from investment operations		0.98			(0.63	)
Distributions
Net investment income		—	(C)		—
Total distributions		—	(C)		—
Net asset value
End of period/year	$	10.35		$	9.37
Total return(D)		10.46	%(E)		(6.30	)%(E)
Net assets at end of period/year (000’s)	$	306		$	234
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.95	%(F)		2.15	%(F)
Before reimbursement/waiver or recapture		1.95	%(F)		2.21	%(F)
Net investment loss to average net assets		(0.90	)%(F)		(1.89	)%(F)
Portfolio turnover rate		41	%(E)		11	%(E)

(A) Commenced operations August 31, 2012.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    166

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small Cap Growth
	Class I
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.39		$	10.00
Investment operations
Net investment income (loss)(B)		—	(C)		(0.01	)
Net realized and unrealized gain (loss)		1.02			(0.60	)
Total from investment operations		1.02			(0.61	)
Distributions
Net investment income		(0.01	)		—
Total distributions		(0.01	)		—
Net asset value
End of period/year	$	10.40		$	9.39
Total return(E)		10.87	%(D)		(6.10	)%(D)
Net assets at end of period/year (000’s)	$	301		$	235
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.07	%(F)		1.15	%(F)
Before reimbursement/waiver or recapture		1.04	%(F)		1.31	%(F)
Net investment loss to average net assets		(0.02	)%(F)		(0.89	)%(F)
Portfolio turnover rate		41	%(D)		11	%(D)

(A) Commenced operations August 31, 2012.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

(D) Not annualized.

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

(F) Annualized.

For a share outstanding throughout each period	Transamerica Small Cap Growth
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.39		$	10.00
Investment operations
Net investment income (loss)(C)		—	(B)		(0.01	)
Net realized and unrealized gain (loss)		1.03			(0.60	)
Total from investment operations		1.03			(0.61	)
Distributions
Net investment income		(0.01	)		—
Total distributions		(0.01	)		—
Net asset value
End of period/year	$	10.41		$	9.39
Total return(D)		10.99	%(E)		(6.10	)%(E)
Net assets at end of period/year (000’s)	$	439,372		$	239,395
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.93	%(F)		1.15	%(F)
Before reimbursement/waiver or recapture		0.93	%(F)		1.21	%(F)
Net investment income (loss) to average net assets		0.06	%(F)		(0.87	)%(F)
Portfolio turnover rate		41	%(E)		11	%(E)

(A) Commenced operations August 31, 2012.

(B) Rounds to less than $0.01 or $(0.01).

(C) Calculated based on average number of shares outstanding.

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    167

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small Cap Value
	Class A
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.83		$	10.00
Investment operations
Net investment income(B)		0.06			0.04
Net realized and unrealized gain (loss)		1.54			(0.21	)
Total from investment operations		1.60			(0.17	)
Distributions
Net investment income		(0.07	)		—
Total distributions		(0.07	)		—
Net asset value
End of period/year	$	11.36		$	9.83
Total return(C)		16.34	%(D)		(1.70	)%(D)
Net assets end of period/year (000’s)	$	326		$	268
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.45	%(E)		1.36	%(E)
Before reimbursement/waiver or recapture		2.37	%(E)		1.36	%(E)
Net investment income to average net assets		1.22	%(E)		0.91	%(E)
Portfolio turnover rate		23	%(D)		22	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Small Cap Value
	Class C
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.79		$	10.00
Investment operations
Net investment income(B)		0.03			0.01
Net realized and unrealized gain (loss)		1.54			(0.22	)
Total from investment operations		1.57			(0.21	)
Distributions
Net investment income		(0.02	)		—
Total distributions		(0.02	)		—
Net asset value
End of period/year	$	11.34		$	9.79
Total return(C)		16.11	%(D)		(2.10	)%(D)
Net assets at end of period/year (000’s)	$	383		$	251
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.99	%(E)		2.04	%(E)
Before reimbursement/waiver or recapture		1.99	%(E)		2.04	%(E)
Net investment income to average net assets		0.66	%(E)		0.24	%(E)
Portfolio turnover rate		23	%(D)		22	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    168

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small Cap Value
	Class I
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.84		$	10.00
Investment operations
Net investment income(B)		0.09			0.06
Net realized and unrealized gain (loss)		1.53			(0.22	)
Total from investment operations		1.62			(0.16	)
Distributions
Net investment income		(0.08	)		—
Total distributions		(0.08	)		—
Net asset value
End of period/year	$	11.38		$	9.84
Total return(C)		16.60	%(D)		(1.60	)%(D)
Net assets at end of period/year (000’s)	$	447		$	371
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.05	%(E)		1.12	%(E)
Before reimbursement/waiver or recapture		1.05	%(E)		1.12	%(E)
Net investment income to average net assets		1.63	%(E)		1.17	%(E)
Portfolio turnover rate		23	%(D)		22	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Small Cap Value
	Class I2
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	9.84		$	10.00
Investment operations
Net investment income(B)		0.08			0.06
Net realized and unrealized gain (loss)		1.55			(0.22	)
Total from investment operations		1.63			(0.16	)
Distributions
Net investment income		(0.09	)		—
Total distributions		(0.09	)		—
Net asset value
End of period/year	$	11.38		$	9.84
Total return(C)		16.67	%(D)		(1.60	)%(D)
Net assets at end of period/year (000’s)	$	603,716		$	288,664
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.95	%(E)		1.01	%(E)
Before reimbursement/waiver or recapture		0.95	%(E)		1.01	%(E)
Net investment income to average net assets		1.61	%(E)		1.30	%(E)
Portfolio turnover rate		23	%(D)		22	%(D)

(A) Commenced operations April 30, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    169

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	21.86		$	20.65		$	18.89		$	14.72		$	12.70		$	23.78
Investment operations
Net investment income (loss)(A)		0.09			0.11			(0.06	)		(0.02	)		—	(B)		0.21
Net realized and unrealized gain (loss)		3.44			2.24			1.82			4.19			2.33			(8.64	)
Total from investment operations		3.53			2.35			1.76			4.17			2.33			(8.43	)
Distributions
Net investment income		(0.10	)		—	(B)		—			—			(0.31	)		(0.16	)
Net realized gains on investments		—			(1.14	)		—			—			—			(2.49	)
Total distributions		(0.10	)		(1.14	)		—			—			(0.31	)		(2.65	)
Net asset value
End of period/year	$	25.29		$	21.86		$	20.65		$	18.89		$	14.72		$	12.70
Total return(C)		16.20	%(D)		12.28	%		9.32	%		28.33	%		19.12	%		(39.47	)%
Net assets end of period/year (000’s)	$	391,699		$	332,085		$	323,147		$	283,240		$	201,569		$	199,210
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.38	%(E)		1.41	%		1.43	%		1.47	%		1.59	%		1.41	%
Before reimbursement/waiver or recapture		1.38	%(E)		1.41	%		1.43	%		1.47	%		1.59	%		1.41	%
Net investment income (loss) to average net asset		0.81	%(E)		0.50	%		(0.27	)%		(0.12	)%		—	%(F)		1.18	%
Portfolio turnover rate		49	%(D)		74	%		174	%		57	%		101	%		48	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

(F) Rounds to less than 0.01% or (0.01)%.

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

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class B
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	20.55		$	19.60		$	18.05		$	14.16		$	12.19		$	22.89
Investment operations
Net investment income (loss)(A)		0.01			(0.03	)		(0.20	)		(0.12	)		(0.08	)		0.06
Net realized and unrealized gain (loss)		3.23			2.12			1.75			4.01			2.26			(8.27	)
Total from investment operations		3.24			2.09			1.55			3.89			2.18			(8.21	)
Distributions
Net investment income		—			—	(B)		—			—			(0.21	)		—
Net realized gains on investments		—			(1.14	)		—			—			—			(2.49	)
Total distributions		—			(1.14	)		—			—			(0.21	)		(2.49	)
Net asset value
End of period/year	$	23.79		$	20.55		$	19.60		$	18.05		$	14.16		$	12.19
Total return(C)		15.77	%(D)		11.58	%		8.59	%		27.47	%		18.37	%		(39.85	)%
Net assets at end of period/year (000’s)	$	30,869		$	29,615		$	33,830		$	38,355		$	34,573		$	31,716
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.10	%(E)		2.08	%		2.09	%		2.12	%		2.24	%		2.07	%
Before reimbursement/waiver or recapture		2.10	%(E)		2.08	%		2.09	%		2.12	%		2.24	%		2.07	%
Net investment income (loss) to average net assets		0.10	%(E)		(0.16	)%		(0.95	)%		(0.74	)%		(0.66	)%		0.34	%
Portfolio turnover rate		49	%(D)		74	%		174	%		57	%		101	%		48	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    170

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	20.33		$	19.40		$	17.86		$	14.00		$	12.10		$	22.81
Investment operations
Net investment income (loss)(A)		0.01			(0.02	)		(0.18	)		(0.12	)		(0.08	)		0.09
Net realized and unrealized gain (loss)		3.20			2.09			1.72			3.98			2.23			(8.24	)
Total from investment operations		3.21			2.07			1.54			3.86			2.15			(8.15	)
Distributions
Net investment income		—			—	(B)		—			—			(0.25	)		(0.07	)
Net realized gains on investments		—			(1.14	)		—			—			—			(2.49	)
Total distributions		—			(1.14	)		—			—			(0.25	)		(2.56	)
Net asset value
End of period/year	$	23.54		$	20.33		$	19.40		$	17.86		$	14.00		$	12.10
Total return(C)		15.79	%(D)		11.60	%		8.62	%		27.57	%		18.42	%		(39.84	)%
Net assets at end of period/year (000’s)	$	231,250		$	198,356		$	181,765		$	169,903		$	115,960		$	95,729
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.06	%(E)		2.04	%		2.05	%		2.07	%		2.20	%		2.04	%
Before reimbursement/waiver or recapture		2.06	%(E)		2.04	%		2.05	%		2.07	%		2.20	%		2.04	%
Net investment income (loss) to average net assets		0.13	%(E)		(0.13	)%		(0.89	)%		(0.73	)%		(0.63	)%		0.52	%
Portfolio turnover rate		49	%(D)		74	%		174	%		57	%		101	%		48	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class I
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	22.38		$	21.03		$	19.15		$	15.44
Investment operations
Net investment income (loss)(B)		0.14			0.20			0.05			(0.02	)
Net realized and unrealized gain		3.52			2.29			1.83			3.73
Total from investment operations		3.66			2.49			1.88			3.71
Distributions
Net investment income		(0.20	)		—	(C)		—			—
Net realized gains on investments		—			(1.14	)		—			—
Total distributions		(0.20	)		(1.14	)		—			—
Net asset value
End of period/year	$	25.84		$	22.38		$	21.03		$	19.15
Total return(D)		16.45	%(E)		12.75	%		9.82	%		24.03	%(E)
Net assets at end of period/year (000’s)	$	139,541		$	105,664		$	68,499		$	40,346
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.99	%(F)		0.97	%		1.00	%		1.04	%(F)
Before reimbursement/waiver or recapture		0.99	%(F)		0.97	%		1.00	%		1.04	%(F)
Net investment income (loss) to average net assets		1.18	%(F)		0.93	%		0.24	%		(0.11	)%(F)
Portfolio turnover rate		49	%(E)		74	%		174	%		57	%(E)

(A) Commenced operations November 30, 2009.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    171

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Small/Mid Cap Value
	Class I2(A)
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	22.41		$	21.03		$	19.13		$	14.82		$	12.81		$	23.91
Investment operations
Net investment income(B)		0.15			0.22			0.06			0.08			0.11			0.30
Net realized and unrealized gain (loss)		3.52			2.30			1.84			4.23			2.31			(8.67	)
Total from investment operations		3.67			2.52			1.90			4.31			2.42			(8.37	)
Distributions
Net investment income		(0.22	)		—	(C)		—			—			(0.41	)		(0.24	)
Net realized gains on investments		—			(1.14	)		—			—			—			(2.49	)
Total distributions		(0.22	)		(1.14	)		—			—			(0.41	)		(2.73	)
Net asset value
End of period/year	$	25.86		$	22.41		$	21.03		$	19.13		$	14.82		$	12.81
Total return(D)		16.48	%(E)		12.90	%		9.93	%		29.00	%		19.85	%		(39.11	)%
Net assets at end of period/year (000’s)	$	18,774		$	15,545		$	12,935		$	15,893		$	10,746		$	214,351
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.89	%(F)		0.87	%		0.88	%		0.88	%		0.91	%		0.85	%
Before reimbursement/waiver or recapture		0.89	%(F)		0.87	%		0.88	%		0.88	%		0.91	%		0.85	%
Net investment income to average net assets		1.29	%(F)		1.03	%		0.26	%		0.47	%		0.89	%		1.58	%
Portfolio turnover rate		49	%(E)		74	%		174	%		57	%		101	%		48	%

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

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

For a share outstanding throughout each period	Transamerica Tactical Allocation
	Class A			Class C			Class I
	April 30,  2013 (unaudited)(A)			April 30,  2013 (unaudited)(A)			April 30,  2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.07			0.01			0.04
Net realized and unrealized gain		0.52			0.54			0.57
Total from investment operations		0.59			0.55			0.61
Distributions
Net investment income		(0.34	)		(0.37	)		(0.42	)
Total distributions		(0.34	)		(0.37	)		(0.42	)
Net asset value
End of period/year	$	10.25		$	10.18		$	10.19
Total return(C)		6.03	%(D)		5.68	%(D)		6.28	%(D)
Net assets end of period/year (000’s)	$	2,516		$	2,517		$	3,264
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.15	%(E)		1.84	%(E)		0.85	%(E)
Before reimbursement/waiver or recapture		5.60	%(E)		6.27	%(E)		5.30	%(E)
Net investment income to average net assets		1.50	%(E)		0.23	%(E)		0.88	%(E)
Portfolio turnover rate		192	%(D)		192	%(D)		192	%(D)

(A) Commenced operations October 31, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    172

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Tactical Income
	Class A
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	10.25		$	10.00
Investment operations
Net investment income(B)		0.18			0.33
Net realized and unrealized gain		0.26			0.45
Total from investment operations		0.44			0.78
Distributions
Net investment income		(0.30	)		(0.53	)
Net realized gains on investments		(0.04	)		—
Total distributions		(0.34	)		(0.53	)
Net asset value
End of period/year	$	10.35		$	10.25
Total return(C)		4.40	%(D)		8.02	%
Net assets end of period/year (000’s)	$	376,017		$	254,763
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.88	%(E)		0.92	%
Before reimbursement/waiver or recapture		0.92	%(E)		0.98	%
Net investment income to average net assets		3.56	%(E)		3.27	%
Portfolio turnover rate		89	%(D)		142	%

(A) Commenced operations October 31, 2011. Includes information from inception date of October 31, 2011 through period end.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Tactical Income
	Class C
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	10.22		$	10.00
Investment operations
Net investment income(B)		0.14			0.25
Net realized and unrealized gain		0.25			0.46
Total from investment operations		0.39			0.71
Distributions
Net investment income		(0.26	)		(0.49	)
Net realized gains on investments		(0.04	)		—
Total distributions		(0.30	)		(0.49	)
Net asset value
End of period/year	$	10.31		$	10.22
Total return(C)		3.93	%(D)		7.26	%
Net assets at end of period/year (000’s)	$	467,670		$	279,728
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.64	%(E)		1.67	%
Before reimbursement/waiver or recapture		1.63	%(E)		1.68	%
Net investment income to average net assets		2.76	%(E)		2.48	%
Portfolio turnover rate		89	%(D)		142	%

(A) Commenced operations October 31, 2011. Includes information from inception date of October 31, 2011 through period end.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    173

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

For a share outstanding throughout each period	Transamerica Tactical Income
	Class I
	April 30, 2013 (unaudited)			October 31, 2012(A)
Net asset value
Beginning of period/year	$	10.26		$	10.00
Investment operations
Net investment income(B)		0.19			0.37
Net realized and unrealized gain		0.25			0.44
Total from investment operations		0.44			0.81
Distributions
Net investment income		(0.31	)		(0.55	)
Net realized gains on investments		(0.04	)		—
Total distributions		(0.35	)		(0.55	)
Net asset value
End of period/year	$	10.35		$	10.26
Total return(C)		4.41	%(D)		8.35	%
Net assets at end of period/year (000’s)	$	318,954		$	240,339
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.67	%(E)		0.67	%
Before reimbursement/waiver or recapture		0.65	%(E)		0.72	%
Net investment income to average net assets		3.81	%(E)		3.61	%
Portfolio turnover rate		89	%(D)		142	%

(A) Commenced operations October 31, 2011. Includes information from inception date of October 31, 2011 through period end.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

For a share outstanding throughout each period	Transamerica Tactical Rotation
	Class A			Class C			Class I
	April 30,  2013 (unaudited)(A)			April 30,  2013 (unaudited)(A)			April 30,  2013 (unaudited)(A)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00
Investment operations
Net investment income (loss)(B)		0.01			(0.02	)		0.03
Net realized and unrealized gain		0.91			0.90			0.91
Total from investment operations		0.92			0.88			0.94
Distributions
Net investment income		(0.49	)		(0.48	)		(0.55	)
Total distributions		(0.49	)		(0.48	)		(0.55	)
Net asset value
End of period/year	$	10.43		$	10.40		$	10.39
Total return(C)		9.61	%(D)		9.21	%(D)		9.86	%(D)
Net assets end of period/year (000’s)	$	2,022		$	1,266		$	940
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.15	%(E)		1.85	%(E)		0.84	%(E)
Before reimbursement/waiver or recapture		10.18	%(E)		10.88	%(E)		9.89	%(E)
Net investment income to average net assets		0.29	%(E)		(0.37	)%(E)		0.69	%(E)
Portfolio turnover rate		189	%(D)		189	%(D)		189	%(D)

(A) Commenced operations October 31, 2012.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    174

NOTES TO FINANCIAL STATEMENTS

At April 30, 2013

(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 Enhanced Muni, Transamerica Income & Growth, Transamerica Tactical Allocation, and Transamerica Tactical Rotation commenced operations on October 31, 2012. Transamerica Dividend Focused and Transamerica International Small Cap Value commenced operations on January 4, 2013. Transamerica MLP & Energy Income commenced operations on April 30, 2013.

Transamerica Capital Growth, Transamerica Diversified Equity, Transamerica Dividend Focused, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Enhanced Muni, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Income & Growth, Transamerica International Bond, Transamerica International Equity, Transamerica International Small Cap Value, Transamerica Large Cap Growth, Transamerica Large Cap Value, Transamerica MLP & Energy Income, Transamerica Money Market, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Tactical Allocation, Transamerica Tactical Income and Transamerica Tactical Rotation (each, a “Fund” and collectively, the “Funds”) are series of the Trust.

Transamerica Emerging Markets Debt, Transamerica MLP & Energy Income and Transamerica International Bond are “non-diversified” funds, as defined under the 1940 Act.

Effective February 10, 2012, Class P shares of the following funds were converted into Class I shares: Transamerica High Yield Bond, Transamerica Money Market, Transamerica Capital Growth, Transamerica Growth Opportunities, Transamerica Multi-Managed Balanced, and Transamerica Diversified Equity. Effective March 1, 2012, Transamerica International Bond began offering three new classes of shares: Class A, Class C, and Class I.

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

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

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

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

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of 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. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio (“Navigator”), a money market mutual fund registered under the 1940 Act. The Transamerica Asset Management family of mutual funds is a significant shareholder of the Navigator as of April 30, 2013. No individual fund has a significant holding in the Navigator.

Transamerica Funds Semi-Annual Report 2013

Page    175

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

By lending securities, a Fund seeks to increase its net investment income through the receipt of interest and fees.

Such income is reflected separately in the Statements of Operations. Income from loaned securities in the Statements of Operations is net of fees and rebates earned by the lending agent for its services. The value of loaned securities and related collateral outstanding at April 30, 2013 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

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

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

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

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

Foreign taxes: The Funds may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

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

Open forward foreign currency contracts at April 30, 2013 are listed in the Schedules of Investments.

Option contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of Money Market, enter into option contracts to manage exposure to various market fluctuations. Funds purchase or write put and call options on U.S. securities, indices, futures, swaps (“swaptions”), commodities, and currency transactions. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. Premiums paid for purchasing options or premiums received from writing options which expire are treated as realized losses or realized gains, respectively. Realized gains or losses are reflected in the realized gains or losses of investment securities in the Statements of Operations. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included in the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses.

Transamerica Funds Semi-Annual Report 2013

Page    176

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying investment. Writing put options tends to increase exposure to the underlying investment. When a Fund writes a covered call or put option, the premium received is recorded as a liability in the Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in a Fund selling or buying a security or currency at a price different from the current market value.

Inflation-capped options: A Fund purchases or writes inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.

Straddle swaption contracts: The Funds enter into straddle swaption contracts. A straddle swaption is an investment strategy that consists of two swaptions, each with a different underlying swap, wherein the holder buys both a payer and receiver option on the same floating rate. If the floating rate falls, the holder receives the fixed rate, and if the floating rate rises, the holder pays the fixed rate.

The underlying face amounts of open option and swaption contracts at April 30, 2013 are listed in the Schedules of Investments.

Transactions in written options were as follows:

Transamerica Multi Managed Balanced	Premiums			Contracts
Balance at October 31, 2012	$	—			—
Sales		57,187			217
Closing Buys		(42,276	)		(157	)
Expirations		—			—
Exercised		—			—
Balance at April 30, 2013	$	14,911			60

There were no transactions in written swaptions during the period ended April 30, 2013.

Futures contracts: The Funds are subject to equity and commodity price risks, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at April 30, 2013 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    177

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

When-Issued, forward delivery securities and Delayed Delivery Settlements: The Funds may purchase or sell securities on a when-issued, forward (delayed) delivery basis or delayed settlement. When-issued and forward delivery transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward delivery transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed Delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian cash, U.S. Government securities or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into which may result in a realized gain or loss. When the Funds sell a security on a delayed delivery basis, the Funds do not participate in future gains and losses on the security.

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

The PIKs at April 30, 2013 are listed in the Schedules of Investments.

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

The restricted and illiquid securities at April 30, 2013 are listed in the Schedules of Investments.

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

Commissions recaptured for the period ended April 30, 2013, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund Name	Commissions
Transamerica Capital Growth	$	39,231
Transamerica Diversified Equity		24
Transamerica Growth Opportunities		22,723
Transamerica International Equity		761
Transamerica International Small Cap Value		1,486
Transamerica Large Cap Growth		422
Transamerica Large Cap Value		37,682
Transamerica Multi-Managed Balanced		9,645
Transamerica Small Cap Growth		11,228
Transamerica Small Cap Value		121,696
Transamerica Small/Mid Cap Value		73,641

Transamerica Funds Semi-Annual Report 2013

Page    178

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

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

Real estate investment trust (“REITs”): Dividend income related to a Real Estate Investment Trust is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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

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

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

NOTE 2. SECURITY VALUATIONS

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

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

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

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

The Funds’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method

Transamerica Funds Semi-Annual Report 2013

Page    179

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 2. (continued)

that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing and reviews of any market related activity.

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

For assets and liabilities using significant unobservable inputs (Level 3), GAAP requires a reconciliation of the beginning to the ending balances for reported market values that presents changes attributed to total realized and unrealized gains or losses, purchases and sales, and transfers in or 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.

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

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

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

Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

Repurchase agreements: Repurchase agreements are traded on inactive markets or valued by reference to similar instruments and are generally categorized as Level 2.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    180

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 2. (continued)

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

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

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models.

Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

The hierarchy classification of inputs used to value the Funds’ investments, at April 30, 2013, is disclosed in the Valuation Summary of each Fund’s Schedule of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

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

AEGON USA Investment Management, LLC (“AUIM”) is both an affiliate and sub-adviser of Transamerica Flexible Income, Transamerica High Yield Bond, Transamerica Money Market, Transamerica Short-Term Bond, Transamerica Tactical Allocation, Transamerica Tactical Income, and Transamerica Tactical Rotation.

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 trustees of TAM, AUIM, TFS, and TCI. No interested trustee receives compensation from the Funds.

At the commencement of operations, TAM invested in the Funds. As of April 30, 2013, TAM had investments in the Funds as follows:

Fund Name	Market Value		% of Fund’s Net Assets
Transamerica Tactical Rotation
Class A	$	274,031		6.48	%
Class C		273,014		6.46
Class I		274,651		6.50

Transamerica Funds Semi-Annual Report 2013

Page    181

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2013:

Transamerica Capital Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	14,250,934		2.11	%
Transamerica Asset Allocation-Growth Portfolio		70,758,516		10.48
Transamerica Asset Allocation-Moderate Growth Portfolio		97,155,333		14.39
Transamerica Asset Allocation-Moderate Portfolio		46,278,251		6.86
Transamerica Asset Allocation-Conservative VP		37,342,376		5.53
Transamerica Asset Allocation-Growth VP		26,926,281		3.99
Transamerica Asset Allocation-Moderate Growth VP		137,186,093		20.33
Transamerica Asset Allocation-Moderate VP		60,417,239		8.95
Total	$	490,315,023		72.64	%
Transamerica Diversified Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	49,663,709		3.25	%
Transamerica Asset Allocation-Growth Portfolio		153,252,632		10.03
Transamerica Asset Allocation-Moderate Growth Portfolio		250,984,761		16.43
Transamerica Asset Allocation-Moderate Portfolio		164,904,753		10.80
Total	$	618,805,855		40.51	%
Transamerica Dividend Focused	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	42,620,921		4.21	%
Transamerica Asset Allocation-Growth Portfolio		136,760,597		13.51
Transamerica Asset Allocation-Moderate Growth Portfolio		256,481,914		25.34
Transamerica Asset Allocation-Moderate Portfolio		127,864,658		12.63
Transamerica Asset Allocation-Conservative VP		10,753,821		1.06
Transamerica Asset Allocation-Growth VP		32,819,706		3.24
Transamerica Asset Allocation-Moderate Growth VP		224,722,187		22.20
Transamerica Asset Allocation-Moderate VP		161,390,353		15.95
Total	$	993,414,157		98.14	%

Transamerica Emerging Markets Debt	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	19,876,151		2.26	%
Transamerica Asset Allocation-Moderate Growth Portfolio		17,400,355		1.97
Transamerica Asset Allocation-Moderate Portfolio		30,249,544		3.43
Transamerica Asset Allocation-Conservative VP		80,897,551		9.18
Transamerica Asset Allocation-Moderate Growth VP		171,682,442		19.48
Transamerica Asset Allocation-Moderate VP		213,045,741		24.18
Transamerica International Moderate Growth VP		8,868,282		1.01
Transamerica Multi-Manager Alternative Strategies Portfolio		42,745,940		4.85
Total	$	584,766,006		66.36	%
Transamerica Emerging Markets Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	4,721,808		2.11	%
Transamerica Asset Allocation-Growth Portfolio		25,292,388		11.29
Transamerica Asset Allocation-Moderate Growth Portfolio		31,860,773		14.22
Transamerica Asset Allocation-Moderate Portfolio		12,691,775		5.66
Transamerica Asset Allocation-Growth VP		25,715,367		11.48
Transamerica Asset Allocation-Moderate Growth VP		79,639,755		35.54
Transamerica Asset Allocation-Moderate VP		29,814,784		13.31
Transamerica Multi-Manager International Portfolio		10,525,500		4.70
Total	$	220,262,150		98.31	%
Transamerica Flexible Income	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	16,930,873		5.42	%
Transamerica Asset Allocation-Moderate Portfolio		41,110,578		13.16
Total	$	58,041,451		18.58	%

Transamerica Funds Semi-Annual Report 2013

Page    182

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Growth Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	17,838,753		2.69	%
Transamerica Asset Allocation-Growth Portfolio		46,679,663		7.04
Transamerica Asset Allocation-Moderate Growth Portfolio		97,589,704		14.71
Transamerica Asset Allocation-Moderate Portfolio		52,168,785		7.86
Transamerica Asset Allocation-Conservative VP		23,302,602		3.51
Transamerica Asset Allocation-Growth VP		14,510,881		2.19
Transamerica Asset Allocation-Moderate Growth VP		135,746,707		20.46
Transamerica Asset Allocation-Moderate VP		78,090,015		11.77
Total	$	465,927,110		70.23	%
Transamerica High Yield Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	29,804,831		3.89	%
Transamerica Asset Allocation-Moderate Growth Portfolio		41,767,324		5.45
Transamerica Asset Allocation-Moderate Portfolio		34,682,788		4.52
Transamerica Asset Allocation-Conservative VP		800,184		0.11
Transamerica Asset Allocation-Moderate Growth VP		25,229,482		3.29
Transamerica Asset Allocation-Moderate VP		24,954,052		3.25
Total	$	157,238,661		20.51	%
Transamerica Income & Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative VP	$	62,313,149		15.35	%
Transamerica Asset Allocation-Moderate Growth VP		150,352,950		37.04
Transamerica Asset Allocation-Moderate VP		136,710,224		33.67
Transamerica International Moderate Growth VP		20,932,960		5.16
Total	$	370,309,283		91.22	%

Transamerica International Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	9,932,990		5.63	%
Transamerica Asset Allocation-Moderate Growth Portfolio		15,248,649		8.65
Transamerica Asset Allocation-Moderate Portfolio		22,380,261		12.69
Transamerica Asset Allocation-Conservative VP		23,564,529		13.37
Transamerica Asset Allocation-Moderate Growth VP		59,097,018		33.52
Transamerica Asset Allocation-Moderate VP		42,453,471		24.08
Total	$	172,676,918		97.94	%
Transamerica International Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	2,656,937		0.65	%
Transamerica Asset Allocation-Growth Portfolio		38,297,722		9.43
Transamerica Asset Allocation-Moderate Growth Portfolio		33,476,500		8.24
Transamerica Asset Allocation-Moderate Portfolio		12,024,466		2.96
Transamerica Asset Allocation-Conservative VP		1,054,603		0.26
Transamerica Asset Allocation-Growth VP		3,126,098		0.77
Transamerica Asset Allocation-Moderate Growth VP		51,676,542		12.73
Transamerica International Moderate Growth VP		68,788,010		16.94
Transamerica Multi-Manager Alternative Strategies Portfolio		8,070,141		1.99
Transamerica Multi-Manager International Portfolio		41,421,733		10.20
Total	$	260,592,752		64.17	%
Transamerica International Small Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative VP	$	6,241,857		3.91	%
Transamerica Asset Allocation-Growth VP		4,094,586		2.57
Transamerica Asset Allocation-Moderate Growth VP		51,395,229		32.24
Transamerica Asset Allocation-Moderate VP		57,613,797		36.14
Transamerica International Moderate Growth VP		31,427,471		19.71
Transamerica Multi-Manager International Portfolio		7,162,662		4.49
Total	$	157,935,602		99.06	%

Transamerica Funds Semi-Annual Report 2013

Page    183

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Large Cap Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	3,310,531		1.59	%
Transamerica Asset Allocation-Growth Portfolio		10,443,462		5.02
Transamerica Asset Allocation-Moderate Growth Portfolio		16,202,498		7.79
Transamerica Asset Allocation-Moderate Portfolio		10,073,583		4.85
Transamerica Asset Allocation-Conservative VP		37,718,785		18.14
Transamerica Asset Allocation-Growth VP		18,347,827		8.82
Transamerica Asset Allocation-Moderate Growth VP		110,565,163		53.17
Total	$	206,661,849		99.38	%
Transamerica Large Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	61,161,178		3.68	%
Transamerica Asset Allocation-Growth Portfolio		220,850,289		13.30
Transamerica Asset Allocation-Moderate Growth Portfolio		369,663,452		22.26
Transamerica Asset Allocation-Moderate Portfolio		190,730,476		11.48
Transamerica Asset Allocation-Conservative VP		46,092,603		2.77
Transamerica Asset Allocation-Growth VP		118,964,617		7.16
Transamerica Asset Allocation-Moderate Growth VP		382,446,009		23.03
Transamerica Asset Allocation-Moderate VP		236,262,822		14.23
Total	$	1,626,171,446		97.91	%
Transamerica MLP Energy & Income	Market Value		% of Net Assets
Transamerica Multi-Manager Alternative Strategies Portfolio	$	30,000,000		97.56	%
Total	$	30,000,000		97.56	%

Transamerica Money Market	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	4,780,347		1.11	%
Transamerica Asset Allocation-Growth Portfolio		60,267		0.01
Transamerica Asset Allocation-Moderate Portfolio		3,408,896		0.79
Transamerica Asset Allocation-Conservative VP		205,947,108		47.82
Transamerica Asset Allocation-Growth VP		3,911		0.00	(A)
Transamerica Asset Allocation-Moderate Growth VP		1,031,784		0.24
Transamerica Asset Allocation-Moderate VP		60,533,126		14.05
Transamerica International Moderate Growth VP		21,062		0.01
Transamerica Multi-Manager Alternative Strategies Portfolio		1,721,131		0.40
Total	$	277,507,632		64.43	%

^(A)  Percentage rounds to less than 0.01%

Transamerica Short-Term Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	87,618,100		2.31	%
Transamerica Asset Allocation-Moderate Growth Portfolio		67,723		0.00	(A)
Transamerica Asset Allocation-Moderate Portfolio		128,927,697		3.40
Transamerica Asset Allocation-Conservative VP		361,400,290		9.54
Transamerica Asset Allocation-Moderate Growth VP		200,265,219		5.29
Transamerica Asset Allocation-Moderate VP		739,519,722		19.52
Transamerica International Moderate Growth VP		44,723,507		1.18
Transamerica Multi-Manager Alternative Strategies Portfolio		69,060,467		1.82
Total	$	1,631,582,725		43.06	%

^(A)  Percentage rounds to less than 0.01%

Transamerica Funds Semi-Annual Report 2013

Page    184

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Small Cap Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	8,771,047		1.99	%
Transamerica Asset Allocation-Growth Portfolio		29,317,324		6.66
Transamerica Asset Allocation-Moderate Growth Portfolio		27,100,800		6.16
Transamerica Asset Allocation-Moderate Portfolio		16,885,223		3.83
Transamerica Asset Allocation-Conservative VP		50,650,788		11.50
Transamerica Asset Allocation-Growth VP		35,887,583		8.15
Transamerica Asset Allocation-Moderate Growth VP		112,880,741		25.64
Transamerica Asset Allocation-Moderate VP		152,642,759		34.67
Total	$	434,136,265		98.60	%

Transamerica Small Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,024,710		0.83	%
Transamerica Asset Allocation-Growth Portfolio		32,095,727		5.31
Transamerica Asset Allocation-Moderate Growth Portfolio		42,408,682		7.01
Transamerica Asset Allocation-Moderate Portfolio		25,796,213		4.26
Transamerica Asset Allocation-Conservative VP		80,779,577		13.35
Transamerica Asset Allocation-Growth VP		41,115,725		6.80
Transamerica Asset Allocation-Moderate Growth VP		161,417,501		26.69
Transamerica Asset Allocation-Moderate VP		209,046,013		34.56
Total	$	597,684,148		98.81	%

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

Fund Name/Breakpoint	Rate
Transamerica Capital Growth
First $500 million	0.800%
Over $500 million	0.675
Transamerica Diversified Equity
First $500 million	0.730%
Over $500 million up to $2.5 billion	0.700
Over $2.5 billion	0.650
Transamerica Dividend Focused
First $200 million	0.750%
Over $200 million up to $500 million	0.650
Over $500 million	0.600
Transamerica Emerging Markets Debt
First $400 million	0.600%
Over $400 million	0.580
Transamerica Emerging Markets Equity
First $250 million	0.950%
Over $250 million up to $500 million	0.930
Over $500 million	0.900
Transamerica Enhanced Muni
First $150 million	0.440%
Over $150 million up to $350 million	0.420
Over $350 million up to $650 million	0.410
Over $650 million up to $1 billion	0.390
Over $1 billion	0.360
Transamerica Flexible Income
First $250 million	0.475%
Over $250 million up to $350 million	0.425
Over $350 million	0.400
Transamerica Growth Opportunities
First $250 million	0.800%
Over $250 million up to $500 million	0.750
Over $500 million	0.700

Fund Name/Breakpoint	Rate
Transamerica High Yield Bond
First $400 million	0.590%
Over $400 million up to $750 million	0.575
Over $750 million	0.550
Transamerica Income & Growth
First $500 million	0.670%
Over $500 million up to $1 billion	0.650
Over $1 billion up to $1.5 billion	0.630
Over $1.5 billion	0.600
Transamerica International Bond
First $100 million	0.550%
Over $100 million up to $250 million	0.520
Over $250 million up to $500 million	0.510
Over $500 million up to $1 billion	0.500
Over $1 billion	0.470
Transamerica International Equity
First $250 million	0.800%
Over $250 million up to $500 million	0.750
Over $500 million up to $1 billion	0.725
Over $1 billion	0.700
Transamerica International Small Cap Value
First $300 million	0.925%
Over $300 million up to $750 million	0.900
Over $750 million	0.850
Transamerica Large Cap Growth
First $250 million	0.675%
Over $250 million up to $1 billion	0.650
Over $1 billion	0.600
Transamerica Large Cap Value
First $750 million	0.650%
Over $750 million up to $1 billion	0.620
Over $1 billion	0.600

Transamerica Funds Semi-Annual Report 2013

Page    185

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Fund Name/Breakpoint	Rate
Transamerica MLP & Energy Income
First $250 million	1.100%
Over $250 million up to $500 million	1.050
Over $500 million up to $1 billion	0.980
Over $1 billion up to $2 billion	0.880
Over $2 billion	0.820
Transamerica Money Market
ANA	0.400%
Transamerica Multi-Managed Balanced
First $500 million	0.750%
Over $500 million up to $1 billion	0.650
Over $1 billion	0.600
Transamerica Short-Term Bond
First $250 million	0.550%
Over $250 million up to $500 million	0.500
Over $500 million up to $1 billion	0.475
Over $1 billion	0.450
Transamerica Small Cap Growth
First $300 million	0.840%
Over $300 million	0.800
Transamerica Small Cap Value
First $250 million	0.860%
Over $250 million	0.840

Fund Name/Breakpoint	Rate
Transamerica Small/Mid Cap Value
First $500 million	0.800%
Over $500 million	0.750
Transamerica Tactical Allocation
First $250 million	0.550%
Over $250 million up to $500 million	0.540
Over $500 million up to $1.5 billion	0.530
Over $1.5 billion up to $2.5 billion	0.520
Over $2.5 billion	0.510
Transamerica Tactical Income
First $1 billion	0.470%
Over $1 billion up to $2 billion	0.450
Over $2 billion	0.430
Transamerica Tactical Rotation
First $250 million	0.550%
Over $250 million up to $500 million	0.540
Over $500 million up to $1.5 billion	0.530
Over $1.5 billion up to $2.5 billion	0.520
Over $2.5 billion	0.510

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

Fund Name	Expense Limit			Maximum Operating Expense Limit Effective Through
Transamerica Capital Growth		1.20	%	March 1, 2014
Transamerica Diversified Equity		1.17		March 1, 2014
Transamerica Dividend Focused		0.90		March 1, 2014
Transamerica Emerging Markets Debt		1.00		March 1, 2014
Transamerica Emerging Markets Equity		1.60		March 1, 2014
Transamerica Enhanced Muni		0.71		March 1, 2014
Transamerica Flexible Income		1.00		March 1, 2014
Transamerica Growth Opportunities		1.40		March 1, 2014
Transamerica High Yield Bond		0.95		March 1, 2014
Transamerica Income & Growth		0.93		March 1, 2014
Transamerica International Bond		0.75		March 1, 2014
Transamerica International Equity		1.15		March 1, 2014
Transamerica International Small Cap Value		1.22		March 1, 2014
Transamerica Large Cap Growth		0.95		March 1, 2014
Transamerica Large Cap Value		1.00		March 1, 2014
Transamerica MLP & Energy Income		1.35		April 30, 2014
Transamerica Money Market		0.48		March 1, 2014
Transamerica Multi-Managed Balanced		1.45		March 1, 2014
Transamerica Short Term Bond		0.85		March 1, 2014
Transamerica Small Cap Growth		1.15		March 1, 2014
Transamerica Small Cap Value		1.15		March 1, 2014
Transamerica Small/Mid Cap Value		1.25		March 1, 2014
Transamerica Tactical Allocation		0.85		March 1, 2014
Transamerica Tactical Income		0.67		March 1, 2014
Transamerica Tactical Rotation		0.85		March 1, 2014

Transamerica Funds Semi-Annual Report 2013

Page    186

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

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

Amounts recaptured by TAM during the period ended April 30, 2013 were as follows:

Fund Name	Recaptured Amount
Transamerica Capital Growth
Class A	$	18,884
Transamerica Emerging Markets Equity
Class I		5
Transamerica International Equity
Class A		514
Transamerica Large Cap Growth
Class A		12
Class I		70
Transamerica Small Cap Growth
Fund Level		15,175
Class A		7
Class C		4
Class I		41
Class I2		2,031
Transamerica Tactical Income
Class A		10,108
Class C		13,363
Class I		26,301

The following amounts were available for recapture as of April 30, 2013:

Fund Name/Class	Amount Available		Year Reimbursed		Available Through
Transamerica Capital Growth
Class A	$	32,173		2011		10/31/2013
Class B		23,422		2011		10/31/2013
		8,848		2012		10/31/2014
Transamerica Diversified Equity
Class B		9,089		2011		10/31/2013
		3,964		2012		10/31/2014
Class C		11,342		2011		10/31/2013
Transamerica International Bond
Class A		101		2012		10/31/2014
Class C		80		2012		10/31/2014
Class I		79		2012		10/31/2014
Transamerica Money Market
Core		749,438		2011		10/31/2013
		660,711		2012		10/31/2014
Class A		783,122		2011		10/31/2013
		644,410		2012		10/31/2014
Class B		212,544		2011		10/31/2013
		154,330		2012		10/31/2014
Class C		375,988		2011		10/31/2013
		366,795		2012		10/31/2014
Class I		1,685		2011		10/31/2013
		41,647		2012		10/31/2014
Class I2		1,468		2011		10/31/2013
		1,218		2012		10/31/2014
Transamerica Tactical Income
Class I		17,847		2012		10/31/2014

Transamerica Funds Semi-Annual Report 2013

Page    187

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

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 the period ended April 30, 2013 and the year ended October 31, 2012, the amounts waived were as follows:

Fund/Class	2013 Amount Waived ($)		2013 Amount Waived (Basis Point)		2012 Amount Waived ($)		2012 Amount Waived (Basis Point)
Fund Level	$	1,067,414		25	$	577,116		23
Class A		135,747		29		294,159		29
Class B		41,757		99		115,464		97
Class C		139,557		99		315,371		97

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Funds. Pursuant to the distribution plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor. The Funds are authorized under the 12b-1 plans to pay fees on each class up to the following limits: 0.30% for Class A, 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. 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, 2014. TAM has contractually agreed to waive 0.15% and 0.25% of 12b-1 fees on Class A shares and Class C shares, respectively, of Transamerica Enhanced Muni through March 1, 2014.

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, 2013, the underwriter commissions were as follows:

Transamerica Capital Growth
Received by Underwriter	$	85,683
Retained by Underwriter		13,047
Contingent Deferred Sales Charge		24,686
Transamerica Diversified Equity
Received by Underwriter	$	101,608
Retained by Underwriter		15,241
Contingent Deferred Sales Charge		13,358
Transamerica Dividend Focused
Received by Underwriter	$	398
Retained by Underwriter		58
Contingent Deferred Sales Charge		—
Transamerica Emerging Markets Debt
Received by Underwriter	$	273,270
Retained by Underwriter		47,419
Contingent Deferred Sales Charge		12,067
Transamerica Emerging Markets Equity
Received by Underwriter	$	322
Retained by Underwriter		45
Contingent Deferred Sales Charge		117
Transamerica Enhanced Muni
Received by Underwriter	$	32,759
Retained by Underwriter		8,682
Contingent Deferred Sales Charge		—
Transamerica Flexible Income
Received by Underwriter	$	126,653
Retained by Underwriter		23,378
Contingent Deferred Sales Charge		25,728

Transamerica Growth Opportunities
Received by Underwriter	$	20,434
Retained by Underwriter		3,071
Contingent Deferred Sales Charge		2,329
Transamerica High Yield Bond
Received by Underwriter	$	266,256
Retained by Underwriter		49,555
Contingent Deferred Sales Charge		28,230
Transamerica Income & Growth
Received by Underwriter	$	76,011
Retained by Underwriter		11,658
Contingent Deferred Sales Charge		186
Transamerica International Bond
Received by Underwriter	$	687
Retained by Underwriter		122
Contingent Deferred Sales Charge		—
Transamerica International Equity
Received by Underwriter	$	22,251
Retained by Underwriter		3,404
Contingent Deferred Sales Charge		895
Transamerica Large Cap Growth
Received by Underwriter	$	2,805
Retained by Underwriter		414
Contingent Deferred Sales Charge		—
Transamerica Large Cap Value
Received by Underwriter	$	5,412
Retained by Underwriter		847
Contingent Deferred Sales Charge		3,000

Transamerica Funds Semi-Annual Report 2013

Page    188

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Money Market
Received by Underwriter	$	—
Retained by Underwriter		—
Contingent Deferred Sales Charge		13,095
Transamerica Multi-Managed Balanced
Received by Underwriter	$	244,917
Retained by Underwriter		37,250
Contingent Deferred Sales Charge		10,203
Transamerica Short-Term Bond
Received by Underwriter	$	394,935
Retained by Underwriter		80,151
Contingent Deferred Sales Charge		123,740
Transamerica Small Cap Growth
Received by Underwriter	$	296
Retained by Underwriter		48
Contingent Deferred Sales Charge		—
Transamerica Small Cap Value
Received by Underwriter	$	145
Retained by Underwriter		22
Contingent Deferred Sales Charge		38

Transamerica Small/Mid Cap Value
Received by Underwriter	$	278,488
Retained by Underwriter		41,855
Contingent Deferred Sales Charge		17,128
Transamerica Tactical Allocation
Received by Underwriter	$	62,878
Retained by Underwriter		9,689
Contingent Deferred Sales Charge		—
Transamerica Tactical Income
Received by Underwriter	$	2,481,197
Retained by Underwriter		459,206
Contingent Deferred Sales Charge		65,960
Transamerica Tactical Rotation
Received by Underwriter	$	32,180
Retained by Underwriter		4,753
Contingent Deferred Sales Charge		—

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. The Funds pay TFS an annual fee of 0.025% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services as follows:

Class A, B, C & T*
Open Account	$	21.00
Closed Account		1.50

Class I*
Open Direct Account	$	21.00
Open Networked Account		8.00
Closed Account		1.50
Sub-Transfer Agent and Omnibus Intermediary Fees		10 bps

Class I2
Open Account	0.75 bps
Closed Account	N/A

* Applicable out-of pocket expenses, including, but not limited to, quarterly shareholder statements and postage, will be charged directly to the Funds.

bps - Basis Points. A basis point is a unit equal to 1/100^th of 1%, and is commonly used to denote the change in a financial instrument.

Transamerica Funds Semi-Annual Report 2013

Page    189

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Fees paid and the amounts due to TFS for the period ended April 30, 2013 are as follows:

Fund Name	Fees Paid to TFS		Fees Due to TFS
Transamerica Capital Growth	$	148,272	$	27,964
Transamerica Diversified Equity		856,890		153,639
Transamerica Dividend Focused		11		(7	)
Transamerica Emerging Markets Debt		71,433		12,981
Transamerica Emerging Markets Equity		461		92
Transamerica Enhanced Muni		417		76
Transamerica Flexible Income		80,773		9,269
Transamerica Growth Opportunities		227,772		40,628
Transamerica High Yield Bond		151,622		18,697
Transamerica Income & Growth		1,274		(41	)
Transamerica International Bond		361		62
Transamerica International Equity		12,394		1,365
Transamerica International Small Cap Value		9		(2	)
Transamerica Large Cap Growth		624		111
Transamerica Large Cap Value		3,741		991
Transamerica Money Market		208,921		37,091
Transamerica Multi-Managed Balanced		200,348		25,377
Transamerica Short-Term Bond		484,142		59,281
Transamerica Small Cap Growth		130		18
Transamerica Small Cap Value		1,710		66
Transamerica Small/Mid Cap Value		567,470		71,021
Transamerica Tactical Allocation		1,057		212
Transamerica Tactical Income		279,251		50,832
Transamerica Tactical Rotation		720		147

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), as elected by the Trustee.

Brokerage commissions: The Funds incurred brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser for the period ended April 30, 2013 as follows:

Fund Name	Commissions
Transamerica Capital Growth	$	769
Transamerica Growth Opportunities		1,160

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2013 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Capital Growth	$	94,640,099	$	—	$	237,888,956	$	—
Transamerica Diversified Equity		424,688,440		—		506,364,493		—
Transamerica Dividend Focused		905,866,675		—		45,679,308		—
Transamerica Emerging Markets Debt		1,410,811,075		—		1,156,868,337		—
Transamerica Emerging Markets Equity		157,854,978		—		56,037,244		—
Transamerica Enhanced Muni		14,451,393		—		2,465,113		—
Transamerica Flexible Income		53,227,658		5,869,334		38,762,391		46,807,344
Transamerica Growth Opportunities		133,548,432		—		177,652,143		—

Transamerica Funds Semi-Annual Report 2013

Page    190

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 4. (continued)

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica High Yield Bond	$	263,178,085	$	—	$	211,910,487	$	—
Transamerica Income & Growth		390,757,243		—		15,512,285		—
Transamerica International Bond		26,483,320		—		39,673,777		—
Transamerica International Equity		138,848,855		—		42,434,179		—
Transamerica International Small Cap Value		151,793,331		—		5,339,434		—
Transamerica Large Cap Growth		68,207,655		—		15,542,749		—
Transamerica Large Cap Value		1,033,732,742		—		880,925,926		—
Transamerica Multi-Managed Balanced		146,600,506		648,473,832		148,447,359		650,899,511
Transamerica Short-Term Bond		1,608,738,607		—		1,442,900,623		8,848
Transamerica Small Cap Growth		293,796,766		—		122,638,661		—
Transamerica Small Cap Value		331,726,593		—		88,450,691		—
Transamerica Small/Mid Cap Value		377,022,936		—		357,219,127		—
Transamerica Tactical Allocation		16,905,357		—		8,999,133		—
Transamerica Tactical Income		1,217,301,577		—		852,084,656		—
Transamerica Tactical Rotation		8,051,190		—		4,167,990		—

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 averaged 16 throughout the period, with an overall decrease from 17 contracts at the beginning of the period to 11 contracts at the end of period. The tables below highlight the types of risks associated with the Fund and how the aforementioned derivative instruments are used to mitigate such risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset Derivatives
Unrealized appreciation on forward foreign currency contracts	$	120,513
Liability Derivatives
Unrealized depreciation on forward foreign currency contracts		(407,472	)
Total	$	(286,959	)

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain on forward foreign currency contracts(A)	$	631,869
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(B)		(687,866	)
Total	$	(55,997	)

Transamerica Funds Semi-Annual Report 2013

Page    191

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

^(A)  Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(B)  Included within Net change in unrealized appreciation (depreciation) on Translation of the assets and liabilities denominated in foreign currencies.

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

Transamerica International Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held increased during the period, starting at 7 contracts and ending at 10 contracts. The volume of forward foreign currency contracts held averaged 105 throughout the period, with an overall increase from 38 contracts at the beginning of the period to 57 contracts at the end of the period. The tables below highlight the types of risks associated with the Fund and how the aforementioned derivative instruments are used to mitigate such risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Asset Derivatives
Unrealized appreciation on futures contracts(A)	$	310,469		$	—		$	310,469
Unrealized appreciation on forward foreign currency contracts		—			490,388			490,388
Liability Derivatives
Unrealized depreciation on futures contracts(A)		(457,713	)		—			(457,713	)
Unrealized depreciation on forward foreign currency contracts		—			(1,949,298	)		(1,949,298	)
Total	$	(147,244	)	$	(1,458,910	)	$	(1,606,154	)

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

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized loss on futures contracts	$	(152,485	)	$	—		$	(152,485	)
Net realized loss on forward foreign currency contracts(B)		—			(8,769,279	)		(8,769,279	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on futures contracts		(216,152	)		—			(216,152	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(C)		—			(87,340	)		(87,340	)
Total	$	(368,637	)	$	(8,856,619	)	$	(9,225,256	)

^(B)  Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(C)  Included within Net change in unrealized appreciation (depreciation) on Translation of the assets and liabilities denominated in foreign currencies.

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

Transamerica Funds Semi-Annual Report 2013

Page    192

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Multi-Managed Balanced:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held throughout the period decreased, starting with 9 contracts and ending with 6 contracts. The volume of forward foreign currency contracts held averaged 4 contracts throughout the period with no change from the previous period, starting with 2 contracts and ending with 2 contracts. The volume of purchased and written options held increased during the period, both starting at 0 contracts and ending at 2 and 1 contracts, respectively, at the end of the period. The tables below highlight the types of risks associated with the Fund and how the aforementioned derivative instruments are used to mitigate such risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Asset Derivatives
Unrealized appreciation on futures contracts (A)	$	458,418		$	—		$	458,418
Unrealized appreciation on purchased options		9,688			—			9,688
Liability Derivatives
Unrealized depreciation on futures contracts(A)		(98,282	)		—			(98,282	)
Unrealized appreciation on written options		(3,000	)		—			(3,000	)
Unrealized depreciation on forward foreign currency contracts		—			(15,495	)		(15,495	)
Total	$	366,824		$	(15,495	)	$	351,329

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

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	72,209		$	—		$	72,209
Net realized gain on purchased options(B)		3,623			—			3,623
Net realized loss on written options		(24,027	)		—			(24,027	)
Net realized gain on forward foreign currency contracts(C)		—			17,662			17,662
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on futures contracts		471,427			—			471,427
Net change in unrealized appreciation (depreciation) on purchased options(D)		(20,931	)		—			(20,931	)
Net change in unrealized appreciation (depreciation) on written options		11,911			—			11,911
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(E)		—			(81,889	)		(81,889	)
Total	$	514,212		$	(64,227	)	$	449,985

^(B)  Included within Net realized gain (loss) on transactions from Investment securities.

^(C)  Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(D)  Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(E)  Included within Net change in unrealized appreciation (depreciation) on Translation of the assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts.

Transamerica Funds Semi-Annual Report 2013

Page    193

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to its policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken or expected to be taken for all open tax years 2009-2012, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statement of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, and capital loss carryforwards.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board (“FASB”) issued the authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued further authoritative guidance clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual years beginning on or after January 1, 2013.

Transamerica Dividend Focused and Transamerica International Small Cap Value adopted the enhanced disclosures related to financial instruments and derivative instruments effective with their commencement of operations on January 4, 2013.

Management is currently evaluating the implication of the additional disclosure requirements and its impact on the remaining Funds’ financial statements.

NOTE 8. REORGANIZATION

Transamerica Diversified Equity:

On February 10, 2012, Transamerica Diversified Equity (formerly, Transamerica WMC Diversified Equity) acquired all of the net assets of Transamerica WMC Diversified Growth pursuant to a Plan of Reorganization. Transamerica Diversified Equity is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 76,146 shares of Transamerica Diversified Equity for 100,301 shares of Transamerica WMC Diversified Growth outstanding on February 10, 2012. Transamerica WMC Diversified Growth’s net assets at that date, $1,077,266, including $208,961 unrealized appreciation, were combined with those of Transamerica Diversified Equity. The aggregate net assets of Transamerica Diversified Equity immediately before the acquisition were $592,948; the 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

Transamerica Funds Semi-Annual Report 2013

Page    194

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 8. (continued)

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 year ended October 31, 2012 are as follows:

Net investment income	$	6,820
Net realized and unrealized gain		111,077
Net increase in net assets resulting from operations		117,897

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

Transamerica Growth Opportunities:

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

Transamerica 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 year ended October 31, 2012 are as follows:

Net investment income	$	4,124
Net realized and unrealized loss		(27,328	)
Net decrease in net assets resulting from operations		(23,204	)

Transamerica Funds Semi-Annual Report 2013

Page    195

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 8. (continued)

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.

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 2013

Page    196

TRANSAMERICA FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board) held on August 2, 2012, the Board reviewed and considered the approval of a proposed investment advisory agreement (the “New Advisory Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and each of the funds listed below (each a “Fund,” and collectively, the “Funds”). Following their review and consideration the Board determined that the New Advisory Agreement will enable shareholders to continue to enjoy investment management services at a cost that is reasonable in light of the services rendered. The Board, including the Independent Board Members, approved the New Advisory Agreement for each Fund.

Transamerica Capital Growth	Transamerica Large Cap Growth
Transamerica Diversified Equity	Transamerica Large Cap Value
Transamerica Emerging Markets Debt	Transamerica Money Market
Transamerica Emerging Markets Equity	Transamerica Multi-Managed Balanced
Transamerica Flexible Income	Transamerica Short-Term Bond
Transamerica Growth Opportunities	Transamerica Small Cap Value
Transamerica High Yield Bond	Transamerica Small/Mid Cap Value
Transamerica International Bond	Transamerica Tactical Income
Transamerica International Equity

In reaching their decisions, the Board Members requested and obtained from TAM information they deemed necessary to evaluate the New Advisory Agreement, and also considered information they had previously received from TAM in connection with the initial approval or annual consideration, as applicable, of a Fund’s current advisory agreement (a “Current Advisory Agreement”). In considering the New Advisory Agreement for each Fund, the Board Members evaluated a number of factors and 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.

Among other matters, the Board Members considered:

• the terms and conditions of the New Advisory Agreement, including the differences from the Current Advisory Agreement;

• the differences among the various Current Advisory Agreements, as well as differences with the advisory agreements of other funds in the Transamerica Fund complex and current industry practices;

• the fact that each Fund’s advisory fees will remain the same under the New Advisory Agreement;

• the nature, scope and quality of services that TAM as investment adviser is expected to continue to provide to the Funds;

• the fact that the Board performed a full review of the Current Advisory Agreement for each Fund either in June 2012 or, if the Fund is relatively new, at the time of the Fund’s launch, as required by the Investment Company Act of 1940 Act and determined that TAM has the capabilities, resources and personnel necessary to provide the advisory services then being provided and anticipated to be provided to each Fund, and that the fees paid by each Fund represented reasonable compensation to TAM in light of the services provided.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately in respect of each Fund. The Board Members of each applicable Fund, including a majority of the Independent Board Members, concluded that the terms of the New Advisory Agreement are reasonable, and that the New Advisory Agreement should be approved and recommended to Fund shareholders.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by TAM under each New Advisory Agreement, the Board Members considered, among other things, that the differences between the New Advisory Agreement and the Current Advisory Agreements are not expected to result in any diminution in the nature, quality and extent of services provided to each Fund and its shareholders and that it is expected that TAM will continue to provide high quality advisory services under the New Advisory Agreement. The Board considered the services provided by TAM for the advisory fee it will receive, after payment of a Fund’s sub-advisory fee, if applicable, including oversight of the services provided by the Funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the Funds, as well as the “manager of managers” services TAM will provide. The Board Members also considered that they recently had performed a full review of each Current Advisory Agreement and had determined that TAM can

Transamerica Funds Semi-Annual Report 2013

Page    197

TRANSAMERICA FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (continued)

(unaudited)

provide investment and related services that are appropriate in scope and extent in light of each Fund’s operations, the competitive landscape of the investment company business and investor needs.

Based on their review of the materials provided and the assurances they received from TAM, the Board Members of each Fund determined that if the New Advisory Agreement is adopted, TAM will continue to provide the advisory services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance. The Board Members considered the performance results of the Funds. The Board Members noted that they had recently considered the performance of the Funds over various time periods in connection with the consideration of the applicable Current Advisory Agreements in June 2012 or, for relatively new Funds, had considered certain performance information prior to the Fund’s launch. Based on this information, the Board Members determined that TAM continues to be capable of generating a level of investment performance that is appropriate in light of each Fund’s investment objectives, policies and strategies.

Advisory Fees and Total Expense Ratios. The Board Members noted that the advisory fees and total expense ratios of each Fund are expected to remain the same under the New Advisory Agreement. The Board considered that it had recently considered information provided by Lipper Inc. comparing the advisory fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies. On the basis of these considerations, the Board Members determined that the advisory fees to be received by TAM under the New Advisory Agreement continue to be reasonable in light of the services provided.

Costs of Services Provided and Profitability. The Board Members considered information provided by TAM regarding the profitability of TAM with respect to the advisory services it provides to each Fund. The Board considered that it had recently reviewed profitability information about TAM’s costs of providing and/or procuring fund management services, as applicable, as well as the costs of providing administration, transfer agency and other services to the Funds. The Board Members determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale. The Board Members considered information on the advisory fees paid by each Fund, taking into account any applicable breakpoint fee structures to account for economies of scale, and concluded that each Fund’s fee structure reflected economies of scale to date. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether each Fund has achieved economies of scale and the appropriateness of advisory fees payable to TAM.

Fallout Benefits. The Board Members took into consideration the character of other incidental benefits to TAM from its relationship with each Fund. The Board Members noted that TAM is not expected to realize “soft dollar” benefits from its relationship with the Funds. The Board Members considered that the costs, nature, scope and quality of administrative and other services provided to the Funds by affiliates of TAM will not change as a result of approval of the New Advisory Agreement.

Other Considerations. The Board Members considered that the New Advisory Agreement would more closely align the Funds with current industry practice and standardize the terms of the advisory agreements across the Funds, allowing for more efficient monitoring and administration of their performance. In addition, the Board Members noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to continue to manage the Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. In this regard, the Board Members favorably considered the procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the sub-advisers, if applicable.

Transamerica Funds Semi-Annual Report 2013

Page    198

TRANSAMERICA ENHANCED MUNI

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 2, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Enhanced Muni 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 Enhanced Muni (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Belle Haven Investments, L.P. (“Belle Haven”), 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 Members requested and obtained from TAM and Belle Haven such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of the Investment Advisory and Sub-Advisory Agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and Belle Haven. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and Belle Haven; TAM’s management oversight process; and the professional qualifications of the portfolio management team of Belle Haven. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and Belle Haven can provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore had no historical performance for the Board to review. However, the Board Members were provided with return, risk and risk-adjusted composite performance data for the Belle Haven Ladder Plus strategy and Muni Plus strategy against the eVestment U.S. Municipal Fixed Income peer group and the New Series’ proposed benchmark. The Board Members noted that the annualized performance of each of these strategies, which would be combined to create the new Fund Series’ strategy, generally compared favorably to the benchmark and peer group for the 3-, 5- and 7-year periods, as applicable, ended March 31, 2012. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and Belle Haven, the Board Members concluded that TAM and Belle Haven are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by Belle Haven for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was slightly above its Lipper category median. The Board Members also noted that the anticipated total expense ratio of Class A shares of the New Series was higher than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. The Board took note of Transamerica Capital, Inc.’s commitment to waive 0.15% of the 0.30% Rule 12b-1 fee for Class A shares and 0.25% of the 1.00% Rule 12b-1 fee for Class C shares. Additionally, the Board Members noted the proposed Class A sales charge quantity discounts that would be available to shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and Belle Haven under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

Transamerica Funds Semi-Annual Report 2013

Page    199

TRANSAMERICA ENHANCED MUNI

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the New Series by TAM and its affiliates. The Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and Belle Haven. As a result, the Board considered profitability information for TAM and its affiliates with respect to the New Series. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the management fees payable under the new Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and Belle Haven’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 Belle Haven.

Benefits to TAM, its affiliates, or Belle Haven from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and Belle Haven from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that Belle Haven may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that the New Series would provide an additional retail investment offering currently not available in the Transamerica Funds’ lineup. 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 Belle Haven. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series.

Transamerica Funds Semi-Annual Report 2013

Page    200

TRANSAMERICA INCOME & 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 August 2, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Income & 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 Income & Growth (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Ranger International Management, LP (“Ranger International”), 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 Members requested and obtained from TAM and Ranger International such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of the Investment Advisory and Sub-Advisory Agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and Ranger International. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and Ranger International; TAM’s management oversight process; and the professional qualifications of the portfolio management team of Ranger International. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and Ranger International can provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore had no historical performance for the Board to review. However, the Board Members were provided with return, risk and risk-adjusted composite performance data for the Ranger International global income and growth strategy against the eVestment Global Equity peer group and the New Series’ proposed primary and secondary benchmarks. The Board Members noted that the annualized performance of this strategy was higher than the peer group and benchmarks for the 1-, 3-, 5-year and since inception periods ended June 30, 2012. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and Ranger International, the Board Members concluded that TAM and Ranger International are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by Ranger International for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was lower than its Lipper category median. The Board Members also noted that the anticipated total expense ratio of Class A shares of the New Series was lower than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and Ranger under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the New Series by TAM and its affiliates. The Board noted that the sub-advisory fee is the product of arm’s-length

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TRANSAMERICA INCOME & GROWTH

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

negotiation between TAM and Ranger International. As a result, the Board considered profitability information for TAM and its affiliates with respect to the New Series. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

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

Benefits to TAM, its affiliates, or Ranger International from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and Ranger International from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that Ranger International may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that the New Series would provide an additional retail investment offering currently not available in the Transamerica Funds’ lineup. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of Ranger International. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series.

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TRANSAMERICA DIVIDEND FOCUSED

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on October 17 & 18, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Dividend Focused 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 Dividend Focused (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Barrow, Hanley, Mewhinney, and Strauss, LLC (“BHMS”), 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 Members requested and obtained from TAM and BHMS such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of the Investment Advisory and Sub-Advisory Agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and BHMS. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and BHMS; TAM’s management oversight process; and the professional qualifications of the portfolio management team of BHMS. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and BHMS can provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore had no historical performance for the Board to review. However, the Board Members considered historical performance of certain discretionary accounts managed by BHMS since June 2002 with substantially similar investment objectives and strategies as the New Series. The historical performance contained one-, three-, five- and ten-year performance periods of the strategy, and as compared to its peers and benchmark. The Board Members noted that the historical performance of the accounts compared favorably to that of the benchmark and peer group for the periods shown. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and BHMS, the Board Members concluded that TAM and BHMS are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by BHMS for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was expected to be lower than the Lipper category median on an asset-weighted basis. The Board Members also noted that the anticipated total expense ratio of Class A shares of the New Series was lower than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and BHMS under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the New Series by TAM and its affiliates. The Board noted that the sub-advisory fee is the product of arm’s-length

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TRANSAMERICA DIVIDEND FOCUSED

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

negotiation between TAM and BHMS. As a result, the Board considered profitability information for TAM and its affiliates with respect to the New Series. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the management fees payable under the new Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and BHMS’ 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 BHMS.

Benefits to TAM, its affiliates, or BHMS from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and BHMS from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that BHMS may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

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

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TRANSAMERICA INTERNATIONAL 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 October 17 & 18, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica International 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 International Small Cap Value (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Thompson, Siegel & Walmsley, LLC (“TS&W”), 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 Members requested and obtained from TAM and TS&W such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of the Investment Advisory and Sub-Advisory Agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and TS&W. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and TS&W; TAM’s management oversight process; and the professional qualifications of the portfolio management team of TS&W. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and TS&W can provide investment and related services that are appropriate in scope and extent in light of the New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore had no historical performance for the Board to review. However, the Board Members considered historical performance of the TS&W composite on which the New Series will be based. The historical performance contained one-, three-, and since inception performance periods of the composite, and as compared to its peers and benchmark. The Board Members noted that the historical performance of the composite compared favorably to that of the benchmark and peer group for the periods shown. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and TS&W, the Board Members concluded that TAM and TS&W are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by TS&W for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was lower than its Lipper category median. The Board Members also noted that the anticipated total expense ratio of Class I shares of the New Series was higher than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and TS&W under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the New Series by TAM and its affiliates. The Board noted that the sub-advisory fee is the product of arm’s-length

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TRANSAMERICA INTERNATIONAL SMALL CAP VALUE

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

negotiation between TAM and TS&W. As a result, the Board considered profitability information for TAM and its affiliates with respect to the New Series. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the management fees payable under the new Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board took note of TAM’s and TS&W’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 TS&W.

Benefits to TAM, its affiliates, or TS&W from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and TS&W from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that TS&W may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that investment in the New Series would enhance the investment options for the TST Asset Allocation Portfolios. 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 TS&W. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series.

Transamerica Funds Semi-Annual Report 2013

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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 December 21, 2012, the Board reviewed and considered the approval of a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) between ClariVest Asset Management, LLC (“ClariVest”), sub-adviser to Transamerica Emerging Markets Equity (the “Fund”), and Transamerica Asset Management, Inc. (“TAM”), the Fund’s investment adviser, in light of a transaction which resulted in a change of control of ClariVest, thereby automatically terminating the existing sub-advisory agreement with ClariVest.

To assist the Board in its consideration of the New Sub-Advisory Agreement, the Board received in advance of the Meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board’s deliberations. Following the presentation by TAM and a discussion amongst the Board Members and Management, the Board approved the New Sub-Advisory Agreement for an initial two-year period on behalf of the Fund.

Among other things, the Board considered:

• that the Board had, prior to the Fund’s recent launch, performed a full review of the sub-advisory agreement with ClariVest and had determined that ClariVest had the capabilities, resources and personnel necessary to provide the sub-advisory services to the Fund;

• assurances received from ClariVest that the change of control is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services;

• assurances received from ClariVest as to the consistency of the portfolio management team that would be primarily responsible for the day-to-day management of the Fund; and

• that the sub-advisory fee schedule under the New Sub-Advisory Agreement would not differ from the schedule under the prior sub-advisory agreement.

The Board determined that the information the Board had considered with respect to the following factors in connection with its initial approval of the sub-advisory agreement with ClariVest and its conclusions regarding those factors were applicable to its decision to approve the New Sub-Advisory Agreement: (i) the nature, extent and quality of the advisory services to be provided; (ii) investment performance; (iii) cost of advisory services provided and level of profitability; (iv) whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows; and (v) benefits to ClariVest from its relationship with the Fund.

Based upon its review and the representations made to it and after consideration of the above factors, and such other factors and information as it deemed relevant, the Board approved the New Sub-Advisory Agreement. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the New Sub-Advisory Agreement and each Board Member may have attributed different weights to the various factors considered.

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TRANSAMERICA TACTICAL ALLOCATION

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on May 24, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Tactical Allocation 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 Allocation (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AEGON USA Investment Management, LLC (“AUIM”), 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 Members 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 the investment advisory and sub-advisory agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and AUIM. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and AUIM; TAM’s management oversight process; and the professional qualifications of the portfolio management team of AUIM. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and 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 ETFs offered by Vanguard, iShares, ProShares, Guggenheim, Van Eck, WisdomTree, Invesco and State Street Global Advisors, as proposed, the Board was required to consider whether the fees to be charged by TAM and AUIM are for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the underlying ETFs. 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 may 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 and a peer universe for the New Series for the 1-, 3-, 5- and 10-year periods ended December 31, 2011 (annualized). The Board Members noted that based on this model performance, the performance of the New Series compared favorably to that of the primary, secondary and composite benchmarks and peer universe for the 5- and 10-year periods ended December 31, 2011. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and 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.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by AUIM for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following

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TRANSAMERICA TACTICAL ALLOCATION

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was lower 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 with certain similar attributes. The Board Members also noted that the anticipated total expense ratio of Class A shares of the New Series was lower than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and AUIM under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the New Series by TAM and its affiliates. The Board noted that information about AUIM’s projected revenues and expenses was incorporated into TAM’s profitability analysis for the New Series. As a result, the Board considered profitability information for TAM and AUIM in the aggregate. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grow. 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 have achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM.

Benefits to TAM, its affiliates, or AUIM from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and AUIM from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that AUIM may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objectives of the New Series and the New Series’ 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 their 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 ETFs pursuant to the exemptive orders of the respective ETF providers. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series.

Transamerica Funds Semi-Annual Report 2013

Page    209

TRANSAMERICA TACTICAL ROTATION

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on May 24, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Tactical Rotation 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 Allocation (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AEGON USA Investment Management, LLC (“AUIM”), 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 Members 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 the investment advisory and sub-advisory agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each Board Member may have attributed different weights to the various factors.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and AUIM. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and AUIM; TAM’s management oversight process; and the professional qualifications of the portfolio management team of AUIM. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and 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 ETFs offered by Vanguard, iShares, ProShares, Guggenheim, Van Eck, WisdomTree, Invesco and State Street Global Advisors, as proposed, the Board was required to consider whether the fees to be charged by TAM and AUIM are for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the underlying ETFs. 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 may 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 and a peer universe for the New Series for the 1-, 3-, 5- and 10-year periods ended December 31, 2011 (annualized). The Board Members noted that based on this model performance, the performance of the New Series compared favorably to that of the primary and secondary benchmarks and peer universe for the 3-, 5- and 10-year periods ended December 31, 2011. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and 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.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by AUIM for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following

Transamerica Funds Semi-Annual Report 2013

Page    210

TRANSAMERICA TACTICAL ROTATION

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was lower 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 with certain similar attributes. The Board Members also noted that the anticipated total expense ratio of Class A shares of the New Series was lower than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and AUIM under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency and other services to the New Series by TAM and its affiliates. The Board noted that information about AUIM’s projected revenues and expenses was incorporated into TAM’s profitability analysis for the New Series. As a result, the Board considered profitability information for TAM and AUIM in the aggregate. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grow. 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 have achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM.

Benefits to TAM, its affiliates, or AUIM from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and AUIM from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that AUIM may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objectives of the New Series and the New Series’ 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 their 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 ETFs pursuant to the exemptive orders of the respective ETF providers. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series.

Transamerica Funds Semi-Annual Report 2013

Page    211

Transamerica Funds

TRANSAMERICA CAPITAL GROWTH

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  551,398,438.80	$  352,215.60	$  461,877.85 / $  63,790,652.66

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  551,332,379.00	$  375,737.93	$  504,400.23 / $  63,790,667.74

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  551,269,383.05	$  387,356.60	$  555,777.51 / $  63,790,667.74

Transamerica Funds Semi-Annual Report 2013

Page    212

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  551,262,826.02	$  460,183.52	$  489,507.62 / $  63,790,667.74

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  551,362,891.27	$  354,440.35	$  495,185.55 / $  63,790,667.74

Transamerica Funds Semi-Annual Report 2013

Page    213

Transamerica Funds

TRANSAMERICA DIVERSIFIED EQUITY

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  820,358,254.50	$  8,858,032.29	$  15,521,841.85 / $  164,733,866.20

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  816,024,005.28	$  11,566,326.69	$  17,147,783.39 / $  164,733,879.48

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  814,618,628.45	$  13,553,978.01	$  16,565,522.02 / $  164,733,866.36

Transamerica Funds Semi-Annual Report 2013

Page    214

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  813,304,892.03	$  13,167,565.09	$  18,265,671.35 / $  164,733,866.36

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  822,017,722.70	$  6,062,652.70	$  16,657,753.08 / $  164,733,866.36

Transamerica Funds Semi-Annual Report 2013

Page    215

Transamerica Funds

TRANSAMERICA EMERGING MARKETS DEBT

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  203,663,620.53	$  184,966.42	$  138,102.82 / $  33,524,647.96

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  202,633,991.75	$  1,253,450.88	$  99,258.18 / $  33,524,636.92

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  203,642,376.85	$  196,365.40	$  147,958.54 / $  33,524,636.94

Transamerica Funds Semi-Annual Report 2013

Page    216

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  203,679,484.19	$  199,506.10	$  107,710.52 / $  33,524,636.92

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  203,587,497.25	$  251,233.98	$  147,958.54 / $  33,524,647.96

Transamerica Funds Semi-Annual Report 2013

Page    217

Transamerica Funds

TRANSAMERICA EMERGING MARKETS EQUITY

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  54,142,730.07	$  —	$  — / $  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  54,142,730.07	$  —	$  — / $  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  54,142,730.07	$  —	$  — / $  —

Transamerica Funds Semi-Annual Report 2013

Page    218

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  54,142,730.07	$  —	$  — / $  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  54,142,730.07	$  —	$  — / $  —

Transamerica Funds Semi-Annual Report 2013

Page    219

Transamerica Funds

TRANSAMERICA FLEXIBLE INCOME

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  152,164,461.99	$  421,808.44	$  1,147,107.56 / $  80,969,813.91

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  152,006,313.53	$  378,121.59	$  1,348,933.69 / $  80,969,823.09

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  151,832,941.39	$  551,493.73	$  1,348,933.69 / $  80,969,823.09

Transamerica Funds Semi-Annual Report 2013

Page    220

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  151,848,887.05	$  560,563.57	$  1,323,918.19 / $  80,969,823.09

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  152,098,305.24	$  322,427.60	$  1,312,645.15 / $  80,969,813.91

Transamerica Funds Semi-Annual Report 2013

Page    221

Transamerica Funds

TRANSAMERICA GROWTH OPPORTUNITIES

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  390,651,358.66	$  738,722.48	$  457,675.05 / $  39,176,150.62

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  390,745,923.74	$  605,715.90	$  496,116.55 / $  39,176,150.62

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  390,745,622.44	$  614,125.97	$  487,999.97 / $  39,176,158.43

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  390,707,468.83	$  648,668.94	$  491,618.42 / $  39,176,150.62

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  390,995,814.24	$  372,880.65	$  479,061.30 / $  39,176,150.62

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA HIGH YIELD BOND

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  372,115,586.36	$  2,936,607.14	$  6,710,323.87 / $  225,606,228.02

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  371,742,397.31	$  3,083,917.33	$  6,936,174.31 / $  225,606,256.44

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  371,301,678.75	$  3,394,380.92	$  7,066,382.29 / $  225,606,303.42

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  371,734,670.77	$  3,039,807.91	$  6,987,991.50 / $  225,606,275.20

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  372,473,300.87	$  2,478,279.92	$  6,810,908.30 / $  225,606,256.30

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA INTERNATIONAL BOND

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  169,855,105.34	$  —	$  — / $  15,324.54

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  169,855,105.34	$  —	$  — / $  15,324.54

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  169,855,105.34	$  —	$  — / $  15,324.54

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  169,855,105.34	$  —	$  — / $  15,324.54

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  169,855,105.34	$  —	$  — / $  15,324.54

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA INTERNATIONAL EQUITY

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  167,905,841.35	$  —	$  27,069.85 / $  9,417,912.67

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  167,905,841.35	$  —	$  27,069.85 / $  9,417,912.67

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  167,905,841.35	$  —	$  27,069.85 / $  9,417,912.67

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  167,905,841.35	$  —	$  27,069.85 / $  9,417,912.67

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  167,905,841.35	$  —	$  27,069.85 / $  9,417,912.67

Transamerica Funds Semi-Annual Report 2013

Page    229

Transamerica Funds

TRANSAMERICA LARGE CAP GROWTH

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  133,023,503.67	$  —	$  — / $  56,350.84

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  133,023,503.67	$  —	$  — / $  56,350.84

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  133,023,503.67	$  —	$  — / $  56,350.84

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  133,023,503.67	$  —	$  — / $  56,350.84

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  133,023,503.67	$  —	$  — / $  56,350.84

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA LARGE CAP VALUE

RESULTS OF SHAREHOLDER PROXY (unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  1,227,508,407.73	$  —	$  60,923.60 / $  4,099,370.46

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  1,227,508,407.73	$  —	$  60,923.60 / $  4,099,370.46

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  1,227,508,407.73	$  —	$  60,923.60 / $  4,099,370.46

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  1,227,508,407.73	$  —	$  60,923.60 / $  4,099,370.46

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  1,227,508,407.73	$  —	$  60,923.60 / $  4,099,370.46

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA MONEY MARKET

RESULTS OF SHAREHOLDER PROXY (unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  204,316,909.73	$  1,970,395.27	$  5,187,389.57 / $  23,228,270.00

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  203,083,662.68	$  1,964,925.00	$  6,426,106.89 / $  23,228,270.00

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  203,454,492.80	$  1,361,229.61	$  6,658,972.16 / $  23,228,270.00

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  201,757,767.45	$  2,027,112.31	$  7,689,814.81 / $  23,228,270.00

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  203,518,881.50	$  1,268,218.57	$  6,687,594.50 / $  23,228,270.00

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA MULTI-MANAGED BALANCED

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  147,716,215.05	$  6,584,379.55	$  9,649,173.97 / $  51,964,866.56

At a special meeting of shareholders held on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  145,810,640.60	$  8,161,129.78	$  9,977,998.19 / $  51,964,866.56

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  145,643,309.24	$  8,245,904.49	$  10,060,554.84 / $  51,964,866.56

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  145,449,833.42	$  8,223,644.51	$  10,276,290.65 / $  51,964,866.56

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  147,660,384.92	$  6,013,158.00	$  10,276,225.65 / $  51,964,866.56

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

TRANSAMERICA SHORT-TERM BOND

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  1,640,845,640.03	$  8,714,889.55	$  21,815,840.99 / $  1,208,035,058.87

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  1,638,785,616.80	$  10,002,518.21	$  22,588,173.70 / $  1,208,035,120.73

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  1,639,138,991.20	$  11,289,032.73	$  20,948,305.27 / $  1,208,035,100.25

Transamerica Funds Semi-Annual Report 2013

Page    238

Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  1,637,558,509.42	$  10,152,190.42	$  23,665,618.63 / $  1,208,035,110.98

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  1,641,360,497.52	$  9,853,118.46	$  20,162,723.45 / $  1,208,035,090.02

Transamerica Funds Semi-Annual Report 2013

Page    239

Transamerica Funds

TRANSAMERICA SMALL CAP VALUE

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  237,547,799.01	$  —	$  — /   $  114,233.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  237,547,799.01	$  —	$  — /   $  114,233.70

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  237,547,799.01	$  —	$  — /   $  114,233.70

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  237,547,799.01	$  —	$  — /   $  114,233.70

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  237,547,799.01	$  —	$  — /   $  114,233.70

Transamerica Funds Semi-Annual Report 2013

Page    241

Transamerica Funds

TRANSAMERICA SMALL/MID CAP VALUE

RESULTS OF SHAREHOLDER PROXY (unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset

Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  248,460,669.87	$  7,358,495.52	$  14,150,817.29 / $  93,618,052.55

At a special meeting of shareholders on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  244,361,524.32	$  7,473,316.34	$  18,135,142.02 / $  93,618,052.55

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  245,767,811.14	$  6,619,665.44	$  17,582,506.10 / $  93,618,052.55

Transamerica Funds Semi-Annual Report 2013

Page    242

Transamerica Funds

At a special meeting of shareholders held on January 18, 2013, the results of Proposal III were as follows:

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  246,482,103.55	$  7,530,488.57	$  18,295,874.04 / $  93,083,037.34

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  245,899,499.20	$  7,638,056.77	$  18,770,910.19 / $  93,083,037.34

Transamerica Funds Semi-Annual Report 2013

Page    243

Transamerica Funds

TRANSAMERICA TACTICAL INCOME

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For	Against	Withheld
Thomas A. Swank	$  24,297,756,976.14	$  —	$  233,375,784.56
Sandra N. Bane	$  24,301,005,287.26	$  —	$  230,127,473.44
Leo J. Hill	$  24,303,864,648.88	$  —	$  227,268,111.82
David W. Jennings	$  24,305,514,957.51	$  —	$  225,617,803.19
Russell A. Kimball, Jr.	$  24,302,578,520.25	$  —	$  228,554,240.45
Eugene M. Mannella	$  24,302,290,685.74	$  —	$  228,842,074.96
Norman R. Nielsen	$  24,301,874,299.84	$  —	$  229,258,460.86
Joyce G. Norden	$  24,296,730,545.02	$  —	$  234,402,215.68
Patricia L. Sawyer	$  24,303,832,760.74	$  —	$  227,299,999.96
John W. Waechter	$  24,303,568,956.41	$  —	$  227,563,804.29
Alan F. Warrick	$  24,298,534,836.00	$  —	$  232,597,924.70

At a special meeting of shareholders held on December 21, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  192,312,474.00	$  3,474,727.38	$  10,458,833.98 / $  74,953,811.12

At a special meeting of shareholders held on December 21, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  189,763,119.63	$  4,720,294.22	$  11,762,621.51 / $  74,953,811.12

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  190,703,551.90	$  5,187,519.12	$  10,354,964.34 / $  74,953,811.12

Transamerica Funds Semi-Annual Report 2013

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Transamerica Funds

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  190,653,183.82	$  4,726,475.88	$  10,866,375.65 / $  74,953,811.12

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  192,422,438.99	$  3,634,513.98	$  10,189,082.39 / $  74,953,811.12

Transamerica Funds Semi-Annual Report 2013

Page    245

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 Fund 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 2013

Page    246

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2013

Page    247

P.O. Box 9012

Clearwater, FL 33758-9012

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

I2 Funds

Semi-Annual Report

April 30, 2013

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. In November of 2012, financial markets were focused on the U.S. presidential elections and the impending U.S. fiscal cliff. Despite the Federal Reserve announcing targeted quantitative easing in December 2012, investor concern over the fiscal cliff held the U.S. markets down through the end of the year. During this time improving conditions in Europe and China drove international equities higher. On January 2, 2013 the U.S. Congress successfully resolved the fiscal cliff and as a result U.S. markets moved up strongly over the next three months. In February and March, slowing growth in China caused emerging markets to decline. At the same time, economic weakness in Europe reasserted itself pushing those markets down as well. The period ended in April with Japan announcing a massive new monetary easing program and at the same time, global exports improved, helping to boost both U.S. and international markets.

For the six month period ended April 30, 2013, the Standard & Poor’s 500^® Index gained 13.13%, the Morgan Stanley Capital International - Europe, Australasia, Far East Index (“MSCI-EAFE”) gained 17.18% and the Barclays U.S. Aggregate Bond Index gained 0.90%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Thomas A. Swank

President & Chief Executive Officer

Transamerica Funds

Christopher A. Staples

Vice President & CIO-Advisory Services

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 example is 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 example are based on an investment of $1,000 invested at November 1, 2012 and held for the entire period until April 30, 2013.

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 fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

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

			Actual Expenses				Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During Period(B)		Ending Account Value		Expenses Paid During Period(B)		Annualized Expense Ratio
Transamerica Arbitrage Strategy	$	1,000.00	$	1,020.50	$	7.97	$	1,016.91	$	7.95		1.59	%(c)
Transamerica Bond		1,000.00		1,069.50		3.59		1,021.32		3.51		0.70
Transamerica Core Bond		1,000.00		1,014.50		2.50		1,022.32		2.51		0.50
Transamerica Developing Markets Equity		1,000.00		1,046.00		7.00		1,017.95		6.90		1.38
Transamerica Global Real Estate Securities		1,000.00		1,179.50		5.19		1,020.03		4.81		0.96
Transamerica Growth		1,000.00		1,126.40		4.48		1,020.58		4.26		0.85
Transamerica International		1,000.00		1,114.00		5.61		1,019.49		5.36		1.07
Transamerica International Equity Opportunities		1,000.00		1,132.80		5.55		1,019.59		5.26		1.05
Transamerica International Small Cap		1,000.00		1,135.80		6.35		1,018.84		6.01		1.20
Transamerica International Value Opportunities		1,000.00		1,104.90		6.26		1,018.84		6.01		1.20
Transamerica Long/Short Strategy		1,000.00		1,050.20		18.96		1,006.30		18.55		3.73	(D)
Transamerica Mid Cap Value		1,000.00		1,156.60		4.76		1,020.38		4.46		0.89
Transamerica Real Return TIPS		1,000.00		1,012.00		3.89		1,020.93		3.91		0.78
Transamerica Select Equity		1,000.00		1,157.80		4.12		1,020.98		3.86		0.77
Transamerica Total Return		1,000.00		1,019.00		3.75		1,021.08		3.76		0.75
Transamerica Value		1,000.00		1,153.10		4.64		1,020.48		4.36		0.87

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

^(B)  Expenses are calculated using the funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

^(C)  Includes dividends and interest on securities sold short (representing 0.34% of average net assets).

^(D)  Includes dividends and interest on securities sold short (representing 2.29% of average net assets).

Transamerica Funds Semi-Annual Report 2013

Page    1

Schedules of Investments Composition

At April 30, 2013

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

(unaudited)

Transamerica Arbitrage Strategy	% of Net Assets
Common Stocks		87.7	%
Repurchase Agreement		12.3
Purchased Options		0.2
Other Assets and Liabilities - Net(A)		(0.2	)
Total		100.0	%
Transamerica Bond	% of Net Assets
Corporate Debt Securities		51.9	%
Foreign Government Obligations		15.0
Securities Lending Collateral		11.8
Convertible Bonds		6.9
Mortgage-Backed Securities		6.6
U.S. Government Agency Obligations		5.2
U.S. Government Obligations		4.7
Repurchase Agreement		3.5
Convertible Preferred Stocks		2.8
Preferred Stocks		1.5
Common Stocks		1.1
Asset-Backed Securities		0.4
Preferred Corporate Debt Security		0.1
Other Assets and Liabilities - Net		(11.5	)
Total		100.0	%
Transamerica Core Bond	% of Net Assets
U.S. Government Agency Obligations		43.9	%
Corporate Debt Securities		18.4
Mortgage-Backed Securities		13.6
U.S. Government Obligations		12.2
Securities Lending Collateral		6.0
Asset-Backed Securities		2.9
Foreign Government Obligations		2.9
Repurchase Agreement		1.4
Municipal Government Obligations		0.4
Convertible Bonds		0.0	(B)
Other Assets and Liabilities - Net		(1.7	)
Total		100.0	%
Transamerica Developing Markets Equity	% of Net Assets
Common Stocks		94.3	%
Securities Lending Collateral		7.8
Repurchase Agreement		4.0
Preferred Stocks		1.8
Other Assets and Liabilities - Net		(7.9	)
Total		100.0	%
Transamerica Global Real Estate Securities	% of Net Assets
Common Stocks		99.1	%
Securities Lending Collateral		7.4
Repurchase Agreement		1.0
Other Assets and Liabilities - Net		(7.5	)
Total		100.0	%

Transamerica Growth	% of Net Assets
Common Stocks		99.2	%
Securities Lending Collateral		7.0
Repurchase Agreement		0.9
Other Assets and Liabilities - Net		(7.1	)
Total		100.0	%
Transamerica International	% of Net Assets
Common Stocks		95.5	%
Securities Lending Collateral		14.8
Repurchase Agreement		4.0
Convertible Preferred Stock		0.6
Other Assets and Liabilities - Net		(14.9	)
Total		100.0	%
Transamerica International Equity Opportunities	% of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		10.6
Repurchase Agreement		1.3
Other Assets and Liabilities - Net		(10.0	)
Total		100.0	%
Transamerica International Small Cap	% of Net Assets
Common Stocks		96.4	%
Securities Lending Collateral		5.6
Repurchase Agreement		2.9
Preferred Stocks		0.4
Other Assets and Liabilities - Net(A)		(5.3	)
Total		100.0	%
Transamerica International Value Opportunities	% of Net Assets
Common Stocks		96.3	%
Securities Lending Collateral		9.3
Repurchase Agreement		2.9
Other Assets and Liabilities - Net(A)		(8.5	)
Total		100.0	%
Transamerica Long/Short Strategy	% of Net Assets
Common Stocks		102.8	%
Repurchase Agreement		0.0	(B)
Other Assets and Liabilities - Net(A)		(2.8	)
Total		100.0	%
Transamerica Mid Cap Value	% of Net Assets
Common Stocks		96.7	%
Securities Lending Collateral		8.1
Repurchase Agreement		3.7
Other Assets and Liabilities - Net		(8.5	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2013

Page    2

Schedules of Investments Composition (continued)

At April 30, 2013

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

(unaudited)

Transamerica Real Return TIPS	% of Net Assets
U.S. Government Obligations		107.3	%
Corporate Debt Securities		6.6
Foreign Government Obligations		6.4
Securities Lending Collateral		4.9
Mortgage-Backed Securities		3.1
Asset-Backed Securities		0.7
U.S. Government Agency Obligations		0.5
Municipal Government Obligations		0.1
Short-Term U.S. Government Obligation		0.1
Repurchase Agreement		0.1
Purchased Foreign Exchange Options		0.0	(B)
Purchased Swaption		0.0	(B)
Other Assets and Liabilities - Net(A)		(29.8	)
Total		100.0	%
Transamerica Select Equity	% of Net Assets
Common Stocks		96.7	%
Repurchase Agreement		3.1
Securities Lending Collateral		0.9
Other Assets and Liabilities - Net		(0.7	)
Total		100.0	%
Transamerica Total Return	% of Net Assets
U.S. Government Obligations		35.9	%
U.S. Government Agency Obligations		28.4
Corporate Debt Securities		16.5
Mortgage-Backed Securities		9.0
Foreign Government Obligations		9.0
Municipal Government Obligations		6.8
Asset-Backed Securities		4.9
Repurchase Agreements		2.9
Commercial Paper		2.5
Securities Lending Collateral		1.3
Convertible Preferred Stock		0.3
Loan Assignments		0.3
Short-Term U.S. Government Obligations		0.2
Preferred Stock		0.1
Purchased Swaption		0.1
Other Assets and Liabilities - Net(A)		(18.2	)
Total		100.0	%
Transamerica Value	% of Net Assets
Common Stocks		86.0	%
Repurchase Agreement		12.0
Securities Lending Collateral		2.8
Short-Term U.S. Government Obligation		2.5
Other Assets and Liabilities - Net		(3.3	)
Total		100.0	%

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

^(B)  Amount rounds to less than 0.1%

Transamerica Funds Semi-Annual Report 2013

Page    3

Transamerica Arbitrage Strategy

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 87.7%
Capital Markets - 0.0% (A)
Stifel Financial Corp. (B)		1		$  32
Chemicals - 0.3%
Ferro Corp. (B)		48,297		340,011
Commercial Banks - 0.3%
FirstMerit Corp.		1		17
Sterling Bancorp		29,204		329,421
Commercial Services & Supplies - 0.9%
EnergySolutions, Inc. (B)		227,690		940,360
Consumer Finance - 2.0%
Asset Acceptance Capital Corp. (B)		7,886		51,022
Netspend Holdings, Inc. (B)		125,154		1,997,458
Diversified Financial Services - 4.8%
NYSE Euronext (C)		126,938		4,926,464
Electronic Equipment & Instruments - 1.8%
Power-One, Inc. (B)		229,952		1,453,297
Softchoice Corp.		20,178		400,776
Energy Equipment & Services - 4.0%
Lufkin Industries, Inc.		45,691		4,034,058
Food Products - 10.0%
Copeinca ASA		28,984		304,089
DE Master Blenders 1753 NV (B)		240,830		3,818,621
GrainCorp, Ltd. - Class A		78,822		1,047,584
HJ Heinz Co. (C)		69,760		5,052,019
Health Care Equipment & Supplies - 1.6%
Conceptus, Inc. (B)		37,913		1,175,682
Palomar Medical Technologies, Inc. (B)		31,121		421,690
Health Care Providers & Services - 6.4%
Coventry Health Care, Inc. (C)		131,532		6,517,411
Household Durables - 0.6%
American Greetings Corp. - Class A		34,761		640,993
Insurance - 8.9%
Alterra Capital Holdings, Ltd. (C)		191,087		6,219,882
Great-West Lifeco, Inc. (B)		56,535		1,526,380
National Financial Partners Corp. (B)		52,296		1,325,181
Life Sciences Tools & Services - 4.1%
Life Technologies Corp. (B)		57,007		4,200,846
Machinery - 5.0%
Gardner Denver, Inc.		67,794		5,090,651
Media - 10.9%
Astral Media, Inc. - Class A		88,425		4,300,784
Fisher Communications, Inc.		7,911		327,674
Liberty Global, Inc. - Series A (B)		11,460		829,360
Virgin Media, Inc. (C)		115,233		5,621,066
Metals & Mining - 2.2%
Aurizon Mines, Ltd. (B)		309,229		1,325,991
Flinders Mines, Ltd. (B)		3,058,100		152,176
Sundance Resources, Ltd. (B)		4,464,001		485,922
Yancoal Australia, Ltd. - Class CVR (B)		82,736		222,150
Oil, Gas & Consumable Fuels - 5.9%
McMoRan Exploration Co. (B)		121,833		2,016,336
Plains Exploration & Production Co. (B) (C)		80,406		3,634,351
Whitehaven Coal, Ltd. - Class B		167,156		337,917
Paper & Forest Products - 1.0%
Buckeye Technologies, Inc.		26,678		1,002,826
Real Estate Investment Trusts - 0.3%
MPG Office Trust, Inc. (B)		106,954		333,697

	Shares		Value
Semiconductors & Semiconductor Equipment - 5.1%
Cymer, Inc. (B)		49,979		$  5,235,800
Specialty Retail - 3.4%
Hot Topic, Inc.		110,503		1,541,517
OfficeMax, Inc.		168,771		1,942,554
Textiles, Apparel & Luxury Goods - 0.8%
K-Swiss, Inc. - Class A (B)		170,664		808,947
Thrifts & Mortgage Finance - 4.1%
Hudson City Bancorp, Inc. (C)		501,271		4,165,562
Wireless Telecommunication Services - 3.3%
Clearwire Corp. - Class A (B)		264,629		889,153
MetroPCS Communications, Inc. (B) (C)		113,500		1,343,840
Sprint Nextel Corp. (B)		160,489		1,131,448
Total Common Stocks (cost $87,912,781)				89,463,016
	Contracts		Value
PURCHASED OPTIONS - 0.2%
Call Options - 0.0% (A)
Cymer, Inc. Strike Price $100.00 Expires 05/18/2013		3		1,635
Freeport-McMoRan Copper & Gold, Inc. Strike Price $35.00 Expires 05/18/2013		23		92
Freeport-McMoRan Copper & Gold, Inc. Strike Price $36.00 Expires 05/18/2013		41		164
Sprint Nextel Corp. Strike Price $7.00 Expires 08/17/2013		405		15,390
Put Options - 0.2%
Cymer, Inc. Strike Price $85.00 Expires 05/18/2013		126		2,520
Liberty Global, Inc. Strike Price $80.00 Expires 07/20/2013		111		95,460
Liberty Global, Inc. Strike Price $85.00 Expires 07/20/2013		35		44,275
MetroPCS Communications, Inc. Strike Price $10.00 Expires 05/18/2013		1,798		3,596
SPDR S&P 500 ETF Trust Strike Price $155.00 Expires 05/18/2013		30		1,440
SPDR S&P 500 ETF Trust Strike Price $156.00 Expires 05/18/2013		54		3,348
SPDR S&P 500 ETF Trust Strike Price $157.00 Expires 05/18/2013		48		3,744
SPDR S&P 500 ETF Trust Strike Price $158.00 Expires 05/18/2013		51		5,151
Sprint Nextel Corp. Strike Price $7.00 Expires 08/17/2013		68		3,196
Total Purchased Options (cost $512,999)				180,011

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

Transamerica Funds Semi-Annual Report 2013

Page    4

Transamerica Arbitrage Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal			Value
REPURCHASE AGREEMENT - 12.3%
State Street Bank & Trust Co. 0.03% (D), dated 04/30/2013, to be repurchased at $12,584,178 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $12,836,917.		$  12,584,167			$  12,584,167
Total Repurchase Agreement (cost $12,584,167)					12,584,167
Total Investment Securities (cost $101,009,947) (E)					102,227,194
Other Assets and Liabilities - Net					(235,995	)
Net Assets					$  101,991,199
	Shares			Value
SECURITIES SOLD SHORT - (27.6%)
COMMON STOCKS - (26.3%)
Commercial Banks - (4.2%)
M&T Bank Corp.		(42,139	)		$  (4,222,328	)
Diversified Financial Services - (3.5%)
IntercontinentalExchange, Inc. (B)		(21,617	)		(3,522,058	)
Health Care Equipment & Supplies - (0.1%)
Cynosure, Inc. - Class A (B)		(5,383	)		(139,204	)
Health Care Providers & Services - (2.9%)
Aetna, Inc.		(51,062	)		(2,933,001	)
Insurance - (5.8%)
Great-West Lifeco, Inc. - Class Common Subscription Receipt		(56,535	)		(1,535,359	)
Markel Corp. (B)		(8,235	)		(4,416,019	)
Media - (3.5%)
DISH Network Corp. - Class A		(3,240	)		(126,976	)
Liberty Global, Inc. - Series A (B)		(33,477	)		(2,422,730	)
Liberty Global, Inc. - Series C (B)		(15,352	)		(1,038,563	)
Metals & Mining - (1.6%)
Freeport-McMoRan Copper & Gold, Inc.		(42,572	)		(1,295,466	)
Hecla Mining Co.		(106,559	)		(362,300	)
Semiconductors & Semiconductor Equipment - (3.5%)
ASML Holding NV - Class G		(47,479	)		(3,531,013	)
Specialty Retail - (0.7%)
Office Depot, Inc. (B)		(186,531	)		(720,010	)
Thrifts & Mortgage Finance - (0.3%)
Provident New York Bancorp		(36,868	)		(333,287	)
Wireless Telecommunication Services - (0.2%)
Sprint Nextel Corp. (B)		(25,700	)		(181,185	)
Total Common Stocks (proceeds $(24,590,943))					(26,779,499	)
INVESTMENT COMPANY - (1.3%)
United States - (1.3%)
SPDR S&P 500 ETF Trust		(8,441	)		(1,347,859	)
Total Investment Company (cost $(1,299,914))					(1,347,859	)
Total Securities Sold Short (proceeds $(25,890,857))					$  (28,127,358	)

	Contracts		Value
WRITTEN OPTIONS - (0.2%)
Call Options - (0.2%)
Clearwire Corp. Strike Price $3.00 Expires 06/22/2013		28		$  (1,260	)
Clearwire Corp. Strike Price $3.50 Expires 05/18/2013		107		(1,070	)
Clearwire Corp. Strike Price $3.50 Expires 06/22/2013		62		(930	)
Clearwire Corp. Strike Price $4.00 Expires 06/22/2013		16		(160	)
Cymer, Inc. Strike Price $95.00 Expires 05/18/2013		66		(66,000	)
Cymer, Inc. Strike Price $100.00 Expires 05/18/2013		24		(13,080	)
Cymer, Inc. Strike Price $105.00 Expires 05/18/2013		9		(1,755	)
DISH Network Corp. Strike Price $40.00 Expires 05/18/2013		20		(2,000	)
Gardner Denver, Inc. Strike Price $75.00 Expires 05/18/2013		91		(1,365	)
HJ Heinz Co. Strike Price $75.00 Expires 06/22/2013		173		(865	)
HJ Heinz Co. Strike Price $75.00 Expires 09/21/2013		280		(1,400	)
Hot Topic, Inc. (F) Strike Price $14.00 Expires 05/18/2013		5		(90	)
Hot Topic, Inc. Strike Price $14.00 Expires 08/17/2013		31		(310	)
Lufkin Industries, Inc. Strike Price $90.00 Expires 05/18/2013		49		(490	)
Lufkin Industries, Inc. Strike Price $90.00 Expires 06/22/2013		42		(630	)
McMoRan Exploration Co. Strike Price $16.00 Expires 05/18/2013		42		(3,024	)
MetroPCS Communications, Inc. Strike Price $11.00 Expires 05/18/2013		496		(44,144	)
MetroPCS Communications, Inc. Strike Price $12.00 Expires 05/18/2013		639		(12,780	)
Office Depot, Inc. Strike Price $4.00 Expires 05/18/2013		16		(160	)

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

Transamerica Funds Semi-Annual Report 2013

Page    5

Transamerica Arbitrage Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Contracts		Value
Call Options (continued)
OfficeMax, Inc. Strike Price $12.00 Expires 05/18/2013		57		$  (1,140	)
Sprint Nextel Corp. Strike Price $8.00 Expires 08/17/2013		654		(6,540	)
Put Options - (0.0%) (A)
ASML Holding NV (F) Strike Price $60.00 Expires 05/18/2013		10		(250	)
ASML Holding NV Strike Price $62.50 Expires 05/18/2013		23		(230	)
ASML Holding NV Strike Price $65.00 Expires 05/18/2013		24		(240	)
HJ Heinz Co. Strike Price $70.00 Expires 06/22/2013		86		(860	)
HJ Heinz Co. Strike Price $75.00 Expires 06/22/2013		9		(2,268	)
Lufkin Industries, Inc. Strike Price $85.00 Expires 05/18/2013		8		(40	)
Lufkin Industries, Inc. Strike Price $85.00 Expires 06/22/2013		4		(60	)
McMoRan Exploration Co. Strike Price $16.00 Expires 05/18/2013		33		(363	)

	Contracts		Value
Put Options (continued)
MetroPCS Communications, Inc. (F) Strike Price $8.00 Expires 05/18/2013		1,237		$  (1,237	)
MetroPCS Communications, Inc. Strike Price $11.00 Expires 05/18/2013		157		(628	)
SPDR S&P 500 ETF Trust Strike Price $145.00 Expires 05/18/2013		77		(539	)
SPDR S&P 500 ETF Trust Strike Price $157.00 Expires 05/03/2013		6		(90	)
SPDR S&P 500 ETF Trust Strike Price $157.50 Expires 05/03/2013		6		(126	)
SPDR S&P 500 ETF Trust Strike Price $158.00 Expires 05/03/2013		3		(81	)
SPDR S&P 500 ETF Trust Strike Price $158.50 Expires 05/03/2013		9		(342	)
SPDR S&P 500 ETF Trust Strike Price $159.00 Expires 05/03/2013		9		(1,170	)
Sprint Nextel Corp. Strike Price $7.00 Expires 05/18/2013		171		(1,881	)
Total Written Options (premiums $(172,565))				$  (169,598	)

OVER THE COUNTER SWAP AGREEMENTS: (G)
TOTAL RETURN SWAP AGREEMENTS - PAYABLE: (H)
Reference Entity	Floating Rate	Termination Date		Counterparty		Notional Amount		Market Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Flinders Mines, Ltd. (F)	AUD-1M-LIBOR-BBA		01/31/2018		UBS	$	2,343,223	$	(504	)	$	—	$	(504	)
Mikuni Coca-Cola Bottling Co., Ltd. (F)	JPY-1M-LIBOR-BBA		12/04/2017		UBS		44,920		12,238			—		12,238
Xstrata PLC (F)	GBP-1M-LIBOR-BBA		11/01/2017		UBS		190,404		(125,172	)		—		(125,172	)
Yancoal Australia, Ltd. (F)	AUD-1M-LIBOR-BBA		01/31/2018		UBS		383,895		2,854			—		2,854
Yancoal Australia, Ltd. - CVR (F)	AUD-1M-LIBOR-BBA		01/31/2018		UBS		450,199		14,656			—		14,656
								$	(95,928	)	$	—	$	(95,928	)
TOTAL RETURN SWAP AGREEMENTS - RECEIVABLE: (H)
Reference Entity	Floating Rate	Termination Date		Counterparty		Notional Amount		Market Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Coca-Cola Central Japan Co., Ltd. (F)	JPY-1M-LIBOR-BBA		12/04/2017		UBS	$	35,632	$	(9,093	)	$	—	$	(9,093	)
Glencore Xstrata PLC (F)	GBP-1M-LIBOR-BBA		11/01/2017		UBS		580,730		125,919			—		125,919
								$	116,826		$	—	$	116,826

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

Transamerica Funds Semi-Annual Report 2013

Page    6

Transamerica Arbitrage Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (G)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD	GSC		(1,178,000	)		05/15/2013	$	(1,239,539	)	$	19,780
AUD	GSC		(30,000	)		05/15/2013		(31,574	)		510
AUD	GSC		(56,000	)		05/15/2013		(58,673	)		688
AUD	GSC		(10,000	)		05/15/2013		(10,264	)		(91	)
AUD	GSC		(19,000	)		05/15/2013		(19,527	)		(147	)
AUD	GSC		(8,000	)		05/15/2013		(8,200	)		(84	)
AUD	GSC		(24,000	)		05/15/2013		(24,655	)		(196	)
AUD	GSC		(960,000	)		05/15/2013		(992,420	)		(1,611	)
AUD	GSC		(16,000	)		05/15/2013		(16,561	)		(6	)
AUD	GSC		48,000			05/15/2013		50,471			(769	)
AUD	GSC		60,000			05/15/2013		62,124			3
AUD	GSC		20,000			05/15/2013		20,545			163
AUD	GSC		17,000			05/15/2013		17,418			185
AUD	GSC		20,000			05/15/2013		20,546			163
CAD	GSC		(4,824,200	)		05/15/2013		(4,749,930	)		(36,790	)
CAD	GSC		(7,000	)		05/15/2013		(6,891	)		(54	)
CAD	GSC		(20,000	)		05/15/2013		(19,714	)		(131	)
CAD	GSC		(2,000	)		05/15/2013		(1,956	)		(29	)
CAD	GSC		(56,000	)		05/15/2013		(54,789	)		(776	)
CAD	GSC		(25,000	)		05/15/2013		(24,326	)		(479	)
CAD	GSC		(40,000	)		05/15/2013		(38,929	)		(760	)
CAD	GSC		(20,000	)		05/15/2013		(19,477	)		(367	)
CAD	GSC		(23,000	)		05/15/2013		(22,398	)		(423	)
CAD	GSC		(190,000	)		05/15/2013		(185,072	)		(3,452	)
CAD	GSC		(410,000	)		05/15/2013		(399,783	)		(7,031	)
CAD	GSC		(23,000	)		05/15/2013		(22,554	)		(268	)
CAD	GSC		(60,000	)		05/15/2013		(58,983	)		(551	)
CAD	GSC		12,000			05/15/2013		11,865			42
CAD	GSC		6,000			05/15/2013		5,928			26
EUR	GSC		(692,000	)		05/15/2013		(905,160	)		(6,260	)
EUR	GSC		(1,220,000	)		05/15/2013		(1,594,667	)		(12,171	)
EUR	GSC		(80,000	)		05/15/2013		(105,584	)		218
EUR	GSC		(94,000	)		05/15/2013		(122,396	)		(1,409	)
EUR	GSC		(186,000	)		05/15/2013		(242,710	)		(2,267	)
EUR	GSC		(77,000	)		05/15/2013		(100,534	)		(881	)
EUR	GSC		(800,000	)		05/15/2013		(1,040,062	)		(13,602	)
EUR	GSC		(230,000	)		05/15/2013		(299,599	)		(3,329	)
EUR	GSC		(125,000	)		05/15/2013		(162,746	)		(1,889	)
EUR	GSC		(7,000	)		05/15/2013		(9,166	)		(53	)
EUR	GSC		609,000			05/15/2013		796,570			5,532
JPY	GSC		(257,986,000	)		05/15/2013		(2,593,684	)		(52,931	)
JPY	GSC		(2,600,000	)		05/15/2013		(26,295	)		(378	)
JPY	GSC		5,400,000			05/15/2013		54,153			1,244
JPY	GSC		255,186,000			05/15/2013		2,610,617			7,273
NOK	GSC		(70,000	)		05/15/2013		(12,159	)		27
NOK	GSC		(1,198,000	)		05/15/2013		(208,578	)		950
NOK	GSC		(26,000	)		05/15/2013		(4,551	)		45
NOK	GSC		(640,000	)		05/15/2013		(111,788	)		867
NOK	GSC		(82,000	)		05/15/2013		(14,110	)		(102	)
NOK	GSC		70,000			05/15/2013		12,187			(55	)
NOK	GSC		185,000			05/15/2013		31,746			316
										$	(111,310	)

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

Transamerica Funds Semi-Annual Report 2013

Page    7

Transamerica Arbitrage Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged		Net Exposures (1)
GSC	$	(111,310	)	$	—	$	(111,310	)
UBS		20,898			3,977,559		3,998,457

⁽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:

(A) Percentage rounds to less than 0.1%.

(B) Non-income producing security.

(C) All or a portion of this security has been segregated by the custodian with the broker as collateral for open options and securities sold short transactions. Total value of securities segregated as collateral for open options and securities sold short transactions is $21,813,450.

(D) Rate shown reflects the yield at April 30, 2013.

(E) Aggregate cost for federal income tax purposes is $101,009,947. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $3,704,128 and $2,486,881, respectively. Net unrealized appreciation for tax purposes is $1,217,247.

(F) Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued derivatives is $19,321, or 0.02% of the fund’s net assets.

(G) Cash in the amount of $3,977,559 has been segregated by the custodian with the broker as collateral for open swap and/or forward foreign currency contracts.

(H) 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:

BBA	British Bankers’ Association
CVR	Contingent Value Right
ETF	Exchange-Traded Fund
GSC	Goldman Sachs & Co.
LIBOR	London Interbank Offered Rate
OTC	Over the Counter
SPDR	Standard & Poor’s Depositary Receipt
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krone

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

Transamerica Funds Semi-Annual Report 2013

Page    8

Transamerica Arbitrage Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (I)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	83,094,557		$	6,368,459		$	—	$	89,463,016
Purchased Options		180,011			—			—		180,011
Repurchase Agreement		—			12,584,167			—		12,584,167
Total Investment Securities	$	83,274,568		$	18,952,626		$	—	$	102,227,194
Derivative Financial Instruments
Forward Foreign Currency Contracts (J)	$	—		$	38,032		$	—	$	38,032
Total Return Swap Agreements (J)		—			155,667			—		155,667
Total Derivative Financial Instruments	$	—		$	193,699		$	—	$	193,699
Other Assets (K)
Cash	$	97,872		$	—		$	—	$	97,872
Cash on Deposit with Broker		31,226,938			—			—		31,226,938
Foreign Currency		25			—			—		25
Total Other Assets	$	31,324,835		$	—		$	—	$	31,324,835
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Securities Sold Short
Common Stocks	$	(26,779,499	)	$	—		$	—	$	(26,779,499	)
Investment Company		(1,347,859	)		—			—		(1,347,859	)
Total Securities Sold Short	$	(28,127,358	)	$	—		$	—	$	(28,127,358	)
Derivative Financial Instruments
Forward Foreign Currency Contracts (J)	$	—		$	(149,342	)	$	—	$	(149,342	)
Total Return Swap Agreements (J)		—			(134,769	)		—		(134,769	)
Written Options		(168,021	)		(1,577	)		—		(169,598	)
Total Derivative Financial Instruments	$	(168,021	)	$	(285,688	)	$	—	$	(453,709	)

(I) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(K) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    9

Transamerica Bond

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 4.7%
United States - 4.7%
U.S. Treasury Note
0.25%, 10/15/2015		$  17,990,000		$  17,984,387
0.88%, 01/31/2017		19,905,000		20,220,674
Total U.S. Government Obligations (cost $37,920,741)				38,205,061
U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.2%
United States - 5.2%
Freddie Mac 3.50%, 07/01/2042 - 05/01/2043		39,752,983		42,309,729
Total U.S. Government Agency Obligations (cost $41,898,865)				42,309,729
FOREIGN GOVERNMENT OBLIGATIONS - 15.0%
Australia - 0.2%
Queensland Treasury Corp., Series MTN 7.13%, 09/18/2017 - 144A		NZD  1,640,000		1,604,936
Brazil - 1.6%
Brazilian Government International Bond
8.50%, 01/05/2024		BRL  9,100,000		5,062,252
10.25%, 01/10/2028		12,250,000		7,638,073
Canada - 7.1%
Canada Housing Trust No. 1 3.60%, 06/15/2013 - 144A		CAD  19,980,000		19,893,135
Canadian Government Bond
3.00%, 12/01/2015		9,060,000		9,449,846
4.25%, 06/01/2018		1,600,000		1,827,203
Province of Ontario Canada
2.95%, 02/05/2015 (A)		$  15,610,000		16,311,061
4.20%, 03/08/2018 - 06/02/2020		CAD  6,965,000		7,838,716
Province of Quebec Canada 6.75%, 11/09/2015		NZD  2,825,000		2,614,586
Ireland - 0.4%
Ireland Government Bond
5.00%, 10/18/2020		EUR  285,000		419,057
5.40%, 03/13/2025		2,060,000		3,109,709
Italy - 0.1%
Italy Buoni Poliennali del Tesoro 5.75%, 02/01/2033		560,000		849,886
Malaysia - 0.9%
Malaysia Government Bond 3.31%, 10/31/2017		MYR  23,625,000		7,804,877
Mexico - 2.0%
United Mexican States 8.00%, 12/07/2023		MXN  150,800,000		15,988,131
Philippines - 0.4%
Philippine Government International Bond
3.90%, 11/26/2022		PHP  70,000,000		1,819,728
4.95%, 01/15/2021		50,000,000		1,360,544
Portugal - 0.1%
Portugal Obrigacoes do Tesouro OT 4.95%, 10/25/2023 - Reg S (A)		EUR  910,000		1,127,742
Spain - 1.5%
Spain Government Bond 4.65%, 07/30/2025		8,860,000		12,019,393

	Principal		Value
Supranational - 0.4%
Asian Development Bank, Series GMTN 2.50%, 03/15/2016 (A)		$  2,845,000		$  3,013,993
Uruguay - 0.3%
Uruguay Government International Bond 4.38%, 12/15/2028		UYU  32,041,802		2,145,804
Total Foreign Government Obligations (cost $108,517,851)				121,898,672
MORTGAGE-BACKED SECURITIES - 6.6%
United States - 6.6%
Banc of America Funding Corp. Series 2006-I, Class 1A1 2.64%, 12/20/2036 (B)		$  171,434		172,257
Banc of America Funding Trust Series 2005-4, Class 1A3 5.50%, 08/25/2035		800,000		828,444
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2007-2, Class A4 5.80%, 04/10/2049 (B)		500,000		578,713
Bear Stearns Adjustable Rate Mortgage Trust
Series 2004-10, Class 11A1
3.00%, 01/25/2035 (B)		68,231		64,853
Series 2004-3, Class 2A
2.84%, 07/25/2034 (B)		206,652		200,931
Citicorp Mortgage Securities, Inc. Series 2006-5, Class 1A2 6.00%, 10/25/2036		102,660		102,604
Countrywide Alternative Loan Trust Series 2004-J9, Class 1A5 4.80%, 10/25/2034 (B)		489,232		495,851
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2004-HYB4, Class 2A1
2.70%, 09/20/2034 (B)		531,566		506,862
Series 2005-11, Class 4A1
0.47%, 04/25/2035 (B)		783,286		595,125
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-AR5, Class 3A1
2.70%, 06/25/2034 (B)		893,726		880,734
Series 2005-1, Class 3A4
5.25%, 05/25/2028		290,131		299,065
Credit Suisse Mortgage Capital Certificates
Series 2007-C3, Class A4
5.87%, 06/15/2039 (B)		2,410,000		2,773,389
Series 2007-C4, Class A4
5.96%, 09/15/2039 (B)		1,200,000		1,379,171
Series 2007-C5, Class A4
5.70%, 09/15/2040 (B)		4,785,000		5,562,467
Series 2008-C1, Class A3
6.25%, 02/15/2041 (B)		1,540,000		1,817,251
CW Capital Cobalt, Ltd. Series 2006-C1, Class AM 5.25%, 08/15/2048		950,000		1,027,296

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

Transamerica Funds Semi-Annual Report 2013

Page    10

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
United States (continued)
Extended Stay America Trust Series 2013-ESH7, Class D7 4.04%, 12/05/2031 - 144A (B)		$  5,130,000		$  5,372,977
GMAC Mortgage Corp., Loan Trust
Series 2003-J7, Class A7
5.00%, 11/25/2033		367,966		374,478
Series 2005-AR4, Class 3A1
3.59%, 07/19/2035 (B)		1,536,859		1,424,383
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class A4 5.74%, 12/10/2049		3,100,000		3,611,320
GS Mortgage Securities Trust Series 2007-GG10, Class AM 5.98%, 08/10/2045 (B)		3,110,000		3,206,957
GSR Mortgage Loan Trust Series 2004-14, Class 3A1 3.13%, 12/25/2034 (B)		1,157,177		1,049,294
IndyMac Index Mortgage Loan Trust Series 2005-16IP, Class A1 0.52%, 07/25/2045 (B)		312,550		272,470
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-LDPX, Class AM 5.46%, 01/15/2049 (B)		400,000		431,664
JPMorgan Mortgage Trust
Series 2007-A1, Class 4A2
2.99%, 07/25/2035 (B)		235,060		238,449
Series 2007-A1, Class 5A1
3.00%, 07/25/2035 (B)		787,892		780,531
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class AM 5.86%, 09/12/2049 (B)		650,000		746,691
Morgan Stanley Capital I Trust Series 2007-HQ12, Class AM 5.76%, 04/12/2049 (B)		875,000		969,167
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 7A5 5.50%, 11/25/2035		1,575,000		1,599,611
Morgan Stanley Re-REMIC Trust Series 2009-GG10, Class A4B 5.98%, 08/12/2045 - 144A (B)		2,900,000		3,318,450
Motel 6 Trust Series 2012-MTL6, Class D 3.78%, 10/05/2025 - 144A		1,400,000		1,407,549
RALI Trust Series 2003-QS17, Class CB5 5.50%, 09/25/2033		1,095,000		1,124,241
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2004-21XS, Class 1A5 5.00%, 12/25/2034 (B)		937,911		963,008
Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class AM 5.60%, 10/15/2048 (B)		2,200,000		2,481,450
WaMu Mortgage Pass-Through Certificates
Series 2004-AR1, Class A
2.57%, 03/25/2034 (B)		641,401		651,772

	Principal		Value
United States (continued)
WaMu Mortgage Pass-Through Certificates (continued)
Series 2006-AR17, Class 1A1A
0.99%, 12/25/2046 (B)		$  287,795		$  264,833
Series 2007-OA3, Class 2A1A
0.94%, 04/25/2047 (B)		543,474		481,847
Wells Fargo Mortgage Backed Securities Trust
Series 2003-M, Class A1
4.69%, 12/25/2033 (B)		1,049,603		1,077,306
Series 2003-N, Class 1A2
4.59%, 12/25/2033 (B)		875,320		881,678
Series 2005-12, Class 1A2
5.50%, 11/25/2035		876,378		907,463
Series 2005-AR2, Class 2A2
2.68%, 03/25/2035 (B)		752,375		757,879
Series 2005-AR4, Class 2A2
2.73%, 04/25/2035 (B)		1,770,551		1,801,397
Total Mortgage-Backed Securities (cost $45,585,972)				53,481,878
ASSET-BACKED SECURITIES - 0.4%
United States - 0.4%
Chesapeake Funding LLC
Series 2009-2A, Class B
1.95%, 09/15/2021 - 144A (B)		1,000,000		1,006,151
Series 2009-2A, Class C
1.95%, 09/15/2021 - 144A (B)		1,200,000		1,205,542
Countrywide Asset-Backed Certificates Series 2004-13, Class AF5B 5.10%, 05/25/2035 (B)		625,000		597,341
DSC Floorplan Master Owner Trust Series 2011-1, Class B 8.11%, 03/15/2016 - 144A		850,000		854,831
Total Asset-Backed Securities (cost $3,205,268)				3,663,865
PREFERRED CORPORATE DEBT SECURITY - 0.1%
United States - 0.1%
Hercules, Inc. 6.50%, 06/30/2029		1,260,000		1,171,800
Total Preferred Corporate Debt Security (cost $1,074,572)				1,171,800
CORPORATE DEBT SECURITIES - 51.9%
Australia - 0.6%
Newcrest Finance Pty, Ltd. 4.20%, 10/01/2022 - 144A		4,795,000		4,878,874
Austria - 0.5%
OGX Austria GmbH
8.38%, 04/01/2022 - 144A		6,100,000		3,721,000
8.50%, 06/01/2018 - 144A (A)		800,000		502,000
Belgium - 0.1%
Delhaize Group SA 5.70%, 10/01/2040 (A)		500,000		524,841
Canada - 0.6%
Bell Canada 6.10%, 03/16/2035 - 144A		CAD  475,000		577,685
Bombardier, Inc. 7.45%, 05/01/2034 - 144A		$  800,000		827,000
Connacher Oil and Gas, Ltd. 8.50%, 08/01/2019 - 144A (A)		2,325,000		1,482,188

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

Transamerica Funds Semi-Annual Report 2013

Page    11

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Canada (continued)
Methanex Corp.
3.25%, 12/15/2019		$  1,050,000		$  1,075,271
5.25%, 03/01/2022		350,000		398,004
Cayman Islands - 0.3%
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.35%, 06/30/2021 - 144A		1,045,000		1,159,950
Schahin II Finance Co. SPV, Ltd. 5.88%, 09/25/2022 - 144A (A)		1,373,867		1,440,499
Chile - 0.0% (C)
Banco Santander Chile 6.50%, 09/22/2020 - 144A		CLP  100,000,000		210,213
France - 0.0% (C)
Societe Generale SA 5.20%, 04/15/2021 - 144A (A)		$  200,000		227,852
Isle of Man - 0.3%
AngloGold Ashanti Holdings PLC 5.13%, 08/01/2022 (A)		2,450,000		2,467,745
Korea, Republic of - 1.3%
Export-Import Bank of Korea 4.00%, 11/26/2015 - 144A		PHP  386,300,000		9,842,391
Hyundai Capital Services, Inc. 3.50%, 09/13/2017 - 144A		$  800,000		853,039
Luxembourg - 3.1%
ArcelorMittal
6.00%, 03/01/2021 (A)		1,490,000		1,578,655
6.75%, 02/25/2022 (A)		175,000		191,953
7.25%, 03/01/2041 (A)		4,715,000		4,821,658
7.50%, 10/15/2039		6,975,000		7,338,195
Telecom Italia Capital SA
6.00%, 09/30/2034		7,270,000		7,046,578
6.38%, 11/15/2033		4,240,000		4,275,247
Mexico - 0.7%
America Movil SAB de CV 8.46%, 12/18/2036		MXN  50,000,000		5,016,138
Mexichem SAB de CV 4.88%, 09/19/2022 - 144A (A)		$  800,000		870,000
Netherlands - 2.4%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/2017 (A)		1,030,000		1,109,207
3.88%, 02/08/2022 (A)		1,810,000		1,965,823
EDP Finance BV
4.90%, 10/01/2019 - 144A		3,200,000		3,251,200
6.00%, 02/02/2018 - 144A (A)		200,000		213,600
Enel Finance International NV
5.13%, 10/07/2019 - 144A (A)		800,000		870,304
6.00%, 10/07/2039 - 144A		11,290,000		11,451,740
6.80%, 09/15/2037 - 144A		100,000		109,459
Spain - 1.3%
Telefonica Emisiones SAU 7.05%, 06/20/2036		8,925,000		10,389,985
United Kingdom - 1.3%
Barclays Bank PLC, Series EMTN 6.00%, 01/14/2021 - Reg S		EUR  2,950,000		4,541,275
HBOS PLC
6.00%, 11/01/2033 - 144A (A)		$  200,000		197,558
6.75%, 05/21/2018 - 144A		3,600,000		4,017,535

	Principal		Value
United Kingdom (continued)
Lloyds TSB Bank PLC, Series EMTN 6.50%, 03/24/2020		EUR  1,300,000		$  2,015,220
United States - 39.4%
Alcatel-Lucent USA, Inc.
6.45%, 03/15/2029		$  3,050,000		2,379,000
6.50%, 01/15/2028		1,275,000		981,750
Ally Financial, Inc. 4.63%, 06/26/2015 (A)		7,195,000		7,581,731
American International Group, Inc.
6.25%, 03/15/2037		4,900,000		5,469,625
8.18%, 05/15/2068 (B)		5,210,000		7,046,525
American Tower Corp. 4.70%, 03/15/2022		3,330,000		3,665,561
Arch Coal, Inc. 7.25%, 06/15/2021 (A)		2,215,000		2,026,725
Arrow Electronics, Inc. 3.00%, 03/01/2018		1,640,000		1,678,681
Aviation Capital Group Corp. 6.75%, 04/06/2021 - 144A (A)		1,055,000		1,177,898
Avon Products, Inc. 5.00%, 03/15/2023 (A)		2,295,000		2,497,059
Bank of America Corp. 8.00%, 01/30/2018 (B) (D)		215,000		244,245
Beazer Homes USA, Inc. 9.13%, 05/15/2019 (A)		1,890,000		2,069,550
Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp. 8.38%, 02/15/2018 - 144A		830,000		896,400
Braskem America Finance Co. 7.13%, 07/22/2041 - 144A		2,765,000		2,937,812
Bruce Mansfield Unit 6.85%, 06/01/2034		2,599,244		2,889,839
CCO Holdings LLC / CCO Holdings Capital Corp. 7.38%, 06/01/2020 (A)		350,000		392,875
CenturyLink, Inc.
7.20%, 12/01/2025		595,000		627,464
7.60%, 09/15/2039		6,120,000		6,303,600
7.65%, 03/15/2042		1,540,000		1,586,200
Chesapeake Energy Corp.
6.63%, 08/15/2020		75,000		84,844
6.88%, 11/15/2020		490,000		559,825
CHS/Community Health Systems, Inc. 8.00%, 11/15/2019		2,675,000		3,032,781
Citigroup, Inc. 6.00%, 10/31/2033		11,785,000		13,314,540
CommScope, Inc. 8.25%, 01/15/2019 - 144A		635,000		693,738
ConAgra Foods, Inc. 6.63%, 08/15/2039 - 144A		3,060,000		3,969,909
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		840,000		882,084
6.25%, 10/22/2021		300,000		315,000
6.70%, 12/15/2022		688,166		744,940
CVS Pass-Through Trust 6.94%, 01/10/2030		1,163,377		1,457,413

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

Transamerica Funds Semi-Annual Report 2013

Page    12

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
United States (continued)
DDR Corp. 7.88%, 09/01/2020 (A)		$  1,585,000		$  2,056,474
Delta Air Lines, Inc., Pass-Through Trust
6.82%, 02/10/2024		2,067,657		2,400,963
8.02%, 02/10/2024		1,713,017		1,884,318
Dillard’s, Inc. 7.13%, 08/01/2018		990,000		1,149,638
Dynegy Holdings, LLC 7.63%, 10/15/2026 (E)		450,000		—
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 11.25%, 12/01/2018 - 144A (F)		5,513,000		5,209,785
Energy Transfer Partners, LP 5.20%, 02/01/2022 (A)		1,095,000		1,251,937
First Data Corp.
6.75%, 11/01/2020 - 144A		1,275,000		1,367,438
7.38%, 06/15/2019 - 144A		1,285,000		1,397,438
Ford Motor Co. 7.50%, 08/01/2026		115,000		142,909
Forethought Financial Group, Inc. 8.63%, 04/15/2021 - 144A		1,430,000		1,753,397
Frontier Communications Corp. 7.88%, 01/15/2027		2,160,000		2,203,200
General Electric Capital Corp. 7.13%, 06/15/2022 (B) (D)		6,600,000		7,726,191
General Electric Capital Corp., Series GMTN
5.50%, 02/01/2017		NZD  230,000		208,226
7.63%, 12/10/2014		320,000		291,286
Goldman Sachs Group, Inc. 6.45%, 05/01/2036		$  4,950,000		5,468,458
Goodyear Tire & Rubber Co. 7.00%, 05/15/2022 (A)		620,000		670,375
HCA, Inc.
7.05%, 12/01/2027		105,000		106,313
7.50%, 12/15/2023 - 11/06/2033		3,655,000		3,831,475
7.69%, 06/15/2025		1,545,000		1,672,462
8.36%, 04/15/2024		190,000		214,700
HCA, Inc., Series MTN
7.58%, 09/15/2025		1,020,000		1,088,850
7.75%, 07/15/2036 (A)		125,000		130,000
IFM US Colonial Pipeline 2 LLC 6.45%, 05/01/2021 - 144A		2,300,000		2,619,042
International Lease Finance Corp.
5.88%, 04/01/2019 (A)		4,345,000		4,768,160
6.25%, 05/15/2019 (A)		610,000		683,963
8.25%, 12/15/2020 (A)		710,000		887,500
8.63%, 01/15/2022 (A)		3,555,000		4,621,500
JC Penney Corp., Inc.
6.38%, 10/15/2036 (A)		2,232,000		1,788,390
7.40%, 04/01/2037 (A)		1,355,000		1,136,506
7.63%, 03/01/2097 (A)		430,000		340,775
Jefferies Group, Inc.
5.13%, 01/20/2023 (A)		965,000		1,047,163
6.25%, 01/15/2036		3,210,000		3,418,650
6.45%, 06/08/2027		275,000		308,312
6.50%, 01/20/2043 (A)		1,945,000		2,138,940
6.88%, 04/15/2021		1,385,000		1,652,758

	Principal		Value
United States (continued)
KB Home
7.25%, 06/15/2018		$  945,000		$  1,060,763
7.50%, 09/15/2022 (A)		2,210,000		2,519,400
8.00%, 03/15/2020		1,280,000		1,507,200
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 7.38%, 10/01/2017 - 144A		1,020,000		1,059,525
Level 3 Financing, Inc. 9.38%, 04/01/2019 (A)		100,000		112,750
Mackinaw Power LLC 6.30%, 10/31/2023 - 144A (G) (H)		1,250,348		1,326,242
Macy’s Retail Holdings, Inc. 6.79%, 07/15/2027		1,065,000		1,321,963
Masco Corp.
5.85%, 03/15/2017		2,440,000		2,694,060
6.50%, 08/15/2032		895,000		933,915
7.13%, 03/15/2020		1,505,000		1,752,941
7.75%, 08/01/2029		360,000		414,473
Meccanica Holdings USA, Inc.
6.25%, 07/15/2019 - 01/15/2040 - 144A		2,700,000		2,502,208
7.38%, 07/15/2039 - 144A		5,400,000		5,179,918
Merrill Lynch & Co., Inc.
6.05%, 05/16/2016 (A)		100,000		111,221
6.11%, 01/29/2037		8,010,000		9,113,185
Merrill Lynch & Co., Inc., Series MTN 6.05%, 06/01/2034		820,000		942,802
MGM Resorts International
6.75%, 10/01/2020 - 144A (A)		2,180,000		2,392,550
7.50%, 06/01/2016		1,095,000		1,234,613
8.63%, 02/01/2019 (A)		620,000		734,700
Morgan Stanley 5.75%, 01/25/2021 (A)		6,000,000		7,141,632
Morgan Stanley, Series GMTN
5.50%, 01/26/2020 - 07/24/2020		4,460,000		5,200,738
7.60%, 08/08/2017		NZD  1,350,000		1,249,189
8.00%, 05/09/2017		AUD  2,470,000		2,866,309
New Albertsons, Inc.
7.45%, 08/01/2029 (A)		$  1,305,000		1,019,531
7.75%, 06/15/2026		680,000		543,150
8.00%, 05/01/2031 (A)		905,000		722,869
New Albertsons, Inc., Series MTN 6.63%, 06/01/2028		4,210,000		3,031,200
NGC Corp Capital Trust I 8.32%, 06/01/2027 (E)		200,000		—
NLV Financial Corp. 7.50%, 08/15/2033 - 144A		190,000		214,652
Northwest Airlines Pass-Through Trust 7.03%, 11/01/2019		5,883,094		6,589,065
Owens Corning, Inc. 7.00%, 12/01/2036		4,585,000		5,285,620
PulteGroup, Inc.
6.00%, 02/15/2035		305,000		290,513
6.38%, 05/15/2033		1,850,000		1,877,750
7.88%, 06/15/2032		3,500,000		3,889,375
Qwest Capital Funding, Inc.
6.88%, 07/15/2028 (A)		1,510,000		1,507,791
7.63%, 08/03/2021		1,000,000		1,141,142

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

Transamerica Funds Semi-Annual Report 2013

Page    13

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
United States (continued)
Qwest Corp.
6.88%, 09/15/2033		$  2,770,000		$  2,790,775
7.20%, 11/10/2026 (A)		895,000		905,069
7.25%, 10/15/2035		290,000		303,050
Reliance Holdings USA, Inc. 5.40%, 02/14/2022 - 144A		500,000		563,550
Residential Capital LLC 9.63%, 05/15/2015 (I)		685,000		750,075
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
8.25%, 02/15/2021		4,400,000		4,669,500
9.00%, 04/15/2019 (A)		500,000		540,000
9.88%, 08/15/2019		400,000		449,000
SandRidge Energy, Inc.
7.50%, 02/15/2023 (A)		415,000		427,450
8.13%, 10/15/2022 (A)		1,370,000		1,459,050
SLM Corp., Series MTN
5.63%, 08/01/2033		3,904,000		3,708,800
7.25%, 01/25/2022 (A)		6,665,000		7,414,812
Southwestern Energy Co. 4.10%, 03/15/2022 (A)		1,570,000		1,694,013
Springleaf Finance Corp., Series MTN 6.90%, 12/15/2017		7,760,000		8,075,250
Sprint Capital Corp.
6.88%, 11/15/2028		9,420,000		9,631,950
6.90%, 05/01/2019		70,000		76,038
8.75%, 03/15/2032		165,000		195,113
Sprint Nextel Corp. 9.00%, 11/15/2018 - 144A		1,090,000		1,340,700
Toys “R” Us, Inc. 7.38%, 10/15/2018		3,880,000		3,710,250
U.S. Airways Pass-Through Trust
4.63%, 12/03/2026		1,750,000		1,837,500
5.90%, 04/01/2026 (A)		1,831,694		2,056,076
8.00%, 04/01/2021		1,638,818		1,819,088
U.S. Steel Corp. 6.65%, 06/01/2037		6,345,000		5,821,537
UAL Pass-Through Trust 6.64%, 01/02/2024		5,749,215		6,288,204
USG Corp. 6.30%, 11/15/2016 (A)		3,795,000		4,041,675
Valeant Pharmaceuticals International, Inc.
6.75%, 08/15/2021 - 144A		1,670,000		1,845,350
7.25%, 07/15/2022 - 144A		1,395,000		1,579,837
VPI Escrow Corp. 6.38%, 10/15/2020 - 144A		7,245,000		8,023,837
Westvaco Corp.
7.95%, 02/15/2031		850,000		1,067,215
8.20%, 01/15/2030		2,910,000		3,693,244
Weyerhaeuser Co.
6.88%, 12/15/2033		4,740,000		6,149,486
6.95%, 10/01/2027 (A)		130,000		168,764
7.38%, 03/15/2032 (A)		1,530,000		2,089,510
Total Corporate Debt Securities (cost $372,870,805)				421,275,711

	Principal		Value
CONVERTIBLE BONDS - 6.9%
United States - 6.9%
Chesapeake Energy Corp.
2.50%, 05/15/2037 (A)		$  935,000		$  902,859
Series 2006-1, Class A5
2.75%, 11/15/2035		145,000		146,631
Ciena Corp.
0.88%, 06/15/2017 (A)		4,510,000		4,115,375
3.75%, 10/15/2018 - 144A		4,125,000		4,581,328
Ford Motor Co. Series 2012-D, Class A3 4.25%, 11/15/2016 (A)		3,715,000		6,115,819
Gilead Sciences, Inc. Series D 1.63%, 05/01/2016		1,160,000		2,604,200
Intel Corp.
2.95%, 12/15/2035 (A)		1,645,000		1,835,203
3.25%, 08/01/2039		5,700,000		7,310,250
Jefferies Group, Inc. 3.88%, 11/01/2029		3,445,000		3,595,719
LAM Research Corp. 1.25%, 05/15/2018 (A)		655,000		746,700
Lennar Corp.
Series 2005-8, Class 1A3
2.00%, 12/01/2020 - 144A		65,000		97,988
2.75%, 12/15/2020 - 144A		75,000		144,609
Level 3 Communications, Inc. 7.00%, 03/15/2015 - 144A (G) (H)		2,110,000		2,438,369
Level 3 Financing, Inc. 8.63%, 07/15/2020 (A)		985,000		1,113,050
Liberty Interactive LLC 3.50%, 01/15/2031		91,865		47,425
Micron Technology, Inc.
Series B
1.88%, 08/01/2031		1,300,000		1,467,375
Series C
2.38%, 05/01/2032 - 144A		2,260,000		2,721,887
Series D
3.13%, 05/01/2032 - 144A		175,000		211,859
Mylan, Inc. 3.75%, 09/15/2015		925,000		2,062,750
Old Republic International Corp. 3.75%, 03/15/2018 (A)		1,790,000		2,042,838
Peabody Energy Corp. 4.75%, 12/15/2066 (A)		2,079,000		1,678,793
Ryland Group, Inc. 1.63%, 05/15/2018		1,715,000		2,697,909
Standard Pacific Corp. 1.25%, 08/01/2032 (A)		1,140,000		1,524,038
Steel Dynamics, Inc. 5.13%, 06/15/2014		355,000		392,497
Trinity Industries, Inc. 3.88%, 06/01/2036 (A)		3,050,000		3,619,969
Xilinx, Inc. 2.63%, 06/15/2017 (A)		1,180,000		1,680,025
Total Convertible Bonds (cost $44,772,173)				55,895,465

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

Transamerica Funds Semi-Annual Report 2013

Page    14

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 2.8%
United States - 2.8%
AES Trust III, 6.75% (A)		10,950		$  550,676
Bank of America Corp. - Series L, 7.25%		960		1,194,893
Cliffs Natural Resources, Inc., 7.00% (A)		31,420		643,167
El Paso Energy Capital Trust I, 4.75%		6,300		377,370
General Motors Co. - Series B, 4.75% (A)		229,000		10,643,920
Goodyear Tire & Rubber Co., 5.88% (A)		28,250		1,231,135
Health Care REIT, Inc. - Series I, 6.50%		19,300		1,306,610
Lucent Technologies Capital Trust I, 7.75% (A)		4,900		4,630,500
Wells Fargo & Co. - Series L, 7.50%		1,340		1,768,465
Total Convertible Preferred Stocks (cost $21,974,267)				22,346,736
PREFERRED STOCKS - 1.5%
United States - 1.5%
Ally Financial, Inc. 144A, 7.00%		5,495		5,422,707
Ally Financial, Inc. - Series A, 8.50% (B)		93,825		2,511,695
Countrywide Capital IV, 6.75%		88,375		2,237,655
SLM Corp., 6.00%		78,825		1,954,072
Total Preferred Stocks (cost $9,155,634)				12,126,129
COMMON STOCKS - 1.1%
United States - 1.1%
Ford Motor Co.		7,110		97,478
KB Home (A)		181,675		4,094,954
National Fuel Gas Co. (A)		69,815		4,378,797
Owens-Illinois, Inc. (A) (J)		10,796		283,719
United Rentals, Inc. (A) (J)		3,951		207,862
Total Common Stocks (cost $5,323,779)				9,062,810

	Shares		Value
SECURITIES LENDING COLLATERAL - 11.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (K)		95,689,384		$  95,689,384
Total Securities Lending Collateral (cost $95,689,384)				95,689,384
	Principal		Value
REPURCHASE AGREEMENT - 3.5%
State Street Bank & Trust Co. 0.03% (K), dated 04/30/2013, to be repurchased at $28,553,148 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 2.30% -  3.50%, due 06/01/2032 - 04/01/2034, and with a total value of $29,126,689.		$  28,553,125		28,553,125
Total Repurchase Agreement (cost $28,553,125)				28,553,125
Total Investment Securities (cost $816,542,436) (L)				905,680,365
Other Assets and Liabilities - Net				(93,636,924	)
Net Assets				$  812,043,441

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Foreign Government Obligations		13.5	%	$	121,898,672
Mortgage-Backed Securities		5.9			53,481,878
Diversified Telecommunication Services		5.9			53,225,056
Diversified Financial Services		4.7			42,673,485
U.S. Government Agency Obligations		4.7			42,309,729
U.S. Government Obligations		4.2			38,205,061
Consumer Finance		4.1			36,669,067
Capital Markets		3.4			30,901,765
Metals & Mining		3.1			28,134,281
Commercial Banks		2.9			25,895,539
Airlines		2.7			24,817,238
Electric Utilities		2.5			22,432,330
Household Durables		2.4			21,774,049
Oil, Gas & Consumable Fuels		2.2			19,497,277
Automobiles		1.9			17,000,126
Insurance		1.8			16,527,037
Semiconductors & Semiconductor Equipment		1.8			15,973,299
Real Estate Investment Trusts		1.7			15,436,405
Building Products		1.7			15,122,684
Pharmaceuticals		1.5			13,511,774
Communications Equipment		1.4			12,751,191
Trading Companies & Distributors		1.2			11,168,985
Health Care Providers & Services		1.1			10,076,581
Aerospace & Defense		0.9			8,509,126
Food & Staples Retailing		0.8			7,299,004

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

Transamerica Funds Semi-Annual Report 2013

Page    15

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Chemicals		0.7	%	$	6,452,887
Wireless Telecommunication Services		0.7			6,356,838
Electronic Equipment & Instruments		0.7			6,309,181
Multiline Retail		0.6			5,737,272
Household Products		0.6			5,658,500
Hotels, Restaurants & Leisure		0.6			5,258,263
Paper & Forest Products		0.5			4,760,459
Gas Utilities		0.5			4,378,797
Food Products		0.4			3,969,909
Specialty Retail		0.4			3,710,250
Asset-Backed Securities		0.4			3,663,865
Machinery		0.4			3,619,969
Independent Power Producers & Energy Traders		0.4			3,440,515
Software		0.3			2,764,876
Biotechnology		0.3			2,604,200
Personal Products		0.3			2,497,059
Auto Components		0.2			1,901,510
Road & Rail		0.1			1,177,898
Energy Equipment & Services		0.1			1,159,950
Media		0.1			440,300
Containers & Packaging		0.0	(C)		283,719
Investment Securities, at Value		86.3			781,437,856
Short-Term Investments		13.7			124,242,509
Total Investments		100.0	%	$	905,680,365

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $93,731,997. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Floating or variable rate note. Rate is listed as of April 30, 2013.

(C) Percentage rounds to less than 0.1%.

(D) The security has a perpetual maturity. The date shown is the next call date.

(E) 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 $0, or less than 0.01% of the fund’s net assets.

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

(G) Illiquid. Total aggregate market value of illiquid securities is $3,764,611, or 0.46% of the fund’s net assets.

(H) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Corporate Debt Securities	Mackinaw Power LLC		06/15/2007	$	1,250,348	$	1,326,242		0.16	%
Convertible Bonds	Level 3 Communications, Inc.		06/22/2009		2,094,226		2,438,369		0.30
				$	3,344,574	$	3,764,611		0.46	%

(I) In default.

(J) Non-income producing security.

(K) Rate shown reflects the yield at April 30, 2013.

(L) Aggregate cost for federal income tax purposes is $816,542,436. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $98,174,792 and $9,036,863, respectively. Net unrealized appreciation for tax purposes is $89,137,929.

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

Transamerica Funds Semi-Annual Report 2013

Page    16

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $145,037,631 or 17.86% of the fund’s net assets.
EMTN	European Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
EUR	Euro
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PHP	Philippine Peso
UYU	Uruguayan Peso

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

Transamerica Funds Semi-Annual Report 2013

Page    17

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (M)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	38,205,061		$	—	$	38,205,061
U.S. Government Agency Obligations		—		42,309,729			—		42,309,729
Foreign Government Obligations		—		121,898,672			—		121,898,672
Mortgage-Backed Securities		—		53,481,878			—		53,481,878
Asset-Backed Securities		—		3,663,865			—		3,663,865
Preferred Corporate Debt Security		—		1,171,800			—		1,171,800
Corporate Debt Securities
Australia		—		4,878,874			—		4,878,874
Austria		—		4,223,000			—		4,223,000
Belgium		—		524,841			—		524,841
Canada		—		4,360,148			—		4,360,148
Cayman Islands		—		2,600,449			—		2,600,449
Chile		—		210,213			—		210,213
France		—		227,852			—		227,852
Isle of Man		—		2,467,745			—		2,467,745
Korea, Republic of		—		10,695,430			—		10,695,430
Luxembourg		—		25,252,286			—		25,252,286
Mexico		—		5,886,138			—		5,886,138
Netherlands		—		18,971,333			—		18,971,333
Spain		—		10,389,985			—		10,389,985
United Kingdom		—		10,771,588			—		10,771,588
United States		—		319,815,829			0		319,815,829
Convertible Bonds		—		55,895,465			—		55,895,465
Convertible Preferred Stocks		22,346,736		—			—		22,346,736
Preferred Stocks		12,126,129		—			—		12,126,129
Common Stocks		9,062,810		—			—		9,062,810
Securities Lending Collateral		95,689,384		—			—		95,689,384
Repurchase Agreement		—		28,553,125			—		28,553,125
Total Investment Securities	$	139,225,059	$	766,455,306		$	0	$	905,680,365
Other Assets (N)
Cash	$	19,680	$	—		$	—	$	19,680
Foreign Currency		128,666		—			—		128,666
Total Other Assets	$	148,346	$	—		$	—	$	148,346
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (N)
Collateral for Securities on Loan	$	—	$	(95,689,384	)	$	—	$	(95,689,384	)
Total Other Liabilities	$	—	$	(95,689,384	)	$	—	$	(95,689,384	)

(M) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(N) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    18

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (M)

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (O)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013
Corporate Debt Securities	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0	$	—

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

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

Transamerica Funds Semi-Annual Report 2013

Page    19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 12.2%
U.S. Treasury Bond
4.50%, 02/15/2036		$  5,900,000		$  7,765,875
4.75%, 02/15/2037		1,850,000		2,524,961
5.50%, 08/15/2028		800,000		1,135,250
6.00%, 02/15/2026		200,000		289,969
6.13%, 11/15/2027		350,000		521,719
6.38%, 08/15/2027		50,000		75,961
6.63%, 02/15/2027 (A)		150,000		231,258
6.75%, 08/15/2026 (A)		250,000		386,797
8.50%, 02/15/2020		50,000		74,703
U.S. Treasury Inflation Indexed Bond 2.50%, 01/15/2029		2,702,650		3,837,341
U.S. Treasury Inflation Indexed Note 1.13%, 01/15/2021		2,122,060		2,493,089
U.S. Treasury Note
3.13%, 05/15/2021		1,100,000		1,252,453
3.25%, 03/31/2017		400,000		443,281
3.63%, 02/15/2021		300,000		352,969
U.S. Treasury STRIPS
0.34%, 05/15/2016 (A) (B)		200,000		197,850
0.43%, 11/15/2016 (A) (B)		1,150,000		1,131,871
0.47%, 02/15/2017 (B)		1,660,000		1,629,164
0.54%, 08/15/2017 (B)		300,000		292,765
0.58%, 11/15/2017 (A) (B)		3,625,000		3,525,200
0.62%, 02/15/2018 (A) (B)		2,500,000		2,422,692
0.71%, 08/15/2018 (B)		550,000		528,719
0.87%, 05/15/2019 (A) (B)		3,090,000		2,924,348
0.93%, 08/15/2019 (A) (B)		2,550,000		2,399,298
1.05%, 02/15/2020 (A) (B)		2,000,000		1,856,214
1.11%, 05/15/2020 (B)		28,223,000		26,002,612
1.17%, 08/15/2020 (A) (B)		26,550,000		24,288,736
1.23%, 11/15/2020 (A) (B)		2,745,000		2,492,419
1.30%, 02/15/2021 (B)		4,455,000		4,010,676
1.35%, 05/15/2021 (A) (B)		10,300,000		9,200,269
1.41%, 08/15/2021 (A) (B)		9,900,000		8,765,331
1.54%, 02/15/2022 (B)		400,000		347,873
1.79%, 05/15/2023 (A) (B)		1,000,000		831,133
1.92%, 02/15/2024 (B)		75,000		60,586
1.97%, 05/15/2024 (B)		300,000		240,070
2.01%, 08/15/2024 (B)		975,000		772,666
2.05%, 11/15/2024 (A) (B)		1,600,000		1,255,630
2.09%, 02/15/2025 (B)		1,150,000		893,839
2.12%, 05/15/2025 (B)		700,000		538,636
2.23%, 02/15/2026 (B)		500,000		373,329
2.26%, 05/15/2026 (B)		600,000		443,666
2.30%, 08/15/2026 (B)		890,000		651,264
2.35%, 02/15/2027 (B)		4,900,000		3,514,148
2.38%, 05/15/2027 (A) (B)		850,000		603,460
2.40%, 08/15/2027 (A) (B)		100,000		70,310
2.43%, 11/15/2027 (A) (B)		1,350,000		939,568
2.46%, 02/15/2028 (B)		2,261,000		1,558,695
2.48%, 05/15/2028 (B)		100,000		68,252
2.50%, 08/15/2028 (B)		1,000,000		676,057
2.52%, 11/15/2028 (B)		2,600,000		1,740,115
2.55%, 02/15/2029 (B)		2,950,000		1,954,169
2.56%, 05/15/2029 (A) (B)		100,000		65,651
2.57%, 08/15/2029 (B)		3,800,000		2,472,466
2.59%, 11/15/2029 (B)		1,500,000		966,476
2.61%, 02/15/2030 (B)		4,350,000		2,776,157

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury STRIPS (continued)
2.63%, 05/15/2030 (A) (B)		$  1,825,000		$  1,153,258
2.64%, 08/15/2030 (B)		950,000		594,824
2.67%, 11/15/2030 (B)		900,000		557,154
2.70%, 05/15/2031 (B)		650,000		394,953
2.73%, 11/15/2031 (B)		100,000		59,612
2.74%, 02/15/2032 (A) (B)		650,000		383,858
2.76%, 05/15/2032 (A) (B)		2,000,000		1,170,540
2.78%, 11/15/2032 (B)		3,350,000		1,923,791
2.81%, 05/15/2033 (B)		4,350,000		2,452,656
2.81%, 08/15/2033 (A) (B)		5,000,000		2,792,915
2.83%, 11/15/2033 (A) (B)		600,000		332,047
2.84%, 02/15/2034 (B)		1,300,000		712,444
2.85%, 05/15/2034 (A) (B)		400,000		217,273
2.85%, 08/15/2034 (B)		400,000		215,228
2.88%, 02/15/2035 (A) (B)		1,700,000		898,025
2.91%, 05/15/2036 (B)		100,000		50,483
Total U.S. Government Obligations (cost $132,347,080)				150,777,067
U.S. GOVERNMENT AGENCY OBLIGATIONS - 43.9%
Fannie Mae
Zero Coupon, 06/01/2017		800,000		772,879
0.40%, 10/27/2037 (C)		1,600,000		1,600,962
0.42%, 02/25/2036 - 03/25/2045 (C)		483,512		479,880
0.44%, 10/25/2046 (C)		477,319		474,875
0.45%, 06/27/2036 (C)		1,715,106		1,700,518
0.49%, 07/25/2036 (C)		439,285		439,881
0.50%, 03/25/2036 (C)		358,289		359,430
0.55%, 08/25/2036 (C)		385,882		386,388
0.60%, 06/25/2037 - 05/25/2042 (C)		756,890		753,839
0.73%, 08/25/2019 (C)		1,255,141		1,257,534
0.75%, 08/01/2022 - 08/25/2041 (C)		2,427,004		2,440,484
0.80%, 04/25/2040 (C)		1,817,691		1,833,888
0.94%, 01/01/2019 (C)		1,081,081		1,096,086
1.84%, 07/01/2037 (C)		195,668		209,275
1.92%, 09/01/2036 (C)		115,243		121,423
1.96%, 02/01/2037 (C)		219,066		230,789
2.03%, 02/01/2037 (C)		87,958		92,487
2.03%, 08/01/2019		2,233,000		2,315,222
2.30%, 11/01/2037 (C)		200,208		213,547
2.56%, 11/01/2037 (C)		177,117		189,712
2.64%, 04/01/2037 (C)		80,303		85,827
2.68%, 10/01/2036 (C)		164,239		176,558
2.75%, 09/01/2036 (C)		309,194		330,010
2.76%, 04/01/2036 (C)		209,648		225,856
2.82%, 12/01/2036 (C)		156,441		168,696
2.83%, 06/01/2036 (C)		231,939		248,824
2.85%, 07/01/2037 (C)		160,340		171,957
2.88%, 07/01/2037 (C)		140,082		150,219
2.90%, 11/01/2036 (C)		343,376		370,111
2.94%, 05/01/2036 - 12/01/2036 (C)		816,739		873,678
2.95%, 09/01/2036 (C)		93,519		100,347
3.05%, 12/25/2039 (C)		761,764		820,754
3.10%, 03/01/2036 (C)		1,084,038		1,154,935
3.12%, 01/01/2022		2,000,000		2,163,319
3.12%, 09/01/2037 (C)		3,554		3,806
3.18%, 11/01/2036 (C)		83,642		89,474
3.23%, 11/01/2020		695,289		758,129

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

Transamerica Funds Semi-Annual Report 2013

Page    20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
3.27%, 11/01/2020		$  1,990,549		$  2,172,519
3.39%, 03/01/2036 (C)		351,403		375,391
3.43%, 11/01/2020		4,800,000		5,286,537
3.50%, 09/01/2020		1,923,755		2,127,001
3.59%, 10/01/2021		2,000,000		2,225,060
3.73%, 06/25/2021		3,500,000		3,888,199
3.76%, 06/25/2021 - 07/25/2021		10,500,000		11,570,958
3.77%, 08/01/2037 (C)		235,185		249,899
3.77%, 01/01/2021		1,494,460		1,678,668
3.86%, 07/01/2021		1,950,067		2,207,195
3.87%, 08/01/2021		1,958,044		2,216,441
3.88%, 09/01/2021		3,126,602		3,557,267
3.89%, 07/01/2021		6,000,000		6,804,267
3.92%, 08/01/2021		2,300,000		2,614,251
3.95%, 07/01/2021		7,000,000		7,969,556
3.97%, 06/01/2021		2,449,418		2,789,624
3.98%, 08/01/2021		4,837,676		5,498,588
3.99%, 07/01/2021 - 07/01/2026		6,544,135		7,412,729
4.00%, 04/01/2020		285,283		298,929
4.02%, 08/01/2021		3,880,989		4,437,344
4.05%, 01/01/2021		6,065,000		6,945,149
4.06%, 07/01/2021		6,000,000		6,876,529
4.13%, 08/01/2021		1,467,376		1,687,466
4.16%, 03/01/2021		2,426,264		2,792,721
4.22%, 07/01/2021		8,300,000		9,590,613
4.25%, 04/01/2021		2,500,000		2,898,345
4.26%, 07/01/2021		2,500,000		2,898,011
4.28%, 01/01/2020		1,428,202		1,638,558
4.30%, 01/01/2021		1,459,239		1,704,313
4.34%, 06/01/2021		7,000,000		8,161,316
4.36%, 05/01/2021		2,000,000		2,328,814
4.45%, 07/01/2026		1,469,173		1,705,045
4.48%, 06/01/2021		2,180,000		2,561,306
4.50%, 09/25/2018 - 10/25/2039		5,808,530		6,521,015
4.54%, 01/01/2020		958,411		1,116,262
4.55%, 06/25/2043		233,905		252,714
4.75%, 09/25/2018		564,748		602,574
5.00%, 01/25/2018 - 09/25/2040		9,883,034		10,961,453
5.24%, 05/01/2017		5,933,504		6,641,804
5.50%, 01/01/2018 - 10/25/2040		31,333,461		35,333,614
5.61%, 01/25/2032 (C)		216,699		236,950
5.75%, 08/25/2034		1,000,000		1,114,732
5.81%, 09/01/2037 (C)		140,645		152,561
5.87%, 05/25/2051 (C)		1,146,038		1,282,944
5.94%, 06/25/2040 (C)		499,580		570,922
6.00%, 03/01/2019 - 12/25/2049		31,786,600		35,539,911
6.17%, 02/25/2040 (C)		650,307		720,902
6.24%, 08/01/2036 (C)		72,326		79,126
6.25%, 09/25/2038		316,440		356,601
6.45%, 03/25/2040 (C)		616,092		707,707
6.50%, 06/01/2023 - 07/25/2042		10,600,212		12,004,037
6.75%, 04/25/2037		487,624		535,672
6.86%, 12/25/2042 (C)		223,946		269,322
7.00%, 12/25/2033 - 02/25/2044		10,618,373		12,472,571
7.50%, 05/17/2024 - 12/25/2045		2,691,260		3,201,038
8.00%, 02/25/2023 - 10/01/2031		1,938,518		2,330,975
8.42%, 11/25/2037 (C)		899,292		1,079,932
12.26%, 03/25/2040 (C)		981,582		1,157,817

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
15.80%, 01/25/2034 (C)		$  91,605		$  116,678
16.38%, 08/25/2035 - 10/25/2035 (C)		342,517		453,576
17.00%, 04/25/2040 (C)		398,462		559,893
17.32%, 09/25/2024 (C)		467,812		606,089
18.97%, 05/25/2034 (C)		353,810		487,779
19.58%, 05/25/2035 (C)		613,075		842,162
22.00%, 04/25/2037 (C)		401,781		545,449
23.83%, 11/25/2035 (C)		299,116		452,167
Fannie Mae, IO
0.64%, 10/25/2016 (C)		395,747		3,426
1.75%, 01/25/2038 (C)		241,440		15,937
3.00%, 01/25/2021		2,636,066		175,961
3.54%, 04/25/2041 (C)		2,093,087		153,749
4.00%, 10/25/2014		1,157,597		43,784
4.24%, 11/25/2040 (C)		3,803,836		399,421
4.80%, 07/25/2040 (C)		4,596,628		703,060
5.00%, 07/25/2039		371,080		33,050
5.50%, 10/25/2039		738,603		87,629
5.70%, 10/25/2039 (C)		518,842		63,675
5.80%, 02/25/2038 - 06/25/2039 (C)		5,361,063		683,028
5.98%, 12/25/2039 (C)		135,325		14,878
6.05%, 01/25/2040 (C)		1,801,563		181,443
6.15%, 12/25/2037 (C)		3,116,727		403,136
6.20%, 07/25/2037 - 05/25/2040 (C)		4,222,112		546,119
6.22%, 04/25/2040 (C)		896,241		114,504
6.25%, 10/25/2037 - 12/25/2037 (C)		1,337,853		188,347
6.42%, 07/25/2037 (C)		1,282,337		141,177
6.45%, 10/25/2026 - 03/25/2039 (C)		3,300,594		540,802
6.50%, 03/25/2036 (C)		3,232,302		694,079
6.79%, 03/25/2038 (C)		727,159		133,223
6.90%, 02/25/2040 (C)		791,341		108,551
Fannie Mae, PO Zero Coupon, 10/25/2023 - 07/25/2040		11,531,695		10,990,462
Fannie Mae STRIPS
Zero Coupon, 11/15/2021		1,000,000		831,949
0.75%, 08/25/2042 (C)		1,947,775		1,957,764
Fannie Mae STRIPS, IO 7.50%, 08/15/2036 (C)		2,516,737		323,494
Fannie Mae STRIPS, PO Zero Coupon, 09/01/2024 - 08/01/2032		2,071,419		1,969,140
Federal Farm Credit Banks 5.13%, 11/15/2018		1,291,000		1,570,762
Financing Corp. Fico STRIPS, PO Series D-P Zero Coupon, 09/26/2019		500,000		456,265
Freddie Mac
0.45%, 08/15/2023 (C)		766,394		764,880
0.50%, 06/15/2024 - 03/15/2036 (C)		1,197,568		1,200,159
0.55%, 07/15/2034 (C)		976,762		979,826
0.60%, 02/15/2033 - 07/15/2037 (C)		3,801,534		3,810,419
1.40%, 07/15/2039 (C)		415,285		422,560
2.18%, 05/01/2037 (C)		203,633		216,521
2.23%, 10/01/2036 (C)		234,083		250,156
2.26%, 04/01/2037 (C)		45,469		48,279
2.55%, 10/01/2037 (C)		127,848		136,039
2.62%, 12/01/2036 (C)		547,815		586,047
2.64%, 11/01/2036 (C)		217,278		231,974
2.67%, 05/01/2037 (C)		163,958		176,049

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

Transamerica Funds Semi-Annual Report 2013

Page    21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
2.72%, 12/01/2036 (C)		$  479,181		$  514,936
2.82%, 05/01/2038 (C)		128,668		138,319
2.91%, 05/01/2037 - 09/01/2037 (C)		323,161		348,199
2.97%, 04/01/2037 (C)		118,375		126,653
3.05%, 03/01/2037 (C)		290,143		311,043
3.07%, 11/01/2036 (C)		57,046		61,218
3.13%, 11/01/2036 (C)		622,063		663,849
3.22%, 12/01/2031 (C)		782,156		844,669
3.29%, 05/01/2037 (C)		658,222		704,130
3.34%, 05/01/2036 (C)		147,532		157,611
3.38%, 10/25/2037 (C)		852,082		862,698
3.47%, 03/01/2036 (C)		949,623		1,029,159
3.50%, 06/01/2042		1,943,231		2,081,781
4.00%, 01/15/2018 - 12/15/2041		3,385,693		3,640,910
4.50%, 06/15/2018 - 05/01/2041		32,821,646		35,486,708
4.89%, 02/01/2036 (C)		1,729,475		1,867,194
5.00%, 10/01/2018 - 07/15/2041		12,622,854		14,330,475
5.02%, 01/01/2035 (C)		1,317,756		1,425,426
5.04%, 07/01/2036 (C)		1,029,444		1,114,049
5.23%, 05/25/2043		1,575,593		1,769,035
5.30%, 01/15/2033		1,360,563		1,503,680
5.50%, 02/01/2018 - 05/15/2041 (C)		4,007,213		4,332,147
5.50%, 04/01/2018 - 01/15/2039		14,502,126		15,993,263
5.57%, 06/01/2037 (C)		199,844		216,160
5.68%, 04/01/2037 (C)		24,846		26,816
5.70%, 10/15/2038 (C)		1,166,960		1,300,124
5.75%, 10/15/2035		672,178		708,572
6.00%, 05/01/2017 - 06/15/2038		11,186,141		12,247,962
6.25%, 10/15/2023		724,561		807,871
6.38%, 02/01/2037 (C)		96,076		103,666
6.48%, 10/01/2037 (C)		244,711		270,362
6.50%, 08/15/2021 - 02/25/2043		10,028,074		11,409,601
6.50%, 09/25/2043 (C)		224,637		255,812
6.78%, 11/15/2021 (C)		861,892		927,301
7.00%, 12/15/2036 - 07/25/2043		2,624,995		3,164,318
7.18%, 11/15/2046 (C)		2,148,051		2,646,444
7.50%, 11/15/2036 - 09/25/2043		3,709,722		4,447,324
8.00%, 06/15/2035 (C)		232,897		240,544
8.50%, 09/01/2015		49,945		52,566
8.77%, 11/15/2033 (C)		211,944		226,370
10.00%, 03/17/2026 - 10/01/2030		887,386		1,004,443
11.00%, 02/17/2021		265,019		275,318
14.49%, 06/15/2033 (C)		121,737		148,621
16.84%, 02/15/2040 (C)		500,000		760,515
16.95%, 02/15/2038 (C)		73,975		96,464
19.62%, 07/15/2035 (C)		100,214		135,396
20.41%, 08/15/2031 (C)		143,486		213,867
21.21%, 05/15/2035 (C)		120,051		166,077
23.86%, 06/15/2035 (C)		123,574		195,621
Freddie Mac, IO
3.46%, 01/15/2040 (C)		2,396,152		109,146
3.50%, 09/15/2024		1,181,399		62,907
4.00%, 11/15/2029 - 10/15/2037		11,209,650		637,905
4.50%, 12/15/2024 - 07/15/2037		5,455,035		359,326
5.00%, 04/15/2032 - 08/15/2040		6,495,141		825,221
5.50%, 07/15/2037		304,757		18,900
5.80%, 11/15/2037 - 10/15/2040 (C)		4,164,414		853,713
5.85%, 05/15/2038 (C)		1,590,023		198,414

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac, IO (continued)
5.90%, 05/15/2039 (C)		$  1,332,902		$  178,293
6.05%, 12/15/2039 (C)		1,679,223		202,762
6.14%, 12/15/2039 (C)		1,496,372		266,379
6.20%, 01/15/2037 (C)		718,161		84,482
6.25%, 11/15/2037 (C)		111,492		15,832
6.50%, 01/15/2019 (C)		241,037		4,128
6.60%, 09/15/2039 (C)		922,156		155,473
Freddie Mac, PO Zero Coupon, 03/15/2019 - 01/15/2040		11,852,766		11,186,995
Freddie Mac STRIPS
0.70%, 08/15/2042 (C)		1,454,023		1,479,957
0.75%, 07/15/2042 (C)		1,946,868		1,956,717
3.50%, 07/15/2042		2,917,603		3,040,558
Freddie Mac STRIPS, PO Zero Coupon, 04/01/2028		398,013		391,430
Ginnie Mae
0.40%, 04/16/2037 (C)		166,731		167,238
0.65%, 03/20/2060 (C)		980,030		979,115
0.85%, 05/20/2061 (C)		1,498,323		1,505,913
0.90%, 05/20/2061 (C)		1,679,234		1,688,300
5.50%, 05/16/2019 - 09/20/2039		7,936,245		9,225,901
5.75%, 02/20/2036 - 10/20/2037		2,177,813		2,478,062
5.84%, 10/20/2033 (C)		623,755		707,669
6.00%, 11/20/2033 - 12/20/2039		2,469,925		2,842,299
6.13%, 06/16/2031		1,584,000		1,805,993
6.50%, 04/20/2028 - 12/15/2035		3,151,991		3,702,809
7.00%, 09/15/2031 - 10/16/2040		2,426,047		2,894,511
7.00%, 09/20/2034 (C)		47,302		49,635
7.44%, 03/17/2033 (C)		164,154		173,043
7.50%, 09/16/2035 - 10/15/2037		739,005		861,520
8.80%, 04/20/2034 (C)		246,214		262,056
14.34%, 11/17/2032 (C)		85,477		108,410
16.92%, 02/20/2034 (C)		73,387		116,849
22.58%, 04/20/2037 (C)		508,208		719,919
Ginnie Mae, IO
4.00%, 09/16/2037		3,953,158		380,504
5.63%, 02/20/2038 (C)		279,474		38,135
5.70%, 09/20/2038 (C)		2,080,821		273,153
5.75%, 02/20/2039 - 06/20/2039 (C)		900,270		117,191
5.80%, 02/20/2038 (C)		2,666,160		388,215
5.84%, 02/20/2039 (C)		297,273		38,589
5.85%, 08/16/2039 (C)		1,681,837		204,570
5.89%, 09/20/2039 (C)		1,906,949		240,319
5.90%, 11/20/2034 - 08/20/2039 (C)		5,052,524		654,326
5.95%, 07/20/2038 (C)		1,900,098		277,578
6.00%, 03/20/2037 - 06/20/2038 (C)		4,151,821		582,749
6.10%, 03/20/2039 (C)		279,565		29,043
6.20%, 12/20/2038 - 11/16/2039 (C)		3,195,381		435,065
6.33%, 12/20/2037 (C)		134,295		20,621
6.35%, 11/16/2033 - 11/20/2037 (C)		425,514		76,756
6.40%, 05/20/2041 (C)		1,188,524		162,506
6.45%, 09/20/2033 (C)		1,159,327		62,388
6.48%, 07/20/2037 (C)		1,225,299		193,936
6.50%, 03/20/2039		180,562		31,401
6.50%, 06/20/2037 (C)		2,071,091		330,740
7.10%, 12/20/2038 (C)		1,390,315		218,649
7.40%, 09/20/2038 (C)		162,736		28,682
7.50%, 04/16/2038 (C)		95,319		12,758

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

Transamerica Funds Semi-Annual Report 2013

Page    22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, PO Zero Coupon, 12/20/2032 - 12/20/2040		$  4,192,703		$  3,885,172
Government Trust Certificate Zero Coupon, 10/01/2015 - 04/01/2020		19,890,000		18,178,379
NCUA Guaranteed Notes
Series 2010-A1, Class A
0.55%, 12/07/2020 (C)		186,920		187,466
Series 2010-R3, Class 3A
2.40%, 12/08/2020		340,889		348,560
Residual Funding Corp., Principal STRIPS, PO Zero Coupon, 10/15/2019 - 10/15/2020		4,900,000		4,456,972
Tennessee Valley Authority
4.63%, 09/15/2060		236,000		271,572
5.25%, 09/15/2039		40,000		51,159
5.88%, 04/01/2036		2,325,000		3,191,028
Tennessee Valley Authority Generic STRIPS Zero Coupon, 05/01/2019		500,000		453,158
Tennessee Valley Authority Principal STRIPS Zero Coupon, 11/01/2025		2,000,000		1,381,594
Total U.S. Government Agency Obligations (cost $521,059,668)				544,564,882
FOREIGN GOVERNMENT OBLIGATIONS - 2.9%
African Development Bank 8.80%, 09/01/2019		500,000		678,792
Corp. Andina de Fomento 3.75%, 01/15/2016		795,000		844,080
Israel Government AID Bond
Zero Coupon, 03/15/2019 - 09/15/2020		31,996,000		29,299,641
Series 2010-Z
Zero Coupon, 02/15/2025		2,250,000		1,624,194
Series 2011-Z
Zero Coupon, 11/15/2026		1,400,000		933,611
Mexico Government International Bond Series 2012-1, Class A2 5.75%, 10/12/2110		550,000		647,900
Mexico Government International Bond, Series GMTN 4.75%, 03/08/2044		688,000		761,272
Province of Ontario Canada 1.65%, 09/27/2019		780,000		786,084
Province of Quebec Canada, Series MTN 6.35%, 01/30/2026		285,000		392,968
Total Foreign Government Obligations (cost $33,562,421)				35,968,542
MORTGAGE-BACKED SECURITIES - 13.6%
A10 Securitization LLC Series 2012-1, Class A 3.49%, 04/15/2024 - 144A		954,299		968,345
American General Mortgage Loan Trust
Series 2006-1, Class A5
5.75%, 12/25/2035 - 144A (C)		271,596		282,556
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A (C)		1,035,267		1,044,844
Series 2009-1, Class A7
5.75%, 09/25/2048 - 144A (C)		1,900,000		2,012,769
Series 2010-1A, Class A1
5.15%, 03/25/2058 - 144A (C)		561,733		577,128

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
American General Mortgage Loan Trust (continued)
Series 2010-1A, Class A3
5.65%, 03/25/2058 - 144A (C)		$  1,139,925		$  1,200,257
ASG Resecuritization Trust
Series 2009-1, Class A60
2.45%, 06/26/2037 - 144A (C)		109,609		108,005
Series 2009-2, Class A55
4.94%, 05/24/2036 - 144A (C)		134,871		138,346
Series 2009-2, Class G60
4.94%, 05/24/2036 - 144A (C)		400,000		423,180
Series 2009-3, Class A65
2.29%, 03/26/2037 - 144A (C)		1,037,033		1,035,700
Series 2009-4, Class A60
6.00%, 06/28/2037 - 144A		140,449		146,435
Series 2010-3, Class 2A22
0.40%, 10/28/2036 - 144A (C)		252,862		250,966
Series 2010-4, Class 2A20
0.36%, 11/28/2036 - 144A (C)		201,469		199,454
Series 2011-1, Class 3A50
2.60%, 11/28/2035 - 144A (C)		450,819		440,607
Banc of America Alternative Loan Trust
Series 2003-11, Class 1A1
6.00%, 01/25/2034		136,805		142,411
Series 2003-11, Class 2A1
6.00%, 01/25/2034		174,902		182,655
Series 2003-7, Class 2A4
5.00%, 09/25/2018		295,909		302,596
Series 2003-9, Class 1CB2
5.50%, 11/25/2033		130,061		133,464
Series 2004-1, Class 1A1
6.00%, 02/25/2034		558,989		573,153
Series 2004-1, Class 5A1
5.50%, 02/25/2019		62,709		63,958
Series 2004-6, Class 3A2
6.00%, 07/25/2034		95,164		95,787
Series 2004-8, Class 3A1
5.50%, 09/25/2019		86,924		91,466
Banc of America Funding Corp.
Series 2004-3, Class 1A1
5.50%, 10/25/2034		619,974		635,028
Series 2004-C, Class 1A1
5.06%, 12/20/2034 (C)		158,669		158,662
Series 2005-E, Class 4A1
2.68%, 03/20/2035 (C)		2,094,166		2,065,361
Series 2010-R11A, Class 1A6
5.35%, 08/26/2035 - 144A (C)		675,682		713,770
Series 2010-R4, Class 5A1
0.35%, 07/26/2036 - 144A (C)		94,729		93,995
Series 2010-R5, Class 1A1
5.50%, 10/26/2037 - 144A		691,586		716,859
Series 2012-R6, Class 1A1
3.00%, 10/26/2039 - 144A		471,322		467,085
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2005-3, Class AM
4.73%, 07/10/2043		800,000		852,508
Series 2006-3, Class A4
5.89%, 07/10/2044 (C)		600,000		678,851

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

Transamerica Funds Semi-Annual Report 2013

Page    23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Merrill Lynch Commercial Mortgage, Inc. (continued)
Series 2006-4, Class A4
5.63%, 07/10/2046		$  500,000		$  562,353
Series 2006-5, Class A4
5.41%, 09/10/2047		225,000		251,844
Banc of America Mortgage Securities, Inc.
Series 2003-3, Class 2A1
0.75%, 05/25/2018 (C)		67,536		64,663
Series 2003-4, Class 2A1
0.75%, 06/25/2018 (C)		238,133		233,166
Series 2003-6, Class 2A1
0.65%, 08/25/2018 (C)		96,076		92,223
Series 2003-C, Class 3A1
2.87%, 04/25/2033 (C)		251,510		257,269
Series 2003-E, Class 2A2
3.14%, 06/25/2033 (C)		373,036		376,396
Series 2004-3, Class 1A26
5.50%, 04/25/2034		950,802		966,257
Series 2004-3, Class 3A1
5.00%, 04/25/2019		84,580		86,709
Series 2004-5, Class 4A1
4.75%, 06/25/2019		60,776		63,064
Series 2004-C, Class 2A2
2.91%, 04/25/2034 (C)		742,854		752,096
BCAP LLC Trust
Series 2009-RR10, Class 17A1
5.75%, 06/26/2037 - 144A		88,980		92,014
Series 2009-RR13, Class 17A2
5.50%, 04/26/2037 - 144A (C)		405,522		399,364
Series 2009-RR14, Class 3A2
2.88%, 08/26/2035 - 144A (C)		499,975		463,481
Series 2009-RR5, Class 8A1
5.50%, 11/26/2034 - 144A		365,052		380,567
Series 2010-RR12, Class 2A5
4.50%, 01/26/2036 - 144A (C)		597,153		605,960
Series 2010-RR4, Class 12A1
4.00%, 07/26/2036 - 144A (C)		413,927		413,350
Series 2010-RR5, Class 2A5
5.28%, 04/26/2037 - 144A (C)		645,632		652,734
Series 2010-RR6, Class 22A3
4.80%, 06/26/2036 - 144A (C)		494,239		515,029
Series 2010-RR6, Class 5A1
3.87%, 11/26/2037 - 144A (C)		154,546		154,198
Series 2010-RR7, Class 15A1
1.00%, 01/26/2036 - 144A (C)		248,359		242,505
Series 2010-RR7, Class 16A1
0.88%, 02/26/2047 - 144A (C)		449,195		433,537
Series 2010-RR7, Class 1A5
5.00%, 04/26/2035 - 144A (C)		537,386		525,838
Series 2010-RR7, Class 2A1
2.50%, 07/26/2045 - 144A (C)		1,005,027		967,685
Series 2010-RR8, Class 3A3
5.06%, 05/26/2035 - 144A (C)		330,543		333,281
Series 2010-RR8, Class 3A4
5.06%, 05/26/2035 - 144A (C)		773,000		720,937
Series 2011-RR10, Class 2A1
1.06%, 09/26/2037 - 144A (C)		2,032,033		1,813,687
Series 2011-RR4, Class 6A3
5.00%, 08/26/2037 - 144A (C)		799,950		785,351

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2011-RR5, Class 11A3
0.35%, 05/28/2036 - 144A (C)		$  840,959		$  776,013
Series 2011-RR5, Class 14A3
2.88%, 07/26/2036 - 144A (C)		476,337		472,982
Series 2012-RR10
0.39%, 05/26/2036 - 144A (C)		867,909		806,743
Series 2012-RR2, Class 1A1
0.37%, 08/26/2036 - 144A (C)		1,162,581		1,114,145
Series 2012-RR3, Class 2A5
2.47%, 05/26/2037 - 144A (C)		1,454,338		1,431,438
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-4, Class 3A1
4.85%, 07/25/2033 (C)		157,859		156,488
Series 2004-2, Class 14A
5.08%, 05/25/2034 (C)		177,282		178,808
Bear Stearns Alt-A Trust Series 2005-2, Class 1A1 0.70%, 03/25/2035 (C)		386,884		383,256
Bear Stearns Commercial Mortgage Securities Series 2006-PW11, Class A4 5.62%, 03/11/2039 (C)		200,000		222,347
Bear Stearns Commercial Mortgage Securities, IO Series 2005-PWR8, Class X1 0.29%, 06/11/2041 - 144A (C)		13,302,122		175,229
Chase Mortgage Finance Corp.
Series 2004-S3, Class 2A5
5.50%, 03/25/2034		601,309		627,395
Series 2007-A1, Class 1A3
2.98%, 02/25/2037 (C)		2,266,643		2,260,566
Series 2007-A1, Class 2A1
2.99%, 02/25/2037 (C)		514,564		523,112
Series 2007-A1, Class 7A1
2.93%, 02/25/2037 (C)		396,620		391,494
Series 2007-A1, Class 9A1
2.96%, 02/25/2037 (C)		168,716		170,872
Series 2007-A2, Class 1A1
2.99%, 07/25/2037 (C)		104,522		105,025
Series 2007-A2, Class 2A1
3.02%, 07/25/2037 (C)		654,470		662,159
Citicorp Mortgage Securities, Inc. Series 2004-4, Class A4 5.50%, 06/25/2034		563,221		589,357
Citigroup Commercial Mortgage Trust
Series 2005-C3, Class AM
4.83%, 05/15/2043 (C)		440,000		471,846
Series 2006-C5, Class A4
5.43%, 10/15/2049		500,000		567,592
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4
5.25%, 09/25/2033		423,182		447,255
Series 2005-2, Class 2A11
5.50%, 05/25/2035		330,676		341,981
Series 2008-AR4, Class 1A1A
2.94%, 11/25/2038 - 144A (C)		1,195,546		1,210,405
Series 2009-10, Class 1A1
2.43%, 09/25/2033 - 144A (C)		765,642		774,213

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

Transamerica Funds Semi-Annual Report 2013

Page    24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc. (continued)
Series 2009-11, Class 3A1
5.75%, 05/25/2037 - 144A (C)		$  835,335		$  874,856
Series 2010-7, Class 10A1
2.61%, 02/25/2035 - 144A (C)		279,399		282,034
Series 2010-8, Class 5A6
4.00%, 11/25/2036 - 144A		6,212,392		6,440,002
Series 2010-8, Class 6A6
4.50%, 12/25/2036 - 144A		5,248,780		5,542,937
Series 2011-10, Class 4A1
0.39%, 02/25/2046 - 144A (C)		938,712		898,180
Series 2011-3, Class 1A1
0.28%, 02/25/2047 - 144A (C)		175,385		174,361
Series 2011-5, Class 1A1
0.39%, 02/25/2046 - 144A (C)		559,872		520,720
Citigroup/Deutsche Bank Commercial Mortgage Trust, IO Series 2007-CD4, Class XC 0.22%, 12/11/2049 - 144A (C)		40,023,939		308,985
Commercial Mortgage Asset Trust Series 1999-C1, Class D 7.35%, 01/17/2032 (C)		1,000,000		1,026,833
Commercial Mortgage Pass-Through Certificates, IO Series 2012-CR2, Class XA 2.13%, 08/15/2045 (C)		2,236,078		283,593
Countrywide Alternative Loan Trust, PO Series 2002-7 Zero Coupon, 08/25/2032		104,822		85,817
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-39, Class A6
5.00%, 10/25/2033		561,754		581,143
Series 2003-50, Class A1
5.00%, 11/25/2018		357,278		367,250
Series 2003-J13, Class 1A7
5.25%, 01/25/2034		994,600		1,027,506
Series 2004-3, Class A26
5.50%, 04/25/2034		517,858		531,944
Series 2004-3, Class A4
5.75%, 04/25/2034		776,788		803,540
Series 2004-5, Class 1A4
5.50%, 06/25/2034		732,495		761,705
Series 2004-8, Class 2A1
4.50%, 06/25/2019		63,104		65,202
Series 2004-J4, Class 2A1
5.00%, 05/25/2019		126,165		128,074
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4
5.25%, 09/25/2033		239,395		249,533
Series 2003-27, Class 5A4
5.25%, 11/25/2033		344,517		354,550
Series 2003-29, Class 5A1
7.00%, 12/25/2033		245,275		261,803
Series 2003-29, Class 8A1
6.00%, 11/25/2018		98,845		101,127
Series 2003-AR15, Class 3A1
2.94%, 06/25/2033 (C)		349,694		347,358
Series 2004-4, Class 2A4
5.50%, 09/25/2034		596,301		637,119

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp. (continued)
Series 2004-5, Class 3A1
5.25%, 08/25/2019		$  317,260		$  325,940
Series 2004-8, Class 1A4
5.50%, 12/25/2034		580,800		609,634
Series 2004-8, Class 3A5
5.50%, 12/25/2034		115,429		116,656
Series 2005-C3, Class AM
4.73%, 07/15/2037		400,000		432,214
Credit Suisse Mortgage Capital Certificates
Series 2006-C2, Class A3
5.86%, 03/15/2039 (C)		1,600,000		1,779,374
Series 2009-3R, Class 19A3
6.00%, 01/27/2038 - 144A		291,622		304,342
Series 2010-11R, Class A6
1.20%, 06/28/2047 - 144A (C)		1,858,684		1,756,380
Series 2010-12R, Class 14A1
2.81%, 09/26/2046 - 144A (C)		315,494		314,416
Series 2010-15R, Class 7A1
1.40%, 10/26/2037 - 144A (C)		2,759		2,750
Series 2010-16, Class A3
3.88%, 06/25/2050 - 144A (C)		400,000		390,662
Series 2010-16, Class A4
3.88%, 06/25/2050 - 144A (C)		1,000,000		974,683
Series 2010-17R, Class 1A1
2.64%, 06/26/2036 - 144A (C)		304,355		313,181
Series 2010-1R, Class 5A1
5.00%, 01/27/2036 - 144A (C)		388,870		403,272
Series 2011-16R, Class 7A3
3.50%, 12/27/2036 - 144A (C)		579,701		593,270
Series 2011-1R, Class A1
1.20%, 02/27/2047 - 144A (C)		804,304		800,418
Series 2011-6R, Class 3A1
2.95%, 07/28/2036 - 144A (C)		563,045		554,450
Series 2011-7R, Class A1
1.45%, 08/28/2047 - 144A (C)		949,827		945,100
Series 2011-9R, Class A1
2.20%, 03/27/2046 - 144A (C)		2,483,277		2,496,746
Series 2012-3R, Class 1A1
3.25%, 07/27/2037 - 144A (C)		1,437,219		1,445,579
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4
5.22%, 08/15/2048		600,000		669,124
Series 2006-C1, Class AM
5.25%, 08/15/2048		1,000,000		1,081,364
CW Capital Cobalt, Ltd., IO Series 2006-C1 0.79%, 08/15/2048 (C)		26,723,397		553,254
DBRR Trust, IO Series 2011-C32, Class A3X1 2.02%, 06/17/2049 - 144A (C) (D)		6,000,000		401,805
Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2005-1, Class 2A1 5.64%, 02/25/2020 (C)		218,045		226,527
Deutsche Mortgage Securities, Inc.
Series 2009-RS2, Class 4A1
0.33%, 04/26/2037 - 144A (C)		144,806		141,692
Series 2010-RS2, Class A1
1.45%, 06/28/2047 - 144A (C)		8,682		8,682

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

Transamerica Funds Semi-Annual Report 2013

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
FDIC Structured Sale Guaranteed Notes Series 2010-C1, Class A 2.98%, 12/06/2020 - 144A		$  829,158		$  871,056
First Horizon Asset Securities, Inc.
Series 2003-8, Class 2A1
4.50%, 09/25/2018		70,262		72,231
Series 2004-AR2, Class 2A1
2.63%, 05/25/2034 (C)		640,205		635,134
Fontainebleau Miami Beach Trust Series 2012-FBLU, Class A 2.89%, 05/05/2027 - 144A		1,146,474		1,169,557
GE Capital Commercial Mortgage Corp. Series 2005-C1, Class AJ 4.83%, 06/10/2048 (C)		1,000,000		1,052,354
GMAC Mortgage Corp., Loan Trust
Series 2003-AR1, Class A4
3.39%, 10/19/2033 (C)		175,642		180,133
Series 2003-AR2, Class 2A4
3.47%, 12/19/2033 (C)		1,089,478		1,085,589
Series 2004-J5, Class A7
6.50%, 01/25/2035		1,510,620		1,603,091
Series 2004-J6, Class 1A1
5.00%, 01/25/2020		151,738		156,514
Greenwich Capital Commercial Funding Corp. Series 2005-GG3, Class AJ 4.86%, 08/10/2042 (C)		220,000		234,319
GS Mortgage Securities Trust, IO Series 2006-GG8, Class X 0.80%, 11/10/2039 - 144A (C)		10,483,471		186,270
GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF 0.55%, 09/25/2035 - 144A (C)		1,409,137		1,213,483
GSMPS Mortgage Loan Trust, IO Series 2005-RP3, Class 1AS 4.94%, 09/25/2035 - 144A (C)		1,056,853		175,153
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4
5.25%, 06/25/2033		1,471,987		1,466,645
Series 2004-8F, Class 2A3
6.00%, 09/25/2034		1,444,219		1,510,366
Series 2005-5F, Class 8A3
0.70%, 06/25/2035 (C)		112,153		105,123
Impac CMB Trust Series 2005-4, Class 2A1 0.50%, 05/25/2035 (C)		391,763		386,266
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1
5.50%, 08/25/2033		112,662		118,386
Series 2006-1, Class 2A1
0.55%, 05/25/2036 (C)		809,501		799,123
Series 2006-2, Class 2A1
0.55%, 08/25/2036 (C)		740,713		733,695
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A4
4.40%, 01/12/2039		980,224		1,004,366
Series 2005-CB11, Class AJ
5.54%, 08/12/2037 (C)		700,000		759,968

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Corp. (continued)
Series 2006-CB15, Class A4
5.81%, 06/12/2043 (C)		$  1,500,000		$  1,681,821
Series 2006-CB16, Class A4
5.55%, 05/12/2045		100,000		113,012
Series 2006-LDP9, Class A3SF
0.35%, 05/15/2047 (C)		1,000,000		995,963
JPMorgan Chase Commercial Mortgage Securities Corp., IO Series 2006-CB15, Class X1 0.16%, 06/12/2043 (C)		49,762,146		340,423
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1
3.04%, 07/25/2034 (C)		127,374		128,407
Series 2004-A4, Class 1A1
3.04%, 09/25/2034 (C)		133,551		136,778
Series 2004-S1, Class 1A7
5.00%, 09/25/2034		50,073		51,653
Series 2005-A1, Class 3A4
4.80%, 02/25/2035 (C)		474,939		485,360
Series 2006-A2, Class 5A3
2.90%, 11/25/2033 (C)		922,741		939,789
Series 2006-A3, Class 6A1
2.98%, 08/25/2034 (C)		96,700		95,251
JPMorgan Re-REMIC
Series 2009-6, Class 4A1
5.33%, 09/26/2036 - 144A (C)		321,404		316,406
Series 2010-4, Class 7A1
1.87%, 08/26/2035 - 144A (C)		334,274		330,797
LB-UBS Commercial Mortgage Trust Series 2006-C4, Class A4 6.06%, 06/15/2038 (C)		400,000		453,438
LB-UBS Commercial Mortgage Trust, IO Series 2006-C1, Class XCL 0.53%, 02/15/2041 - 144A (C)		23,083,215		212,504
LVII Resecuritization Trust Series 2009-3, Class M3 5.47%, 11/27/2037 - 144A (C)		600,000		623,010
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1
2.67%, 04/21/2034 (C)		1,040,142		1,080,056
Series 2004-13, Class 3A7
2.63%, 11/21/2034 (C)		686,521		711,073
MASTR Alternative Loan Trust Series 2004-5, Class 5A1 4.75%, 06/25/2019		148,794		150,813
MASTR Alternative Loans Trust Series 2003-9, Class 2A1 6.00%, 12/25/2033		120,171		127,038
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6
5.25%, 12/25/2033		965,051		1,006,139
Series 2003-2, Class 1A1
5.00%, 03/25/2018		72,161		74,322
Series 2003-3, Class 3A18
5.50%, 04/25/2033		243,036		250,693
Series 2004-P7, Class A6
5.50%, 12/27/2033 - 144A		416,819		438,817

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

Transamerica Funds Semi-Annual Report 2013

Page    26

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MASTR Resecuritization Trust, PO Series 2005, Class 3 Zero Coupon, 05/28/2035 - 144A		$  158,287		$  126,629
Merrill Lynch Mortgage Investors Trust
Series 2004-1, Class 2A1
2.32%, 12/25/2034 (C)		529,861		535,534
Series 2004-A4, Class A2
2.54%, 08/25/2034 (C)		258,286		261,565
Series 2004-D, Class A2
1.18%, 09/25/2029 (C)		398,328		395,327
Merrill Lynch Mortgage Investors, Inc.
Series 2003-A4, Class 2A
2.74%, 07/25/2033 (C)		141,749		145,485
Series 2003-A5, Class 2A6
2.58%, 08/25/2033 (C)		151,526		153,869
Merrill Lynch Mortgage Trust
Series 2005-LC1, Class AJ
5.55%, 01/12/2044 (C)		500,000		550,555
Series 2006-C1, Class A4
5.87%, 05/12/2039 (C)		730,000		823,514
Merrill Lynch/Countrywide Commercial Mortgage Trust, IO Series 2006-4, Class XC 0.23%, 12/12/2049 - 144A (C)		14,814,463		185,625
Morgan Stanley Capital I Trust Series 2011-C3, Class A3 4.05%, 07/15/2049		637,000		714,065
Morgan Stanley Capital I Trust, IO
Series 2006-IQ12, Class X1
0.21%, 12/15/2043 - 144A (C)		36,058,731		496,925
Series 2007-HQ11, Class X
0.40%, 02/12/2044 - 144A (C)		63,043,827		363,259
Morgan Stanley Capital I, Inc. Series 2007-T27, Class A4 5.82%, 06/11/2042 (C)		200,000		234,316
Morgan Stanley Capital I, Inc., IO Series 2006-T21, Class X 0.33%, 10/12/2052 - 144A (C)		88,892,184		634,779
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A 5.67%, 04/25/2034 (C)		549,212		574,204
Morgan Stanley Re-REMIC Trust
Series 2009-IO, Class A2
5.00%, 07/17/2056 - 144A		1,427,225		1,436,145
Series 2010-C30A, Class A3A
3.25%, 12/17/2043 - 144A		162,967		162,835
Series 2010-HQ4B, Class A7A
4.97%, 04/16/2040 - 144A		1,400,000		1,442,700
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		1,060,167		1,069,772
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		1,997,331		2,022,922
Series 2012-XA, Class B
0.25%, 07/27/2049 - 144A (D)		500,000		416,250
Prime Mortgage Trust Series 2004-CL1, Class 1A1 6.00%, 02/25/2034		228,816		251,248

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Prime Mortgage Trust, PO Series 2004-CL1, Class 1 Zero Coupon, 02/25/2034		$  18,928		$  15,856
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1 2.75%, 05/25/2035 (C)		457,944		465,870
RALI Trust
Series 2003-QS1, Class A6
4.25%, 01/25/2033		99,145		100,171
Series 2003-QS13, Class A5
0.85%, 07/25/2033 (C)		383,474		361,352
Series 2003-QS15, Class A7
5.50%, 08/25/2033		1,359,751		1,400,627
Series 2003-QS18, Class A1
5.00%, 09/25/2018		117,189		120,685
Series 2004-QS7, Class A4
5.50%, 05/25/2034		407,780		378,843
RAMP Trust
Series 2004-RS6, Class AI4
5.46%, 05/25/2032 (C)		60,879		61,199
Series 2004-RZ1, Class M1
4.32%, 03/25/2034 (C)		570,509		588,886
Series 2004-SL2, Class A3
7.00%, 10/25/2031		371,238		387,636
Series 2005-EFC5, Class A3
0.54%, 10/25/2035 (C)		600,000		586,933
Series 2006-RZ1, Class A3
0.50%, 03/25/2036 (C)		1,000,000		936,448
RBSSP Resecuritization Trust
Series 2009-1, Class 1A1
6.50%, 02/26/2036 - 144A		555,423		597,000
Series 2010-9, Class 7A5
4.00%, 05/26/2037 - 144A (C)		706,127		728,704
RCMC LLC Series 2012-CRE1, Class A 5.62%, 11/15/2044 - 144A		418,143		418,882
Residential Asset Securitization Trust Series 2002-A13, Class A4 5.25%, 12/25/2017		50,810		52,024
RFMSI Trust
Series 2003-S20, Class 2A1
4.75%, 12/25/2018		85,074		86,994
Series 2003-S4, Class A4
5.75%, 03/25/2033		472,045		477,535
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-HYB1, Class A
3.10%, 09/25/2033 (C)		439,798		445,528
Series 2003-UP1, Class A
3.95%, 04/25/2032 - 144A (C)		32,650		32,168
Sequoia Mortgage Trust
Series 2004-11, Class A1
0.50%, 12/20/2034 (C)		680,687		647,482
Series 2004-11, Class A3
0.50%, 12/20/2034 (C)		725,201		712,401
Series 2004-12, Class A3
0.83%, 01/20/2035 (C)		419,192		347,596
Springleaf Mortgage Loan Trust
Series 2011-1A, Class A1
4.05%, 01/25/2058 - 144A (C)		1,566,637		1,621,267

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

Transamerica Funds Semi-Annual Report 2013

Page    27

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Springleaf Mortgage Loan Trust (continued)
Series 2011-1A, Class A2
5.45%, 01/25/2058 - 144A (C)		$  1,500,000		$  1,576,831
Series 2012-1A, Class M3
6.00%, 09/25/2057 - 144A (C)		1,000,000		1,038,917
Series 2012-2A, Class M4
6.00%, 10/25/2057 - 144A (C)		1,200,000		1,235,004
Series 2012-3A, Class M1
2.66%, 12/25/2059 - 144A (C)		534,000		541,915
Series 2012-3A, Class M2
3.56%, 12/25/2059 - 144A (C)		471,000		480,329
Series 2012-3A, Class M3
4.44%, 12/25/2059 - 144A (C)		253,000		260,857
Series 2012-3A, Class M4
5.30%, 12/25/2059 - 144A (C)		146,000		151,440
Structured Asset Mortgage Investments, Inc. Series 2004-AR5, Class 1A1 0.86%, 10/19/2034 (C)		573,622		568,060
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1
0.84%, 09/25/2043 (C)		429,402		426,747
Series 2004-1, Class II2A
1.79%, 03/25/2044 (C)		211,111		210,329
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class A3 5.54%, 08/15/2039 (C)		551,448		578,465
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66%, 06/10/2030 - 144A		1,386,000		1,470,442
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4 3.53%, 05/10/2063		650,000		700,276
UBS-Barclays Commercial Mortgage Trust, IO Series 2012-C2, Class XA 1.97%, 05/10/2063 - 144A (C)		6,180,032		643,428
Vendee Mortgage Trust
Series 1993-1, Class ZB
7.25%, 02/15/2023		358,144		416,491
Series 1998-2, Class 1G
6.75%, 06/15/2028		657,662		787,526
Vericrest Opportunity Loan Transferee
Series 2012-NL2A, Class A1
2.49%, 02/26/2052 - 144A		483,362		484,764
Series 2012-NL3A, Class A
2.73%, 11/25/2060 - 144A (C)		1,137,867		1,140,598
Wachovia Bank Commercial Mortgage Trust Series 2004-C11, Class A5 5.22%, 01/15/2041 (C)		1,110,402		1,150,427
Wachovia Bank Commercial Mortgage Trust, IO Series 2006-C24, Class XC 0.28%, 03/15/2045 - 144A (C)		140,199,443		557,153

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates
Series 2003-AR6, Class A1
2.44%, 06/25/2033 (C)		$  834,258		$  856,727
Series 2003-AR7, Class A7
2.32%, 08/25/2033 (C)		307,461		307,558
Series 2003-AR8, Class A
2.46%, 08/25/2033 (C)		104,673		107,696
Series 2003-AR9, Class 1A6
2.43%, 09/25/2033 (C)		517,549		528,255
Series 2003-S3, Class 1A4
5.50%, 06/25/2033		513,461		536,421
Series 2003-S4, Class 2A10
16.91%, 06/25/2033 (C)		30,524		37,256
Series 2003-S8, Class A4
4.50%, 09/25/2018		10,091		10,087
Series 2003-S9, Class A8
5.25%, 10/25/2033		356,755		373,934
Series 2004-AR3, Class A1
2.52%, 06/25/2034 (C)		71,883		72,926
Series 2004-AR3, Class A2
2.52%, 06/25/2034 (C)		739,364		750,094
Series 2004-CB2, Class 7A
5.50%, 08/25/2019		363,133		377,919
Series 2004-CB3, Class 4A
6.00%, 10/25/2019		430,656		453,943
Series 2004-S1, Class 1A3
0.60%, 03/25/2034 (C)		52,314		51,668
Series 2004-S2, Class 2A4
5.50%, 06/25/2034		627,568		653,085
Washington Mutual MSC Mortgage Pass-Through Certificates
Series 2003-MS2, Class 1A1
5.75%, 02/25/2033		361,837		376,776
Series 2004-RA2, Class 2A
7.00%, 07/25/2033		150,224		166,432
Wells Fargo Mortgage Backed Securities Trust
Series 2003-J, Class 2A5
4.42%, 10/25/2033 (C)		1,969		1,973
Series 2003-K, Class 1A1
4.43%, 11/25/2033 (C)		43,277		44,124
Series 2004-4, Class A9
5.50%, 05/25/2034		458,414		472,723
Series 2004-EE, Class 2A1
2.62%, 12/25/2034 (C)		391,725		404,476
Series 2004-EE, Class 2A2
2.62%, 12/25/2034 (C)		97,931		101,099
Series 2004-EE, Class 3A1
3.04%, 12/25/2034 (C)		90,719		94,050
Series 2004-EE, Class 3A2
3.04%, 12/25/2034 (C)		136,079		141,542
Series 2004-I, Class 1A1
2.78%, 07/25/2034 (C)		1,317,556		1,343,241
Series 2004-P, Class 2A1
2.62%, 09/25/2034 (C)		2,174,569		2,195,188
Series 2004-R, Class 2A1
2.62%, 09/25/2034 (C)		1,180,341		1,200,461
Series 2004-U, Class A1
2.82%, 10/25/2034 (C)		1,307,274		1,320,132

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

Transamerica Funds Semi-Annual Report 2013

Page    28

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust (continued)
Series 2004-V, Class 1A1
2.65%, 10/25/2034 (C)		$  235,355		$  240,537
Series 2004-V, Class 1A2
2.65%, 10/25/2034 (C)		105,069		108,042
Series 2004-W, Class A9
2.70%, 11/25/2034 (C)		343,798		355,871
Series 2005-1, Class 2A1
5.00%, 01/25/2020		185,472		194,717
Series 2005-13, Class A1
5.00%, 11/25/2020		94,874		97,415
Series 2005-AR8, Class 2A1
2.74%, 06/25/2035 (C)		519,987		525,290
Series 2005-AR9, Class 2A1
2.74%, 10/25/2033 (C)		200,759		201,631
Wells Fargo Mortgage Loan Trust Series 2012-RR1, Class A1 2.85%, 08/27/2037 - 144A (C)		685,670		695,987
Wells Fargo Re-REMIC Trust Series 2012-IO, Class A 1.75%, 08/20/2021 - 144A		2,213,642		2,215,723
WF-RBS Commercial Mortgage Trust Series 2011-C3, Class A4 4.38%, 03/15/2044 - 144A		550,000		627,741
Total Mortgage-Backed Securities (cost $162,900,360)				168,654,901
ASSET-BACKED SECURITIES - 2.9%
Academic Loan Funding Trust Series 2012-1A, Class A1 1.00%, 12/27/2022 - 144A (C)		1,142,274		1,155,707
American Credit Acceptance Receivables Trust
Series 2012-1, Class A2
3.04%, 10/15/2015 - 144A		296,586		298,622
Series 2012-2, Class A
1.89%, 07/15/2016 - 144A		949,225		953,059
Series 2012-3, Class A
1.64%, 11/15/2016 - 144A		225,464		225,596
Ascentium Equipment Receivables LLC Series 2012-1A, Class A 1.83%, 09/15/2019 - 144A		267,518		267,650
Asset Backed Funding Certificates Series 2005-AQ1, Class A4 5.01%, 06/25/2035 (C)		652,747		661,120
Bank of America Auto Trust Series 2010-1A, Class A4 2.18%, 02/15/2017 - 144A		53,983		54,085
BXG Receivables Note Trust Series 2012-A, Class A 2.66%, 12/02/2027 - 144A		879,847		881,818
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-2, Class 2A2
0.76%, 02/25/2033 (C)		496,096		469,517
Series 2003-5, Class 1A4
4.40%, 02/25/2030		161,285		161,632
Series 2003-6, Class 1A4
4.50%, 11/25/2034		216,008		218,588

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Chase Funding Mortgage Loan Asset-Backed Certificates (continued)
Series 2003-6, Class 1A5
5.35%, 11/25/2034 (C)		$  500,000		$  493,896
CPS Auto Trust
Series 2011-C, Class A
4.21%, 03/15/2019 - 144A		759,692		790,094
Series 2012-A, Class A
2.78%, 06/17/2019 - 144A		210,160		214,411
Series 2012-B, Class A
2.52%, 09/16/2019 - 144A		1,548,960		1,574,528
Series 2012-C, Class A
1.82%, 12/16/2019 - 144A		969,081		977,920
Credit Acceptance Auto Loan Trust Series 2011-1, Class A 2.61%, 03/15/2019 - 144A		860,000		873,137
DT Auto Owner Trust Series 2012-2A, Class A 0.91%, 11/16/2015 - 144A		400,455		400,723
Exeter Automobile Receivables Trust Series 2012-2A, Class A 1.30%, 06/15/2017 - 144A		945,059		948,083
First Investors Auto Owner Trust Series 2012-2A, Class A2 1.47%, 05/15/2018 - 144A		699,988		703,551
Fortress Opportunities Residential Transaction Series 2011-1A, Class A1 7.21%, 10/25/2047 - 144A (C)		20,305		20,301
Freedom Trust Series 2011-1, Class A13 0.19%, 11/30/2037 - 144A (C)		82,047		81,599
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A1
1.34%, 10/15/2043 - 144A		580,000		581,508
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		487,000		496,282
HSBC Home Equity Loan Trust
Series 2005-2, Class A1
0.47%, 01/20/2035 (C)		67,750		65,993
Series 2006-1, Class A1
0.36%, 01/20/2036 (C)		125,625		123,070
Series 2007-1, Class A2F
5.60%, 03/20/2036 (C)		16,210		16,200
Series 2007-1, Class AS
0.40%, 03/20/2036 (C)		130,829		128,346
Series 2007-3, Class APT
1.40%, 11/20/2036 (C)		93,552		93,394
LAI Vehicle Lease Securitization Trust Series 2010-A, Class A 2.55%, 09/15/2016 - 144A		89,825		89,855
Lake Country Mortgage Loan Trust Series 2006-HE1, Class A3 0.55%, 07/25/2034 - 144A (C)		414,030		409,582
Madison Avenue Manufactured Housing Contract Series 2002-A, Class M2 2.45%, 03/25/2032 (C)		1,103,000		1,108,630
Mercedes-Benz Auto Receivables Trust Series 2010-1, Class A3 1.42%, 08/15/2014		22,539		22,563

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

Transamerica Funds Semi-Annual Report 2013

Page    29

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Newcastle Investment Trust Series 2011-MH1, Class A 2.45%, 12/10/2033 - 144A		$  155,107		$  158,419
PennyMac Loan Trust
Series 2011-NPL1, Class A
5.25%, 09/25/2051 - 144A (C)		245,056		244,993
Series 2012-NPL1, Class A
3.42%, 05/28/2052 - 144A (C)		863,319		866,947
RASC Trust Series 2005-KS9, Class A3 0.57%, 10/25/2035 (C)		216,809		213,103
Residential Credit Solutions Trust Series 2011-1, Class A1 6.00%, 03/25/2041 - 144A		706,991		707,344
Resort Finance America, LLC Series 2012-1, Class A1 6.25%, 07/05/2018		1,488,221		1,488,221
RMAT Series 2012-1A, Class A1 2.73%, 08/26/2052 - 144A (C)		858,799		856,189
Santander Drive Auto Receivables Trust
Series 2011-S2A, Class B
2.06%, 06/15/2017 - 144A		82,398		82,734
Series 2011-S2A, Class D
3.35%, 06/15/2017 - 144A		153,123		154,180
Saxon Asset Securities Trust Series 2003-1, Class AF6 4.80%, 06/25/2033 (C)		228,802		232,617
SNAAC Auto Receivables Trust Series 2012-1A, Class A 1.78%, 06/15/2016 - 144A		177,164		178,152
Springleaf Funding Trust Series 2013-AA, Class A 2.58%, 09/15/2021 - 144A		1,000,000		990,000
Stanwich Mortgage Loan Trust
Series 2012-NPL3, Class A
4.21%, 05/15/2042 - 144A		15,111		15,114
Series 2012-NPL4, Class A
2.98%, 09/15/2042 - 144A		1,556,662		1,561,534
Series 2012-NPL5, Class A
2.98%, 10/18/2042 - 144A		1,047,626		1,049,261
Structured Asset Investment Loan Trust Series 2005-5, Class A9 0.47%, 06/25/2035 (C)		173,426		173,122
Structured Asset Securities Corp.
Series 2002-AL1, Class A2
3.45%, 02/25/2032		234,590		234,600
Series 2003-16, Class A3
0.70%, 06/25/2033 (C)		65,147		63,282
Series 2003-32, Class 1A1
5.45%, 11/25/2033 (C)		130,285		138,945
Series 2003-33H, Class 1A1
5.50%, 10/25/2033		145,544		147,141
Series 2003-35, Class 3A1
0.70%, 12/25/2033 (C)		307,073		298,191
Series 2003-37A, Class 2A
4.76%, 12/25/2033 (C)		205,813		204,370
Series 2004-4XS, Class 1A5
5.49%, 02/25/2034 (C)		647,118		685,485

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Structured Asset Securities Corp. (continued)
Series 2004-5H, Class A4
5.54%, 12/25/2033		$  679,822		$  702,651
Series 2004-6XS, Class A5A
5.53%, 03/25/2034 (C)		545,081		547,939
Series 2004-6XS, Class A5B
5.55%, 03/25/2034 (C)		545,081		548,145
Series 2005-NC1, Class A11
4.69%, 02/25/2035 (C)		1,120,327		1,112,344
Toyota Auto Receivables Owner Trust Series 2010-C, Class A3 0.77%, 04/15/2014		5,206		5,208
Trafigura Securitisation Finance PLC Series 2012-1A, Class A 2.60%, 10/15/2015 - 144A (C)		2,219,000		2,263,727
Volt LLC
Series 2012-1A, Class A1
4.95%, 04/25/2017 - 144A (C)		942,610		950,796
Series 2012-RP2A, Class A1
4.70%, 06/26/2017 - 144A		651,270		660,556
Series 2012-RP2A, Class A2
8.84%, 06/26/2017 - 144A		150,000		152,851
Westgate Resorts LLC
Series 2012-1, Class A
4.50%, 09/20/2025 - 144A		1,285,418		1,314,742
Series 2012-2A, Class A
3.00%, 01/20/2025 - 144A		1,376,521		1,388,566
Westlake Automobile Receivables Trust Series 2011-1A, Class A3 1.49%, 06/16/2014 - 144A		65,978		66,057
World Omni Auto Receivables Trust Series 2010-A, Class A4 2.21%, 05/15/2015		163,780		164,916
Total Asset-Backed Securities (cost $35,560,348)				36,183,502
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
American Municipal Power, Inc. (Revenue Bonds) 7.50%, 02/15/2050		640,000		882,278
New York State Dormitory Authority, Revenue Bond (Revenue Bonds) 5.60%, 03/15/2040		280,000		362,706
Ohio State University (Revenue Bonds) 4.80%, 06/01/2111		1,370,000		1,533,784
Port Authority of New York & New Jersey (Revenue Bonds)
4.46%, 10/01/2062		970,000		1,017,026
Series B
5.65%, 11/01/2040		485,000		610,872
State of California - Build America Bonds (General Obligation Unlimited) 7.30%, 10/01/2039		520,000		749,570
State of Illinois (General Obligation Unlimited) 5.10%, 06/01/2033		85,000		85,939
Total Municipal Government Obligations (cost $4,489,098)				5,242,175

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

Transamerica Funds Semi-Annual Report 2013

Page    30

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 18.4%
Aerospace & Defense - 0.2%
BAE Systems Holdings, Inc. 5.20%, 08/15/2015 - 144A		$  380,000		$  411,784
BAE Systems PLC 5.80%, 10/11/2041 - 144A (A)		439,000		525,880
Lockheed Martin Corp.
4.07%, 12/15/2042 - 144A		120,000		114,392
4.25%, 11/15/2019		150,000		168,636
4.85%, 09/15/2041		190,000		205,321
United Technologies Corp.
4.50%, 06/01/2042		257,000		284,052
8.88%, 11/15/2019		250,000		341,929
Air Freight & Logistics - 0.0% (E)
United Parcel Service of America, Inc.
8.38%, 04/01/2020		60,000		83,515
8.38%, 04/01/2030 (F)		200,000		298,902
United Parcel Service, Inc. 2.45%, 10/01/2022 (A)		186,000		187,168
Airlines - 0.2%
Air Canada Pass-Through Trust 4.13%, 11/15/2026 - 144A (G)		124,000		125,240
American Airlines Pass-Through Trust
5.25%, 07/31/2022		98,287		107,133
8.63%, 04/15/2023		571,471		604,331
Continental Airlines Pass-Through Trust
4.00%, 04/29/2026 (A)		255,000		268,387
5.98%, 10/19/2023		263,174		300,018
Delta Air Lines, Inc., Pass-Through Trust
4.75%, 11/07/2021		143,000		155,870
4.95%, 11/23/2020		243,413		267,146
5.30%, 10/15/2020		73,946		82,080
Auto Components - 0.1%
Johnson Controls, Inc.
4.25%, 03/01/2021		335,000		372,031
5.25%, 12/01/2041		970,000		1,093,331
Automobiles - 0.0% (E)
Daimler Finance North America LLC 2.63%, 09/15/2016 - 144A		200,000		208,646
Beverages - 0.2%
Anheuser-Busch InBev Worldwide, Inc.
1.50%, 07/14/2014		136,000		137,816
7.75%, 01/15/2019		650,000		857,440
8.20%, 01/15/2039		240,000		396,388
Diageo Capital PLC
4.83%, 07/15/2020		90,000		106,886
5.75%, 10/23/2017		230,000		274,902
Heineken NV 1.40%, 10/01/2017 - 144A		400,000		401,058
PepsiCo, Inc. 7.90%, 11/01/2018		21,000		27,987
SABMiller Holdings, Inc. 3.75%, 01/15/2022 - 144A		200,000		218,696
SABMiller PLC
5.50%, 08/15/2013 - 144A		180,000		182,571
5.70%, 01/15/2014 - 144A		330,000		342,074
Biotechnology - 0.2%
Amgen, Inc.
3.45%, 10/01/2020		400,000		433,588

	Principal		Value
Biotechnology (continued)
Amgen, Inc. (continued)
4.50%, 03/15/2020		$  56,000		$  64,339
5.15%, 11/15/2041		575,000		659,093
5.65%, 06/15/2042		252,000		308,068
5.75%, 03/15/2040		165,000		200,129
Celgene Corp. 1.90%, 08/15/2017		659,000		671,874
Capital Markets - 1.4%
Bank of New York Mellon Corp.
3.55%, 09/23/2021		509,000		557,860
5.45%, 05/15/2019		200,000		242,475
Bank of New York Mellon Corp., Series MTN
2.40%, 01/17/2017		200,000		209,739
4.60%, 01/15/2020		40,000		46,640
BlackRock, Inc.
3.38%, 06/01/2022		174,000		186,514
6.25%, 09/15/2017 (A)		635,000		771,982
Charles Schwab Corp. 3.23%, 09/01/2022		100,000		105,187
Credit Suisse USA, Inc. 5.13%, 08/15/2015		170,000		186,353
Goldman Sachs Group, Inc.
6.25%, 09/01/2017 (A)		650,000		764,609
6.75%, 10/01/2037		200,000		229,456
Goldman Sachs Group, Inc., Series GMTN
5.38%, 03/15/2020		390,000		455,036
7.50%, 02/15/2019		3,475,000		4,381,923
Jefferies Group, Inc.
6.25%, 01/15/2036		260,000		276,900
6.45%, 06/08/2027		180,000		201,804
8.50%, 07/15/2019		520,000		660,162
Macquarie Group, Ltd.
6.00%, 01/14/2020 - 144A		450,000		502,605
6.25%, 01/14/2021 - 144A		525,000		596,536
7.63%, 08/13/2019 - 144A		700,000		854,420
Morgan Stanley, Series GMTN
5.63%, 09/23/2019		2,000,000		2,329,892
7.30%, 05/13/2019		1,800,000		2,254,554
Morgan Stanley, Series MTN 5.55%, 04/27/2017		170,000		191,896
Nomura Holdings, Inc.
5.00%, 03/04/2015		350,000		373,474
6.70%, 03/04/2020		257,000		312,969
Nomura Holdings, Inc., Series MTN 4.13%, 01/19/2016 (A)		200,000		213,024
Chemicals - 0.5%
Dow Chemical Co.
4.25%, 11/15/2020		174,000		193,211
8.55%, 05/15/2019		456,000		614,835
E.I. du Pont de Nemours & Co.
1.95%, 01/15/2016		173,000		178,971
4.90%, 01/15/2041		125,000		146,472
5.60%, 12/15/2036 (A)		550,000		695,208
Ecolab, Inc. 5.50%, 12/08/2041		570,000		687,046

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

Transamerica Funds Semi-Annual Report 2013

Page    31

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Chemicals (continued)
Mosaic Co.
3.75%, 11/15/2021		$  209,000		$  223,895
4.88%, 11/15/2041		253,000		277,131
Potash Corp. of Saskatchewan, Inc. 6.50%, 05/15/2019		260,000		324,876
PPG Industries, Inc.
6.65%, 03/15/2018		470,000		579,995
7.40%, 08/15/2019		300,000		371,608
9.00%, 05/01/2021		310,000		432,613
Praxair, Inc. 5.20%, 03/15/2017		150,000		173,661
Union Carbide Corp.
7.50%, 06/01/2025		400,000		501,250
7.75%, 10/01/2096		210,000		262,495
Commercial Banks - 1.8%
ANZ National Int’l, Ltd. 3.13%, 08/10/2015 - 144A		105,000		110,209
Australia & New Zealand Banking Group, Ltd.
2.40%, 11/23/2016 - 144A (A)		600,000		632,280
4.88%, 01/12/2021 - 144A		137,000		161,471
Bank of Nova Scotia 2.55%, 01/12/2017 (A)		855,000		898,834
Bank of Tokyo-Mitsubishi UFJ, Ltd. 2.35%, 02/23/2017 - 144A (A)		785,000		818,236
Barclays Bank PLC
2.25%, 05/10/2017 - 144A (A)		276,000		288,806
5.00%, 09/22/2016		100,000		112,720
5.20%, 07/10/2014		125,000		131,569
BB&T Corp.
4.90%, 06/30/2017		550,000		621,115
5.25%, 11/01/2019 (A)		90,000		105,234
BB&T Corp., Series MTN 6.85%, 04/30/2019		250,000		319,965
Comerica, Inc. 3.00%, 09/16/2015		150,000		157,871
Commonwealth Bank of Australia 2.25%, 03/16/2017 - 144A (A)		530,000		556,712
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/2017 (A)		205,000		220,765
4.50%, 01/11/2021 (A)		300,000		340,938
5.80%, 09/30/2110 - 144A		300,000		351,624
Deutsche Bank AG
3.25%, 01/11/2016 (A)		400,000		424,276
3.88%, 08/18/2014		100,000		104,034
6.00%, 09/01/2017 (A)		190,000		226,414
HSBC Bank PLC 4.13%, 08/12/2020 - 144A		275,000		307,193
HSBC Holdings PLC
4.88%, 01/14/2022		1,520,000		1,777,894
5.10%, 04/05/2021 (A)		911,000		1,080,618
ING Bank NV 3.75%, 03/07/2017 - 144A		943,000		1,014,121
KeyBank NA
5.70%, 11/01/2017 (A)		245,000		285,292
5.80%, 07/01/2014		250,000		264,743
Manufacturers & Traders Trust Co. 6.63%, 12/04/2017		250,000		302,890

	Principal		Value
Commercial Banks (continued)
National Australia Bank, Ltd. 2.00%, 06/20/2017 - 144A (A)		$  580,000		$  604,128
Nordea Bank AB
3.13%, 03/20/2017 - 144A		570,000		608,589
4.88%, 05/13/2021 - 144A (A)		384,000		423,164
PNC Bank NA 6.88%, 04/01/2018		600,000		744,796
PNC Funding Corp.
5.13%, 02/08/2020		250,000		296,320
5.63%, 02/01/2017		130,000		148,797
6.70%, 06/10/2019		150,000		190,724
Rabobank Nederland NV 2.13%, 10/13/2015		105,000		108,462
Royal Bank of Canada 1.20%, 09/19/2017 (A)		400,000		403,800
Stadshypotek AB 1.88%, 10/02/2019 - 144A		530,000		536,519
Svenska Handelsbanken AB 3.13%, 07/12/2016		388,000		413,984
U.S. Bancorp
4.13%, 05/24/2021		133,000		150,707
7.50%, 06/01/2026		111,000		157,630
U.S. Bancorp, Series MTN 3.00%, 03/15/2022		233,000		243,728
UBS AG 5.88%, 12/20/2017		110,000		130,916
UBS AG, Series MTN 4.88%, 08/04/2020		257,000		300,686
Wachovia Bank NA 6.00%, 11/15/2017		3,100,000		3,713,970
Wells Fargo & Co.
3.68%, 06/15/2016 (F)		390,000		421,597
5.63%, 12/11/2017		150,000		177,742
Westpac Banking Corp.
2.45%, 11/28/2016 - 144A (A)		600,000		633,480
4.88%, 11/19/2019 (A)		750,000		886,289
Commercial Services & Supplies - 0.2%
ADT Corp.
3.50%, 07/15/2022		124,000		124,627
4.88%, 07/15/2042		147,000		144,583
Eaton Corp. 7.63%, 04/01/2024		500,000		656,623
ERAC USA Finance LLC
2.25%, 01/10/2014 - 144A (A)		257,000		259,754
2.75%, 03/15/2017 - 144A		65,000		67,846
4.50%, 08/16/2021 - 144A		175,000		195,145
5.63%, 03/15/2042 - 144A		141,000		161,433
6.70%, 06/01/2034 - 144A		331,000		417,276
Pitney Bowes, Inc. 5.60%, 03/15/2018		100,000		110,079
Waste Management, Inc. 4.75%, 06/30/2020		319,000		365,880
Communications Equipment - 0.1%
Cisco Systems, Inc.
4.45%, 01/15/2020 (A)		150,000		174,723
5.50%, 01/15/2040 (A)		250,000		310,601
5.90%, 02/15/2039		100,000		128,817

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

Transamerica Funds Semi-Annual Report 2013

Page    32

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Computers & Peripherals - 0.2%
Apple, Inc.
0.52%, 05/03/2018 (C)		$  297,000		$  297,742
2.40%, 05/03/2023		494,000		493,822
Hewlett-Packard Co.
2.60%, 09/15/2017		225,000		228,932
4.30%, 06/01/2021 (A)		200,000		202,378
4.38%, 09/15/2021		312,000		318,123
4.65%, 12/09/2021 (A)		537,000		555,644
6.00%, 09/15/2041		360,000		364,799
Construction & Engineering - 0.1%
ABB Finance USA, Inc.
1.63%, 05/08/2017		210,000		213,421
2.88%, 05/08/2022		152,000		156,885
4.38%, 05/08/2042		128,000		139,162
Fluor Corp. 3.38%, 09/15/2021		547,000		586,126
Construction Materials - 0.0% (E)
CRH America, Inc. 6.00%, 09/30/2016		221,000		252,351
Consumer Finance - 0.4%
American Express Co. 7.00%, 03/19/2018		700,000		877,869
American Express Credit Corp., Series MTN 5.88%, 05/02/2013		150,000		150,000
Capital One Bank USA NA 3.38%, 02/15/2023		1,000,000		1,017,522
Capital One Financial Corp.
4.75%, 07/15/2021		625,000		717,419
6.75%, 09/15/2017		200,000		242,440
7.38%, 05/23/2014		75,000		80,255
Caterpillar Financial Services Corp., Series MTN
5.85%, 09/01/2017		150,000		178,502
7.05%, 10/01/2018		150,000		192,588
7.15%, 02/15/2019		100,000		129,524
HSBC Finance Corp. 5.50%, 01/19/2016		260,000		290,114
John Deere Capital Corp.
1.20%, 10/10/2017 (A)		306,000		307,347
2.25%, 04/17/2019 (A)		333,000		346,608
John Deere Capital Corp., Series MTN
2.75%, 03/15/2022		153,000		158,305
3.15%, 10/15/2021		290,000		310,558
5.75%, 09/10/2018		100,000		121,906
PACCAR Financial Corp., Series MTN 1.60%, 03/15/2017		197,000		201,411
Diversified Financial Services - 2.0%
American Honda Finance Corp.
1.50%, 09/11/2017 - 144A		200,000		202,470
2.60%, 09/20/2016 - 144A		902,000		949,295
7.63%, 10/01/2018 - 144A		300,000		391,007
Associates Corp. 6.95%, 11/01/2018 (C)		1,934,000		2,383,549
Bank of America Corp.
5.63%, 07/01/2020		2,340,000		2,777,007
5.75%, 12/01/2017		220,000		255,726

	Principal		Value
Diversified Financial Services (continued)
Bank of America Corp., Series GMTN 5.88%, 02/07/2042		$  400,000		$  500,139
Bank of America Corp., Series MTN 5.00%, 05/13/2021		75,000		85,832
Blackstone Holdings Finance Co. LLC
5.88%, 03/15/2021 - 144A		1,205,000		1,424,339
6.25%, 08/15/2042 - 144A		289,000		338,635
Citigroup, Inc.
5.38%, 08/09/2020		355,000		423,331
6.00%, 08/15/2017		1,001,000		1,178,150
6.88%, 03/05/2038		340,000		463,666
8.13%, 07/15/2039		100,000		152,268
8.50%, 05/22/2019		550,000		739,866
CME Group, Inc. 3.00%, 09/15/2022		200,000		204,349
Countrywide Financial Corp. 6.25%, 05/15/2016 (A)		550,000		613,673
Ford Motor Credit Co., LLC
3.98%, 06/15/2016		555,000		590,213
4.25%, 09/20/2022		332,000		351,073
General Electric Capital Corp., Series GMTN
4.65%, 10/17/2021		900,000		1,028,582
5.40%, 02/15/2017		400,000		459,738
5.50%, 01/08/2020		1,140,000		1,370,539
5.63%, 05/01/2018		2,213,000		2,632,131
6.75%, 03/15/2032		485,000		634,334
General Electric Capital Corp., Series MTN 6.00%, 08/07/2019		1,420,000		1,739,722
MassMutual Global Funding II
2.00%, 04/05/2017 - 144A		370,000		380,186
2.88%, 04/21/2014 - 144A		100,000		102,448
Merrill Lynch & Co., Inc., Series GMTN 6.40%, 08/28/2017		1,325,000		1,559,166
Merrill Lynch & Co., Inc., Series MTN 6.88%, 04/25/2018		600,000		729,416
National Rural Utilities Cooperative Finance Corp. 10.38%, 11/01/2018		250,000		363,666
Diversified Telecommunication Services - 1.1%
AT&T, Inc.
4.30%, 12/15/2042 - 144A		455,000		445,865
5.35%, 09/01/2040		898,000		1,013,920
5.80%, 02/15/2019		1,300,000		1,580,528
6.30%, 01/15/2038		500,000		627,927
BellSouth Corp. 6.88%, 10/15/2031		15,000		18,359
BellSouth Telecommunications, Inc.
6.30%, 12/15/2015		95,556		99,677
7.00%, 10/01/2025		300,000		378,088
British Telecommunications PLC
5.95%, 01/15/2018		200,000		239,220
9.63%, 12/15/2030		180,000		289,808
Centel Capital Corp. 9.00%, 10/15/2019		450,000		558,614

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

Transamerica Funds Semi-Annual Report 2013

Page    33

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Diversified Telecommunication Services (continued)
Deutsche Telekom International Finance BV
6.00%, 07/08/2019 (A)		$  395,000		$  479,297
8.75%, 06/15/2030		330,000		490,899
France Telecom SA
2.75%, 09/14/2016 (A)		350,000		366,554
8.50%, 03/01/2031		430,000		647,721
GTP Acquisition Partners I LLC 4.35%, 06/15/2041 - 144A		758,000		805,839
Nippon Telegraph & Telephone Corp. 1.40%, 07/18/2017		400,000		404,164
Qwest Corp. 6.75%, 12/01/2021		800,000		941,530
Telecom Italia Capital SA
4.95%, 09/30/2014		250,000		260,859
6.18%, 06/18/2014		281,000		295,105
7.00%, 06/04/2018 (A)		250,000		290,069
Telefonica Emisiones SAU
5.46%, 02/16/2021		91,000		100,300
6.22%, 07/03/2017		650,000		741,575
6.42%, 06/20/2016 (A)		380,000		428,156
Verizon Communications, Inc. 6.10%, 04/15/2018 (A)		411,000		498,067
Verizon Global Funding Corp. 5.85%, 09/15/2035		175,000		206,655
Verizon Maryland, Inc. 7.15%, 05/01/2023		600,000		602,377
Verizon Pennsylvania, Inc. 8.35%, 12/15/2030		240,000		328,148
Electric Utilities - 1.7%
AEP Texas Central Co. 6.65%, 02/15/2033		100,000		127,928
Alabama Power Co.
5.88%, 12/01/2022		370,000		467,660
6.00%, 03/01/2039		248,000		325,381
6.13%, 05/15/2038		77,000		101,961
American Electric Power Co., Inc. 1.65%, 12/15/2017		83,000		83,820
Appalachian Power Co.
5.95%, 05/15/2033		50,000		59,711
6.38%, 04/01/2036		200,000		257,601
6.70%, 08/15/2037		425,000		567,436
Arizona Public Service Co.
4.50%, 04/01/2042		121,000		133,473
5.05%, 09/01/2041 (A)		303,000		353,657
Carolina Power & Light Co.
3.00%, 09/15/2021		610,000		651,672
5.30%, 01/15/2019		80,000		96,362
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180,000		224,592
8.88%, 11/15/2018		337,000		450,301
Comision Federal de Electricidad 4.88%, 05/26/2021 - 144A		261,000		296,887
Detroit Edison Co.
2.65%, 06/15/2022		68,000		69,975
3.95%, 06/15/2042		101,000		104,521
Duke Energy Carolinas LLC
4.30%, 06/15/2020 (A)		156,000		180,753
6.00%, 01/15/2038		133,000		174,941
6.45%, 10/15/2032		100,000		133,680

	Principal		Value
Electric Utilities (continued)
Duke Energy Indiana, Inc. 3.75%, 07/15/2020		$  200,000		$  223,286
Enel Finance International NV 5.13%, 10/07/2019 - 144A		450,000		489,546
Florida Power & Light Co.
5.13%, 06/01/2041		112,000		138,549
5.95%, 10/01/2033 (A)		425,000		564,651
Great Plains Energy, Inc. 4.85%, 06/01/2021		26,000		29,377
Hydro-Quebec
8.40%, 01/15/2022		420,000		606,735
9.40%, 02/01/2021		100,000		149,070
Indiana Michigan Power Co. 7.00%, 03/15/2019		338,000		426,230
Jersey Central Power & Light Co. 7.35%, 02/01/2019		330,000		420,037
John Sevier Combined Cycle Generation LLC 4.63%, 01/15/2042		496,504		566,726
Kansas City Power & Light Co. 5.30%, 10/01/2041		1,040,000		1,190,540
Massachusetts Electric Co. 5.90%, 11/15/2039 - 144A		55,000		70,898
Nevada Power Co.
5.38%, 09/15/2040		52,000		64,305
5.45%, 05/15/2041		400,000		500,995
6.50%, 08/01/2018		410,000		510,709
7.13%, 03/15/2019		100,000		129,015
NextEra Energy Capital Holdings, Inc. 1.20%, 06/01/2015		78,000		78,624
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 - 144A		50,000		58,086
NiSource Finance Corp.
5.80%, 02/01/2042 (A)		600,000		697,152
6.80%, 01/15/2019		604,000		743,749
Northern States Power Co.
5.35%, 11/01/2039		19,000		24,070
6.25%, 06/01/2036 (A)		100,000		138,340
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018		775,000		971,981
7.00%, 09/01/2022		175,000		234,025
Pacific Gas & Electric Co.
2.45%, 08/15/2022 (A)		181,000		180,623
3.25%, 09/15/2021		159,000		170,747
4.45%, 04/15/2042		167,000		180,356
4.50%, 12/15/2041		540,000		585,553
5.40%, 01/15/2040		42,000		51,182
6.05%, 03/01/2034		60,000		78,053
8.25%, 10/15/2018 (A)		395,000		530,880
PacifiCorp
5.50%, 01/15/2019		125,000		151,621
5.65%, 07/15/2018 (A)		100,000		121,926
6.25%, 10/15/2037		360,000		491,006
Pennsylvania Electric Co. 6.05%, 09/01/2017		150,000		176,232
PPL Capital Funding, Inc. 4.20%, 06/15/2022		165,000		177,210
PPL Energy Supply LLC 4.60%, 12/15/2021		460,000		496,456

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

Transamerica Funds Semi-Annual Report 2013

Page    34

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Electric Utilities (continued)
Progress Energy, Inc.
4.88%, 12/01/2019 (A)		$  200,000		$  232,221
6.00%, 12/01/2039		50,000		63,459
7.75%, 03/01/2031		150,000		212,744
Public Service Co., of Colorado
2.25%, 09/15/2022		137,000		137,056
3.20%, 11/15/2020		56,000		61,190
Public Service Co., of Oklahoma 5.15%, 12/01/2019		133,000		155,412
Public Service Electric & Gas Co. 2.70%, 05/01/2015		150,000		156,507
Public Service Electric & Gas Co., Series MTN
3.65%, 09/01/2042		288,000		286,857
5.38%, 11/01/2039		28,000		35,478
Southern California Edison Co.
3.90%, 12/01/2041		660,000		680,546
5.50%, 03/15/2040 (A)		130,000		166,429
6.65%, 04/01/2029		300,000		401,288
Southwestern Public Service Co. 8.75%, 12/01/2018		405,000		542,813
Virginia Electric and Power Co. 2.95%, 01/15/2022 (A)		157,000		167,365
Wisconsin Electric Power Co.
2.95%, 09/15/2021		26,000		27,739
3.65%, 12/15/2042		144,000		144,203
Xcel Energy, Inc.
4.70%, 05/15/2020		50,000		59,158
4.80%, 09/15/2041 (A)		116,000		134,209
Electronic Equipment & Instruments - 0.1%
Arrow Electronics, Inc.
3.38%, 11/01/2015		75,000		77,848
6.00%, 04/01/2020		385,000		440,443
6.88%, 06/01/2018		92,000		109,254
Energy Equipment & Services - 0.6%
ANR Pipeline Co. 9.63%, 11/01/2021 (A)		200,000		304,407
Halliburton Co.
6.15%, 09/15/2019		70,000		88,488
7.60%, 08/15/2096 - 144A		160,000		248,929
Nabors Industries, Inc.
6.15%, 02/15/2018		205,000		234,764
9.25%, 01/15/2019		400,000		513,631
Noble Holding International, Ltd.
3.95%, 03/15/2022 (A)		87,000		91,007
5.25%, 03/15/2042 (A)		253,000		257,454
Schlumberger Investment SA 3.30%, 09/14/2021 - 144A		344,000		373,169
Spectra Energy Capital LLC
6.20%, 04/15/2018		325,000		393,321
7.50%, 09/15/2038 (A)		125,000		173,450
8.00%, 10/01/2019		490,000		647,758
Texas Eastern Transmission, LP 2.80%, 10/15/2022 - 144A		462,000		465,934
TransCanada PipeLines, Ltd.
2.50%, 08/01/2022		250,000		248,665
6.50%, 08/15/2018		175,000		218,191
7.13%, 01/15/2019		400,000		509,208

	Principal		Value
Energy Equipment & Services (continued)
Transocean, Inc.
6.38%, 12/15/2021		$  161,000		$  192,849
6.50%, 11/15/2020		500,000		592,930
7.35%, 12/15/2041		124,000		158,111
7.50%, 04/15/2031		200,000		244,424
Weatherford International, Ltd.
5.95%, 04/15/2042		105,000		114,934
6.75%, 09/15/2040		130,000		151,772
9.88%, 03/01/2039		655,000		979,940
Food & Staples Retailing - 0.2%
CVS Caremark Corp. 4.13%, 05/15/2021		100,000		112,885
CVS Pass-Through Trust 5.93%, 01/10/2034 - 144A		647,833		787,920
Kroger Co.
2.20%, 01/15/2017 (A)		123,000		127,085
3.40%, 04/15/2022 (A)		700,000		739,168
5.40%, 07/15/2040		51,000		56,428
6.15%, 01/15/2020		300,000		368,086
7.50%, 04/01/2031		100,000		130,873
8.00%, 09/15/2029		175,000		235,518
Walgreen Co. 3.10%, 09/15/2022		516,000		524,613
Food Products - 0.3%
Bunge, Ltd. Finance Corp. 8.50%, 06/15/2019		310,000		404,052
Cargill, Inc.
3.30%, 03/01/2022 - 144A		560,000		577,116
6.00%, 11/27/2017 - 144A		220,000		265,612
7.35%, 03/06/2019 - 144A		250,000		320,239
ConAgra Foods, Inc. 2.10%, 03/15/2018 (A)		200,000		204,398
Kraft Foods Group, Inc.
5.38%, 02/10/2020		318,000		382,166
6.13%, 08/23/2018		225,000		274,304
6.88%, 01/26/2039		196,000		270,179
Mondelez International, Inc.
5.38%, 02/10/2020		291,000		348,097
6.50%, 08/11/2017		600,000		724,288
Gas Utilities - 0.3%
AGL Capital Corp.
3.50%, 09/15/2021		601,000		652,961
5.25%, 08/15/2019		100,000		119,567
5.88%, 03/15/2041		109,000		141,562
6.38%, 07/15/2016		300,000		349,536
Atmos Energy Corp.
4.95%, 10/15/2014		200,000		212,268
8.50%, 03/15/2019		44,000		59,587
Boston Gas Co. 4.49%, 02/15/2042 - 144A (A)		330,000		360,173
CenterPoint Energy Resources Corp.
4.50%, 01/15/2021		352,000		406,485
5.95%, 01/15/2014		150,000		155,554
6.13%, 11/01/2017		630,000		758,374
Health Care Providers & Services - 0.2%
Aetna, Inc.
4.50%, 05/15/2042		153,000		160,275
6.75%, 12/15/2037 (A)		305,000		415,374

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

Transamerica Funds Semi-Annual Report 2013

Page    35

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Health Care Providers & Services (continued)
Medco Health Solutions, Inc.
2.75%, 09/15/2015		$  140,000		$  145,879
7.13%, 03/15/2018		250,000		312,049
UnitedHealth Group, Inc. 3.38%, 11/15/2021		412,000		441,219
WellPoint, Inc.
3.13%, 05/15/2022 (A)		492,000		502,508
3.30%, 01/15/2023		105,000		108,294
4.63%, 05/15/2042		400,000		424,740
4.65%, 01/15/2043		38,000		40,397
Household Durables - 0.0% (E)
Newell Rubbermaid, Inc. 4.70%, 08/15/2020 (A)		183,000		206,079
Household Products - 0.0% (E)
Kimberly-Clark Corp. 2.40%, 03/01/2022		68,000		69,222
Independent Power Producers & Energy Traders - 0.2%
Exelon Generation Co., LLC
4.00%, 10/01/2020 (A)		600,000		643,511
5.75%, 10/01/2041 (A)		86,000		98,272
PSEG Power LLC
4.15%, 09/15/2021		417,000		456,276
5.13%, 04/15/2020		151,000		174,319
5.32%, 09/15/2016 (A)		800,000		903,949
5.50%, 12/01/2015		100,000		110,852
Southern Power Co. 5.15%, 09/15/2041		360,000		416,892
Industrial Conglomerates - 0.1%
Danaher Corp. 3.90%, 06/23/2021		261,000		294,485
Koninklijke Philips Electronics NV
3.75%, 03/15/2022		606,000		656,771
7.20%, 06/01/2026		500,000		663,192
Insurance - 1.0%
Aflac, Inc.
4.00%, 02/15/2022 (A)		466,000		511,354
6.45%, 08/15/2040		108,000		141,880
8.50%, 05/15/2019		235,000		319,044
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 - 144A		800,000		1,072,903
Allstate Corp.
5.00%, 08/15/2014		70,000		73,958
7.45%, 05/16/2019		100,000		131,991
Aon Corp.
3.13%, 05/27/2016		235,000		248,886
3.50%, 09/30/2015		46,000		48,660
6.25%, 09/30/2040 (A)		83,000		110,179
Berkshire Hathaway Finance Corp.
4.40%, 05/15/2042		268,000		277,307
5.75%, 01/15/2040		100,000		123,767
Berkshire Hathaway, Inc. 3.75%, 08/15/2021 (A)		727,000		802,897
CNA Financial Corp.
5.85%, 12/15/2014		200,000		214,907
5.88%, 08/15/2020		282,000		337,223
Jackson National Life Global Funding 4.70%, 06/01/2018 - 144A		1,400,000		1,540,521
Liberty Mutual Group, Inc. 5.00%, 06/01/2021 - 144A (A)		200,000		222,059

	Principal		Value
Insurance (continued)
Lincoln National Corp.
4.20%, 03/15/2022 (A)		$  53,000		$  58,767
4.85%, 06/24/2021		58,000		66,533
Massachusetts Mutual Life Insurance Co. 5.38%, 12/01/2041 - 144A (A)		297,000		354,635
Metropolitan Life Global Funding I
3.65%, 06/14/2018 - 144A		520,000		572,728
3.88%, 04/11/2022 - 144A		720,000		784,094
Nationwide Mutual Insurance Co.
6.60%, 04/15/2034 - 144A		260,000		269,100
9.38%, 08/15/2039 - 144A		625,000		941,451
New York Life Global Funding 4.65%, 05/09/2013 - 144A		150,000		150,110
Pacific Life Global Funding 5.00%, 05/15/2017 - 144A		100,000		106,455
Pacific Life Insurance Co. 9.25%, 06/15/2039 - 144A		750,000		1,122,936
Principal Life Global Funding II 1.00%, 12/11/2015 - 144A		145,000		145,518
Prudential Insurance Co. of America 8.30%, 07/01/2025 - 144A		900,000		1,256,418
Travelers Property Casualty Corp. 7.75%, 04/15/2026		450,000		631,881
Internet Software & Services - 0.1%
eBay, Inc.
2.60%, 07/15/2022		117,000		117,699
3.25%, 10/15/2020 (A)		420,000		454,899
4.00%, 07/15/2042		133,000		125,296
IT Services - 0.2%
HP Enterprise Services LLC 7.45%, 10/15/2029 (A)		500,000		592,467
International Business Machines Corp.
1.25%, 02/06/2017		315,000		319,322
1.88%, 05/15/2019 (A)		420,000		432,290
4.00%, 06/20/2042		169,000		174,857
7.00%, 10/30/2025		508,000		727,272
Machinery - 0.1%
Caterpillar, Inc.
1.50%, 06/26/2017		115,000		117,339
2.60%, 06/26/2022 (A)		123,000		126,203
7.90%, 12/15/2018		250,000		335,423
Deere & Co.
2.60%, 06/08/2022		119,000		121,604
3.90%, 06/09/2042		107,000		108,815
Illinois Tool Works, Inc. 3.90%, 09/01/2042 (A)		624,000		623,757
Media - 1.0%
CBS Corp.
4.85%, 07/01/2042 (A)		320,000		331,505
5.50%, 05/15/2033		150,000		162,968
5.75%, 04/15/2020		63,000		75,388
7.88%, 07/30/2030		130,000		179,675
8.88%, 05/15/2019		100,000		133,783
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414,000		605,341
Comcast Corp.
6.50%, 11/15/2035		100,000		133,614
7.05%, 03/15/2033		1,300,000		1,810,589

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

Transamerica Funds Semi-Annual Report 2013

Page    36

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Media (continued)
COX Communications, Inc. 5.45%, 12/15/2014		$  16,000		$  17,249
COX Enterprises, Inc. 7.38%, 07/15/2027 - 144A		200,000		265,469
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.80%, 03/15/2022		500,000		525,156
4.60%, 02/15/2021		400,000		445,731
6.00%, 08/15/2040		700,000		783,069
6.38%, 03/01/2041		240,000		279,952
Discovery Communications LLC 4.38%, 06/15/2021 (A)		344,000		385,605
Historic TW, Inc. 9.15%, 02/01/2023		200,000		295,850
NBCUniversal Media LLC 5.95%, 04/01/2041		210,000		268,752
News America, Inc.
6.20%, 12/15/2034		250,000		308,259
6.65%, 11/15/2037		200,000		258,096
7.25%, 05/18/2018		155,000		197,013
7.30%, 04/30/2028		130,000		167,964
7.70%, 10/30/2025		300,000		400,382
8.88%, 04/26/2023		200,000		280,088
TCI Communications, Inc. 7.13%, 02/15/2028		100,000		138,374
Thomson Reuters Corp.
3.95%, 09/30/2021		1,005,000		1,097,727
4.70%, 10/15/2019		75,000		86,911
Time Warner Cable, Inc.
6.55%, 05/01/2037		700,000		844,863
6.75%, 07/01/2018		40,000		49,676
7.30%, 07/01/2038		90,000		116,318
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		250,000		358,446
Time Warner, Inc.
4.75%, 03/29/2021		140,000		162,521
6.25%, 03/29/2041		37,000		46,118
6.50%, 11/15/2036		50,000		62,880
7.63%, 04/15/2031		300,000		423,781
7.70%, 05/01/2032		100,000		142,318
Viacom, Inc. 3.88%, 12/15/2021 (A)		606,000		659,186
Metals & Mining - 0.3%
BHP Billiton Finance USA, Ltd.
3.25%, 11/21/2021		670,000		717,798
4.13%, 02/24/2042 (A)		300,000		317,948
6.50%, 04/01/2019		270,000		343,842
Freeport-McMoRan Copper & Gold, Inc. 3.10%, 03/15/2020 - 144A		150,000		150,939
Placer Dome, Inc. 6.45%, 10/15/2035		399,000		461,577
Rio Tinto Finance USA, Ltd.
3.50%, 11/02/2020		80,000		85,072
3.75%, 09/20/2021		941,000		1,005,529
Multi-Utilities - 0.4%
CenterPoint Energy, Inc. 6.50%, 05/01/2018		180,000		222,292
Consolidated Edison Co., of New York, Inc. 5.70%, 06/15/2040		154,000		200,070

	Principal		Value
Multi-Utilities (continued)
Consumers Energy Co.
2.85%, 05/15/2022		$  121,000		$  126,854
6.70%, 09/15/2019		100,000		129,711
Delmarva Power & Light Co. 4.00%, 06/01/2042 (A)		294,000		306,832
Dominion Resources, Inc.
4.90%, 08/01/2041		103,000		117,607
5.25%, 08/01/2033		500,000		585,982
6.00%, 11/30/2017		450,000		540,798
6.40%, 06/15/2018		170,000		209,950
MidAmerican Energy Holdings Co. 6.13%, 04/01/2036		310,000		399,840
San Diego Gas & Electric Co. 6.00%, 06/01/2026		320,000		428,771
Sempra Energy
6.00%, 10/15/2039		150,000		191,397
9.80%, 02/15/2019		764,000		1,078,773
Multiline Retail - 0.1%
Kohl’s Corp. 4.00%, 11/01/2021 (A)		262,000		276,605
Macy’s Retail Holdings, Inc.
5.13%, 01/15/2042		100,000		108,207
6.90%, 04/01/2029		200,000		247,571
7.45%, 07/15/2017		240,000		295,944
Nordstrom, Inc. 4.00%, 10/15/2021 (A)		301,000		338,686
Office Electronics - 0.1%
Xerox Corp.
4.50%, 05/15/2021 (A)		80,000		87,049
5.63%, 12/15/2019		535,000		620,157
6.75%, 02/01/2017		330,000		383,439
8.25%, 05/15/2014		90,000		96,777
Oil, Gas & Consumable Fuels - 1.4%
Alberta Energy Co., Ltd. 7.38%, 11/01/2031		500,000		645,645
Anadarko Finance Co. 7.50%, 05/01/2031		530,000		728,557
Anadarko Holding Co. 7.15%, 05/15/2028		552,000		677,365
Anadarko Petroleum Corp. 8.70%, 03/15/2019		150,000		202,515
Apache Corp.
2.63%, 01/15/2023		192,000		190,366
3.25%, 04/15/2022		152,000		159,832
4.75%, 04/15/2043 (A)		268,000		282,846
6.90%, 09/15/2018		180,000		227,303
BG Energy Capital PLC 5.13%, 10/15/2041 - 144A		200,000		234,162
BP Capital Markets PLC
1.85%, 05/05/2017 (A)		429,000		442,223
3.25%, 05/06/2022		462,000		487,506
4.74%, 03/11/2021		100,000		117,417
Burlington Resources Finance Co. 7.40%, 12/01/2031		290,000		415,876
Canadian Natural Resources, Ltd. 6.45%, 06/30/2033		150,000		187,518
Cenovus Energy, Inc.
3.00%, 08/15/2022 (A)		91,000		93,038
4.45%, 09/15/2042 (A)		223,000		224,744

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

Transamerica Funds Semi-Annual Report 2013

Page    37

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips
6.00%, 01/15/2020		$  105,000		$  132,752
6.65%, 07/15/2018 (A)		350,000		439,874
Devon Energy Corp.
4.75%, 05/15/2042 (A)		224,000		231,042
6.30%, 01/15/2019		600,000		724,721
EnCana Corp. 6.50%, 05/15/2019		150,000		184,086
ENI SpA 5.70%, 10/01/2040 - 144A		900,000		960,914
EOG Resources, Inc.
2.63%, 03/15/2023		236,000		237,429
4.10%, 02/01/2021 (A)		300,000		342,326
Hess Corp. 7.88%, 10/01/2029		620,000		833,762
Kerr-McGee Corp. 7.88%, 09/15/2031		300,000		403,621
Occidental Petroleum Corp.
1.75%, 02/15/2017 (A)		208,000		214,577
2.70%, 02/15/2023 (A)		882,000		897,252
Petro-Canada
5.35%, 07/15/2033		100,000		114,043
6.05%, 05/15/2018		312,000		376,735
7.88%, 06/15/2026		100,000		144,543
Petrobras International Finance Co. 5.38%, 01/27/2021		400,000		441,707
Phillips 66
2.95%, 05/01/2017		161,000		171,385
4.30%, 04/01/2022		130,000		145,119
Shell International Finance BV
4.30%, 09/22/2019		300,000		349,220
4.38%, 03/25/2020		410,000		481,207
6.38%, 12/15/2038		100,000		142,928
Statoil ASA
3.15%, 01/23/2022		313,000		336,347
4.25%, 11/23/2041 (A)		236,000		255,614
5.25%, 04/15/2019		630,000		762,875
Suncor Energy, Inc.
5.95%, 12/01/2034		400,000		490,768
6.10%, 06/01/2018		250,000		303,183
Talisman Energy, Inc. 7.75%, 06/01/2019		385,000		491,360
Tosco Corp.
7.80%, 01/01/2027		160,000		235,853
8.13%, 02/15/2030		230,000		345,810
Total Capital International SA
0.75%, 01/25/2016		102,000		102,308
1.55%, 06/28/2017		187,000		190,727
2.88%, 02/17/2022 (A)		688,000		720,391
Total Capital SA 4.13%, 01/28/2021 (A)		82,000		93,724
Pharmaceuticals - 0.1%
Novartis Capital Corp. 2.40%, 09/21/2022		360,000		362,563
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		830,000		897,861
Watson Pharmaceuticals, Inc. 3.25%, 10/01/2022		162,000		161,411

	Principal		Value
Real Estate Investment Trusts - 0.3%
CommonWealth REIT
5.88%, 09/15/2020 (A)		$  400,000		$  437,414
6.65%, 01/15/2018		215,000		244,139
ERP Operating, LP
4.63%, 12/15/2021		479,000		546,680
5.75%, 06/15/2017		120,000		140,925
HCP, Inc.
3.75%, 02/01/2019		232,000		251,540
5.38%, 02/01/2021		105,000		124,546
Simon Property Group, LP
4.38%, 03/01/2021		210,000		239,030
5.65%, 02/01/2020		247,000		301,952
6.75%, 05/15/2014		50,000		52,367
10.35%, 04/01/2019		220,000		319,964
WEA Finance LLC 7.13%, 04/15/2018 - 144A (A)		260,000		323,220
WEA Finance LLC / WT Finance AUST Pty, Ltd.
3.38%, 10/03/2022 - 144A		363,000		374,843
6.75%, 09/02/2019 - 144A		580,000		720,478
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
3.45%, 09/15/2021		176,000		189,893
3.60%, 09/01/2020		125,000		137,180
4.70%, 10/01/2019 (A)		75,000		87,826
5.75%, 05/01/2040		500,000		617,719
7.29%, 06/01/2036		90,000		126,929
Canadian National Railway Co. 5.85%, 11/15/2017		180,000		217,105
CSX Corp.
4.25%, 06/01/2021		65,000		73,756
7.38%, 02/01/2019		350,000		447,918
7.90%, 05/01/2017		400,000		495,767
Norfolk Southern Corp.
3.25%, 12/01/2021 (A)		166,000		176,272
6.00%, 03/15/2105		160,000		201,447
Ryder System, Inc., Series MTN
2.50%, 03/01/2017 (A)		440,000		454,205
3.60%, 03/01/2016		132,000		138,677
Union Pacific Corp.
2.95%, 01/15/2023		43,000		44,822
4.16%, 07/15/2022		306,000		349,084
4.30%, 06/15/2042		148,000		156,774
5.78%, 07/15/2040		300,000		382,031
Semiconductors & Semiconductor Equipment - 0.1%
Intel Corp.
3.30%, 10/01/2021		586,000		623,874
4.80%, 10/01/2041		535,000		576,591
National Semiconductor Corp. 6.60%, 06/15/2017		200,000		242,549
Software - 0.1%
Intuit, Inc. 5.75%, 03/15/2017		70,000		80,174
Microsoft Corp. 4.50%, 10/01/2040		70,000		77,636
Oracle Corp.
5.00%, 07/08/2019		100,000		119,229
5.38%, 07/15/2040		123,000		149,665
6.13%, 07/08/2039		731,000		965,518
6.50%, 04/15/2038		200,000		274,849

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

Transamerica Funds Semi-Annual Report 2013

Page    38

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Specialty Retail - 0.2%
Gap, Inc. 5.95%, 04/12/2021 (A)		$  913,000		$  1,075,562
Lowe’s Cos., Inc.
4.65%, 04/15/2042		443,000		486,692
5.13%, 11/15/2041		189,000		217,024
5.50%, 10/15/2035		140,000		166,696
Lowe’s Cos., Inc., Series MTN 7.11%, 05/15/2037		120,000		166,549
Transportation Infrastructure - 0.0% (E)
Penske Truck Leasing Co., LP / PTL Finance Corp. 4.88%, 07/11/2022 - 144A		500,000		550,503
Water Utilities - 0.1%
American Water Capital Corp. 6.09%, 10/15/2017		780,000		931,603
Wireless Telecommunication Services - 0.1%
America Movil SAB de CV
2.38%, 09/08/2016		421,000		437,348
3.13%, 07/16/2022		236,000		240,160
Crown Castle Towers LLC 3.21%, 08/15/2035 - 144A		290,000		302,348
Vodafone Group PLC
1.63%, 03/20/2017		470,000		475,796
5.45%, 06/10/2019		75,000		89,899
Total Corporate Debt Securities (cost $207,122,361)				228,726,622
CONVERTIBLE BONDS - 0.0% (E)
Consumer Finance - 0.0% (E)
American Express Credit Corp., Series MTN 2.38%, 03/24/2017		277,000		290,871

	Principal		Value
Diversified Financial Services - 0.0% (E)
Citigroup, Inc. 6.50%, 08/19/2013		$  110,000		$  111,969
Total Convertible Bonds (cost $387,019)				402,840
	Shares		Value
SECURITIES LENDING COLLATERAL - 6.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (B)		75,077,741		75,077,741
Total Securities Lending Collateral (cost $75,077,741)				75,077,741
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $16,855,809 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $17,194,728.		$  16,855,795		16,855,795
Total Repurchase Agreement (cost $16,855,795)				16,855,795
Total Investment Securities (cost $1,189,361,891) (H)				1,262,454,067
Other Assets and Liabilities - Net				(21,652,039	)
Net Assets				$  1,240,802,028

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $73,549,621. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Floating or variable rate note. Rate is listed as of April 30, 2013.

(D) 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 $818,055, or 0.07% of the fund’s net assets.

(E) Percentage rounds to less than 0.1%.

(F) Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of April 30, 2013. Maturity date disclosed is the ultimate maturity date.

(G) When-issued security. A conditional transaction in a security authorized for issuance, but not yet issued.

(H) Aggregate cost for federal income tax purposes is $1,189,361,891. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $76,981,608 and $3,889,432, respectively. Net unrealized appreciation for tax purposes is $73,092,176.

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

Transamerica Funds Semi-Annual Report 2013

Page    39

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $144,453,092, or 11.64% of the fund’s net assets.
GMTN	Global Medium Term Note
IO	Interest Only
MTN	Medium Term Note
PO	Principal Only
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities

VALUATION SUMMARY: (I)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	150,777,067		$	—	$	150,777,067
U.S. Government Agency Obligations		—		544,564,882			—		544,564,882
Foreign Government Obligations		—		35,968,542			—		35,968,542
Mortgage-Backed Securities		—		168,654,901			—		168,654,901
Asset-Backed Securities		—		36,183,502			—		36,183,502
Municipal Government Obligations		—		5,242,175			—		5,242,175
Corporate Debt Securities		—		228,726,622			—		228,726,622
Convertible Bonds		—		402,840			—		402,840
Securities Lending Collateral		75,077,741		—			—		75,077,741
Repurchase Agreement		—		16,855,795			—		16,855,795
Total Investment Securities	$	75,077,741	$	1,187,376,326		$	—	$	1,262,454,067
Other Assets (J)
Cash	$	2,654	$	—		$	—	$	2,654
Total Other Assets	$	2,654	$	—		$	—	$	2,654
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (J)
Collateral for Securities on Loan	$	—	$	(75,077,741	)	$	—	$	(75,077,741	)
Total Other Liabilities	$	—	$	(75,077,741	)	$	—	$	(75,077,741	)

(I) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(J) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    40

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCKS - 1.8%
Brazil - 1.3%
Lojas Americanas SA, 0.60% (A)		772,734		$  6,805,235
Colombia - 0.5%
Banco Davivienda SA, 2.21% (A)		201,631		2,697,863
Total Preferred Stocks (cost $8,184,445)				9,503,098
COMMON STOCKS - 94.3%
Brazil - 10.4%
B2W Cia Global Do Varejo (B)		191,516		1,100,804
Banco Bradesco SA - ADR (C)		307,569		5,102,570
BM&FBovespa SA		1,327,046		9,212,880
Cia de Bebidas das Americas - ADR		56,100		2,357,322
Diagnosticos da America SA		433,300		2,377,925
Embraer SA - ADR		144,120		5,034,111
Estacio Participacoes SA		207,300		4,942,252
Kroton Educacional SA		374,542		5,241,622
MRV Engenharia e Participacoes SA		459,500		1,975,109
Natura Cosmeticos SA		254,200		6,437,743
Petroleo Brasileiro SA - Class A ADR		426,700		8,521,199
SUL America SA		311,766		2,313,995
Chile - 1.0%
Cencosud SA		907,751		5,126,350
SACI Falabella		22,787		260,554
China - 6.4%
Baidu, Inc. - ADR (B) (C)		216,010		18,544,458
Ctrip.com International, Ltd. - ADR (B) (C)		209,690		4,608,986
Home Inns & Hotels Management, Inc. - ADR (B)		77,930		1,942,016
NetEase, Inc. - ADR		58,210		3,282,462
New Oriental Education & Technology Group - ADR		187,010		3,577,501
Youku Tudou, Inc. - ADR (B) (C)		98,500		1,995,610
Colombia - 1.1%
Almacenes Exito SA		167,856		2,751,791
Bancolombia SA - ADR		46,160		3,128,263
Denmark - 2.0%
Carlsberg AS - Class B		104,108		9,663,979
FLSmidth & Co. A/S (C)		18,649		1,084,792
Egypt - 0.4%
Commercial International Bank Egypt SAE		499,513		2,201,409
Hong Kong - 13.2%
AIA Group, Ltd.		1,241,000		5,509,230
China Oilfield Services, Ltd. - Class H		674,000		1,328,866
CNOOC, Ltd.		3,346,000		6,226,199
Hang Lung Group, Ltd.		423,750		2,495,490
Hang Lung Properties, Ltd.		1,424,549		5,525,528
Hong Kong Exchanges and Clearing, Ltd. (C)		376,887		6,337,990
Prada SpA		719,800		6,409,435
Shandong Weigao Group Medical Polymer Co., Ltd. - Class H (C)		2,805,000		2,692,892
Sinopharm Group Co., Ltd. - Class H (C) (D)		1,433,800		4,258,821
Soho China, Ltd. (C)		2,548,000		2,199,906
Tencent Holdings, Ltd.		328,400		11,256,793
Tingyi Cayman Islands Holding Corp. (C)		2,727,000		7,555,331
Tsingtao Brewery Co., Ltd. - Class H (C)		246,000		1,648,422
Want Want China Holdings, Ltd. (C)		3,995,000		6,332,158
India - 14.4%
Ambuja Cements, Ltd.		787,572		2,748,279
Apollo Hospitals Enterprise, Ltd.		169,103		2,607,090

	Shares		Value
India (continued)
Asian Paints, Ltd.		29,485		$  2,563,977
Cipla, Ltd.		437,372		3,296,831
Colgate-Palmolive India, Ltd.		120,342		3,243,370
DLF Ltd.		902,516		3,972,746
HDFC Bank, Ltd. - ADR		121,800		5,169,192
Hindustan Unilever, Ltd.		639,523		6,917,532
Housing Development Finance Corp.		692,976		10,899,821
ICICI Bank, Ltd. - ADR		185,630		8,691,197
Infosys, Ltd.		194,645		8,063,993
Marico, Ltd.		518,114		2,165,260
Sun Pharmaceuticals Industries, Ltd.		96,246		1,695,716
Tata Consultancy Services, Ltd.		185,799		4,746,625
Ultratech Cement, Ltd.		41,774		1,480,990
United Spirits, Ltd.		29,939		1,234,181
Zee Entertainment Enterprises, Ltd.		1,456,051		6,324,194
Indonesia - 1.5%
Astra International PT		7,247,500		5,478,953
Semen Indonesia Persero Tbk PT		261,000		493,947
Unilever Indonesia PT		573,500		1,548,406
United Tractors Tbk PT		336,000		613,423
Italy - 1.0%
Saipem SpA		69,524		1,968,533
Salvatore Ferragamo Italia SpA - Class A		112,343		3,354,030
Korea, Republic of - 3.5%
E-Mart Co., Ltd.		13,854		2,704,631
NHN Corp.		48,770		13,108,072
Shinsegae Co., Ltd.		11,821		2,538,515
Luxembourg - 1.5%
Tenaris SA - ADR (C)		183,260		8,153,237
Malaysia - 1.1%
Genting Bhd		1,747,000		6,029,088
Mexico - 6.2%
America Movil SAB de CV - Series L ADR		722,020		15,436,788
Fomento Economico Mexicano SAB de CV (C)		716,587		8,126,470
Grupo Financiero Inbursa SAB de CV - Class O (C)		801,315		2,324,297
Grupo Televisa SAB - ADR		99,650		2,523,138
Wal-Mart de Mexico SAB de CV - Series V		1,297,669		4,116,700
Netherlands - 1.1%
Heineken NV (C)		79,392		5,606,257
Philippines - 2.7%
Jollibee Foods Corp.		849,530		2,652,201
SM Investments Corp.		212,040		5,898,586
SM Prime Holdings, Inc.		11,489,163		5,582,684
Russian Federation - 2.2%
Magnit OJSC (E)		54,339		11,588,879
Singapore - 0.3%
Jardine Strategic Holdings, Ltd. (C)		45,000		1,755,000
South Africa - 2.7%
ABSA Group, Ltd.		129,917		2,138,234
Impala Platinum Holdings, Ltd. (C)		256,599		3,501,768
MTN Group, Ltd.		321,321		5,792,981
Standard Bank Group, Ltd.		211,065		2,636,695
Switzerland - 0.5%
Cie Financiere Richemont SA		32,182		2,599,342
Taiwan - 2.1%
Epistar Corp.		718,500		1,265,994

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

Transamerica Funds Semi-Annual Report 2013

Page    41

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Taiwan (continued)
Synnex Technology International Corp.		1,179,801		$  1,994,852
Taiwan Semiconductor Manufacturing Co., Ltd.		2,054,459		7,622,772
Thailand - 0.6%
Siam Commercial Bank PCL		525,100		3,327,721
Turkey - 4.2%
Akbank TAS - Class A		497,500		2,614,112
Anadolu Efes Biracilik Ve Malt Sanayii AS - Class B		239,853		3,986,954
BIM Birlesik Magazalar AS		52,283		2,683,049
Enka Insaat ve Sanayi AS		640,412		1,979,016
Haci OMER Sabanci Holding AS		1,292,059		8,035,955
Turkiye Garanti Bankasi AS		492,109		2,717,545
United Kingdom - 11.1%
Anglo American PLC		396,161		9,630,644
Antofagasta PLC - Class A		166,810		2,325,551
BG Group PLC		434,350		7,317,094
Eurasia Drilling Co., Ltd. - GDR, Reg S		76,304		2,983,486
Glencore International PLC (C)		583,350		2,872,032
Mail.ru Group, Ltd. - GDR, Reg S		87,500		2,362,500
NovaTek OAO - GDR, Reg S		99,700		10,089,640
SABMiller PLC		140,350		7,561,769
Tullow Oil PLC		444,390		6,909,834
Unilever PLC		143,524		6,211,191

	Shares		Value
United States - 3.1%
Almacenes Exito SA - 144A, GDR		191,700		$  3,141,100
Inretail Peru Corp. - 144A (B) (D) (E)		67,690		1,624,560
MercadoLibre, Inc. (C)		39,910		4,014,547
Yandex NV - Class A (B) (C)		288,850		7,434,999
Total Common Stocks (cost $471,688,818)				497,361,530
SECURITIES LENDING COLLATERAL - 7.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A)		41,420,121		41,420,121
Total Securities Lending Collateral (cost $41,420,121)				41,420,121
	Principal		Value
REPURCHASE AGREEMENT - 4.0%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $20,906,823 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 3.50%, due 02/01/2032 - 06/01/2032, and with a total value of $21,327,386.		$  20,906,806		20,906,806
Total Repurchase Agreement (cost $20,906,806)				20,906,806
Total Investment Securities (cost $542,200,190) (F)				569,191,555
Other Assets and Liabilities - Net				(41,782,895	)
Net Assets				$  527,408,660

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Internet Software & Services		10.9	%	$	61,999,441
Commercial Banks		7.5			42,749,098
Beverages		7.1			40,185,354
Oil, Gas & Consumable Fuels		6.9			39,063,966
Food & Staples Retailing		6.4			36,275,575
Diversified Financial Services		4.1			23,586,825
Wireless Telecommunication Services		3.7			21,229,769
Food Products		3.5			20,098,680
Real Estate Management & Development		3.5			19,776,354
Metals & Mining		3.2			18,329,995
Energy Equipment & Services		2.5			14,434,122
Diversified Consumer Services		2.4			13,761,375
IT Services		2.3			12,810,618
Textiles, Apparel & Luxury Goods		2.2			12,362,807
Household Products		2.1			11,709,308
Thrifts & Mortgage Finance		1.9			10,899,821
Hotels, Restaurants & Leisure		1.9			10,623,305
Industrial Conglomerates		1.7			9,632,602
Health Care Providers & Services		1.6			9,243,836
Semiconductors & Semiconductor Equipment		1.6			8,888,766
Media		1.6			8,847,332
Personal Products		1.5			8,603,003
Insurance		1.4			7,823,225
Multiline Retail		1.2			7,065,789
Internet & Catalog Retail		1.0			5,709,790
Automobiles		1.0			5,478,953

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

Transamerica Funds Semi-Annual Report 2013

Page    42

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Aerospace & Defense		0.9	%	$	5,034,111
Pharmaceuticals		0.9			4,992,547
Construction Materials		0.8			4,723,216
Health Care Equipment & Supplies		0.5			2,692,892
Chemicals		0.4			2,563,977
Electronic Equipment & Instruments		0.3			1,994,852
Household Durables		0.3			1,975,109
Construction & Engineering		0.2			1,084,792
Machinery		0.1			613,423
Investment Securities, at Value		89.1			506,864,628
Short-Term Investments		10.9			62,326,927
Total Investments		100.0	%	$	569,191,555

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) Non-income producing security.

(C) All or a portion of this security is on loan. The value of all securities on loan is $39,765,713. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(D) Illiquid. Total aggregate market value of illiquid securities is $5,883,381, or 1.12% of the fund’s net assets.

(E) 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 $13,213,439, or 2.51% of the fund’s net assets.

(F) Aggregate cost for federal income tax purposes is $542,200,190. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $59,449,599 and $32,458,234, respectively. Net unrealized appreciation for tax purposes is $26,991,365.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $4,765,660, or 0.90% of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OJSC	Open Joint Stock Company
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Transamerica Funds Semi-Annual Report 2013

Page    43

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (G)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Stocks	$	9,503,098	$	—		$	—	$	9,503,098
Common Stocks		183,016,714		314,344,816			—		497,361,530
Securities Lending Collateral		41,420,121		—			—		41,420,121
Repurchase Agreement		—		20,906,806			—		20,906,806
Total Investment Securities	$	233,939,933	$	335,251,622		$	—	$	569,191,555
Other Assets (H)
Foreign Currency	$	198,915	$	—		$	—	$	198,915
Total Other Assets	$	198,915	$	—		$	—	$	198,915
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (H)
Collateral for Securities on Loan	$	—	$	(41,420,121	)	$	—	$	(41,420,121	)
Total Other Liabilities	$	—	$	(41,420,121	)	$	—	$	(41,420,121	)

(G) Transfers between levels are considered to have occurred at the end of the reporting period. As of period ended April 30, 2013, securities with fair market value of $4,765,660 transferred from Level 1 to Level 2 due to unavailability of unadjusted quoted prices. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(H) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    44

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 99.1%
Australia - 8.8%
Dexus Property Group - REIT		2,149,891		$  2,574,255
Federation Centres - REIT		607,027		1,636,193
Goodman Group - REIT		399,578		2,158,204
GPT Group - REIT		136,605		580,635
Investa Office Fund - REIT (A)		232,600		790,928
Mirvac Group - REIT		994,751		1,825,328
Stockland - REIT		97,200		389,969
Westfield Group - REIT		318,548		3,847,282
Westfield Retail Trust - REIT		1,028,979		3,520,251
Brazil - 0.1%
Sonae Sierra Brasil SA		10,900		152,543
Canada - 1.2%
Boardwalk Real Estate Investment Trust - REIT		15,000		980,743
Calloway Real Estate Investment Trust - REIT		12,800		383,829
RioCan Real Estate Investment Trust - REIT		35,100		1,028,141
France - 4.2%
Fonciere Des Regions - REIT		7,297		580,431
ICADE - REIT		6,064		559,019
Klepierre - REIT		42,060		1,783,588
Mercialys SA - REIT		8,210		183,212
Societe Immobiliere de Location pour l’Industrie et le Commerce - REIT		5,205		612,881
Unibail-Rodamco SE - REIT		17,758		4,642,202
Germany - 0.7%
GSW Immobilien AG		10,073		404,204
LEG Immobilien AG (B)		17,600		968,854
Hong Kong - 9.3%
Cheung Kong Holdings, Ltd.		273,090		4,117,386
China Overseas Land & Investment, Ltd. (A)		271,300		830,316
Hang Lung Group, Ltd.		43,848		258,223
Hang Lung Properties, Ltd.		103,748		402,417
Kerry Properties, Ltd.		248,000		1,124,927
Link - REIT		536,300		3,023,540
Sino Land Co., Ltd.		1,093,528		1,800,904
Sun Hung Kai Properties, Ltd.		224,845		3,253,815
Swire Properties, Ltd.		408,000		1,440,591
Wharf Holdings, Ltd.		224,405		2,005,436
Japan - 17.9%
Advance Residence Investment Corp. - Class A REIT		161		384,973
Daito Trust Construction Co., Ltd.		17,100		1,655,886
Daiwa House Industry Co., Ltd.		71,000		1,603,755
Japan Real Estate Investment Corp. - REIT		224		3,000,913
Japan Retail Fund Investment Corp. - Class A REIT (A)		1,074		2,544,945
Kenedix Realty Investment Corp. - Class A REIT (A)		136		638,252
Mitsubishi Estate Co., Ltd. (A)		298,536		9,692,429
Mitsui Fudosan Co., Ltd.		213,746		7,257,519
Nippon Accommodations Fund, Inc. - Class A REIT		67		518,900
Nippon Building Fund, Inc. - REIT		112		1,610,750
Sumitomo Realty & Development Co., Ltd.		83,100		3,921,219
Tokyo Tatemono Co., Ltd.		140,500		1,298,564
United Urban Investment Corp. - Class A REIT		734		1,208,463

	Shares		Value
Netherlands - 0.3%
Eurocommercial Properties NV - REIT		14,838		$  606,159
Singapore - 6.8%
Ascendas Real Estate Investment Trust - REIT		260,000		580,499
CapitaCommercial Trust - REIT (A)		1,527,000		2,119,972
CapitaLand, Ltd.		856,950		2,602,089
CapitaMall Trust - REIT		830,114		1,563,583
Frasers Centrepoint Trust - REIT		124,100		226,699
Global Logistic Properties, Ltd. - Class L		1,151,200		2,579,615
Hongkong Land Holdings, Ltd.		307,797		2,234,606
Keppel Land, Ltd.		117,000		385,662
Mapletree Greater China Commercial Trust - REIT (A) (B)		1,238,000		1,120,703
Sweden - 0.6%
Castellum AB		59,698		893,483
Hufvudstaden AB - Class A		26,180		342,143
Switzerland - 0.4%
PSP Swiss Property AG (B)		8,550		802,310
United Kingdom - 4.3%
British Land Co., PLC - REIT		66,148		610,855
Derwent London PLC - REIT		40,039		1,436,073
Great Portland Estates PLC - REIT		198,260		1,638,385
Hammerson PLC - REIT		172,517		1,392,152
Land Securities Group PLC - REIT		191,323		2,595,968
Safestore Holdings PLC - REIT		197,600		420,511
Segro PLC - REIT		99,500		411,743
United States - 44.5%
American Tower Corp. - Class A REIT		7,100		596,329
AvalonBay Communities, Inc. - REIT		17,225		2,291,614
BioMed Realty Trust, Inc. - Basis B REIT (A)		43,800		985,938
Boston Properties, Inc. - REIT		35,700		3,906,651
Brandywine Realty Trust - REIT		25,600		382,208
BRE Properties, Inc. - REIT		34,400		1,736,512
Campus Crest Communities, Inc. - REIT		27,800		379,748
CBL & Associates Properties, Inc. - REIT		15,700		378,998
CommonWealth - REIT		23,900		533,687
DDR Corp. - REIT (A)		104,000		1,907,360
Douglas Emmett, Inc. - REIT		59,300		1,551,881
Duke Realty Corp. - REIT (A)		100,500		1,772,820
Equity Residential - REIT		50,000		2,903,000
Essex Property Trust, Inc. - REIT		5,000		785,250
Federal Realty Investment Trust - REIT		6,800		795,668
General Growth Properties, Inc. - REIT		173,190		3,934,877
HCP, Inc. - REIT		67,000		3,571,100
Health Care REIT, Inc.		45,700		3,426,129
Healthcare Trust of America, Inc. - Class A REIT		22,900		285,792
Highwoods Properties, Inc. - REIT (A)		27,900		1,144,737
Host Hotels & Resorts, Inc. - REIT (A)		288,177		5,264,994
Kilroy Realty Corp. - REIT (A)		43,800		2,478,642
Kimco Realty Corp. - REIT (A)		122,500		2,913,050
Lexington Realty Trust - REIT		63,100		808,311
Liberty Property Trust - Series C REIT		61,900		2,661,081
Macerich Co. - Class A REIT (A)		52,107		3,650,095
Pebblebrook Hotel Trust - REIT (A)		29,800		809,368
Post Properties, Inc. - REIT		37,800		1,868,454
ProLogis, Inc. - Class A REIT		103,713		4,350,760
Public Storage - REIT		18,700		3,085,500
Ramco-Gershenson Properties Trust - REIT (A)		22,100		386,087

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

Transamerica Funds Semi-Annual Report 2013

Page    45

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United States (continued)
Senior Housing Properties Trust - REIT		41,300		$  1,174,159
Simon Property Group, Inc. - REIT		45,563		8,113,404
SL Green Realty Corp. - REIT (A)		40,200		3,646,140
Starwood Hotels & Resorts Worldwide, Inc.		14,900		961,348
Sunstone Hotel Investors, Inc. - REIT (B)		60,700		753,287
Tanger Factory Outlet Centers - REIT		15,710		583,155
Taubman Centers, Inc. - REIT		22,100		1,889,771
UDR, Inc. - REIT		117,883		2,897,564
Ventas, Inc. - REIT		37,235		2,965,023
Vornado Realty Trust - Class A REIT		29,037		2,542,480
Weyerhaeuser Co. - REIT		29,700		906,147
Total Common Stocks (cost $135,910,700)				195,739,144
SECURITIES LENDING COLLATERAL - 7.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		14,556,014		14,556,014
Total Securities Lending Collateral (cost $14,556,014)				14,556,014

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $2,029,109 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $2,072,091.		$  2,029,108		$  2,029,108
Total Repurchase Agreement (cost $2,029,108)				2,029,108
Total Investment Securities (cost $152,495,822) (D)				212,324,266
Other Assets and Liabilities - Net				(14,738,881	)
Net Assets				$  197,585,385

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Real Estate Investment Trusts		67.0	%	$	142,328,389
Real Estate Management & Development		24.7			52,449,407
Hotels, Restaurants & Leisure		0.5			961,348
Investment Securities, at Value		92.2			195,739,144
Short-Term Investments		7.8			16,585,122
Total Investments		100.0	%	$	212,324,266

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $14,055,586. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $152,495,822. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $60,361,672 and $533,228, respectively. Net unrealized appreciation for tax purposes is $59,828,444.

DEFINITION:

REIT Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	90,524,375	$	105,214,769	$	—	$	195,739,144
Securities Lending Collateral		14,556,014		—		—		14,556,014
Repurchase Agreement		—		2,029,108		—		2,029,108
Total Investment Securities	$	105,080,389	$	107,243,877	$	—	$	212,324,266

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

Transamerica Funds Semi-Annual Report 2013

Page    46

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (E)
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
Other Assets (F)
Foreign Currency	$	41,222	$	—		$	—	$	41,222
Total Other Assets	$	41,222	$	—		$	—	$	41,222
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(14,556,014	)	$	—	$	(14,556,014	)
Total Other Liabilities	$	—	$	(14,556,014	)	$	—	$	(14,556,014	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    47

Transamerica Growth

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Aerospace & Defense - 5.8%
Boeing Co.		127,383		$  11,644,080
Precision Castparts Corp.		54,892		10,500,291
Rolls-Royce Holdings PLC (A) (B)		20,526,429		31,885
Rolls-Royce Holdings PLC (A)		172,491		3,027,709
United Technologies Corp.		99,270		9,062,358
Beverages - 1.6%
Diageo PLC		224,984		6,863,765
Monster Beverage Corp. (A)		49,068		2,767,435
Biotechnology - 9.1%
Alexion Pharmaceuticals, Inc. (A)		99,364		9,737,672
Biogen IDEC, Inc. (A)		66,324		14,520,313
Celgene Corp. (A)		50,938		6,014,250
Gilead Sciences, Inc. (A)		232,154		11,756,279
Vertex Pharmaceuticals, Inc. (A)		154,086		11,836,886
Capital Markets - 2.4%
Goldman Sachs Group, Inc.		53,081		7,753,542
Morgan Stanley		291,842		6,464,300
Chemicals - 2.7%
Monsanto Co.		148,745		15,888,941
Computers & Peripherals - 3.6%
Apple, Inc.		39,632		17,547,068
EMC Corp. (A)		156,533		3,511,035
Electrical Equipment - 0.4%
Roper Industries, Inc.		20,677		2,474,003
Energy Equipment & Services - 1.9%
FMC Technologies, Inc. (A)		87,728		4,763,630
Schlumberger, Ltd.		83,915		6,245,794
Food & Staples Retailing - 3.4%
Costco Wholesale Corp.		110,112		11,939,444
Whole Foods Market, Inc.		92,615		8,179,757
Food Products - 1.2%
Mondelez International, Inc. - Class A		216,734		6,816,284
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories		203,593		7,516,654
Essilor International SA - ADR		53,363		3,004,870
Intuitive Surgical, Inc. (A)		7,854		3,866,446
Health Care Providers & Services - 1.9%
Express Scripts Holding Co. (A)		93,055		5,524,675
UnitedHealth Group, Inc.		96,835		5,803,322
Hotels, Restaurants & Leisure - 3.5%
Chipotle Mexican Grill, Inc. -  Class A (A) (C)		19,489		7,078,210
Dunkin’ Brands Group, Inc.		171,869		6,670,236
Starbucks Corp.		114,303		6,954,194
Internet & Catalog Retail - 5.4%
Amazon.com, Inc. (A)		75,451		19,150,218
priceline.com, Inc. (A)		18,462		12,849,368
Internet Software & Services - 9.3%
eBay, Inc. (A)		156,158		8,181,118
Facebook, Inc. - Class A (A)		210,811		5,852,113
Google, Inc. - Class A (A)		29,430		24,267,095
LinkedIn Corp. - Class A (A)		65,500		12,581,895
Rackspace Hosting, Inc. (A) (C)		86,033		4,146,791
IT Services - 7.3%
International Business Machines Corp.		44,193		8,950,850
Mastercard, Inc. - Class A		39,025		21,578,093
Teradata Corp. (A)		4,856		247,996
Visa, Inc. - Class A		72,784		12,261,193

	Shares		Value
Life Sciences Tools & Services - 1.0%
Illumina, Inc. (A) (C)		88,143		$  5,701,971
Media - 2.7%
Discovery Communications, Inc. -  Series A (A) (C)		51,478		4,057,496
Walt Disney Co. - Class A		193,463		12,157,215
Oil, Gas & Consumable Fuels - 1.9%
Concho Resources, Inc. (A)		68,397		5,891,033
EOG Resources, Inc.		45,205		5,477,038
Personal Products - 1.9%
Estee Lauder Cos., Inc. - Class A		161,631		11,209,110
Pharmaceuticals - 6.6%
Allergan, Inc.		104,798		11,899,813
Bristol-Myers Squibb Co.		129,730		5,152,876
Novo Nordisk A/S - ADR		63,039		11,134,578
Perrigo Co.		40,619		4,850,315
Shire PLC - Class B ADR		62,141		5,818,883
Real Estate Investment Trusts - 0.9%
American Tower Corp. - Class A		59,734		5,017,059
Road & Rail - 3.5%
Canadian Pacific Railway, Ltd. (C)		39,776		4,956,885
Kansas City Southern		49,883		5,440,739
Union Pacific Corp.		69,506		10,284,108
Semiconductors & Semiconductor Equipment - 2.8%
ARM Holdings PLC - ADR		139,766		6,534,060
Avago Technologies, Ltd. - Class A		134,723		4,305,747
Broadcom Corp. - Class A		159,965		5,758,740
Software - 6.2%
Intuit, Inc.		98,558		5,877,999
Red Hat, Inc. (A)		158,992		7,620,487
Salesforce.com, Inc. (A) (C)		204,610		8,411,517
Splunk, Inc. (A)		82,516		3,366,653
VMware, Inc. - Class A (A) (C)		96,979		6,837,019
Workday, Inc. - Class A (A)		66,939		4,193,728
Specialty Retail - 4.2%
Inditex SA (C)		84,352		11,336,470
TJX Cos., Inc.		279,254		13,619,217
Textiles, Apparel & Luxury Goods - 4.9%
Lululemon Athletica, Inc. (A) (C)		73,610		5,603,929
NIKE, Inc. - Class B		209,916		13,350,658
Ralph Lauren Corp. - Class A		55,697		10,113,461
Wireless Telecommunication Services - 0.7%
Crown Castle International Corp. (A)		49,800		3,834,600
Total Common Stocks (cost $395,426,771)				585,645,462
SECURITIES LENDING COLLATERAL - 7.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		41,402,577		41,402,577
Total Securities Lending Collateral (cost $41,402,577)				41,402,577

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

Transamerica Funds Semi-Annual Report 2013

Page    48

Transamerica Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.03% (D), dated 04/30/2013, to be repurchased at $5,212,304 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $5,317,683.		$  5,212,300		$  5,212,300
Total Repurchase Agreement (cost $5,212,300)				5,212,300
Total Investment Securities (cost $442,041,648) (E)				632,260,339
Other Assets and Liabilities - Net				(41,693,548	)
Net Assets				$  590,566,791

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Non-income producing security.

(B) Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $31,885, or 0.01% of the fund’s net assets.

(C) All or a portion of this security is on loan. The value of all securities on loan is $40,311,048. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(D) Rate shown reflects the yield at April 30, 2013.

(E) Aggregate cost for federal income tax purposes is $442,041,648. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $191,986,308 and $1,767,617, respectively. Net unrealized appreciation for tax purposes is $190,218,691.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: (F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	564,385,633	$	21,259,829		$	—	$	585,645,462
Securities Lending Collateral		41,402,577		—			—		41,402,577
Repurchase Agreement		—		5,212,300			—		5,212,300
Total Investment Securities	$	605,788,210	$	26,472,129		$	—	$	632,260,339
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (G)
Collateral for Securities on Loan	$	—	$	(41,402,577	)	$	—	$	(41,402,577	)
Total Other Liabilities	$	—	$	(41,402,577	)	$	—	$	(41,402,577	)

(F) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(G) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    49

Transamerica International

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.6%
Germany - 0.6%
Volkswagen AG, 2.31% (A) (B)		10,600		$  2,148,394
Total Convertible Preferred Stock (cost $2,547,941)				2,148,394
COMMON STOCKS - 95.5%
Australia - 1.8%
Brambles, Ltd.		197,100		1,781,789
CSL, Ltd.		27,755		1,811,587
Iluka Resources, Ltd. (A)		224,340		2,081,531
Imdex, Ltd. (A)		700,995		715,821
Belgium - 1.0%
Anheuser-Busch InBev NV - STRIP VVPR (C) (D) (E)		130,726		172
Colruyt SA		68,250		3,444,723
Brazil - 0.1%
SLC Agricola SA		36,600		323,423
Canada - 6.6%
Cenovus Energy, Inc.		67,488		2,019,716
Corus Entertainment, Inc. - Class B (A)		161,460		3,964,981
Dollarama, Inc. (A)		58,200		4,263,398
Home Capital Group, Inc. - Class B		46,400		2,662,087
MacDonald Dettwiler & Associates, Ltd.		58,215		4,204,979
New Gold, Inc. (C)		376,200		3,017,218
Silver Wheaton Corp.		122,500		2,994,863
Denmark - 1.9%
Sydbank A/S (C)		129,335		2,947,168
Tryg A/S (A)		42,976		3,721,333
France - 7.3%
Arkema SA		42,190		3,952,691
Eutelsat Communications SA		71,753		2,590,584
Pernod-Ricard SA		21,625		2,677,031
Publicis Groupe SA		24,400		1,697,296
Rexel SA		234,186		5,152,012
Sanofi		34,765		3,810,126
Sodexo		68,345		5,707,343
Germany - 7.6%
Brenntag AG		32,640		5,564,443
Continental AG		29,145		3,460,568
Deutsche Boerse AG		63,400		3,957,647
Fresenius Medical Care AG & Co., KGaA		18,160		1,253,189
Gerresheimer AG		63,973		3,652,627
Linde AG		26,199		4,954,600
SAP AG - ADR		43,900		3,505,415
Hong Kong - 3.0%
China Liansu Group Holdings, Ltd. (A)		4,824,000		2,747,638
China Mobile, Ltd. - ADR		95,265		5,262,438
Industrial & Commercial Bank of China, Ltd. - Class H		3,451,000		2,428,105
Indonesia - 0.7%
Bank Mandiri Persero PT		2,427,600		2,621,733
Ireland - 0.8%
DCC PLC		74,206		2,715,709
Israel - 1.1%
Bezeq Israeli Telecommunication Corp., Ltd.		2,738,090		3,971,567
Japan - 13.8%
FANUC Corp.		32,600		4,915,833
Kansai Paint Co., Ltd.		316,800		4,058,914

	Shares		Value
Japan (continued)
Kenedix Realty Investment Corp. - Class A REIT (A)		831		$  3,899,908
Keyence Corp.		15,500		4,913,064
Nihon Kohden Corp.		104,300		4,006,806
Pigeon Corp. (A)		50,900		4,370,242
Pola Orbis Holdings, Inc.		55,500		1,964,148
SMC Corp.		20,300		4,062,707
Softbank Corp.		39,200		1,940,196
Sugi Holdings Co., Ltd.		79,700		3,061,768
Sundrug Co., Ltd. (A)		130,600		5,733,887
Toyota Motor Corp.		90,000		5,206,955
Korea, Republic of - 1.8%
Samsung Electronics Co., Ltd.		4,587		6,330,918
Netherlands - 6.2%
Akzo Nobel NV (A)		60,307		3,635,908
ASML Holding NV (A)		39,300		2,921,635
Koninklijke Ahold NV		263,398		4,155,648
Nutreco NV (A)		52,179		4,952,446
Unilever NV		139,097		5,920,502
Norway - 3.8%
DNB ASA (A)		308,880		5,048,459
Norwegian Property ASA (A)		945,427		1,326,368
ProSafe SE		370,140		3,552,805
Subsea 7 SA (A)		156,248		3,365,300
Russian Federation - 0.9%
Sberbank of Russia - ADR (C)		250,020		3,215,257
Singapore - 1.8%
Jardine Matheson Holdings, Ltd.		54,500		3,538,685
United Overseas Bank, Ltd.		157,900		2,737,002
Sweden - 2.7%
Elekta AB - Class B		242,813		3,733,394
Nordea Bank AB		155,595		1,864,197
Telefonaktiebolaget LM Ericsson - Class B		310,250		3,872,710
Switzerland - 13.7%
Bucher Industries AG		17,332		4,179,215
Givaudan SA (C)		4,064		5,227,516
Kaba Holding AG		6,455		2,527,017
Nestle SA		58,103		4,149,322
Novartis AG		51,006		3,787,873
Partners Group Holding AG		14,415		3,697,545
Roche Holding AG		27,714		6,927,010
SGS SA		2,449		5,918,373
Sika AG		1,749		4,222,956
Sulzer AG		41,086		7,008,216
Turkey - 0.5%
Sinpas Gayrimenkul Yatirim Ortakligi AS - REIT		2,069,633		1,604,680
United Kingdom - 14.2%
Afren PLC (C)		1,097,830		2,286,826
Amlin PLC		669,851		4,415,937
BG Group PLC		132,465		2,231,516
BHP Billiton PLC		103,925		2,891,245
Bunzl PLC		227,635		4,522,503
Diploma PLC		201,960		1,789,741
Experian Group, Ltd.		96,792		1,701,983
ICAP PLC		443,725		1,983,691
Mitie Group PLC (A)		822,335		3,528,107

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

Transamerica Funds Semi-Annual Report 2013

Page    50

Transamerica International

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United Kingdom (continued)
NovaTek OAO - GDR, Reg S		16,940		$  1,714,328
Petrofac, Ltd.		193,610		4,060,045
Reed Elsevier PLC		309,117		3,610,854
Rio Tinto PLC		59,465		2,696,279
RPS Group PLC (A)		836,723		3,241,510
SABMiller PLC		50,880		2,741,309
Synergy Health PLC (E)		233,307		3,939,368
Tullow Oil PLC		140,897		2,190,812
United States - 4.2%
Agrium, Inc.		27,500		2,520,925
Autoliv, Inc. (A)		35,600		2,720,552
Check Point Software Technologies, Ltd. (A) (C)		77,000		3,589,740
Taminco Corp. (A) (C)		64,000		964,480
Willis Group Holdings PLC (A)		118,900		4,717,952
Total Common Stocks (cost $252,512,238)				333,252,639
SECURITIES LENDING COLLATERAL - 14.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (B)		51,578,978		51,578,978
Total Securities Lending Collateral (cost $51,578,978)				51,578,978

	Principal		Value
REPURCHASE AGREEMENT - 4.0%
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $13,817,969 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $14,095,385.		$  13,817,958		$  13,817,958
Total Repurchase Agreement (cost $13,817,958)				13,817,958
Total Investment Securities (cost $320,457,115) (F)				400,797,969
Other Assets and Liabilities - Net				(51,958,478	)
Net Assets				$  348,839,491

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Chemicals		7.4	%	$	29,537,990
Commercial Banks		5.2			20,861,921
Machinery		5.0			20,165,971
Food & Staples Retailing		4.1			16,396,026
Food Products		3.8			15,345,693
Trading Companies & Distributors		3.8			15,238,958
Pharmaceuticals		3.6			14,525,009
Metals & Mining		3.6			14,396,957
Insurance		3.2			12,855,222
Media		3.0			11,863,715
Software		2.8			11,300,134
Commercial Services & Supplies		2.8			11,078,423
Energy Equipment & Services		2.7			10,978,150
Oil, Gas & Consumable Fuels		2.6			10,443,198
Semiconductors & Semiconductor Equipment		2.3			9,252,553
Health Care Equipment & Supplies		1.9			7,740,200
Professional Services		1.9			7,620,356
Automobiles		1.8			7,355,349
Wireless Telecommunication Services		1.8			7,202,634
Electronic Equipment & Instruments		1.7			6,702,805
Industrial Conglomerates		1.6			6,254,394
Auto Components		1.5			6,181,120
Hotels, Restaurants & Leisure		1.4			5,707,343
Capital Markets		1.4			5,681,236
Real Estate Investment Trusts		1.4			5,504,588
Beverages		1.3			5,418,512
Health Care Providers & Services		1.3			5,192,557
Household Products		1.1			4,370,242
Multiline Retail		1.1			4,263,398
Diversified Telecommunication Services		1.0			3,971,567
Diversified Financial Services		1.0			3,957,647
Communications Equipment		1.0			3,872,710
Life Sciences Tools & Services		0.9			3,652,627
Building Products		0.7			2,747,638

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

Transamerica Funds Semi-Annual Report 2013

Page    51

Transamerica International

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Thrifts & Mortgage Finance		0.7	%	$	2,662,087
Personal Products		0.5			1,964,148
Biotechnology		0.5			1,811,587
Real Estate Management & Development		0.3			1,326,368
Investment Securities, at Value		83.7			335,401,033
Short-Term Investments		16.3			65,396,936
Total Investments		100.0	%	$	400,797,969

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $49,303,916. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Non-income producing security.

(D) 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 $172, or less than 0.01% of the fund’s net assets.

(E) Illiquid. Total aggregate market value of illiquid securities is $3,939,540, or 1.13% of the fund’s net assets.

(F) Aggregate cost for federal income tax purposes is $320,457,115. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $87,843,154 and $7,502,300, respectively. Net unrealized appreciation for tax purposes is $80,340,854.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
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.

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

Transamerica Funds Semi-Annual Report 2013

Page    52

Transamerica International

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (G)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Convertible Preferred Stock	$	—	$	2,148,394		$	—	$	2,148,394
Common Stocks
Australia		—		6,390,728			—		6,390,728
Belgium		—		3,444,723			172		3,444,895
Brazil		323,423		—			—		323,423
Canada		23,127,242		—			—		23,127,242
Denmark		—		6,668,501			—		6,668,501
France		—		25,587,083			—		25,587,083
Germany		3,505,415		22,843,074			—		26,348,489
Hong Kong		5,262,438		5,175,743			—		10,438,181
Indonesia		—		2,621,733			—		2,621,733
Ireland		—		2,715,709			—		2,715,709
Israel		—		3,971,567			—		3,971,567
Japan		—		48,134,428			—		48,134,428
Korea, Republic of		—		6,330,918			—		6,330,918
Netherlands		—		21,586,139			—		21,586,139
Norway		—		13,292,932			—		13,292,932
Russian Federation		3,215,257		—			—		3,215,257
Singapore		—		6,275,687			—		6,275,687
Sweden		—		9,470,301			—		9,470,301
Switzerland		—		47,645,043			—		47,645,043
Turkey		—		1,604,680			—		1,604,680
United Kingdom		1,714,328		47,831,726			—		49,546,054
United States		14,513,649		—			—		14,513,649
Securities Lending Collateral		51,578,978		—			—		51,578,978
Repurchase Agreement		—		13,817,958			—		13,817,958
Total Investment Securities	$	103,240,730	$	297,557,067		$	172	$	400,797,969
Other Assets (H)
Foreign Currency	$	104,730	$	—		$	—	$	104,730
Total Other Assets	$	104,730	$	—		$	—	$	104,730
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (H)
Collateral for Securities on Loan	$	—	$	(51,578,978	)	$	—	$	(51,578,978	)
Total Other Liabilities	$	—	$	(51,578,978	)	$	—	$	(51,578,978	)

(G) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(H) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3 (I)		Transfers out of Level 3		Ending Balance at April 30, 2013 (J)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held  at April 30, 2013
Common Stocks	$	—	$	—	$	—	$	—	$	—	$	—	$	172	$	—	$	172	$	—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	172	$	—	$	172	$	—

(I) Transferred into Level 3 because of unavailability of observable inputs.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    53

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Australia - 1.7%
QBE Insurance Group, Ltd.		217,442		$  3,013,894
Westpac Banking Corp.		26,750		937,333
Brazil - 1.7%
BM&FBovespa SA		200,000		1,388,479
Itau Unibanco Holding SA - ADR		124,300		2,091,969
Tim Participacoes SA - ADR		24,100		502,726
Canada - 2.7%
Canadian National Railway Co.		54,953		5,384,295
Shoppers Drug Mart Corp.		21,110		945,440
Czech Republic - 0.5%
Komercni Banka AS (A)		5,249		1,003,334
France - 11.8%
Air Liquide SA - Class A		35,090		4,441,878
Danone SA		65,670		5,016,945
Dassault Systemes SA		11,185		1,364,006
Legrand SA		60,334		2,811,582
LVMH Moet Hennessy Louis Vuitton SA		26,278		4,550,797
Pernod-Ricard SA		36,917		4,570,079
Schneider Electric SA		61,122		4,660,640
Germany - 11.4%
Bayer AG (A)		83,925		8,755,796
Beiersdorf AG		38,565		3,490,673
Deutsche Boerse AG		9,573		597,580
Linde AG		32,234		6,095,903
Merck KGaA		23,059		3,510,490
SAP AG		51,487		4,089,369
Hong Kong - 3.1%
AIA Group, Ltd.		602,000		2,672,487
China Unicom Hong Kong, Ltd. (A)		1,164,000		1,667,968
Li & Fung, Ltd. (A)		2,258,000		2,915,557
India - 1.6%
ICICI Bank, Ltd. - ADR (A)		80,810		3,783,524
Italy - 0.7%
Saipem SpA		58,209		1,648,155
Japan - 12.6%
Canon, Inc.		43,600		1,563,133
Denso Corp.		107,800		4,826,866
FANUC Corp.		17,200		2,593,630
Honda Motor Co., Ltd.		144,700		5,751,782
Hoya Corp.		129,300		2,583,745
INPEX Corp.		571		2,752,937
Lawson, Inc. (A)		38,600		3,040,960
NTT DOCOMO, Inc.		502		829,071
Shin-Etsu Chemical Co., Ltd.		78,600		5,289,183
Mexico - 0.3%
Grupo Financiero Santander Mexico SAB de CV - Class B ADR (B)		45,800		739,670
Netherlands - 7.8%
Akzo Nobel NV (A)		58,063		3,500,618
Heineken NV (A)		81,887		5,782,441
ING Groep NV (B)		467,762		3,839,033
Randstad Holding NV		118,958		4,952,862
Russian Federation - 0.5%
Sberbank of Russia - ADR (A) (B)		89,959		1,156,873

	Shares		Value
Singapore - 1.8%
DBS Group Holdings, Ltd.		234,000		$  3,184,087
Singapore Telecommunications, Ltd.		333,150		1,062,986
Spain - 2.7%
Amadeus IT Holding SA - Class A		122,060		3,603,143
Banco Santander SA		296,050		2,140,849
Red Electrica Corp. SA		10,788		573,831
Sweden - 0.9%
Hennes & Mauritz AB - Class B		60,150		2,128,111
Switzerland - 10.2%
Julius Baer Group, Ltd.		85,488		3,405,545
Keuhne & Nagel International AG		11,500		1,315,982
Nestle SA		109,340		7,808,320
Roche Holding AG		16,703		4,174,852
Sonova Holding AG		9,355		1,018,204
Swiss Re AG		25,657		2,040,584
UBS AG - Class A		218,344		3,898,161
Taiwan - 2.5%
Hon Hai Precision Industry Co., Ltd.		650,530		1,679,669
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		210,181		4,010,253
United Kingdom - 20.2%
Barclays PLC		517,840		2,300,948
BG Group PLC		189,468		3,191,793
Compass Group PLC		444,960		5,854,282
Diageo PLC		135,264		4,126,606
Hays PLC		757,350		1,098,785
HSBC Holdings PLC (A)		735,773		8,040,392
Reckitt Benckiser Group PLC		59,440		4,335,869
Rio Tinto PLC		73,650		3,339,459
Samsung Electronics Co., Ltd. - GDR, Reg S		3,367		2,326,597
Smiths Group PLC		124,125		2,410,119
Standard Chartered PLC		212,719		5,343,005
WPP PLC - Class A		274,016		4,528,838
United States - 3.4%
Check Point Software Technologies, Ltd. (A) (B)		29,090		1,356,176
Delphi Automotive PLC - Class A		62,470		2,886,739
Valeant Pharmaceuticals International, Inc. (B)		23,100		1,757,448
Yum! Brands, Inc.		27,050		1,842,646
Total Common Stocks (cost $213,727,570)				227,897,982
SECURITIES LENDING COLLATERAL - 10.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		24,703,774		24,703,774
Total Securities Lending Collateral (cost $24,703,774)				24,703,774

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

Transamerica Funds Semi-Annual Report 2013

Page    54

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $2,949,750 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $3,011,713.		$  2,949,747		$  2,949,747
Total Repurchase Agreement (cost $2,949,747)				2,949,747
Total Investment Securities (cost $241,381,091) (D)				255,551,503
Other Assets and Liabilities - Net				(23,229,467	)
Net Assets				$  232,322,036

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Commercial Banks		12.0	%	$	30,721,984
Chemicals		7.6			19,327,582
Pharmaceuticals		7.1			18,198,586
Beverages		5.7			14,479,126
Food Products		5.0			12,825,265
Insurance		3.0			7,726,965
Auto Components		3.0			7,713,605
Hotels, Restaurants & Leisure		3.0			7,696,928
Electrical Equipment		2.9			7,472,222
Capital Markets		2.9			7,303,706
Software		2.7			6,809,551
Semiconductors & Semiconductor Equipment		2.5			6,336,850
Professional Services		2.4			6,051,647
Oil, Gas & Consumable Fuels		2.3			5,944,730
Diversified Financial Services		2.3			5,825,092
Automobiles		2.3			5,751,782
Road & Rail		2.1			5,384,295
Textiles, Apparel & Luxury Goods		1.8			4,550,797
Media		1.8			4,528,838
Household Products		1.7			4,335,869
Electronic Equipment & Instruments		1.7			4,263,414
Food & Staples Retailing		1.6			3,986,400
IT Services		1.4			3,603,143
Personal Products		1.4			3,490,673
Metals & Mining		1.3			3,339,459
Distributors		1.1			2,915,557
Diversified Telecommunication Services		1.1			2,730,954
Machinery		1.0			2,593,630
Industrial Conglomerates		0.9			2,410,119
Specialty Retail		0.8			2,128,111
Energy Equipment & Services		0.6			1,648,155
Office Electronics		0.6			1,563,133
Wireless Telecommunication Services		0.5			1,331,797
Marine		0.5			1,315,982
Health Care Equipment & Supplies		0.4			1,018,204
Electric Utilities		0.2			573,831
Investment Securities, at Value		89.2			227,897,982
Short-Term Investments		10.8			27,653,521
Total Investments		100.0	%	$	255,551,503

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

Transamerica Funds Semi-Annual Report 2013

Page    55

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $23,545,725. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $241,381,091. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $27,913,330 and $13,742,918, respectively. Net unrealized appreciation for tax purposes is $14,170,412.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	30,172,835	$	197,725,147		$	—	$	227,897,982
Securities Lending Collateral		24,703,774		—			—		24,703,774
Repurchase Agreement		—		2,949,747			—		2,949,747
Total Investment Securities	$	54,876,609	$	200,674,894		$	—	$	255,551,503
Other Assets (F)
Foreign Currency	$	113,762	$	—		$	—	$	113,762
Total Other Assets	$	113,762	$	—		$	—	$	113,762
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(24,703,774	)	$	—	$	(24,703,774	)
Total Other Liabilities	$	—	$	(24,703,774	)	$	—	$	(24,703,774	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    56

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCKS - 0.4%
Germany - 0.4%
Draegerwerk AG & Co. KGaA, 0.20% (A) (B)		6,400		$  788,990
Sartorius AG, 1.18% (B)		8,000		858,336
Total Preferred Stocks (cost $1,310,353)				1,647,326
COMMON STOCKS - 96.4%
Australia - 6.4%
Amcor, Ltd.		302,215		3,098,600
Ansell, Ltd.		318,861		5,222,900
Computershare, Ltd.		416,831		4,291,039
Iluka Resources, Ltd. (A)		344,073		3,192,470
Mesoblast, Ltd. (A) (C)		210,726		1,284,543
Mineral Deposits, Ltd. (C)		451,387		1,403,859
Mirvac Group - REIT		2,143,007		3,932,331
PanAust, Ltd.		447,392		1,076,042
Starpharma Holdings, Ltd. (C)		965,068		975,474
Austria - 2.4%
Kapsch TrafficCom AG		72,000		3,536,802
Mayr Melnhof Karton AG (A)		20,000		2,150,843
Rosenbauer International AG (D)		37,000		2,711,667
Zumtobel AG - Class B		57,000		638,288
Belgium - 0.5%
Kinepolis Group NV		13,500		1,760,460
Brazil - 1.1%
BR Properties SA		137,671		1,534,456
Cia Hering		129,608		2,649,490
Canada - 0.0% (E)
Niko Resources, Ltd.		20,030		132,413
Denmark - 1.7%
Auriga Industries - Class B (C)		29,000		755,595
Jyske Bank A/S (C)		92,000		3,580,153
Sydbank A/S (C)		90,000		2,050,838
Finland - 0.1%
F-Secure OYJ		144,750		305,006
France - 4.6%
Alten SA		45,000		1,621,430
Bourbon SA		135,000		3,681,996
Club Mediterranee (C)		20,000		339,773
Groupe Eurotunnel SA		390,000		3,265,023
ID Logistics Group (C)		10,000		441,178
Inside Secure SA (C)		200,000		671,645
Lectra (D)		400,000		2,502,206
Medica SA		200,000		3,703,265
Saft Groupe SA		50,000		1,230,690
Germany - 7.3%
CANCOM SE		55,000		1,199,116
Cewe Color Holding AG		8,500		370,524
Delticom AG		50,000		2,456,113
Freenet AG		160,000		3,984,565
Prime Office REIT-AG		350,000		1,470,375
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		55,000		1,151,673
RIB Software AG (D)		240,000		1,254,791
SAF-Holland SA (C)		180,000		1,495,081
STRATEC Biomedical AG		35,000		1,577,081
Tipp24 SE (C)		57,750		3,353,216
Tom Tailor Holding AG		170,000		3,623,523
VTG AG		64,000		1,197,688

	Shares		Value
Germany (continued)
Wirecard AG		70,000		$  1,877,840
XING AG		57,000		2,908,814
Hong Kong - 4.6%
Baoxin Auto Group, Ltd. (A) (C)		2,222,500		1,938,922
Convenience Retail Asia, Ltd. (A)		908,000		641,204
Dah Sing Banking Group, Ltd. (A)		1,175,640		1,730,097
Johnson Electric Holdings, Ltd. (A)		2,678,000		1,822,109
Parkson Retail PLC (A)		732,500		399,280
Samsonite International SA		747,900		1,838,873
Shenzhou International Group Holdings, Ltd.		423,000		1,240,086
Techtronic Industries Co.		1,519,500		3,630,282
Yue Yuen Industrial Holdings (A)		737,500		2,551,739
Yuexiu Transport Infrastructure, Ltd.		3,708,000		1,896,968
Indonesia - 1.0%
Ciputra Property PT		17,594,500		2,099,215
Matahari Department Store PT (C)		854,000		1,062,834
Surya Citra Media Tbk PT (F)		2,580,000		743,019
Ireland - 3.8%
DCC PLC		100,000		3,658,555
Glanbia PLC		150,000		2,005,057
Grafton Group PLC		360,000		2,496,081
IFG Group PLC		800,000		1,474,984
Irish Continental Group PLC		73,800		2,018,438
Smurfit Kappa Group PLC		105,000		1,558,413
Smurfit Kappa Group PLC - Class B		85,000		1,261,573
Italy - 4.1%
Amplifon SpA		700,000		3,604,493
Azimut Holding SpA		185,000		3,440,138
Cairo Communication SpA		280,000		1,088,539
Credito Emiliano SpA		130,000		743,023
Danieli & C Officine Meccaniche SpA - Class B		26,000		435,199
de’Longhi SpA		39,094		592,591
MARR SpA		12,584		151,804
Prysmian SpA		150,000		3,028,328
Sorin SpA (C)		850,000		2,382,100
Japan - 18.5%
AICA Kogyo Co., Ltd.		160,400		3,231,529
Arcs Co., Ltd.		104,600		2,073,008
Asahi Diamond Industrial Co., Ltd. (A)		200,200		2,096,776
Capcom Co., Ltd. (A)		105,500		1,736,959
Daibiru Corp.		48,900		681,194
Daido Steel Co., Ltd. (A)		55,000		299,020
Exedy Corp. (A)		6,600		165,195
Fujikura Kasei Co., Ltd.		65,200		269,535
Glory, Ltd.		81,500		2,239,714
Hitachi High-Technologies Corp.		88,500		2,203,308
Hitachi Transport System, Ltd. (A)		75,500		1,198,892
Icom, Inc. (A)		13,100		324,124
JSP Corp. (A)		143,300		2,091,767
Kissei Pharmaceutical Co., Ltd.		74,800		1,622,067
Koito Manufacturing Co., Ltd. (A)		74,000		1,428,609
Kureha Corp.		471,000		1,662,040
Kuroda Electric Co., Ltd. (A)		170,100		2,254,390
Lintec Corp.		71,700		1,304,037
Mitsui Sugar Co., Ltd. (A)		431,000		1,352,885
Modec, Inc. (A)		65,300		1,874,901
Musashi Seimitsu Industry Co., Ltd. (A)		98,900		2,383,096
Nabtesco Corp. (A)		60,300		1,329,897

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

Transamerica Funds Semi-Annual Report 2013

Page    57

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Japan (continued)
NEC Networks & System Integration Corp.		152,400		$  3,339,246
Nichi-iko Pharmaceutical Co., Ltd. (A)		115,300		2,787,732
Nifco, Inc. (A)		12,900		293,901
Nihon Parkerizing Co., Ltd.		132,000		2,682,382
Nippon Soda Co., Ltd.		395,000		1,835,513
Nippon Thompson Co., Ltd. (A)		91,000		453,670
Nitta Corp.		157,800		3,532,026
Plenus Co., Ltd.		82,100		1,488,134
Shinko Plantech Co., Ltd.		56,200		423,727
Sumitomo Real Estate Sales Co., Ltd.		15,080		1,047,254
Takasago International Corp.		357,000		1,904,293
Tokai Tokyo Financial Holdings, Inc. (A)		419,000		3,799,518
Toyo Tanso Co., Ltd. (A)		11,800		257,582
Trusco Nakayama Corp.		111,500		2,300,113
Tsumura & Co. (A)		43,300		1,410,243
Tsuruha Holdings, Inc. - Class B		24,200		2,353,347
Tsutsumi Jewelry Co., Ltd. (D)		78,800		2,457,322
Unipres Corp. (A)		130,000		2,892,445
Yushin Precision Equipment Co., Ltd. (A)		63,900		1,194,294
Korea, Republic of - 2.0%
Halla Climate Control Corp.		107,850		2,913,409
Hankook Tire Co., Ltd.		93,920		4,084,962
Mando Corp.		7,591		578,992
Malaysia - 0.6%
Bursa Malaysia Bhd		852,500		2,003,410
Media Prima Bhd		548,400		430,789
Netherlands - 2.2%
Delta Lloyd NV		280,000		5,365,256
Koninklijke Ten Cate NV		130,000		3,156,138
New Zealand - 1.1%
Chorus, Ltd.		843,628		1,988,568
Fletcher Building, Ltd.		269,566		2,042,557
Norway - 3.3%
Borregaard ASA		925,000		3,705,454
ProSafe SE		106,200		1,019,365
Schibsted ASA (A)		71,996		3,127,547
Storebrand ASA - Class A (C)		1,000,000		4,543,484
Singapore - 2.9%
First Resources, Ltd. (A)		1,521,000		2,136,340
Goodpack, Ltd. (A)		289,000		394,187
Mapletree Commercial Trust - REIT		1,014,000		1,206,065
Mapletree Industrial Trust - REIT		2,115,800		2,696,928
SATS, Ltd.		365,000		933,466
SembCorp Industries, Ltd.		232,000		939,904
UOL Group, Ltd. (A)		455,000		2,633,880
Sweden - 1.9%
Byggmax Group AB - Class A		305,873		1,760,373
FinnvedenBulten AB (D)		155,000		667,253
Loomis AB - REIT		235,000		4,577,769
Opus Group AB		167,850		128,198
Switzerland - 3.9%
Clariant AG (C)		210,000		3,071,628
Forbo Holding AG (C)		2,500		1,613,250
Gategroup Holding AG - Class A (C)		50,000		967,950
Helvetia Holding AG		8,000		3,353,409
Kuoni Reisen Holding AG (C)		13,000		3,963,756
Orior AG (C)		34,500		1,855,238

	Shares		Value
Taiwan - 2.2%
CHC Healthcare Group		384,000		$  1,444,294
CTCI Corp.		1,059,000		2,117,139
Giant Manufacturing Co., Ltd.		305,000		1,829,256
Lung Yen Life Service Corp.		292,000		1,024,058
Merida Industry Co., Ltd.		340,400		2,076,172
Thailand - 1.1%
Hemaraj Land and Development PCL		10,301,700		1,509,278
Siam City Cement PCL		78,200		1,300,225
VGI Global Media PCL		310,100		1,384,092
United Kingdom - 19.1%
A.G.BARR PLC		187,122		1,592,849
Albemarle & Bond Holdings (A)		6,958		14,483
Anglo Pacific Group PLC		325,000		1,094,238
Ashtead Group PLC		240,000		2,190,223
Berendsen PLC		140,000		1,682,123
Berkeley Group Holdings PLC		62,732		2,031,723
Bodycote PLC		195,000		1,567,524
Bovis Homes Group PLC		170,000		2,028,053
Computacenter PLC		225,000		1,565,078
CSR PLC		250,000		1,914,504
Daily Mail & General Trust PLC (A)		160,000		1,709,927
Dechra Pharmaceuticals PLC		163,854		1,827,472
Devro PLC		261,530		1,340,211
Dignity PLC		102,994		2,203,003
Diploma PLC		125,000		1,107,733
Domino Printing Sciences PLC		130,000		1,346,910
Elementis PLC		300,000		1,227,923
Exillon Energy PLC (C)		253,159		607,563
Fenner PLC		250,000		1,365,394
Grainger PLC		612,380		1,293,687
Halma PLC		200,000		1,554,903
IG Group Holdings PLC		180,000		1,505,662
Inchcape PLC		175,000		1,361,899
Invensys PLC		216,775		1,295,390
John Wood Group PLC		120,000		1,444,615
Keller Group PLC		135,000		1,802,391
Kier Group PLC (A)		80,000		1,456,421
Lamprell PLC - Class A		550,000		1,234,525
London Stock Exchange Group PLC		61,006		1,270,781
Micro Focus International PLC		150,000		1,559,952
Millennium & Copthorne Hotels PLC		117,038		1,028,084
Oxford Instruments PLC		50,000		1,196,079
Premier Oil PLC (C)		220,000		1,274,337
QinetiQ Group PLC - Class A		475,000		1,397,471
Ricardo PLC		200,000		1,205,399
RPS Group PLC		300,000		1,162,216
SDL PLC		143,631		811,894
Senior PLC		406,339		1,609,526
Shanks Group PLC		900,000		1,142,877
SIG PLC		792,068		1,994,411
Sports Direct International PLC (C)		200,000		1,448,343
ST Modwen Properties PLC		325,000		1,349,939
Synthomer PLC		400,000		1,248,272
TalkTalk Telecom Group PLC		350,000		1,362,987
Telecom Plus PLC		100,000		1,895,087
Travis Perkins PLC		70,000		1,559,253
TT electronics PLC - Class B		350,000		905,215
Ultra Electronics Holdings PLC		60,000		1,537,816

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

Transamerica Funds Semi-Annual Report 2013

Page    58

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United Kingdom (continued)
Victrex PLC		50,000		$  1,246,563
William Hill PLC		200,000		1,323,454
WS Atkins PLC		120,000		1,679,482
Total Common Stocks (cost $308,687,051)				366,590,408
SECURITIES LENDING COLLATERAL - 5.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (B)		21,211,883		21,211,883
Total Securities Lending Collateral (cost $21,211,883)				21,211,883

	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Bank & Trust Co. 0.03% (B), dated 04/30/2013, to be repurchased at $10,843,840 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 01/01/2032, and with a value of $11,063,539.		$  10,843,831		$  10,843,831
Total Repurchase Agreement (cost $10,843,831)				10,843,831
Total Investment Securities (cost $342,053,118) (G)				400,293,448
Other Assets and Liabilities - Net				(19,995,885	)
Net Assets				$  380,297,563

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought		Settlement Date		Amount in U.S. Dollars Bought		Net Unrealized Appreciation (Depreciation)
JPY	SSB		12,307,335		05/07/2013	$	125,878	$	375
JPY	SSB		3,655,199		05/07/2013		37,619		(123	)
								$	252

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives		Collateral (Received) Pledged		Net Exposures (1)
SSB	$	252	$	—	$	252

⁽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 Investment Securities			Value
Chemicals		6.5	%	$	26,161,140
Machinery		5.0			19,831,077
Auto Components		4.2			16,902,943
Specialty Retail		4.1			16,334,086
IT Services		3.5			13,893,749
Insurance		3.3			13,262,149
Trading Companies & Distributors		3.2			12,794,471
Real Estate Management & Development		3.0			12,148,903
Electronic Equipment & Instruments		3.0			11,979,148
Hotels, Restaurants & Leisure		2.9			11,496,417
Health Care Equipment & Supplies		2.7			10,829,407
Media		2.6			10,244,373
Commercial Services & Supplies		2.5			9,903,459
Household Durables		2.5			9,895,899
Energy Equipment & Services		2.4			9,679,129
Software		2.3			9,322,481
Real Estate Investment Trusts		2.3			9,305,699
Health Care Providers & Services		2.2			8,752,052
Pharmaceuticals		2.2			8,622,988
Commercial Banks		2.0			8,104,111
Containers & Packaging		2.0			8,069,429

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

Transamerica Funds Semi-Annual Report 2013

Page    59

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Capital Markets		1.8	%	$	7,239,656
Food & Staples Retailing		1.8			7,074,601
Electrical Equipment		1.7			6,976,997
Food Products		1.7			6,834,493
Diversified Financial Services		1.6			6,254,837
Metals & Mining		1.5			5,971,391
Road & Rail		1.4			5,661,603
Textiles, Apparel & Luxury Goods		1.4			5,630,698
Construction & Engineering		1.3			5,375,951
Industrial Conglomerates		1.2			4,598,459
Wireless Telecommunication Services		1.0			3,984,565
Leisure Equipment & Products		1.0			3,905,428
Diversified Telecommunication Services		0.8			3,351,555
Construction Materials		0.8			3,342,782
Building Products		0.8			3,231,529
Diversified Consumer Services		0.8			3,227,061
Oil, Gas & Consumable Fuels		0.8			3,108,551
Aerospace & Defense		0.7			2,935,287
Internet Software & Services		0.7			2,908,814
Professional Services		0.7			2,884,881
Transportation Infrastructure		0.7			2,830,434
Semiconductors & Semiconductor Equipment		0.7			2,586,149
Marine		0.5			2,018,438
Multi-Utilities		0.5			1,895,087
Beverages		0.4			1,592,849
Multiline Retail		0.4			1,462,114
Distributors		0.3			1,361,899
Biotechnology		0.3			1,284,543
Air Freight & Logistics		0.2			835,365
Communications Equipment		0.1			324,124
Consumer Finance		0.0	(E)		14,483
Investment Securities, at Value		92.0			368,237,734
Short-Term Investments		8.0			32,055,714
Total Investments		100.0	%	$	400,293,448

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $20,122,909. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Rate shown reflects the yield at April 30, 2013.

(C) Non-income producing security.

(D) Illiquid. Total aggregate market value of illiquid securities is $9,593,239, or 2.52% of the fund’s net assets.

(E) Percentage rounds to less than 0.1%.

(F) 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 $743,019, or 0.20% of the fund’s net assets.

(G) Aggregate cost for federal income tax purposes is $342,053,118. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $69,071,472 and $10,831,142, respectively. Net unrealized appreciation for tax purposes is $58,240,330.

DEFINITIONS:

OTC	Over the Counter
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
SSB	State Street Bank & Trust Co.
OYJ	Julkinen Osakeyhtiö (Finnish : public limited company)

CURRENCY ABBREVIATION:

JPY Japanese Yen

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

Transamerica Funds Semi-Annual Report 2013

Page    60

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (H)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Preferred Stocks	$	—	$	1,647,326		$	—	$	1,647,326
Common Stocks		4,316,359		362,274,049			—		366,590,408
Securities Lending Collateral		21,211,883		—			—		21,211,883
Repurchase Agreement		—		10,843,831			—		10,843,831
Total Investment Securities	$	25,528,242	$	374,765,206		$	—	$	400,293,448
Derivative Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	375		$	—	$	375
Total Derivative Financial Instruments	$	—	$	375		$	—	$	375
Other Assets (J)
Foreign Currency	$	2,535,005	$	—		$	—	$	2,535,005
Total Other Assets	$	2,535,005	$	—		$	—	$	2,535,005
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	(123	)	$	—	$	(123	)
Total Derivative Financial Instruments	$	—	$	(123	)	$	—	$	(123	)
Other Liabilities (J)
Collateral for Securities on Loan	$	—	$	(21,211,883	)	$	—	$	(21,211,883	)
Total Other Liabilities	$	—	$	(21,211,883	)	$	—	$	(21,211,883	)

(H) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(J) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    61

Transamerica International Value Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 96.3%
Brazil - 3.4%
Embraer SA - ADR		76,127		$  2,659,116
Itau Unibanco Holding SA - ADR		228,088		3,838,721
Natura Cosmeticos SA		95,200		2,410,988
Canada - 3.0%
Canadian National Railway Co.		29,485		2,886,601
Cenovus Energy, Inc. (A)		63,397		1,897,285
Teck Resources, Ltd. - Class B		114,680		3,050,696
China - 1.2%
Baidu, Inc. - ADR (B)		37,119		3,186,666
Denmark - 2.6%
Novo Nordisk A/S - Class B		39,021		6,844,580
France - 7.2%
Air Liquide SA - Class A		40,510		5,127,970
Cie Generale des Etablissements Michelin - Class B		31,341		2,646,936
LVMH Moet Hennessy Louis Vuitton SA		35,740		6,189,417
Publicis Groupe SA		70,537		4,906,647
Germany - 10.8%
Adidas AG (A)		51,710		5,400,291
Allianz SE - Class A (A)		22,248		3,283,011
Deutsche Bank AG		107,405		4,937,917
Fresenius Medical Care AG & Co., KGaA		73,860		5,096,946
SAP AG		64,409		5,115,703
Siemens AG - Class A		43,833		4,577,663
Hong Kong - 10.0%
AIA Group, Ltd.		1,074,647		4,770,731
China Merchants Bank Co., Ltd. - Class H		409,679		873,191
CNOOC, Ltd.		1,898,346		3,532,421
Hong Kong Exchanges and Clearing, Ltd.		267,861		4,504,534
HSBC Holdings PLC		480,019		5,226,910
Industrial & Commercial Bank of China, Ltd. - Class H		7,155,171		5,034,340
Sinopharm Group Co., Ltd. - Class H		763,678		2,268,355
India - 0.3%
Coal India, Ltd.		141,312		839,348
Italy - 1.0%
Saipem SpA		88,685		2,511,066
Japan - 14.0%
Bridgestone Corp.		88,020		3,318,187
FANUC Corp.		17,828		2,688,327
KDDI Corp. (A)		61,619		2,958,167
Komatsu, Ltd.		192,274		5,244,464
Kubota Corp.		175,246		2,511,347
Mitsubishi UFJ Financial Group, Inc. (A)		1,273,980		8,664,397
Osaka Securities Exchange Co., Ltd. (A)		8,192		1,005,040
Softbank Corp.		55,556		2,749,733
Toyota Motor Corp.		129,575		7,496,569
Korea, Republic of - 1.6%
Samsung Electronics Co., Ltd.		3,002		4,143,322
Mexico - 1.5%
Wal-Mart de Mexico SAB de CV - Series V		1,231,280		3,906,089
Netherlands - 1.4%
ASML Holding NV (A)		49,305		3,665,425
Spain - 0.5%
Amadeus IT Holding SA - Class A		45,437		1,341,275
Sweden - 1.5%
Hennes & Mauritz AB - Class B		112,580		3,983,088

	Shares		Value
Switzerland - 8.2%
Julius Baer Group, Ltd. (B)		64,870		$  2,584,195
Nestle SA		39,105		2,792,614
Novartis AG		76,561		5,685,671
Roche Holding AG		22,559		5,638,537
Swatch Group AG		2,285		1,308,628
Syngenta AG		8,360		3,573,095
United Kingdom - 18.1%
ARM Holdings PLC		159,833		2,472,835
British American Tobacco PLC		75,249		4,168,227
Burberry Group PLC		123,833		2,569,876
Carnival PLC - Class A		92,963		3,350,174
Kingfisher PLC		914,060		4,445,566
Pearson PLC		155,007		2,819,535
Reckitt Benckiser Group PLC		82,787		6,038,923
Rolls-Royce Holdings PLC (B) (C)		27,586,580		42,852
Rolls-Royce Holdings PLC		231,820		4,069,102
Royal Bank of Scotland Group PLC (B)		399,202		1,899,367
SABMiller PLC		72,921		3,928,833
Standard Chartered PLC		207,675		5,216,311
Tullow Oil PLC		106,471		1,655,521
Vodafone Group PLC		635,688		1,937,369
WPP PLC - Class A		165,823		2,740,663
United States - 10.0%
Accenture PLC - Class A		50,726		4,131,125
Check Point Software Technologies, Ltd. (A) (B)		12,855		599,300
Covidien PLC		2,269		144,853
Lululemon Athletica, Inc. (A) (B)		56,065		4,268,228
MercadoLibre, Inc. (A)		15,200		1,528,968
Potash Corp. of Saskatchewan, Inc.		89,945		3,786,685
Schlumberger, Ltd.		74,246		5,526,130
Yandex NV - Class A (B)		95,405		2,455,725
Yum! Brands, Inc.		57,270		3,901,232
Total Common Stocks (cost $218,877,748)				252,573,620
SECURITIES LENDING COLLATERAL - 9.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D)		24,326,381		24,326,381
Total Securities Lending Collateral (cost $24,326,381)				24,326,381
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Bank & Trust Co. 0.03% (D), dated 04/30/2013, to be repurchased at $ 7,693,813 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $ 7,848,185.		$  7,693,807		7,693,807
Total Repurchase Agreement (cost $7,693,807)				7,693,807
Total Investment Securities (cost $250,897,936) (E)				284,593,808
Other Assets and Liabilities - Net				(22,319,674	)
Net Assets				$  262,274,134

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

Transamerica Funds Semi-Annual Report 2013

Page    62

Transamerica International Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
EUR	SSB		4,134,200			05/08/2013	$	5,457,826		$	(13,003	)
EUR	SSB		(3,479,400	)		05/08/2013		(4,463,305	)		(119,134	)
EUR	SSB		(654,800	)		05/08/2013		(867,983	)		5,599
EUR	SSB		(16,344,100	)		10/29/2013		(21,279,528	)		(274,425	)
JPY	SSB		(300,776,900	)		07/08/2013		(3,135,215	)		48,709
JPY	SSB		(582,559,200	)		07/08/2013		(5,982,489	)		4,393
JPY	SSB		(755,150,300	)		07/08/2013		(7,645,621	)		(103,567	)
JPY	SSB		(277,231,700	)		07/08/2013		(2,785,131	)		(59,760	)
JPY	SSB		(848,947,600	)		07/08/2013		(9,689,479	)		977,764
										$	466,576

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives		Collateral (Received) Pledged		Net Exposures (1)
SSB	$	466,576	$	—	$	466,576

⁽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 Investment Securities			Value
Commercial Banks		10.8	%	$	30,753,237
Textiles, Apparel & Luxury Goods		6.9			19,736,440
Pharmaceuticals		6.4			18,168,788
Chemicals		4.4			12,487,750
Media		3.7			10,466,845
Machinery		3.7			10,444,138
Semiconductors & Semiconductor Equipment		3.6			10,281,582
Specialty Retail		3.0			8,428,654
Insurance		2.8			8,053,742
Energy Equipment & Services		2.8			8,037,196
Oil, Gas & Consumable Fuels		2.8			7,924,575
Wireless Telecommunication Services		2.7			7,645,269
Capital Markets		2.6			7,522,112
Automobiles		2.6			7,496,569
Health Care Providers & Services		2.6			7,365,301
Hotels, Restaurants & Leisure		2.5			7,251,406
Internet Software & Services		2.5			7,171,359
Aerospace & Defense		2.4			6,771,070
Household Products		2.1			6,038,923
Auto Components		2.1			5,965,123
Software		2.0			5,715,003
Diversified Financial Services		1.9			5,509,574
IT Services		1.9			5,472,400
Industrial Conglomerates		1.6			4,577,663
Tobacco		1.5			4,168,227
Beverages		1.4			3,928,833
Food & Staples Retailing		1.4			3,906,089
Metals & Mining		1.1			3,050,696
Road & Rail		1.0			2,886,601
Food Products		1.0			2,792,614

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

Transamerica Funds Semi-Annual Report 2013

Page    63

Transamerica International Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Personal Products		0.8	%	$	2,410,988
Health Care Equipment & Supplies		0.1			144,853
Investment Securities, at Value		88.7			252,573,620
Short-Term Investments		11.3			32,020,188
Total Investments		100.0	%	$	284,593,808

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $23,307,708. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) 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 $42,852, or 0.02% of the fund’s net assets.

(D) Rate shown reflects the yield at April 30, 2013.

(E) Aggregate cost for federal income tax purposes is $250,897,936. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $39,875,218 and $6,179,346, respectively. Net unrealized appreciation for tax purposes is $33,695,872.

DEFINITIONS:

ADR	American Depositary Receipt
OTC	Over the Counter
SSB	State Street Bank & Trust Co.

CURRENCY ABBREVIATIONS:

EUR	Euro
JPY	Japanese Yen

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

Transamerica Funds Semi-Annual Report 2013

Page    64

Transamerica International Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	50,178,408	$	202,395,212		$	—	$	252,573,620
Securities Lending Collateral		24,326,381		—			—		24,326,381
Repurchase Agreement		—		7,693,807			—		7,693,807
Total Investment Securities	$	74,504,789	$	210,089,019		$	—	$	284,593,808
Derivative Financial Instruments
Forward Foreign Currency Contracts (G)	$	—	$	1,036,465		$	—	$	1,036,465
Total Derivative Financial Instruments	$	—	$	1,036,465		$	—	$	1,036,465
Other Assets (H)
Foreign Currency	$	74,580	$	—		$	—	$	74,580
Total Other Assets	$	74,580	$	—		$	—	$	74,580
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Forward Foreign Currency Contracts (G)	$	—	$	(569,889	)	$	—	$	(569,889	)
Total Derivative Financial Instruments	$	—	$	(569,889	)	$	—	$	(569,889	)
Other Liabilities (H)
Collateral for Securities on Loan	$	—	$	(24,326,381	)	$	—	$	(24,326,381	)
Total Other Liabilities	$	—	$	(24,326,381	)	$	—	$	(24,326,381	)

(F) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(H) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    65

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 102.8%
Aerospace & Defense - 3.5%
Honeywell International, Inc.		24,470		$  1,799,524
United Technologies Corp. (A)		25,910		2,365,324
Auto Components - 1.5%
BorgWarner, Inc. (B)		2,010		157,121
Johnson Controls, Inc. (A)		32,880		1,151,129
TRW Automotive Holdings Corp. (A) (B)		7,700		462,539
Automobiles - 1.5%
General Motors Co. (A) (B)		58,540		1,805,374
Beverages - 3.0%
Coca-Cola Co. (A)		16,870		714,107
Coca-Cola Enterprises, Inc. (A)		55,240		2,023,441
Dr. Pepper Snapple Group, Inc. (A)		6,740		329,114
PepsiCo, Inc. (A)		6,080		501,418
Biotechnology - 4.1%
Alexion Pharmaceuticals, Inc. (A) (B)		5,900		578,200
Biogen IDEC, Inc. (A) (B)		7,890		1,727,358
Celgene Corp. (A) (B)		10,000		1,180,700
Onyx Pharmaceuticals, Inc. (B)		5,140		487,272
Vertex Pharmaceuticals, Inc. (B)		11,400		875,748
Building Products - 0.5%
Masco Corp. (A)		29,630		576,007
Capital Markets - 2.4%
Goldman Sachs Group, Inc. (A)		3,200		467,424
Invesco, Ltd. (A)		24,350		772,869
Morgan Stanley (A)		24,750		548,212
State Street Corp. (A)		12,480		729,706
TD Ameritrade Holding Corp. (A)		14,720		293,075
Chemicals - 2.9%
Air Products & Chemicals, Inc. (A)		18,560		1,613,978
Axiall Corp. (A)		20,250		1,062,113
Dow Chemical Co.		16,830		570,705
E.I. du Pont de Nemours & Co. (A)		4,230		230,577
Commercial Banks - 2.7%
BB&T Corp.		16,330		502,474
CIT Group, Inc. (A) (B)		6,760		287,368
Comerica, Inc. - Class A (A)		16,190		586,887
Regions Financial Corp. (A)		36,540		310,225
SunTrust Banks, Inc. (A)		15,230		445,477
Wells Fargo & Co. (A)		28,700		1,090,026
Commercial Services & Supplies - 0.3%
Tyco International, Ltd. (A)		9,500		305,140
Communications Equipment - 1.0%
Cisco Systems, Inc. (A)		24,750		517,770
QUALCOMM, Inc. (A)		10,308		635,179
Computers & Peripherals - 0.2%
Apple, Inc. (A)		600		265,650
Construction & Engineering - 0.9%
Fluor Corp. (A)		19,190		1,093,446
Consumer Finance - 0.4%
Capital One Financial Corp.		7,950		459,351
Containers & Packaging - 0.2%
Rock-Tenn Co. - Class A (A)		2,040		204,286
Diversified Financial Services - 1.9%
Bank of America Corp. (A)		87,720		1,079,833
Citigroup, Inc. (A)		15,569		726,450
CME Group, Inc. - Class A (A)		3,210		195,361
IntercontinentalExchange, Inc. (A) (B)		1,880		306,308

	Shares		Value
Electric Utilities - 5.0%
Edison International		26,990		$  1,452,062
Exelon Corp.		27,520		1,032,275
NextEra Energy, Inc. (A)		21,310		1,748,059
NV Energy, Inc. (A)		76,120		1,646,476
Electrical Equipment - 1.6%
Emerson Electric Co. (A)		33,590		1,864,581
Energy Equipment & Services - 1.4%
Ensco PLC - Class A		10,830		624,675
National Oilwell Varco, Inc.		4,820		314,360
Schlumberger, Ltd. (A)		9,830		731,647
Food & Staples Retailing - 0.6%
CVS Caremark Corp.		12,200		709,796
Food Products - 3.1%
Archer-Daniels-Midland Co. (A)		27,610		937,083
General Mills, Inc. (A)		24,360		1,228,231
Kellogg Co. (A)		6,080		395,443
Mondelez International, Inc. - Class A (A)		35,470		1,115,532
Gas Utilities - 0.3%
AGL Resources, Inc.		7,700		337,645
Health Care Equipment & Supplies - 2.8%
Boston Scientific Corp. (B)		60,210		450,973
CareFusion Corp. - Class A (B)		34,050		1,138,632
Covidien PLC (A)		18,130		1,157,419
Intuitive Surgical, Inc. (B)		1,250		615,362
Health Care Providers & Services - 2.3%
DaVita HealthCare Partners, Inc. (B)		9,190		1,090,393
Humana, Inc. - Class A (A)		9,760		723,314
UnitedHealth Group, Inc. (A)		15,390		922,323
Health Care Technology - 0.6%
athenahealth, Inc. (B)		2,950		283,967
Cerner Corp. (B)		4,650		449,980
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp. (A)		5,590		192,911
Royal Caribbean Cruises, Ltd. - Class A		10,880		397,446
Household Durables - 0.8%
Lennar Corp. - Class A		7,980		328,936
NVR, Inc. (B)		230		236,900
PulteGroup, Inc. (A) (B)		17,700		371,523
Household Products - 2.1%
Energizer Holdings, Inc.		5,400		521,586
Kimberly-Clark Corp.		10,930		1,127,867
Procter & Gamble Co. (A)		11,130		854,450
Insurance - 5.4%
ACE, Ltd. (A)		27,810		2,478,983
Aflac, Inc.		6,760		368,014
AON PLC		6,890		415,812
Axis Capital Holdings, Ltd. (A)		17,920		799,770
Everest RE Group, Ltd. (A)		5,550		749,195
Hartford Financial Services Group, Inc. (A)		12,580		353,372
MetLife, Inc. (A)		31,990		1,247,290
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. (A) (B)		4,740		1,203,059
Expedia, Inc. (A)		4,930		275,291
priceline.com, Inc. (B)		430		299,276
Internet Software & Services - 3.5%
eBay, Inc. (A) (B)		14,820		776,420
Equinix, Inc. (B)		1,050		224,805
Google, Inc. - Class A (A) (B)		3,430		2,828,275
LinkedIn Corp. - Class A (B)		1,370		263,163

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

Transamerica Funds Semi-Annual Report 2013

Page    66

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
IT Services - 1.1%
Cognizant Technology Solutions Corp. - Class A (A) (B)		3,920		$  254,016
Genpact, Ltd. (A)		11,720		217,992
Jack Henry & Associates, Inc.		2,860		132,704
Visa, Inc. - Class A (A)		4,260		717,640
Life Sciences Tools & Services - 0.6%
Mettler-Toledo International, Inc. (B)		3,160		660,314
Machinery - 2.0%
Deere & Co. (A)		3,150		281,295
PACCAR, Inc. (A)		32,540		1,619,841
SPX Corp.		7,080		527,531
Media - 6.3%
CBS Corp. - Class B (A)		39,140		1,791,829
Comcast Corp. - Class A		11,490		474,537
DISH Network Corp. - Class A (A)		13,730		538,079
Time Warner Cable, Inc. (A)		4,650		436,588
Time Warner, Inc. (A)		71,090		4,249,760
Metals & Mining - 1.2%
Alcoa, Inc. (A)		96,950		824,075
Alumina, Ltd. - ADR (B)		76,110		304,440
Walter Energy, Inc.		14,700		263,424
Multi-Utilities - 1.9%
NiSource, Inc. - Class B (A)		25,050		769,787
Sempra Energy		17,970		1,488,814
Multiline Retail - 0.8%
Target Corp. (A)		13,360		942,682
Oil, Gas & Consumable Fuels - 2.7%
Anadarko Petroleum Corp. - Class A		4,030		341,583
Apache Corp.		4,700		347,236
Cheniere Energy, Inc. (B)		16,240		462,515
ConocoPhillips		6,060		366,327
Occidental Petroleum Corp. (A)		4,530		404,348
Phillips 66 (A)		11,260		686,297
Williams Cos., Inc. (A)		17,140		653,548
Pharmaceuticals - 2.8%
Allergan, Inc.		6,790		771,004
Bristol-Myers Squibb Co.		18,580		737,998
Johnson & Johnson		13,560		1,155,719
Merck & Co., Inc. (A)		12,890		605,830
Real Estate Investment Trusts - 7.9%
American Campus Communities, Inc. - Class A (A)		14,210		634,335
Apartment Investment & Management Co. - Class A		21,220		660,154
Boston Properties, Inc. (A)		2,200		240,746
Brandywine Realty Trust		16,300		243,359
CBL & Associates Properties, Inc.		23,740		573,084
CubeSmart - Class A (A)		35,860		630,060
Digital Realty Trust, Inc.		7,070		498,576
Education Realty Trust, Inc.		30,400		334,096
Equity Residential		4,400		255,464
HCP, Inc.		12,980		691,834
Kimco Realty Corp.		21,970		522,447
LaSalle Hotel Properties (A)		33,450		867,359
Liberty Property Trust - Series C (A)		9,860		423,881
National Retail Properties, Inc.		14,480		574,566
Post Properties, Inc.		10,440		516,049
Simon Property Group, Inc. (A)		7,540		1,342,648
Sunstone Hotel Investors, Inc. (B)		25,340		314,469

	Shares		Value
Road & Rail - 2.1%
CSX Corp. (A)		48,500		$  1,192,615
Norfolk Southern Corp. (A)		3,930		304,261
Union Pacific Corp. (A)		6,900		1,020,924
Semiconductors & Semiconductor Equipment - 7.5%
Advanced Micro Devices, Inc. (B)		25,500		71,910
Applied Materials, Inc. - Class A		56,570		820,831
ASML Holding NV - Class G		4,825		358,835
Avago Technologies, Ltd. - Class A		23,350		746,266
Broadcom Corp. - Class A (A)		47,900		1,724,400
Freescale Semiconductor, Ltd. (A) (B)		30,800		476,784
KLA-Tencor Corp.		14,350		778,488
LAM Research Corp. (A) (B)		38,690		1,788,252
LSI Corp. (A) (B)		34,750		227,265
Micron Technology, Inc. (B)		10,660		100,417
Texas Instruments, Inc.		12,010		434,882
Xilinx, Inc. (A)		35,440		1,343,530
Software - 2.2%
Adobe Systems, Inc. (A) (B)		10,370		467,479
Citrix Systems, Inc. (A) (B)		6,800		422,756
Microsoft Corp. (A)		17,610		582,891
Oracle Corp. (A)		19,710		646,094
Splunk, Inc. (B)		5,870		239,496
VMware, Inc. - Class A (B)		2,900		204,450
Specialty Retail - 2.3%
AutoZone, Inc. (A) (B)		1,410		576,817
Home Depot, Inc. (A)		7,420		544,257
Lowe’s Cos., Inc. (A)		15,270		586,673
Ross Stores, Inc. (A)		8,040		531,203
TJX Cos., Inc.		10,490		511,597
Textiles, Apparel & Luxury Goods - 0.9%
Lululemon Athletica, Inc. (B)		4,540		345,630
V.F. Corp. (A)		4,030		718,227
Tobacco - 1.5%
Philip Morris International, Inc.		19,080		1,823,857
Trading Companies & Distributors - 0.5%
WW Grainger, Inc.		2,310		569,346
Total Common Stocks (cost $104,398,461)				121,830,151
	Principal		Value
REPURCHASE AGREEMENT - 0.0% (C)
State Street Bank & Trust Co. 0.03% (D), dated 04/30/2013, to be repurchased at $58,571 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/01/2032, and with a value of $63,116.		$  58,571		58,571
Total Repurchase Agreement (cost $58,571)				58,571
Total Investment Securities (cost $104,457,032) (E)				121,888,722
Other Assets and Liabilities - Net				(3,359,422	)
Net Assets				$118,529,300

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

Transamerica Funds Semi-Annual Report 2013

Page    67

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares			Value
SECURITIES SOLD SHORT - (78.4%)
COMMON STOCKS - (78.4%)
Aerospace & Defense - (3.0%)
Boeing Co.		(7,945	)		$  (726,252	)
Lockheed Martin Corp.		(18,220	)		(1,805,420	)
Raytheon Co.		(11,070	)		(679,477	)
Textron, Inc.		(13,810	)		(355,607	)
Air Freight & Logistics - (0.8%)
FedEx Corp.		(5,100	)		(479,451	)
United Parcel Service, Inc. - Class B		(6,030	)		(517,615	)
Auto Components - (0.7%)
Autoliv, Inc.		(3,360	)		(256,771	)
Gentex Corp.		(25,500	)		(573,750	)
Automobiles - (0.7%)
Ford Motor Co.		(62,890	)		(862,222	)
Beverages - (0.6%)
Brown-Forman Corp. - Class B		(10,150	)		(715,575	)
Biotechnology - (1.1%)
Amgen, Inc.		(8,380	)		(873,280	)
Medivation, Inc. (B)		(4,700	)		(247,737	)
United Therapeutics Corp. (B)		(3,050	)		(203,679	)
Capital Markets - (1.3%)
BlackRock, Inc. - Class A		(1,560	)		(415,740	)
Federated Investors, Inc. - Class B		(8,990	)		(206,411	)
Franklin Resources, Inc.		(5,720	)		(884,655	)
Teton Advisors, Inc. - Class B (F)		(3	)		—
Chemicals - (3.6%)
Cabot Corp.		(6,950	)		(261,042	)
Celanese Corp. - Series A		(2,950	)		(145,759	)
OM Group, Inc. (B)		(18,280	)		(447,312	)
PPG Industries, Inc.		(2,190	)		(322,237	)
Praxair, Inc.		(16,510	)		(1,887,093	)
Sigma-Aldrich Corp.		(7,620	)		(599,618	)
Valspar Corp.		(8,600	)		(548,852	)
Commercial Banks - (2.3%)
BancorpSouth, Inc.		(22,420	)		(358,720	)
Bank of Hawaii Corp.		(11,070	)		(527,928	)
Commerce Bancshares, Inc.		(9,770	)		(391,875	)
Trustmark Corp. - Class A		(14,940	)		(366,777	)
UMB Financial Corp.		(12,870	)		(647,876	)
Valley National Bancorp		(51,457	)		(462,598	)
Computers & Peripherals - (0.5%)
Seagate Technology PLC		(9,400	)		(344,980	)
Western Digital Corp.		(4,650	)		(257,052	)
Construction Materials - (0.1%)
Vulcan Materials Co.		(2,410	)		(120,211	)
Consumer Finance - (0.3%)
Discover Financial Services		(7,510	)		(328,487	)
Containers & Packaging - (0.2%)
MeadWestvaco Corp.		(7,780	)		(268,254	)
Electric Utilities - (1.8%)
Entergy Corp. - Class B		(8,940	)		(636,796	)
FirstEnergy Corp.		(11,320	)		(527,512	)
Southern Co.		(18,910	)		(912,030	)
Electrical Equipment - (1.0%)
Rockwell Automation, Inc. - Class B		(14,600	)		(1,237,788	)
Energy Equipment & Services - (0.7%)
Diamond Offshore Drilling, Inc.		(4,490	)		(310,259	)
Nabors Industries, Ltd.		(20,900	)		(309,111	)

	Shares			Value
Energy Equipment & Services (continued)
Tenaris SA - ADR		(5,510	)		$  (245,140	)
Food & Staples Retailing - (0.2%)
Safeway, Inc.		(9,570	)		(215,516	)
Food Products - (2.5%)
Hershey Co.		(25,000	)		(2,229,000	)
Mead Johnson Nutrition Co. - Class A		(8,680	)		(703,861	)
Gas Utilities - (0.3%)
National Fuel Gas Co.		(6,070	)		(380,710	)
Health Care Equipment & Supplies - (3.0%)
Becton Dickinson and Co.		(4,310	)		(406,433	)
CR Bard, Inc.		(5,720	)		(568,339	)
Edwards Lifesciences Corp. (B)		(2,830	)		(180,526	)
Medtronic, Inc.		(17,440	)		(814,099	)
Varian Medical Systems, Inc. (B)		(10,600	)		(690,484	)
Zimmer Holdings, Inc. - Class A		(12,520	)		(957,154	)
Health Care Providers & Services - (1.1%)
Laboratory Corp. of America Holdings (B)		(2,610	)		(243,670	)
Tenet Healthcare Corp. (B)		(10,790	)		(489,434	)
WellPoint, Inc.		(8,320	)		(606,694	)
Health Care Technology - (0.2%)
Quality Systems, Inc.		(12,670	)		(226,413	)
Hotels, Restaurants & Leisure - (0.5%)
Choice Hotels International, Inc.		(3,720	)		(145,303	)
Hyatt Hotels Corp. - Class A (B)		(11,150	)		(475,882	)
Household Durables - (0.4%)
Toll Brothers, Inc. (B)		(12,940	)		(443,971	)
Household Products - (1.0%)
Church & Dwight Co., Inc.		(18,060	)		(1,153,853	)
Industrial Conglomerates - (1.8%)
Danaher Corp.		(11,160	)		(680,090	)
General Electric Co.		(63,040	)		(1,405,162	)
Insurance - (6.4%)
Allstate Corp.		(13,580	)		(668,951	)
American International Group, Inc. (B)		(7,110	)		(294,496	)
Arch Capital Group, Ltd. (B)		(13,170	)		(698,800	)
Chubb Corp. - Class A		(11,840	)		(1,042,749	)
Lincoln National Corp.		(11,380	)		(387,034	)
Progressive Corp.		(37,270	)		(942,558	)
RenaissanceRe Holdings, Ltd.		(4,630	)		(434,711	)
Torchmark Corp.		(11,300	)		(701,391	)
Travelers Cos., Inc.		(11,960	)		(1,021,504	)
WR Berkley Corp.		(23,910	)		(1,038,172	)
XL Group PLC - Class A		(12,480	)		(388,627	)
Internet & Catalog Retail - (0.9%)
NetFlix, Inc. (B)		(5,110	)		(1,104,118	)
Internet Software & Services - (0.4%)
AOL, Inc. (B)		(11,490	)		(443,974	)
IT Services - (1.2%)
Automatic Data Processing, Inc.		(6,590	)		(443,770	)
Fiserv, Inc. (B)		(2,280	)		(207,731	)
Paychex, Inc.		(12,510	)		(455,489	)
SAIC, Inc.		(18,170	)		(271,460	)
Leisure Equipment & Products - (0.6%)
Hasbro, Inc.		(14,660	)		(694,444	)
Machinery - (3.0%)
Caterpillar, Inc.		(9,130	)		(773,037	)
Cummins, Inc.		(2,290	)		(243,633	)
Dover Corp.		(21,150	)		(1,458,927	)

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

Transamerica Funds Semi-Annual Report 2013

Page    68

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares			Value
Machinery (continued)
Illinois Tool Works, Inc. - Class A		(13,865	)		$  (895,125	)
Parker Hannifin Corp.		(1,730	)		(153,226	)
Media - (5.9%)
Discovery Communications, Inc. - Series A (B)		(5,940	)		(468,191	)
Gannett Co., Inc.		(23,630	)		(476,381	)
Interpublic Group of Cos., Inc.		(31,140	)		(430,978	)
News Corp. - Class B		(40,770	)		(1,268,762	)
Omnicom Group, Inc.		(27,370	)		(1,635,905	)
Scripps Networks Interactive, Inc. - Class A		(24,580	)		(1,636,536	)
Washington Post Co. - Class B		(2,420	)		(1,072,883	)
Metals & Mining - (2.2%)
Cliffs Natural Resources, Inc.		(42,215	)		(900,868	)
Freeport-McMoRan Copper & Gold, Inc.		(12,010	)		(365,464	)
Nucor Corp.		(30,690	)		(1,338,698	)
Multi-Utilities - (2.6%)
Consolidated Edison, Inc.		(15,860	)		(1,009,489	)
Dominion Resources, Inc.		(6,520	)		(402,154	)
Public Service Enterprise Group, Inc.		(26,290	)		(962,477	)
Wisconsin Energy Corp.		(16,180	)		(727,129	)
Oil, Gas & Consumable Fuels - (3.1%)
Chesapeake Energy Corp.		(11,250	)		(219,825	)
CONSOL Energy, Inc.		(15,340	)		(516,038	)
Devon Energy Corp. - Class A		(6,270	)		(345,226	)
Exxon Mobil Corp.		(10,970	)		(976,220	)
Southwestern Energy Co. (B)		(8,290	)		(310,212	)
Spectra Energy Corp.		(6,020	)		(189,811	)
TransCanada Corp.		(16,590	)		(821,371	)
WPX Energy, Inc. (B)		(17,640	)		(275,713	)
Personal Products - (0.6%)
Estee Lauder Cos., Inc. - Class A		(10,950	)		(759,382	)
Pharmaceuticals - (2.5%)
AbbVie, Inc. - Class G		(11,850	)		(545,693	)
Eli Lilly & Co.		(28,480	)		(1,577,222	)
Forest Laboratories, Inc. (B)		(11,300	)		(422,733	)
Hospira, Inc. (B)		(12,700	)		(420,624	)
Real Estate Investment Trusts - (7.3%)
Coresite Realty Corp. - Class 3		(7,080	)		(256,154	)
Corporate Office Properties Trust		(17,200	)		(498,628	)
DCT Industrial Trust, Inc.		(102,970	)		(806,255	)
DDR Corp.		(16,800	)		(308,112	)
EastGroup Properties, Inc.		(12,450	)		(785,221	)

	Shares			Value
Real Estate Investment Trusts (continued)
Excel Trust, Inc.		(17,880	)		$  (272,312	)
Health Care REIT, Inc.		(10,910	)		(817,923	)
Hudson Pacific Properties, Inc.		(16,980	)		(387,314	)
Mack-Cali Realty Corp.		(14,710	)		(408,497	)
Mid-America Apartment Communities, Inc.		(2,600	)		(178,698	)
Realty Income Corp.		(20,170	)		(1,028,065	)
Senior Housing Properties Trust		(30,620	)		(870,527	)
Tanger Factory Outlet Centers		(17,830	)		(661,850	)
Vornado Realty Trust - Class A		(6,880	)		(602,413	)
Weingarten Realty Investors		(21,430	)		(730,120	)
Real Estate Management & Development - (0.4%)
Brookfield Office Properties, Inc.		(26,800	)		(493,388	)
Road & Rail - (1.4%)
Heartland Express, Inc.		(41,300	)		(560,441	)
Knight Transportation, Inc.		(33,660	)		(525,769	)
Werner Enterprises, Inc.		(24,410	)		(560,454	)
Semiconductors & Semiconductor Equipment - (6.9%)
Analog Devices, Inc. - Class A		(11,610	)		(510,724	)
Cypress Semiconductor Corp. (B)		(27,400	)		(276,466	)
Intel Corp.		(65,260	)		(1,562,977	)
Linear Technology Corp.		(15,400	)		(562,100	)
Marvell Technology Group, Ltd.		(30,780	)		(331,193	)
Maxim Integrated Products, Inc. - Class A		(25,310	)		(782,838	)
Microchip Technology, Inc.		(43,330	)		(1,578,079	)
NVIDIA Corp.		(32,520	)		(447,800	)
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		(87,010	)		(1,660,151	)
Teradyne, Inc. (B)		(28,240	)		(464,265	)
Software - (0.6%)
Electronic Arts, Inc. (B)		(39,970	)		(703,872	)
Specialty Retail - (0.8%)
Bed Bath & Beyond, Inc. (B)		(3,490	)		(240,112	)
CarMax, Inc. (B)		(6,010	)		(276,701	)
O’Reilly Automotive, Inc. (B)		(3,810	)		(408,889	)
Tobacco - (1.4%)
Altria Group, Inc.		(45,110	)		(1,646,966	)
Trading Companies & Distributors - (0.5%)
Fastenal Co.		(11,520	)		(565,057	)
Total Common Stocks (proceeds $(79,067,540))					(92,895,785	)
Total Securities Sold Short (proceeds $(79,067,540))					$  (92,895,785	)

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security has been segregated by the custodian with the broker as collateral for open securities sold short transactions. Total value of securities segregated as collateral for open securities sold short transactions is $60,495,921.

(B) Non-income producing security.

(C) Percentage rounds to less than 0.1%.

(D) Rate shown reflects the yield at April 30, 2013.

(E) Aggregate cost for federal income tax purposes is $104,457,032. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $18,733,527 and $1,301,837, respectively. Net unrealized appreciation for tax purposes is $17,431,690.

(F) 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 $0, or less than 0.01% of the fund’s net assets.

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

Transamerica Funds Semi-Annual Report 2013

Page    69

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS:

ADR American Depositary Receipt

VALUATION SUMMARY: (G)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	121,830,151		$	—	$	—	$	121,830,151
Repurchase Agreement		—			58,571		—		58,571
Total Investment Securities	$	121,830,151		$	58,571	$	—	$	121,888,722
Other Assets (H)
Cash on Deposit with Broker	$	—		$	89,688,471	$	—	$	89,688,471
Total Other Assets	$	—		$	89,688,471	$	—	$	89,688,471
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Securities Sold Short
Common Stocks	$	(92,895,785	)	$	—	$	0	$	(92,895,785	)
Total Securities Sold Short	$	(92,895,785	)	$	—	$	0	$	(92,895,785	)

(G) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(H) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Securities Sold Short

Securities	Beginning Balance at October 31, 2012		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (I)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held  at April 30, 2013
Common Stocks	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0	$	—

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

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

Transamerica Funds Semi-Annual Report 2013

Page    70

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Aerospace & Defense - 0.2%
Alliant Techsystems, Inc.		7,968		$  592,501
Beverages - 2.4%
Beam, Inc.		39,086		2,529,255
Brown-Forman Corp. - Class B		16,355		1,153,028
Dr. Pepper Snapple Group, Inc.		42,015		2,051,592
Building Products - 0.8%
Fortune Brands Home & Security, Inc. (A)		55,360		2,014,550
Capital Markets - 5.4%
Ameriprise Financial, Inc.		46,380		3,456,701
Charles Schwab Corp. (B)		130,362		2,210,940
Invesco, Ltd.		85,140		2,702,344
Northern Trust Corp.		33,635		1,813,599
T. Rowe Price Group, Inc.		34,905		2,530,612
Chemicals - 4.0%
Airgas, Inc.		28,556		2,759,937
Albemarle Corp.		45,486		2,786,018
Sherwin-Williams Co.		8,062		1,476,233
Sigma-Aldrich Corp. (B)		29,820		2,346,536
Commercial Banks - 6.0%
City National Corp. (B)		28,880		1,652,803
Cullen/Frost Bankers, Inc. (B)		18,780		1,134,500
Fifth Third Bancorp		190,206		3,239,208
First Republic Bank - Class A		25,285		960,324
Huntington Bancshares, Inc. - Class A		133,190		954,972
M&T Bank Corp.		26,510		2,656,302
SunTrust Banks, Inc.		78,439		2,294,341
Zions Bancorporation (B)		53,760		1,323,571
Commercial Services & Supplies - 0.3%
Republic Services, Inc. - Class A		24,427		832,472
Containers & Packaging - 3.6%
Ball Corp.		87,216		3,847,970
Rock-Tenn Co. - Class A		22,068		2,209,889
Silgan Holdings, Inc.		51,300		2,455,731
Distributors - 1.1%
Genuine Parts Co.		32,614		2,489,427
Electric Utilities - 2.9%
NV Energy, Inc.		104,873		2,268,403
Westar Energy, Inc. (B)		65,291		2,282,573
Xcel Energy, Inc.		71,921		2,286,369
Electrical Equipment - 2.4%
AMETEK, Inc. - Class A		58,350		2,375,429
Hubbell, Inc. - Class B		6,454		619,326
Regal Beloit Corp.		34,620		2,721,824
Electronic Equipment & Instruments - 2.5%
Amphenol Corp. - Class A		42,370		3,199,782
Arrow Electronics, Inc. (A)		70,165		2,752,573
Food Products - 1.4%
Hershey Co.		26,120		2,328,859
JM Smucker Co.		8,725		900,682
Gas Utilities - 1.5%
EQT Corp.		33,110		2,487,223
Questar Corp.		37,750		958,473
Health Care Equipment & Supplies - 0.6%
CareFusion Corp. - Class A (A)		45,033		1,505,904
Health Care Providers & Services - 3.6%
AmerisourceBergen Corp. - Class A		39,738		2,150,621
CIGNA Corp.		47,425		3,138,112

	Shares		Value
Health Care Providers & Services (continued)
Henry Schein, Inc. (A) (B)		16,215		$  1,465,836
Humana, Inc. - Class A		24,030		1,780,863
Hotels, Restaurants & Leisure - 2.5%
Darden Restaurants, Inc.		28,635		1,478,425
Marriott International, Inc. - Class A		57,507		2,476,251
Yum! Brands, Inc.		28,363		1,932,088
Household Durables - 1.6%
Jarden Corp. (A)		19,725		887,822
Mohawk Industries, Inc. (A)		26,114		2,895,521
Household Products - 1.0%
Energizer Holdings, Inc.		25,004		2,415,136
Industrial Conglomerates - 1.0%
Carlisle Cos., Inc.		36,643		2,377,031
Insurance - 9.5%
Alleghany Corp. (A)		5,946		2,341,178
Chubb Corp. - Class A		24,166		2,128,300
Hartford Financial Services Group, Inc.		59,840		1,680,905
Loews Corp.		89,305		3,989,254
Marsh & McLennan Cos., Inc.		95,185		3,617,982
Old Republic International Corp.		121,650		1,642,275
OneBeacon Insurance Group, Ltd. - Class A		34,005		462,128
Unum Group		78,512		2,189,700
WR Berkley Corp.		49,169		2,134,918
XL Group PLC - Class A		72,938		2,271,289
Internet & Catalog Retail - 1.4%
Expedia, Inc.		34,493		1,926,089
TripAdvisor, Inc. (A)		25,310		1,330,800
IT Services - 1.3%
Jack Henry & Associates, Inc.		67,180		3,117,152
Machinery - 2.5%
IDEX Corp.		45,788		2,382,350
Rexnord Corp. (A)		57,771		1,052,587
Snap-on, Inc.		28,594		2,464,803
Media - 2.6%
Cablevision Systems Corp. - Class A (B)		29,389		436,721
CBS Corp. - Class B		42,528		1,946,932
Clear Channel Outdoor Holdings, Inc. - Class A (A)		60,893		440,256
DISH Network Corp. - Class A		66,545		2,607,899
Gannett Co., Inc. (B)		34,608		697,697
Multi-Utilities - 5.5%
CenterPoint Energy, Inc.		96,786		2,388,679
CMS Energy Corp.		88,531		2,650,618
NiSource, Inc. - Class B		98,174		3,016,887
Sempra Energy		32,259		2,672,658
Wisconsin Energy Corp.		50,966		2,290,412
Multiline Retail - 2.7%
Family Dollar Stores, Inc.		46,618		2,860,947
Kohl’s Corp. (B)		73,406		3,454,486
Oil, Gas & Consumable Fuels - 5.7%
Devon Energy Corp. - Class A		36,630		2,016,848
Energen Corp.		75,444		3,577,554
Marathon Petroleum Corp.		36,274		2,842,431
PBF Energy, Inc. - Class A		35,134		1,069,830
QEP Resources, Inc.		56,090		1,610,344
Williams Cos., Inc.		59,239		2,258,783
Professional Services - 1.1%
Equifax, Inc.		41,393		2,533,252

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

Transamerica Funds Semi-Annual Report 2013

Page    71

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Real Estate Investment Trusts - 3.2%
Annaly Capital Management, Inc.		105,329		$  1,678,944
HCP, Inc.		36,295		1,934,524
Regency Centers Corp.		34,685		1,951,378
Vornado Realty Trust - Class A		21,556		1,887,443
Real Estate Management & Development - 0.7%
Brookfield Office Properties, Inc. (B)		94,005		1,730,632
Semiconductors & Semiconductor Equipment - 2.6%
Analog Devices, Inc. - Class A		76,699		3,373,989
Xilinx, Inc.		73,575		2,789,228
Software - 1.0%
Synopsys, Inc. (A)		63,876		2,272,069
Specialty Retail - 8.0%
AutoZone, Inc. (A)		8,719		3,566,856
Bed Bath & Beyond, Inc. (A)		46,063		3,169,134
Gap, Inc. - Class A		79,392		3,016,102
PetSmart, Inc. - Class A		29,218		1,993,836
Tiffany & Co. (B)		22,176		1,633,928
TJX Cos., Inc.		51,284		2,501,121
Williams-Sonoma, Inc. - Class A (B)		54,274		2,913,428
Textiles, Apparel & Luxury Goods - 1.8%
PVH Corp.		20,014		2,309,816
V.F. Corp.		10,365		1,847,250
Thrifts & Mortgage Finance - 0.9%
Capitol Federal Financial, Inc.		38,624		457,308
People’s United Financial, Inc. (B)		130,600		1,718,696
Trading Companies & Distributors - 1.1%
MSC Industrial Direct Co., Inc. - Class A		33,017		2,601,740

	Shares		Value
Wireless Telecommunication Services - 0.3%
Telephone & Data Systems, Inc.		30,400		$  682,176
Total Common Stocks (cost $157,644,883)				228,295,024
SECURITIES LENDING COLLATERAL - 8.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		19,171,213		19,171,213
Total Securities Lending Collateral (cost $19,171,213)				19,171,213
	Principal		Value
REPURCHASE AGREEMENT - 3.7%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $8,763,901 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $8,939,766.		$  8,763,894		8,763,894
Total Repurchase Agreement (cost $8,763,894)				8,763,894
Total Investment Securities (cost $185,579,990) (D)				256,230,131
Other Assets and Liabilities - Net				(20,020,359	)
Net Assets				$  236,209,772

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Non-income producing security.

(B) All or a portion of this security is on loan. The value of all securities on loan is $18,699,742. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $185,579,990. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $71,289,958 and $639,817, respectively. Net unrealized appreciation for tax purposes is $70,650,141.

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

Transamerica Funds Semi-Annual Report 2013

Page    72

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (E)

	Level 1  Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	228,295,024	$	—		$	—	$	228,295,024
Securities Lending Collateral		19,171,213		—			—		19,171,213
Repurchase Agreement		—		8,763,894			—		8,763,894
Total Investment Securities	$	247,466,237	$	8,763,894		$	—	$	256,230,131
	Level 1  Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(19,171,213	)	$	—	$	(19,171,213	)
Total Other Liabilities	$	—	$	(19,171,213	)	$	—	$	(19,171,213	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    73

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 107.3%
U.S. Treasury Inflation Indexed Bond
0.63%, 02/15/2043		$  9,489,582		$  9,918,834
1.75%, 01/15/2028		14,513,621		18,747,520
2.00%, 01/15/2026		19,646,256		25,791,840
2.13%, 02/15/2040		1,503,404		2,186,865
2.38%, 01/15/2025		17,915,997		24,101,208
2.38%, 01/15/2027 (A)		14,145,052		19,510,228
2.50%, 01/15/2029 (A) (B)		14,356,477		20,383,957
3.38%, 04/15/2032		392,286		642,675
3.63%, 04/15/2028 (A) (C)		36,813,671		58,297,909
3.88%, 04/15/2029 (A) (B) (C) (J)		23,070,119		38,062,098
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 -  07/15/2022 (A) (D)		43,581,949		46,741,685
0.13%, 04/15/2017 (A) (E)		9,197,010		9,791,946
0.13%, 01/15/2022 - 01/15/2023 (A)		29,187,440		31,693,208
0.50%, 04/15/2015		3,855,672		3,993,632
0.63%, 07/15/2021 (A) (D)		41,870,237		47,817,108
1.13%, 01/15/2021 (C)		15,968,502		18,760,498
1.25%, 07/15/2020 (A)		55,612,314		66,043,961
1.38%, 07/15/2018 (E)		1,613,987		1,869,704
1.38%, 01/15/2020		25,330,588		29,957,372
1.63%, 01/15/2015		20,542,795		21,581,172
1.63%, 01/15/2018 (A) (E)		12,076,219		13,907,469
1.88%, 07/15/2013 (D)		26,791,076		26,931,300
1.88%, 07/15/2015 (C)		22,194,822		23,986,011
1.88%, 07/15/2019		15,001,152		18,204,138
2.00%, 01/15/2014		12,561,400		12,809,688
2.00%, 07/15/2014 - 01/15/2016 (A)		49,163,220		53,140,330
2.13%, 01/15/2019		2,075,635		2,507,303
2.38%, 01/15/2017		230,188		264,662
2.63%, 07/15/2017 (A) (D)		4,031,568		4,783,391
U.S. Treasury Note 2.00%, 02/15/2023 (A)		3,100,000		3,190,579
Total U.S. Government Obligations (cost $615,180,424)				655,618,291
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.5%
Fannie Mae
0.35%, 08/25/2034 (F)		94,422		92,635
0.88%, 02/25/2041 (F)		1,907,526		1,917,920
1.38%, 10/01/2044 (F)		32,254		33,322
Freddie Mac 0.43%, 02/15/2019 (F)		665,163		665,912
Total U.S. Government Agency Obligations (cost $2,709,443)				2,709,789
FOREIGN GOVERNMENT OBLIGATIONS - 6.4%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75%, 04/15/2018		EUR  1,679,040		2,400,271
Canadian Government Bond
1.50%, 12/01/2044		CAD  1,750,667		2,280,063
4.25%, 12/01/2021		1,033,466		1,445,775
Denmark I/L Government Bond 0.10%, 11/15/2023		DKK  14,417,900		2,660,681
Italy Buoni Poliennali del Tesoro
1.70%, 09/15/2018		EUR  597,714		785,680
2.10%, 09/15/2016		8,808,415		12,002,775

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexican Bonos de Proteccion al Ahorro 4.32%, 01/30/2020 (F) (G)		MXN  5,900,000		$  480,939
New South Wales Treasury Corp.
2.50%, 11/20/2035		AUD  1,100,000		1,452,353
2.75%, 11/20/2025		6,300,000		8,745,945
U.K. Gilt Inflation Linked
0.13%, 03/22/2044 - Reg S		GBP  204,222		353,614
0.38%, 03/22/2062 - Reg S		105,021		215,003
2.50%, 07/26/2016 - Reg S		1,200,000		6,529,997
Total Foreign Government Obligations (cost $37,423,481)				39,353,096
MORTGAGE-BACKED SECURITIES - 3.1%
Arran Residential Mortgages Funding PLC Series 2011-1A, Class A1B 1.43%, 11/19/2047 - 144A (F)		EUR  540,385		712,005
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-3, Class A2
5.80%, 06/10/2049 (F)		$  14,142		14,174
Series 2007-3, Class A2FL
0.37%, 06/10/2049 - 144A (F)		14,142		14,135
Series 2007-5, Class A4
5.49%, 02/10/2051		530,000		610,838
Banc of America Mortgage Securities, Inc. Series 2004-1, Class 5A1 6.50%, 09/25/2033		21,075		21,738
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1
2.60%, 03/25/2035 (F)		473,640		476,503
Series 2005-2, Class A2
2.79%, 03/25/2035 (F)		133,098		133,990
Series 2005-5, Class A1
2.24%, 08/25/2035 (F)		146,394		147,017
Series 2005-5, Class A2
2.32%, 08/25/2035 (F)		268,834		272,692
Citigroup Mortgage Loan Trust, Inc.
Series 2005-11, Class A1A
2.54%, 05/25/2035 (F)		24,937		24,413
Series 2005-6, Class A1
2.24%, 09/25/2035 (F)		192,817		191,015
Series 2005-6, Class A2
2.29%, 09/25/2035 (F)		231,940		228,037
Series 2005-6, Class A3
1.94%, 09/25/2035 (F)		30,354		30,180
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class A4 5.89%, 11/15/2044 (F)		396,573		463,578
Countrywide Home Loan Mortgage Pass-Through Trust Series 2005-3, Class 1A2 0.49%, 04/25/2035 (F)		879,765		728,493
DBUBS Mortgage Trust Series 2011-LC2A, Class A2 3.39%, 07/10/2044 - 144A		6,700,000		7,178,353

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

Transamerica Funds Semi-Annual Report 2013

Page    74

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Greenpoint Mortgage Funding Trust Series 2005-AR1, Class A2 0.42%, 06/25/2045 (F)		$  346,523		$  298,694
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 2.66%, 09/25/2035 (F)		525,188		539,999
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3 5.87%, 09/15/2045 (F)		192,570		222,279
MASTR Alternative Loan Trust Series 2006-2, Class 2A1 0.60%, 03/25/2036 (F)		596,486		131,976
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class A4 5.70%, 09/12/2049		300,000		347,954
Morgan Stanley Capital I Trust Series 2007-IQ15, Class A4 6.09%, 06/11/2049 (F)		1,200,000		1,398,526
Morgan Stanley Mortgage Loan Trust Series 2006-12XS, Class A6A 5.73%, 10/25/2036 (F)		392,247		233,702
Permanent Master Issuer PLC Series 2011-1A, Class 1A3 1.51%, 07/15/2042 - 144A (F)		EUR  400,000		530,433
RALI Trust Series 2006-QO6, Class A1 0.38%, 06/25/2046 (F)		$930,489		456,054
Reperforming Loan REMIC Trust Series 2005-R2, Class 1AF1 0.54%, 06/25/2035 - 144A (F)		162,231		145,912
Sequoia Mortgage Trust Series 5, Class A 0.90%, 10/19/2026 (F)		65,773		65,518
Structured Asset Mortgage Investments, Inc. Series 2006-AR5, Class 1A1 0.41%, 05/25/2046 (F)		821,537		526,740
Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class A4 5.57%, 10/15/2048		400,000		451,713
WaMu Mortgage Pass-Through Certificates Series 2003-AR9, Class 2A 2.46%, 09/25/2033 (F)		525,375		536,194
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR8, Class 2A1 2.72%, 04/25/2036 (F)		1,544,425		1,455,427
Total Mortgage-Backed Securities (cost $17,704,437)				18,588,282
ASSET-BACKED SECURITIES - 0.7%
Ares VIR CLO, Ltd. Series 2006-6RA, Class A1B 0.51%, 03/12/2018 - 144A (F)		618,934		616,192

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Countrywide Asset-Backed Certificates Series 2005-13, Class 3AV3 0.45%, 04/25/2036 (F)		$  170,757		$  165,828
CSAB Mortgage Backed Trust Series 2006-1, Class A6A 6.17%, 06/25/2036 (F)		1,111,010		794,808
Duane Street CLO I, Ltd. Series 2005-1A, Class A2 0.54%, 11/08/2017 - 144A (F)		170,449		170,153
Equity One, Inc. Series 2004-1, Class AV2 0.50%, 04/25/2034 (F)		45,573		38,487
Harvest CLO SA Series I-X, Class A1 0.83%, 03/29/2017 - Reg S (F)		EUR  76,195		99,368
Magi Funding PLC Series I-A, Class A 0.58%, 04/11/2021 - 144A (F)		482,264		612,626
Saxon Asset Securities Trust Series 2003-1, Class AF7 4.03%, 06/25/2033 (F)		$  383,228		388,807
SLM Student Loan Trust Series 2003-6, Class A4 0.48%, 12/17/2018 (F)		312,646		312,029
Structured Asset Securities Corp. Series 2007-BC3, Class 2A2 0.34%, 05/25/2047 (F)		900,000		823,369
Wood Street CLO BV Series II-A, Class A1 0.59%, 03/29/2021 - 144A (F)		EUR  188,700		243,252
Total Asset-Backed Securities (cost $4,146,279)				4,264,919
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
Tobacco Settlement Finance Authority Series A 7.47%, 06/01/2047		$  660,000		574,695
Tobacco Settlement Financing Corp. Series A 6.00%, 06/01/2023		230,000		233,086
Total Municipal Government Obligations (cost $838,520)				807,781
CORPORATE DEBT SECURITIES - 6.6%
Capital Markets - 1.4%
Morgan Stanley, Series GMTN 2.79%, 05/14/2013 (F)		8,800,000		8,806,477
Commercial Banks - 2.8%
Banco Bradesco SA 2.39%, 05/16/2014 - 144A (F)		4,600,000		4,648,166
BBVA Bancomer SA 6.50%, 03/10/2021 - 144A (E)		1,900,000		2,166,000
CIT Group, Inc. 5.25%, 04/01/2014 - 144A (E)		1,000,000		1,036,250
Dexia Credit Local 1.65%, 09/12/2013		3,500,000		3,500,000
ICICI Bank, Ltd. 2.04%, 02/24/2014 - 144A (F)		600,000		601,468

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

Transamerica Funds Semi-Annual Report 2013

Page    75

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Commercial Banks (continued)
Intesa Sanpaolo SpA 3.13%, 01/15/2016 (E)		$  700,000		$  699,746
Societe Generale SA 1.33%, 04/11/2014 - 144A (F)		3,800,000		3,819,540
Turkiye Garanti Bankasi AS 2.78%, 04/20/2016 - 144A (F)		500,000		505,000
Consumer Finance - 0.1%
Ally Financial, Inc.
3.49%, 02/11/2014 (E) (F)		100,000		100,854
3.68%, 06/20/2014 (F)		200,000		203,994
SLM Corp., Series MTN 5.05%, 11/14/2014 (E)		300,000		313,963
Diversified Financial Services - 1.2%
Credit Agricole Home Loan SFH 1.03%, 07/21/2014 - 144A (F) (H)		3,400,000		3,407,405
Ford Motor Credit Co., LLC 3.98%, 06/15/2016 (E)		3,600,000		3,828,410
Insurance - 0.2%
Marsh & McLennan Cos., Inc. 5.75%, 09/15/2015		1,093,000		1,212,726
Oil, Gas & Consumable Fuels - 0.7%
Gazprom OAO Via GAZ Capital SA 5.09%, 11/29/2015 - 144A		500,000		537,330
Petrobras International Finance Co. 3.88%, 01/27/2016 (E)		3,700,000		3,885,773
Trading Companies & Distributors - 0.2%
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A		600,000		642,000
6.75%, 09/01/2016 - 144A		500,000		568,750
Total Corporate Debt Securities (cost $39,302,935)				40,483,852
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill 0.10%, 02/06/2014 (I) (J)		550,000		549,505
Total Short-Term U.S. Government Obligation (cost $549,505)				549,505
	Notional Amount		Value
PURCHASED FOREIGN EXCHANGE OPTIONS - 0.0% (K)
Call Options - 0.0% (K)
OTC- USD vs. JPY (H) Exercise Price $99.00 Expires 09/24/2013 Counterparty: JPM		1,900,000		41,418
OTC- USD vs. JPY (H) Exercise Price $99.00 Expires 09/24/2013 Counterparty: BOA		2,300,000		50,138
Total Purchased Foreign Exchange Options (cost $70,340)				91,556

	Notional Amount			Value
PURCHASED SWAPTION - 0.0% (K)
Put Option - 0.0% (K)
OTC- If exercised the Series receives floating 3 Month LIBOR, and pays 3.875%, European Style Expires 04/14/2014 (H) Counterparty: DUB		$  5,000,000			$  54,884
Total Purchased Swaption (cost $254,250)					54,884
	Shares			Value
SECURITIES LENDING COLLATERAL - 4.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (I)		30,141,086			30,141,086
Total Securities Lending Collateral (cost $30,141,086)					30,141,086
	Principal			Value
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.03% (I), dated 04/30/2013, to be repurchased at $320,265 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $327,702.		$  320,265			320,265
Total Repurchase Agreement (cost $320,265)					320,265
Total Investment Securities (cost $748,640,965) (L)					792,983,306
Other Assets and Liabilities - Net					(182,188,331	)
Net Assets					$  610,794,975
	Principal			Value
REVERSE REPURCHASE AGREEMENTS - (5.3%) (M)
BNP Paribas 0.20% (I), dated 02/11/2013, to be repurchased at $(27,056,479) on 07/29/2013.		$  (27,031,250	)		$  (27,031,250	)
BNP Paribas 0.20% (I), dated 02/04/2013, to be repurchased at $(2,685,406) on 08/19/2013.		(2,682,500	)		(2,682,500	)
JPMorgan Chase & Co. 0.17% (I), dated 04/19/2013, to be repurchased at $(2,688,392) on 05/10/2013.		(2,688,125	)		(2,688,125	)
Total Reverse Repurchase Agreements (cost $(32,401,875))					$  (32,401,875	)
	Notional Amount			Value
WRITTEN OPTIONS - (0.0%) (N)(K)
Call Options - (0.0%) (K)
OTC- USD vs. BRL (H) Exercise Price $104.00 Expires 09/24/2013 Counterparty: BOA		$  1,900,000			$  (16,500	)

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Notional Amount		Value
Call Options (continued)
OTC- USD vs. JPY (H) Exercise Price $104.00 Expires 09/24/2013 Counterparty: BOA		$  2,300,000		$  (19,973	)
Put Options - (0.0%) (K)
OTC- USD vs. JPY (H) Exercise Price $88.00 Expires 09/24/2013 Counterparty: BOA		2,300,000		(7,682	)

	Notional Amount		Value
Put Options (continued)
OTC- USD vs. JPY (H) Exercise Price $88.25 Expires 09/24/2013 Counterparty: GSC		$  1,900,000		$  (6,762	)
OTC- USD vs. JPY (H) Exercise Price $95.00 Expires 07/05/2013 Counterparty: BOA		1,900,000		(17,885	)
OTC- USD vs. JPY (H) Exercise Price $95.00 Expires 07/05/2013 Counterparty: BNP		1,800,000		(16,943	)
Total Written Options (premiums $(104,255))				$  (85,745	)

WRITTEN INFLATION FLOOR OPTIONS: (N) (U)
Description	Counterparty		Strike Index		Exercise Index	Expiration Date		Notional Amount		Premiums (Received)			Value
Floor- OTC CPURNSA Index		DUB		0.00	Maximum of ((1+0.000%)10- Inflation Agreement or 0		01/22/2018	$	1,000,000	$	(9,700	)	$	(2,988	)
Floor- OTC CPURNSA Index		DUB		215.95	Maximum of ((1+0.000%)10- Inflation Agreement or 0		03/10/2020		1,800,000		(13,500	)		(3,198	)
Floor- OTC CPURNSA Index		CITI		216.69	Maximum of ((1+0.000%)10- Inflation Adjustment or 0		04/07/2020		14,200,000		(126,880	)		(23,069	)
Floor- OTC CPURNSA Index		CITI		217.97	Maximum of ((1+0.000%)10- Inflation Adjustment or 0		09/29/2020		1,700,000		(21,930	)		(1,435	)
										$	(172,010	)	$	(30,690	)

WRITTEN SWAPTIONS: (N) (U)
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Value
Call- OTC 10-Year Interest Rate Swap	RBS	3-Month USD LIBOR BBA	Receive		1.80	%		07/29/2013		$    2,000,000		$      (7,218	)		$    (10,695	)
Call- OTC 10-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		5,700,000		(26,695	)		(30,479	)
Call- OTC 10-Year Interest Rate Swap	BCLY	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		3,900,000		(17,580	)		(20,854	)
Call- OTC 10-Year Interest Rate Swap	GSC	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		5,300,000		(26,580	)		(28,341	)
Call- OTC 10-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		3,600,000		(12,400	)		(19,250	)
Call- OTC 2-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Receive		1.60			07/02/2013		3,400,000		(11,730	)		(11,263	)
Call- OTC 2-Year Interest Rate Swap	GSC	3-Month USD LIBOR BBA	Receive		1.60			07/02/2013		13,700,000		(24,660	)		(45,382	)
Call- OTC 5-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Receive		0.75			09/03/2013		1,200,000		(840	)		(1,243	)
Call- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Receive		0.75			09/03/2013		1,000,000		(700	)		(1,044	)
Call- OTC 5-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Receive		0.75	%		09/03/2013		6,200,000		(3,482	)		(6,473	)

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

Transamerica Funds Semi-Annual Report 2013

Page    77

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

WRITTEN SWAPTIONS: (N) (U)
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount		Premiums (Received)			Value
Put- OTC 10-Year Interest Rate Swap	RBS	3-Month USD LIBOR BBA	Pay		2.65		07/29/2013		2,000,000		(10,615	)		(418	)
Put- OTC 10-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Pay		2.65		07/29/2013		5,700,000		(41,795	)		(1,191	)
Put- OTC 10-Year Interest Rate Swap	BCLY	3-Month USD LIBOR BBA	Pay		2.65		07/29/2013		3,900,000		(28,250	)		(815	)
Put- OTC 10-Year Interest Rate Swap	GSC	3-Month USD LIBOR BBA	Pay		2.65		07/29/2013		5,300,000		(22,710	)		(1,108	)
Put- OTC 10-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Pay		2.65		07/29/2013		3,600,000		(25,120	)		(752	)
Put- OTC 2-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Pay		1.60		07/02/2013		3,400,000		(11,730	)		(6,838	)
Put- OTC 2-Year Interest Rate Swap	GSC	3-Month USD LIBOR BBA	Pay		1.60		07/02/2013		13,700,000		(68,500	)		(27,553	)
Put- OTC 2-Year Interest Rate Swap	HSBC	6-Month EUR EURIBOR Reuters	Pay		1.15		07/24/2013		EUR  3,400,000		(5,957	)		(16	)
Put- OTC 2-Year Interest Rate Swap	BOA	6-Month EUR EURIBOR Reuters	Pay		1.15		07/24/2013		8,300,000		(17,181	)		(38	)
Put- OTC 2-Year Interest Rate Swap	BCLY	6-Month EUR EURIBOR Reuters	Pay		1.15		07/24/2013		2,800,000		(4,794	)		(13	)
Put- OTC 5-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Pay		1.25		09/03/2013		$    1,200,000		(3,000	)		(1,565	)
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		1.25		09/03/2013		1,000,000		(2,700	)		(1,315	)
Put- OTC 5-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Pay		1.25		09/03/2013		6,200,000		(15,615	)		(8,154	)
Put- OTC 5-Year Interest Rate Swap	BOA	3-Month USD LIBOR BBA	Pay		1.40		09/03/2013		3,700,000		(9,647	)		(11,355	)
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		1.40		09/03/2013		2,800,000		(9,340	)		(1,663	)
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		2.85		04/14/2014		21,200,000		(254,400	)		(10,999	)
Put- OTC 5-Year Interest Rate Swap	BOA	6-Month EUR EURIBOR Reuters	Pay		1.50		06/03/2013		EUR  5,800,000		(25,379	)		(2	)
Put- OTC 5-Year Interest Rate Swap	DUB	6-Month EUR EURIBOR Reuters	Pay		1.70		07/24/2013		4,700,000		(24,737	)		(92	)
Put- OTC 5-Year Interest Rate Swap	BCLY	6-Month EUR EURIBOR Reuters	Pay		1.70		07/24/2013		4,600,000		(23,157	)		(90	)
Put- OTC 5-Year Interest Rate Swap	RBS	6-Month EUR EURIBOR Reuters	Pay		1.70		07/24/2013		500,000		(2,951	)		(10	)
Put- OTC 5-Year Interest Rate Swap	CITI	6-Month EUR EURIBOR Reuters	Pay		1.70		07/24/2013		1,300,000		(5,876	)		(25	)
											$  (745,339	)		$  (249,036	)

CENTRALLY CLEARED SWAP AGREEMENTS: (O)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate	Maturity Date	Currency Code	Notional Amount		Market Value		Premiums Paid		Unrealized (Depreciation)
3-Month USD-LIBOR	2.75%	06/19/2043	USD		23,100,000	$	406,627	$	1,372,656	$	(966,029	)

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

OVER THE COUNTER SWAP AGREEMENTS: (N) (U)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION: (P)
Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Implied Credit Spread (BP) at  04/30/13(R)		Notional Amount(Q)		Market Value(S)			Premiums Paid		Unrealized (Depreciation)
Marsh & McLennan Cos., Inc., 5.75%, 09/15/2015		0.76	%		09/20/2015		BCLY		26.00	$	6,000,000	$	(74,045	)	$	—	$	(74,045	)
Societe Generale SA, 5.25%, 06/20/2014		1.00			06/20/2014		BCLY		49.00		3,800,000		(21,678	)		63,848		(85,526	)
												$	(95,723	)	$	63,848	$	(159,571	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION: (T)
Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty		Implied Credit Spread (BP) at  04/30/13(R)		Notional Amount(Q)		Market Value(S)			Premiums (Received)			Unrealized Appreciation (Depreciation)
American International Group, Inc., 6.25%, 05/01/2036		5.00	%		12/20/2013		DUB		13.00	$	800,000	$	29,285		$	(10,300	)	$	39,585
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00			06/20/2020		DUB		134.00		2,500,000		(58,361	)		(58,184	)		(177	)
												$	(29,076	)	$	(68,484	)	$	39,408

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code		Notional Amount		Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
BRL-CDI		8.15	%		01/02/2017	UBS		BRL		700,000	$	(4,878	)	$	(626	)	$	(4,252	)
BRL-CDI		8.26			01/02/2015	GSC		BRL		5,300,000		17,759			6,272			11,487
BRL-CDI		8.26			01/02/2015	UBS		BRL		51,000,000		173,760			45,352			128,408
BRL-CDI		8.27			01/02/2015	MSC		BRL		7,800,000		7,370			(12,348	)		19,718
BRL-CDI		8.49			01/02/2015	DUB		BRL		9,600,000		22,855			(681	)		23,536
BRL-CDI		8.56			01/02/2015	UBS		BRL		39,100,000		128,063			7,782			120,281
BRL-CDI		8.83			01/02/2015	HSBC		BRL		46,000,000		423,832			183,032			240,800
France CPI Ex Tobacco		1.90			07/25/2016	BNP		EUR		2,300,000		56,907			12,470			44,437
France CPI Ex Tobacco		2.00			09/01/2016	BNP		EUR		3,500,000		95,065			4,160			90,905
France CPI ex Tobacco		2.00			02/01/2018	DUB		EUR		200,000		4,498			134			4,364
France CPI ex Tobacco		2.00			02/01/2018	RBS		EUR		400,000		8,996			414			8,582
France CPI ex Tobacco		2.00			02/01/2018	CITI		EUR		300,000		6,747			93			6,654
France CPI ex Tobacco (H)		2.00			02/01/2018	MSC		EUR		800,000		17,993			308			17,685
France CPI ex Tobacco		2.10			07/25/2021	BNP		EUR		2,200,000		52,764			(19,689	)		72,453
France CPI ex Tobacco		2.10			07/25/2021	RBS		EUR		1,000,000		23,984			(9,362	)		33,346
France CPI ex Tobacco		2.15			04/01/2021	GSC		EUR		2,300,000		47,757			25,582			22,175
France CPI ex Tobacco (H)		2.15			04/01/2021	CITI		EUR		400,000		8,306			6,243			2,063
France CPI ex Tobacco (H)		2.15			04/01/2021	DUB		EUR		400,000		8,306			8,803			(497	)
											$	1,100,084		$	257,939		$	842,145

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount		Market Value			Premiums Paid		Unrealized (Depreciation)
U.S. CPI Urban Consumers NAS		2.36	%		01/28/2017		DUB		USD		4,100,000	$	(45,256	)	$	—	$	(45,256	)
U.S. CPI Urban Consumers NAS		2.42			02/12/2017		GSC		USD		8,300,000		(73,201	)		4,286		(77,487	)
U.S. CPI Urban Consumers NAS		2.50			07/15/2022		DUB		USD		3,900,000		(18,935	)		29,669		(48,604	)
U.S. CPI Urban Consumers NAS		2.50			07/15/2022		BNP		USD		5,500,000		(26,703	)		32,086		(58,789	)
												$	(164,095	)	$	66,041	$	(230,136	)

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

Transamerica Funds Semi-Annual Report 2013

Page    79

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FUTURES CONTRACTS:
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		Short		(10	)		06/19/2013	$	(8,603	)
90-Day Eurodollar		Long		112			09/14/2015		62,460
90-Day Eurodollar		Long		441			03/14/2016		273,412
								$	327,269

FORWARD FOREIGN CURRENCY CONTRACTS: (N) (U)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD		BCLY		300,000			05/02/2013	$	313,793		$	(2,833	)
AUD		CITI		(300,000	)		05/02/2013		(309,336	)		(1,624	)
AUD		BCLY		223,000			05/23/2013		232,883			(2,126	)
AUD		BNP		5,100,000			05/23/2013		5,266,643			10,748
AUD		CITI		(16,061,000	)		05/23/2013		(16,733,089	)		113,447
BRL		DUB		678,722			06/04/2013		334,066			3,775
BRL		HSBC		247,985			06/04/2013		123,931			(493	)
BRL		MSC		317,776			06/04/2013		160,000			(1,824	)
BRL		MSC		(678,722	)		06/04/2013		(334,066	)		(3,775	)
BRL		UBS		18,051,091			06/04/2013		8,994,066			(8,954	)
BRL		UBS		(462,548	)		06/04/2013		(231,112	)		874
CAD		BCLY		515,000			06/20/2013		504,612			5,969
CAD		DUB		186,000			06/20/2013		182,675			1,728
CAD		RBS		(4,587,000	)		06/20/2013		(4,455,107	)		(92,526	)
DKK		BCLY		(14,631,000	)		05/15/2013		(2,635,089	)		50,184
EUR		BNP		28,441,000			05/02/2013		36,959,080			496,802
EUR		BNP		(28,441,000	)		05/02/2013		(36,358,462	)		(1,097,419	)
EUR		BNP		(28,441,000	)		06/04/2013		(36,967,100	)		(496,707	)
EUR		DUB		1,200,000			06/04/2013		1,560,643			20,053
EUR		BCLY		108,000			06/17/2013		141,132			1,144
EUR		BCLY		12,325,000			06/17/2013		15,857,850			378,654
EUR		BNP		(1,280,000	)		06/17/2013		(1,676,109	)		(10,116	)
EUR		CITI		1,072,000			06/17/2013		1,389,023			23,191
EUR		CITI		(390,000	)		06/17/2013		(509,745	)		(4,027	)
EUR		HSBC		(10,000	)		06/17/2013		(13,009	)		(165	)
EUR		MSC		302,000			06/17/2013		391,669			6,175
EUR		RBS		(20,000	)		06/17/2013		(26,320	)		(27	)
EUR		UBS		(570,000	)		06/17/2013		(745,150	)		(5,748	)
GBP		BCLY		(1,384,000	)		06/12/2013		(2,108,516	)		(40,720	)
GBP		BNP		1,202,000			06/12/2013		1,789,964			76,640
GBP		CITI		579,000			06/12/2013		872,888			26,250
GBP		CITI		460,000			06/12/2013		701,379			12,962
GBP		DUB		574,000			06/12/2013		867,317			24,056
GBP		DUB		570,000			06/12/2013		869,564			15,599
GBP		JPM		470,000			06/12/2013		710,254			19,616
GBP		RBS		(7,220,000	)		06/12/2013		(10,916,496	)		(295,556	)
GBP		RBS		(163,000	)		06/12/2013		(245,925	)		(7,200	)
INR		BCLY		20,495,160			07/15/2013		378,000			(3,188	)
INR		CITI		31,366,020			07/15/2013		573,000			616
INR		JPM		18,041,100			07/15/2013		330,000			(68	)
INR		UBS		8,563,600			07/15/2013		158,000			(1,391	)
JPY		CITI		(97,918	)		05/07/2013		(1,000	)		(4	)
JPY		GSC		(73,039,741	)		05/07/2013		(746,000	)		(3,267	)
JPY		BCLY		(169,200,000	)		05/15/2013		(1,725,367	)		(10,414	)
JPY		BCLY		(34,200,000	)		07/18/2013		(348,381	)		(2,595	)
JPY		HSBC		(106,300,000	)		07/18/2013		(1,092,279	)		1,379
JPY		JPM		(214,600,000	)		07/18/2013		(2,170,057	)		(32,268	)

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

Transamerica Funds Semi-Annual Report 2013

Page    80

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (N) (U)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
JPY		RBS		630,500,000			07/18/2013	$	6,479,599		$	(9,115	)
MXN		BOA		53,965,557			06/27/2013		4,427,653			(4,446	)
MXN		JPM		20,370,131			06/27/2013		1,677,681			(8,073	)
MXN		MSC		13,467,539			06/27/2013		1,106,662			(2,815	)
MXN		UBS		19,039,551			06/27/2013		1,479,202			81,346
ZAR		BOA		(7,811,968	)		07/30/2013		(856,622	)		(3,092	)
											$	(781,368	)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged			Net Exposures (1)
BCLY	$	256,580		$	(260,000	)	$	(3,420	)
BNP		(858,962	)		(599,153	)		(1,458,115	)
BOA		(71,746	)		—			(71,746	)
CITI		161,335			(310,000	)		(148,665	)
DUB		41,188			—			41,188
GSC		(120,098	)		46,588			(73,510	)
HSBC		424,537			(480,000	)		(55,463	)
JPM		20,625			—			20,625
MSC		(23,173	)		(135,000	)		(158,173	)
RBS		(382,567	)		—			(382,567	)
UBS		363,072			(250,000	)		113,072

⁽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:

(A) Security is subject to dollar roll transactions.

(B) All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $263,475.

(C) All or a portion of this security has been segregated by the custodian with the broker as collateral for centrally cleared swaps. Total value of securities segregated as collateral to cover centrally cleared swaps is $2,036,905.

(D) All or a portion of this security has been segregated with the broker as collateral for open reverse repurchase agreements. Total value of securities segregated as collateral to for open reverse repurchase agreements is $33,728,633.

(E) All or a portion of this security is on loan. The value of all securities on loan is $29,535,449. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(F) Floating or variable rate note. Rate is listed as of April 30, 2013.

(G) 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 $480,939, or 0.08% of the fund’s net assets.

(H) Illiquid. Total aggregate market value of illiquid securities is $146,440, or 0.02% of the fund’s net assets, and total aggregate market value of illiquid derivatives is $(51,140), or (0.01%) of the fund’s net assets.

(I) Rate shown reflects the yield at April 30, 2013.

(J) All or a portion of this security has been segregated by the custodian with the broker as collateral for open options, swap, swaptions and/or forward foreign currency contracts. Total value of securities segregated for open options, swap, swaptions and/or forward foreign currency contracts is $596,093.

(K) Percentage rounds to less than 0.1%.

(L) Aggregate cost for federal income tax purposes is $748,640,965. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $46,222,031 and $1,879,690, respectively. Net unrealized appreciation for tax purposes is $44,342,341.

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

Transamerica Funds Semi-Annual Report 2013

Page    81

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(M) Cash in the amount of $10,000 has been segregated with the broker as collateral for open reverse repurchase agreements.

(N) Cash in the amount of $1,435,000 has been segregated by the broker with the custodian as collateral for open options, swaps, swaptions and/or forward foreign currency contracts.

(O) Cash in the amount of $9,000 has been segregated by the custodian with the broker as collateral for centrally cleared swaps.

(P) If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

(Q) 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.

(R) 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.

(S) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(T) If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

(U) Securities with an aggregate market value of $1,148,658 have been segregated by the broker as collateral for open options, swaps, swaptions and/or forward foreign currency contracts.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $28,154,970, or 4.61% of the fund’s net assets.
BBA	British Bankers’ Association
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
BP	Basis Point
CDI	Credit Default Index
CITI	Citigroup, Inc.
CLO	Collateralized Loan Obligation
CPI	Consumer Price Index
CPURNSA	US CPI Urban Consumers Non-Seasonably Adjusted Index
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
GMTN	Global Medium Term Note
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
MTN	Medium Term Note
NAS	National Academy of Sciences
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OTC	Over the Counter
RBS	Royal Bank of Scotland Group PLC
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 2013

Page    82

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS (continued):

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

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
USD	United States Dollar
ZAR	South African Rand

VALUATION SUMMARY: (V)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	655,618,291	$	—	$	655,618,291
U.S. Government Agency Obligations		—		2,709,789		—		2,709,789
Foreign Government Obligations		—		39,353,096		—		39,353,096
Mortgage-Backed Securities		—		18,588,282		—		18,588,282
Asset-Backed Securities		—		4,264,919		—		4,264,919
Municipal Government Obligations		—		807,781		—		807,781
Corporate Debt Securities		—		40,483,852		—		40,483,852
Short-Term U.S. Government Obligation		—		549,505		—		549,505
Purchased Foreign Exchange Options		—		91,556		—		91,556
Purchased Swaption		—		54,884		—		54,884
Securities Lending Collateral		30,141,086		—		—		30,141,086
Repurchase Agreement		—		320,265		—		320,265
Total Investment Securities	$	30,141,086	$	762,842,220	$	—	$	792,983,306
Derivative Financial Instruments
Credit Default Swap Agreements (W)	$	—	$	39,585	$	—	$	39,585
Forward Foreign Currency Contracts (W)		—		1,371,208		—		1,371,208
Futures Contracts (W)		335,872		—		—		335,872
Interest Rate Swap Agreements (W)		—		846,894		—		846,894
Total Derivative Financial Instruments	$	335,872	$	2,257,687	$	—	$	2,593,559
Other Assets (X)
Cash Deposit due to Broker	$	9,000	$	—	$	—	$	9,000
Foreign Currency		467,393		—		—		467,393
Total Other Assets	$	476,393	$	—	$	—	$	476,393

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

Transamerica Funds Semi-Annual Report 2013

Page    83

Transamerica Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (V)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Credit Default Swap Agreements (W)	$	—		$	(159,748	)	$	—	$	(159,748	)
Forward Foreign Currency Contracts (W)		—			(2,152,576	)		—		(2,152,576	)
Futures Contracts (W)		(8,603	)		—			—		(8,603	)
Interest Rate Swap Agreements (W)		(966,029	)		(234,885	)		—		(1,200,914	)
Reverse Repurchase Agreements		—			(32,401,875	)		—		(32,401,875	)
Written Inflation Floor Options		—			(30,690	)		—		(30,690	)
Written Foreign Exchange Options		—			(85,745	)		—		(85,745	)
Written Swaptions		—			(249,036	)		—		(249,036	)
Total Derivative Financial Instruments	$	(974,632	)	$	(35,314,555	)	$	—	$	(36,289,187	)
Other Liabilities (X)
Cash Deposit due to Broker	$	—		$	(1,445,000	)	$	—	$	(1,445,000	)
Collateral for Securities on Loan		—			(30,141,086	)		—		(30,141,086	)
Total Other Liabilities	$	—		$	(31,586,086	)	$	—	$	(31,586,086	)

(V) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(X) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales (Y)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (Z)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (Z)
Asset-Backed Securities	$	182,319	$	—	$	(185,269	)	$	—	$	(3,305	)	$	6,255	$	—	$	—	$	—	$	—

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

(Z) Any difference between Net Change in Unrealized Appreciation(Depreciation) and Net Change in Unrealized Appreciation(Depreciation) on Investments Held at April 30, 2013 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 2013

Page    84

Transamerica Select Equity

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Aerospace & Defense - 3.3%
Honeywell International, Inc.		621,850		$  45,730,849
Auto Components - 3.3%
Johnson Controls, Inc.		1,282,650		44,905,577
Beverages - 2.3%
Coca-Cola Co.		761,250		32,223,713
Chemicals - 4.1%
Monsanto Co.		334,250		35,704,585
Mosaic Co.		338,400		20,842,056
Commercial Banks - 4.4%
BB&T Corp.		762,550		23,463,664
PNC Financial Services Group, Inc.		549,750		37,317,030
Communications Equipment - 3.0%
Cisco Systems, Inc.		1,991,850		41,669,502
Consumer Finance - 3.2%
Capital One Financial Corp.		756,450		43,707,681
Diversified Financial Services - 6.0%
Citigroup, Inc.		925,450		43,181,497
JPMorgan Chase & Co.		818,250		40,102,432
Electric Utilities - 2.5%
Exelon Corp.		918,250		34,443,558
Energy Equipment & Services - 2.2%
Halliburton Co.		719,800		30,785,846
Food & Staples Retailing - 3.1%
CVS Caremark Corp.		725,900		42,232,862
Health Care Equipment & Supplies - 6.5%
Baxter International, Inc.		719,850		50,295,919
Covidien PLC		624,650		39,877,656
Health Care Providers & Services - 2.2%
McKesson Corp.		289,250		30,608,435
Hotels, Restaurants & Leisure - 3.5%
McDonald’s Corp.		473,600		48,373,504
Industrial Conglomerates - 5.2%
General Electric Co.		3,189,050		71,083,924
Media - 8.6%
Time Warner, Inc.		1,099,316		65,717,110
Viacom, Inc. - Class B		821,450		52,564,586

	Shares		Value
Oil, Gas & Consumable Fuels - 10.6%
EnCana Corp. (A)		1,098,600		$  20,269,170
Exxon Mobil Corp.		740,000		65,852,600
Marathon Oil Corp.		1,051,950		34,367,206
Southwestern Energy Co. (B)		676,900		25,329,598
Pharmaceuticals - 11.8%
Johnson & Johnson		848,350		72,304,870
Pfizer, Inc.		3,120,300		90,707,121
Semiconductors & Semiconductor Equipment - 4.0%
Texas Instruments, Inc. (A)		1,506,900		54,564,849
Software - 2.4%
Adobe Systems, Inc. (B)		728,850		32,856,558
Wireless Telecommunication Services - 4.5%
Vodafone Group PLC - ADR		2,035,850		62,276,652
Total Common Stocks (cost $1,075,441,251)				1,333,360,610
SECURITIES LENDING COLLATERAL - 0.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C)		12,012,686		12,012,686
Total Securities Lending Collateral (cost $12,012,686)				12,012,686
	Principal		Value
REPURCHASE AGREEMENT - 3.1%
State Street Bank & Trust Co. 0.03% (C), dated 04/30/2013, to be repurchased at $43,211,801 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 01/01/2032, and with a value of $44,077,324.		$  43,211,765		43,211,765
Total Repurchase Agreement (cost $43,211,765)				43,211,765
Total Investment Securities (cost $1,130,665,702) (D)				1,388,585,061
Other Assets and Liabilities - Net				(9,765,057	)
Net Assets				$  1,378,820,004

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $11,738,158. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) Non-income producing security.

(C) Rate shown reflects the yield at April 30, 2013.

(D) Aggregate cost for federal income tax purposes is $1,130,665,702. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $260,522,531 and $2,603,172, respectively. Net unrealized appreciation for tax purposes is $257,919,359.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2013

Page    85

Transamerica Select Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Common Stocks	$	1,333,360,610	$	—		$	—	$	1,333,360,610
Securities Lending Collateral		12,012,686		—			—		12,012,686
Repurchase Agreement		—		43,211,765			—		43,211,765
Total Investment Securities	$	1,345,373,296	$	43,211,765		$	—	$	1,388,585,061
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(12,012,686	)	$	—	$	(12,012,686	)
Total Other Liabilities	$	—	$	(12,012,686	)	$	—	$	(12,012,686	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    86

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 35.9%
U.S. Treasury Bond
2.75%, 11/15/2042 (A)		$  5,800,000		$  5,626,000
3.00%, 05/15/2042		1,100,000		1,126,297
3.75%, 08/15/2041		700,000		825,672
3.88%, 08/15/2040 (A) (B) (C)		5,400,000		6,507,842
4.38%, 02/15/2038		700,000		908,797
7.50%, 11/15/2024		1,400,000		2,228,187
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		513,590		557,245
2.13%, 02/15/2041		2,967,664		4,341,832
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2022 - 01/15/2023		25,707,097		27,972,245
1.13%, 01/15/2021 (B)		12,095,742		14,210,610
U.S. Treasury Note
0.25%, 01/31/2014 - 02/28/2014		15,700,000		15,714,843
0.75%, 02/28/2018 (D)		2,000,000		2,010,468
1.00%, 01/15/2014		1,657,000		1,667,292
1.13%, 12/31/2019 (D)		13,500,000		13,581,216
1.25%, 02/15/2014		18,202,000		18,363,397
1.25%, 03/15/2014 (C)		16,398,000		16,557,503
1.25%, 02/29/2020 (D)		7,400,000		7,487,298
1.50%, 12/31/2013		400,000		403,656
1.63%, 08/15/2022 - 11/15/2022		9,800,000		9,813,722
1.75%, 01/31/2014 - 05/15/2022		9,100,000		9,231,442
2.00%, 11/15/2021 (A) (C) (D)		39,100,000		40,871,699
2.00%, 02/15/2022		100,000		104,234
2.13%, 08/15/2021		2,800,000		2,963,187
2.38%, 05/31/2018		13,500,000		14,643,288
2.63%, 11/15/2020 (A) (C)		16,300,000		17,970,750
3.13%, 05/15/2021		5,900,000		6,717,705
Total U.S. Government Obligations (cost $232,829,933)				242,406,427
U.S. GOVERNMENT AGENCY OBLIGATIONS - 28.4%
Fannie Mae
0.30%, 01/25/2021 (E)		121,943		121,875
0.55%, 09/25/2042 (E)		306,663		302,219
1.38%, 03/01/2044 - 10/01/2044 (E)		1,290,511		1,337,782
2.18%, 09/01/2035 (E)		656,718		699,197
2.31%, 01/01/2026 (E)		3,036		3,194
2.36%, 01/01/2028 (E)		37,522		40,110
2.39%, 11/01/2033 (E)		134,551		143,362
2.42%, 07/01/2035 (E)		296,792		315,554
2.50%, 10/01/2027 - 02/01/2043		30,890,636		32,230,734
2.56%, 03/01/2034 (E)		232,750		247,487
3.50%, 08/01/2025 - 04/01/2027		3,601,130		3,836,429
4.00%, 03/01/2041		925,676		999,793
4.50%, 12/01/2024 - 09/01/2042		3,396,453		3,660,040
5.00%, 08/01/2020 - 01/01/2030		3,641,562		4,005,621
5.50%, 01/01/2037 - 02/01/2037		322,446		352,967
6.30%, 10/17/2038		386,411		387,290
Fannie Mae, IO 6.90%, 07/25/2034 (E) (F)		1,239,447		269,894
Fannie Mae, TBA
2.50%		15,000,000		15,548,125
3.50%		4,000,000		4,248,906
4.50%		200,000		214,508
5.00%		14,000,000		15,147,968
6.00%		900,000		983,672

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac
1.38%, 10/25/2044 (E)		$  364,978		$  366,086
1.58%, 07/25/2044 (E)		373,089		382,423
2.26%, 03/01/2034 (E)		149,293		159,531
2.35%, 11/01/2033 (E)		132,974		141,461
2.36%, 03/01/2034 (E)		151,959		161,971
2.42%, 01/01/2036 (E)		2,700,629		2,874,793
2.46%, 09/01/2035 (E)		45,117		48,096
3.00%, 09/01/2035 (E)		489,099		524,303
4.00%, 01/01/2041		3,200,835		3,419,016
4.50%, 08/01/2025 - 08/01/2041		10,806,559		11,592,451
5.00%, 02/15/2020 - 08/15/2020		67,826		68,269
6.50%, 04/15/2029 - 07/25/2043		22,128		25,654
Freddie Mac, TBA 4.50%		3,000,000		3,212,344
Ginnie Mae
1.75%, 05/20/2024 (E)		38,971		40,898
2.50%, 03/15/2027 - 02/15/2043		6,894,203		7,207,507
6.50%, 06/20/2032		19,509		21,977
Ginnie Mae, IO
6.36%, 04/16/2033 - 10/16/2033 (E) (F)		1,143,976		216,676
6.40%, 08/16/2033 - 09/20/2034 (E) (F)		2,760,815		548,388
Ginnie Mae, TBA 3.00%		62,000,000		65,971,875
Overseas Private Investment Corp. Zero Coupon, 05/02/2013		9,320,000		9,522,952
U.S. Small Business Administration Series P10A, Class 1 4.50%, 02/01/2014		16,437		16,774
Total U.S. Government Agency Obligations (cost $188,704,504)				191,620,172
FOREIGN GOVERNMENT OBLIGATIONS - 9.0%
Australia Government Bond 5.50%, 12/15/2013		AUD  6,300,000		6,645,442
Bundesschatzanweisungen
0.75%, 09/13/2013		EUR  19,700,000		26,011,379
1.75%, 06/14/2013		14,300,000		18,868,362
Province of Ontario Canada 3.15%, 06/02/2022		CAD  5,600,000		5,854,917
Province of Quebec Canada 3.50%, 12/01/2022		2,300,000		2,448,714
Republic of Brazil 10.25%, 01/10/2028		BRL  1,000,000		623,516
Total Foreign Government Obligations (cost $58,154,202)				60,452,330
MORTGAGE-BACKED SECURITIES - 9.0%
American Home Mortgage Assets LLC
Series 2006-2, Class 2A1
0.39%, 09/25/2046 (E)		$  834,301		572,354
Series 2006-4, Class 1A12
0.41%, 10/25/2046 (E)		1,824,757		1,261,883
Banc of America Funding Corp.
Series 2005-D, Class A1
2.65%, 05/25/2035 (E)		661,298		677,316
Series 2006-J, Class 4A1
5.62%, 01/20/2047 (E)		81,313		64,024

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

Transamerica Funds Semi-Annual Report 2013

Page    87

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1
2.73%, 08/25/2033 (E)		$  603,420		$  603,667
Series 2003-8, Class 2A1
3.07%, 01/25/2034 (E)		12,835		13,039
Series 2003-8, Class 4A1
3.12%, 01/25/2034 (E)		119,679		119,137
Series 2005-2, Class A2
2.79%, 03/25/2035 (E)		391,464		394,088
Series 2005-5, Class A2
2.32%, 08/25/2035 (E)		196,948		199,774
Bear Stearns Alt-A Trust Series 2006-6, Class 32A1 2.89%, 11/25/2036 (E)		312,468		221,178
Bear Stearns Structured Products, Inc. Series 2007-R6, Class 1A1 2.72%, 01/26/2036 (E)		273,760		210,627
Berica ABS Srl Series 2011-1, Class A1 0.51%, 12/30/2055 - Reg S (E)		EUR  5,300,000		6,706,591
Berica Residential MBS Srl Series 8, Class A 0.54%, 03/31/2048 - Reg S (E)		6,678,511		8,090,583
CC Funding Corp. Series 2004-3A, Class A1 0.45%, 08/25/2035 - 144A (E)		$  191,482		168,387
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2
2.29%, 09/25/2035 (E)		231,940		228,037
Series 2007-10, Class 22AA
3.08%, 09/25/2037 (E)		1,514,473		1,235,966
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class A4 5.89%, 11/15/2044 (E)		198,287		231,789
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1
6.00%, 10/25/2032		1,235		1,296
Series 2005-81, Class A1
0.48%, 02/25/2037 (E)		578,208		405,707
Series 2006-30T1, Class 1A3
6.25%, 11/25/2036		323,396		281,074
Series 2006-J8, Class A2
6.00%, 02/25/2037		324,120		242,112
Series 2006-OA17, Class 1A1A
0.39%, 12/20/2046 (E)		2,196,737		1,478,936
Series 2007-2CB, Class 1A13
5.75%, 03/25/2037 (E)		542,121		437,336
Series 2007-HY4, Class 1A1
2.99%, 06/25/2037 (E)		1,025,607		873,453
Series 2007-OA6, Class A1B
0.40%, 06/25/2037 (E)		945,817		795,674
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-30, Class M
2.87%, 10/19/2032 (E)		12,984		8,992
Series 2004-12, Class 12A1
2.88%, 08/25/2034 (E)		324,583		307,012
Series 2004-R1, Class 2A
6.50%, 11/25/2034 - 144A		422,004		439,235

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A
0.83%, 03/25/2032 - 144A (E)		$  461		$  441
Series 2003-AR15, Class 2A1
2.44%, 06/25/2033 (E)		834,308		818,959
Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2005-6, Class 2A3 5.50%, 12/25/2035		728,519		620,252
First Horizon Alternative Mortgage Securities Series 2007-FA4, Class 1A8 6.25%, 08/25/2037		335,915		295,667
First Horizon Asset Securities, Inc. Series 2005-AR3, Class 2A1 2.62%, 08/25/2035 (E)		65,078		62,547
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 2.66%, 09/25/2035 (E)		108,127		111,176
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.44%, 03/19/2036 (E)		1,314,555		910,379
Series 2006-12, Class 2A2A
0.39%, 01/19/2038 (E)		900,985		741,382
Series 2006-6, Class 5A1A
5.20%, 08/19/2036 (E)		456,501		404,170
Series 2007-1, Class 2A1A
0.33%, 04/19/2038 (E)		939,188		770,371
IndyMac Index Mortgage Loan Trust Series 2004-AR11, Class 2A 2.63%, 12/25/2034 (E)		40,402		38,515
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2011-FL1, Class A 2.10%, 11/15/2028 - 144A (E)		5,399,483		5,427,086
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1
4.72%, 02/25/2035 (E)		68,935		70,288
Series 2007-A1, Class 5A5
3.00%, 07/25/2035 (E)		583,624		598,850
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3 5.87%, 09/15/2045 (E)		1,829,419		2,111,654
Luminent Mortgage Trust Series 2006-6, Class 2A1 0.40%, 10/25/2046 (E)		519,682		453,863
MASTR Alternative Loan Trust Series 2006-2, Class 2A1 0.60%, 03/25/2036 (E)		125,576		27,784
Mellon Residential Funding Corp. Series 2000-TBC3, Class A1 0.64%, 12/15/2030 (E)		236,475		228,892
Merrill Lynch Mortgage Investors Trust
Series 2005-2, Class 3A
1.20%, 10/25/2035 (E)		37,710		37,529
Series 2005-3, Class 4A
0.45%, 11/25/2035 (E)		29,787		27,821
Series 2005-A10, Class A
0.41%, 02/25/2036 (E)		159,999		143,285

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

Transamerica Funds Semi-Annual Report 2013

Page    88

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust Series 2007-IQ15, Class A4 6.09%, 06/11/2049 (E)		$  100,000		$  116,544
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1
6.00%, 07/25/2047 (E)		292,249		243,045
Series 2007-3XS, Class 2A1A
0.27%, 01/25/2047 (E)		95,144		89,142
Series 2007-8XS, Class A1
5.75%, 04/25/2037 (E)		316,390		265,311
Permanent Master Issuer PLC
Series 2011-1A, Class 1A1
1.68%, 07/15/2042 - 144A (E) (F)		2,100,000		2,115,723
Series 2011-1A, Class 1A3
1.51%, 07/15/2042 - 144A (E)		EUR  4,200,000		5,569,551
Reperforming Loan REMIC Trust Series 2005-R2, Class 1AF1 0.54%, 06/25/2035 - 144A (E)		$  1,112,444		1,000,540
Residential Asset Securitization Trust Series 2006-R1, Class A2 0.60%, 01/25/2046 (E)		261,073		121,546
RFMSI Trust Series 2003-S9, Class A1 6.50%, 03/25/2032		1,981		2,080
RMAC Securities PLC Series 2007-NS1X, Class A2B 0.43%, 06/12/2044 - Reg S (E)		3,352,748		3,026,089
Sequoia Mortgage Trust
Series 10, Class 2A1
0.96%, 10/20/2027 (E)		32,087		31,665
Series 2007-1, Class 1A1
2.59%, 01/20/2047 (E)		568,965		482,734
Structured Adjustable Rate Mortgage Loan Trust Series 2004-19, Class 2A1 1.57%, 01/25/2035 (E)		177,917		138,079
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1
0.86%, 09/19/2032 (E)		15,529		14,970
Series 2005-AR5, Class A1
0.45%, 07/19/2035 (E)		36,143		33,132
Series 2005-AR5, Class A2
0.45%, 07/19/2035 (E)		58,521		54,925
Series 2005-AR5, Class A3
0.45%, 07/19/2035 (E)		111,775		109,769
Series 2005-AR8, Class A1A
0.48%, 02/25/2036 (E)		463,165		363,020
Series 2006-AR3, Class 12A1
0.42%, 05/25/2036 (E)		546,640		384,248
Series 2006-AR6, Class 2A1
0.39%, 07/25/2046 (E)		1,980,797		1,521,538
WaMu Mortgage Pass-Through Certificates
Series 2002-AR2, Class A
2.25%, 02/27/2034 (E)		14,977		15,177
Series 2002-AR9, Class 1A
1.58%, 08/25/2042 (E)		8,758		8,361
Series 2003-AR5, Class A7
2.45%, 06/25/2033 (E)		548,716		560,783

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates (continued)
Series 2003-AR9, Class 2A
2.46%, 09/25/2033 (E)		$  1,036,924		$  1,058,278
Series 2005-AR11, Class A1A
0.52%, 08/25/2045 (E)		498,364		463,640
Series 2006-AR19, Class 1A
0.92%, 01/25/2047 (E)		926,651		739,226
Series 2006-AR19, Class 1A1A
0.91%, 01/25/2047 (E)		789,059		748,851
Series 2006-AR9, Class 2A
2.50%, 08/25/2046 (E)		491,656		469,454
Series 2007-OA1, Class A1A
0.88%, 02/25/2047 (E)		660,412		522,011
Wells Fargo Mortgage Backed Securities Trust
Series 2004-CC, Class A1
2.62%, 01/25/2035 (E)		171,757		171,328
Series 2006-AR4, Class 2A6
5.59%, 04/25/2036 (E)		159,265		57,933
Series 2006-AR8, Class 2A4
2.72%, 04/25/2036 (E)		333,833		314,594
Total Mortgage-Backed Securities (cost $59,807,698)				60,983,465
ASSET-BACKED SECURITIES - 4.9%
Amortizing Residential Collateral Trust Series 2002-BC4, Class A 0.78%, 07/25/2032 (E)		3,806		3,434
Asset Backed Funding Certificates Series 2004-OPT5, Class A1 0.90%, 06/25/2034 (E)		317,129		304,510
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1
0.86%, 10/25/2032 (E)		11,122		10,546
Series 2006-SD4, Class 1A1
3.01%, 10/25/2036 (E)		656,078		639,484
Series 2007-AQ1, Class A1
0.31%, 11/25/2036 (E)		696,095		462,528
Chester Asset Receivables Dealings Series 2004-1, Class A 0.70%, 04/15/2016 - Reg S (E)		GBP  3,700,000		5,738,480
Credit-Based Asset Servicing and Securitization LLC Series 2007-CB1, Class AF1A 0.27%, 01/25/2037 (E)		$  434,945		162,419
Harbourmaster CLO, Ltd. Series 5A, Class A1 0.46%, 06/15/2020 - 144A (E)		EUR  402,735		524,371
Home Equity Asset Trust Series 2002-1, Class A4 0.80%, 11/25/2032 (E)		$  1,026		845
JPMorgan Mortgage Acquisition Corp. Series 2007-CH3, Class A5 0.46%, 03/25/2037 (E)		3,500,000		2,261,399
Mid-State Trust IV Series 4, Class A 8.33%, 04/01/2030		128,350		136,502

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

Transamerica Funds Semi-Annual Report 2013

Page    89

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
New Century Home Equity Loan Trust Series 2006-1, Class A2B 0.38%, 05/25/2036 (E)		$  138,303		$  88,211
Park Place Securities, Inc. Series 2005-WCW1, Class A1B 0.46%, 09/25/2035 (E)		77,066		74,979
Penarth Master Issuer PLC Series 2011-1A, Class A1 0.85%, 05/18/2015 - 144A (E)		3,700,000		3,700,334
Plymouth Rock CLO, Ltd./Inc. Series 2010-1A, Class A 1.79%, 02/16/2019 - 144A (E)		307,752		307,791
Securitized Asset Backed Receivables LLC Series 2007-HE1, Class A2A 0.26%, 12/25/2036 (E)		79,490		25,360
Small Business Administration Participation Certificates
Series 2003-20I, Class 1
5.13%, 09/01/2023		29,211		32,341
Series 2004-20C, Class 1
4.34%, 03/01/2024		209,571		229,674
Structured Asset Securities Corp.
Series 2002-HF1, Class A
0.78%, 01/25/2033 (E)		2,381		2,285
Series 2003-22A, Class 2A1
2.60%, 06/25/2033 (E)		934,687		925,161
Venture VIII CDO, Ltd. Series 2007-8A, Class A2A 0.50%, 07/22/2021 - 144A (E)		6,000,000		5,804,748
Wood Street CLO BV Series I, Class A 0.60%, 11/22/2021 - Reg S (E)		EUR  8,927,996		11,481,035
Total Asset-Backed Securities (cost $31,399,993)				32,916,437
MUNICIPAL GOVERNMENT OBLIGATIONS - 6.8%
Buckeye Tobacco Settlement Financing Authority (Revenue Bonds) 5.88%, 06/01/2047		$  600,000		533,166
Chicago Transit Authority (Revenue Bonds)
Class A
6.90%, 12/01/2040		4,900,000		6,294,148
Class B
6.90%, 12/01/2040		2,700,000		3,468,204
Citizens Property Insurance Corp. (Revenue Bonds) 5.00%, 06/01/2020		4,735,000		5,707,001
City of Chicago, IL (General Obligation Unlimited) Series A, Insurer: AGM 4.75%, 01/01/2036		6,930,000		7,295,765
Kentucky State Property & Building Commission (Revenue Bonds) 5.37%, 11/01/2025		100,000		120,299
New York City Transitional Finance Authority Future Tax Secured Revenue (Revenue Bonds) 4.73%, 11/01/2023		100,000		119,930

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Carolina Medical Care Commission 5.00%, 06/01/2035 - 06/01/2042		$  13,280,000		$  15,289,069
Port Authority of New York & New Jersey (Revenue Bonds) 4.46%, 10/01/2062		4,100,000		4,298,768
State of California - Build America Bonds (General Obligation Unlimited) 7.50%, 04/01/2034		300,000		432,090
Tobacco Settlement Finance Authority Series A 7.47%, 06/01/2047		1,110,000		966,533
Tobacco Settlement Financing Corp. (Revenue Bonds)
5.50%, 06/01/2026		180,000		191,309
5.88%, 05/15/2039		40,000		40,220
Series 1A
5.00%, 06/01/2041		1,400,000		1,243,816
Total Municipal Government Obligations (cost $41,366,701)				46,000,318
CORPORATE DEBT SECURITIES - 16.5%
Airlines - 0.3%
Continental Airlines, Inc. 6.75%, 09/15/2015 - 144A		2,200,000		2,301,750
Automobiles - 1.5%
Daimler Finance North America LLC 1.30%, 07/31/2015 - 144A		8,200,000		8,259,647
Volkswagen International Finance NV 0.89%, 04/01/2014 - 144A (E)		1,600,000		1,602,859
Capital Markets - 1.8%
Goldman Sachs Group, Inc.
0.53%, 11/15/2014 (E)		EUR  500,000		656,633
6.75%, 10/01/2037		$  900,000		1,032,550
Morgan Stanley 3.45%, 11/02/2015 (G)		4,200,000		4,400,953
Morgan Stanley, Series EMTN 0.61%, 04/13/2016 (E)		EUR  1,900,000		2,453,528
Morgan Stanley, Series GMTN
6.63%, 04/01/2018		$  2,000,000		2,397,624
7.30%, 05/13/2019		700,000		876,771
Commercial Banks - 4.0%
Barclays Bank PLC 10.18%, 06/12/2021 - 144A		2,240,000		3,064,544
Cie de Financement Foncier SA 2.50%, 09/16/2015 - 144A		6,000,000		6,234,612
Export-Import Bank of Korea
1.23%, 07/26/2013 - 144A (E)		4,400,000		4,401,452
8.13%, 01/21/2014		3,300,000		3,462,221
HSBC Capital Funding, LP 10.18%, 06/30/2030 - 144A (E) (F) (H)		150,000		217,500
Lloyds TSB Bank PLC 12.00%, 12/16/2024 - 144A (E) (H)		5,300,000		7,155,000
Lloyds TSB Bank PLC, Series MTN 5.80%, 01/13/2020 - 144A		700,000		837,976

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

Transamerica Funds Semi-Annual Report 2013

Page    90

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Commercial Banks (continued)
Rabobank Nederland NV 11.00%, 06/30/2019 - 144A (E) (H)		$  378,000		$  507,465
SSIF Nevada, LP 0.98%, 04/14/2014 - 144A (E)		500,000		502,841
Wells Fargo & Co. 7.98%, 03/15/2018 (E) (G) (H)		800,000		927,000
Consumer Finance - 0.5%
Ally Financial, Inc. 3.68%, 06/20/2014 (E)		3,100,000		3,161,907
Diversified Financial Services - 4.6%
Bank of America Corp. 7.63%, 06/01/2019		4,000,000		5,121,072
Bank of America Corp., Series GMTN 5.65%, 05/01/2018		3,900,000		4,527,494
Bear Stearns Cos., LLC
5.70%, 11/15/2014		1,900,000		2,043,383
6.40%, 10/02/2017		900,000		1,079,635
7.25%, 02/01/2018		2,100,000		2,615,111
Citigroup, Inc.
0.41%, 03/07/2014 (E)		2,000,000		1,996,226
2.29%, 08/13/2013 (E)		1,200,000		1,206,238
6.00%, 08/15/2017		600,000		706,184
Ford Motor Credit Co., LLC 7.00%, 10/01/2013 (G)		400,000		410,147
JPMorgan Chase & Co.
4.25%, 10/15/2020 (G)		1,900,000		2,128,142
4.40%, 07/22/2020 (G)		200,000		226,576
6.30%, 04/23/2019		900,000		1,107,826
Lehman Brothers Holdings Prod (Escrow shares)
1.00%, 12/30/2016 (E)		200,000		46,750
1.00%, 05/02/2018		500,000		120,625
Lehman Brothers Holdings, Inc. (Escrow shares)
1.00%, 12/30/2016 - 01/24/2049		5,700,000		1,358,000
6.75%, 12/28/2017 (I)		1,700,000		—
Merrill Lynch & Co., Inc., Series EMTN 0.47%, 01/31/2014 (E)		EUR  1,000,000		1,315,791
Merrill Lynch & Co., Inc., Series GMTN 6.40%, 08/28/2017		$  400,000		470,692
Merrill Lynch & Co., Inc., Series MTN 6.88%, 04/25/2018		3,900,000		4,741,207
Diversified Telecommunication Services - 0.0% (J)
KT Corp. 4.88%, 07/15/2015 - 144A		200,000		214,005
Energy Equipment & Services - 0.3%
NGPL PipeCo LLC 7.12%, 12/15/2017 - 144A (G)		1,800,000		1,874,250
Household Durables - 0.0% (J)
Urbi Desarrollos Urbanos SAB de CV 9.50%, 01/21/2020 - 144A (G)		400,000		122,000
Insurance - 0.3%
American International Group, Inc. 4.25%, 09/15/2014		1,000,000		1,045,938
American International Group, Inc., Series MTN 5.60%, 10/18/2016		1,000,000		1,138,828

	Principal		Value
Metals & Mining - 0.1%
CSN Resources SA 6.50%, 07/21/2020 - 144A (G)		$  300,000		$  321,000
Oil, Gas & Consumable Fuels - 1.1%
Gazprom OAO Via GAZ Capital SA
6.51%, 03/07/2022 - Reg S		3,500,000		4,081,875
8.15%, 04/11/2018 - 144A		1,000,000		1,225,000
Gazprom OAO Via GAZ Capital SA, Series EMTN 8.63%, 04/28/2034 - Reg S		1,500,000		2,081,250
Paper & Forest Products - 0.4%
Georgia-Pacific LLC 5.40%, 11/01/2020 - 144A (G)		2,500,000		2,987,968
Tobacco - 0.4%
Altria Group, Inc.
4.13%, 09/11/2015		400,000		430,570
9.70%, 11/10/2018		642,000		900,009
Reynolds American, Inc.
7.63%, 06/01/2016 (G)		200,000		237,520
7.75%, 06/01/2018		1,000,000		1,271,973
Trading Companies & Distributors - 1.2%
International Lease Finance Corp. 7.13%, 09/01/2018 - 144A		6,600,000		7,854,000
Transportation Infrastructure - 0.0% (J)
Korea Expressway Corp. 5.13%, 05/20/2015 - 144A		200,000		214,515
Total Corporate Debt Securities (cost $98,715,246)				111,676,633
COMMERCIAL PAPER - 2.5%
Commercial Banks - 1.2%
Banco Do Brasil SA 0.01%, 06/28/2013 (K)		8,100,000		8,074,795
Diversified Financial Services - 1.3%
Ford Motor Credit Co.
1.00%, 11/01/2013 - 11/22/2013		8,500,000		8,453,784
1.10%, 10/04/2013		100,000		99,523
Total Commercial Paper (cost $16,628,102)				16,628,102
LOAN ASSIGNMENTS - 0.3%
Computers & Peripherals - 0.3%
Dell, Inc. 1st Lien -, 02/28/2014 (F) (L)		1,200,000		1,194,000
Dell, Inc. 2nd Lien -, 02/05/2021 (F) (L)		800,000		796,000
Total Loan Assignments (cost $1,990,000)				1,990,000
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.2%
U.S. Treasury Bill
0.10%, 02/06/2014 (C) (K)		800,000		799,291
0.11%, 04/03/2014 (C) (K)		280,000		279,670
Total Short-Term U.S. Government Obligations (cost $1,078,961)				1,078,961
	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.3%
Commercial Banks - 0.3%
Wells Fargo & Co. - Series L, 7.50% (H)		1,600		2,111,600
Total Convertible Preferred Stock (cost $1,384,035)				2,111,600

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

Transamerica Funds Semi-Annual Report 2013

Page    91

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
PREFERRED STOCK - 0.1%
Thrifts & Mortgage Finance - 0.1%
DG Funding Trust 144A, 2.53% (E) (F) (I)		119		$  868,912
Total Preferred Stock (cost $1,265,909)				868,912
	Notional Amount		Value
PURCHASED SWAPTION - 0.1%
Put Option - 0.1%
OTC- If exercised the Fund receives floating 3-month LIBOR, and pays 3.45%, European Style (F) Expires 09/21/2015 Counterparty: RBS		$  5,000,000		357,063
Total Purchased Swaption (cost $398,542)				357,063
	Shares		Value
SECURITIES LENDING COLLATERAL - 1.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (K)		8,958,713		8,958,713
Total Securities Lending Collateral (cost $8,958,713)				8,958,713

	Principal			Value
REPURCHASE AGREEMENTS - 2.9%
Barclays Capital, Inc. 0.10% (K), dated 04/26/2013, to be repurchased at $7,200,140 on 05/03/2013. Collateralized by a U.S. Government Agency Obligation, 0.63%, due 10/25/2016, and with a value of $7,498,389.		$  7,200,000			$  7,200,000
Citigroup Global Markets 0.16% (K), dated 04/30/2013, to be repurchased at $11,600,052 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 2.13%, due 12/31/2015, and with a value of $11,757,362.		11,600,000			11,600,000
State Street Bank & Trust Co. 0.03% (K), dated 04/30/2013, to be repurchased at $868,000 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3%, due 12/01/2026, and with a value of $888,836.		867,999			867,999
Total Repurchase Agreements (cost $19,667,999)					19,667,999
Total Investment Securities (cost $762,350,538) (M)					797,717,132
Other Assets and Liabilities - Net					(122,869,875	)
Net Assets					$  674,847,257
	Principal			Value
TBA SHORT COMMITMENT - (6.5%)
U.S. Government Agency Obligation - (6.5%) (N)
Fannie Mae, TBA, 2.50%		$  (42,000,000	)		$  (43,780,000	)
Total TBA Short Commitment (proceeds $(43,710,391))					$  (43,780,000	)

WRITTEN SWAPTIONS: (O)
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Value
Call- OTC 10-Year Interest Rate Swap	GSC	3-Month USD LIBOR BBA	Receive		1.80	%		07/29/2013		$    2,800,000		$    (11,220	)		$    (14,972	)
Call- OTC 10-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		3,900,000		(7,800	)		(20,854	)
Call- OTC 10-Year Interest Rate Swap	BCLY	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		1,200,000		(5,040	)		(6,417	)
Call- OTC 10-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Receive		1.80			07/29/2013		5,000,000		(20,625	)		(26,736	)
Call- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Receive		0.75			09/03/2013		2,500,000		(1,750	)		(2,610	)
Call- OTC 5-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Receive		0.75			09/03/2013		15,900,000		(8,885	)		(16,600	)
Put- OTC 10-Year Interest Rate Swap	GSC	3-Month USD LIBOR BBA	Pay		2.65			07/29/2013		2,800,000		(21,000	)		(585	)
Put- OTC 10-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		2.65			07/29/2013		3,900,000		(24,570	)		(815	)
Put- OTC 10-Year Interest Rate Swap	BCLY	3-Month USD LIBOR BBA	Pay		2.65			07/29/2013		1,200,000		(9,000	)		(251	)
Put- OTC 10-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Pay		2.65			07/29/2013		5,000,000		(39,000	)		(1,045	)
Put- OTC 2-Year Interest Rate Swap	BCLY	6-Month EUR EURIBOR Reuters	Pay		1.15			07/24/2013		EUR  4,300,000		(7,362	)		(20	)

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

WRITTEN SWAPTIONS (continued): (O)
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Value
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		1.25	%		09/03/2013		$    2,500,000		$      (6,750	)		$      (3,288	)
Put- OTC 5-Year Interest Rate Swap	MSC	3-Month USD LIBOR BBA	Pay		1.25			09/03/2013		15,900,000		(40,180	)		(20,911	)
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		1.40			09/03/2013		19,400,000		(68,870	)		(11,524	)
Put- OTC 5-Year Interest Rate Swap	RBS	3-Month USD LIBOR BBA	Pay		2.50			09/21/2015		21,000,000		(399,000	)		(289,656	)
Put- OTC 5-Year Interest Rate Swap	CITI	6-Month EUR EURIBOR Reuters	Pay		1.70			07/24/2013		EUR  1,500,000		(6,780	)		(29	)
Put- OTC 5-Year Interest Rate Swap	RBS	6-Month EUR EURIBOR Reuters	Pay		1.70			07/24/2013		3,800,000		(22,430	)		(75	)
Put- OTC 5-Year Interest Rate Swap	DUB	6-Month EUR EURIBOR Reuters	Pay		1.70			07/24/2013		3,900,000		(20,336	)		(76	)
Put- OTC 5-Year Interest Rate Swap	BCLY	6-Month EUR EURIBOR Reuters	Pay		1.70			07/24/2013		11,200,000		(59,935	)		(219	)
												$  (780,533	)		$  (416,683	)

CENTRALLY CLEARED SWAP AGREEMENTS: (P)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION: (Q)
Reference Obligation	Fixed Deal Pay Rate	Maturity Date		Currency Code		Notional Amount (R)		Market Value (S)			Premiums Paid			Unrealized (Depreciation)
North America High Yield Index - Series 14	5.00%		06/20/2015		USD		14,016,000	$	(1,261,709	)	$	198,628		$	(1,460,337	)
North America High Yield Index - Series 15	5.00		12/20/2015		USD		23,424,000		(2,274,080	)		755,436			(3,029,516	)
								$	(3,535,789	)	$	954,064		$	(4,489,853	)
INTEREST RATE SWAP AGREEEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate	Maturity Date		Currency Code		Notional Amount		Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
6-Month AUD BBR BBSW	3.50%		03/15/2018		AUD		2,800,000	$	30,902		$	(6,879	)	$	37,781
6-Month AUD BBR BBSW	3.75		12/11/2018		AUD		7,800,000		(120,104	)		(17,013	)		(103,091	)
6-Month AUD BBR BBSW	3.75		03/15/2023		AUD		8,900,000		(10,339	)		(55,964	)		45,625
6-Month EURIBOR	2.00		03/21/2017		EUR		9,900,000		741,937			291,142			450,795
								$	642,396		$	211,286		$	431,110
INTEREST RATE SWAP AGREEEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate	Maturity Date		Currency Code		Notional Amount		Market Value			Premiums Paid (Received)			Unrealized (Depreciation)
3-Month USD-LIBOR	0.75%		06/19/2017		USD		31,300,000	$	(111,387	)	$	211,501		$	(322,888	)
3-Month USD-LIBOR	1.40		03/20/2018		USD		29,100,000		(866,244	)		(182,794	)		(683,450	)
6-Month EURIBOR	2.00		09/18/2023		EUR		2,100,000		(118,443	)		(27,918	)		(90,525	)
								$	(1,096,074	)	$	789		$	(1,096,863	)

OVER THE COUNTER SWAP AGREEMENTS: (O)
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION: (Q)
Reference Obligation	Fixed Deal Pay Rate	Maturity Date		Counterparty		Implied Credit Spread (BP) at 04/30/13 (T)		Notional Amount (R)		Market Value			Premiums Paid (Received)		Unrealized (Depreciation)
Time Warner, Inc., 5.88%, 11/15/2016	1.19%		03/20/2014		DUB		6.79	$	20,000	$	(228	)	$	—	$	(228	)

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

Transamerica Funds Semi-Annual Report 2013

Page    93

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION: (U)
Reference Obligation	Fixed Deal Pay Rate	Maturity Date		Counterparty		Currency Code		Notional Amount (R)		Market Value (S)		Premiums (Received)			Unrealized Appreciation
Dow Jones North America Investment Grade Index - Series 5	0.46%		12/20/2015		MSC		USD	$	3,200,000	$	5,255	$	—		$	5,255
North America Investment Grade Index - Series 16	1.00		06/20/2016		BCLY		USD		6,000,000		121,600		(35,859	)		157,459
										$	126,855	$	(35,859	)	$	162,714

INTEREST RATE SWAP AGREEEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate	Maturity Date		Counterparty		Currency Code		Notional Amount		Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
6-Month AUD BBR BBSW	3.75%		03/15/2018		DUB		AUD		10,000,000	$	229,000		$	13,951		$	215,049
6-Month AUD BBR BBSW	3.75		03/15/2018		GSC		AUD		5,300,000		121,370			9,627			111,743
6-Month AUD BBR BBSW	5.50		12/15/2017		BCLY		AUD		3,600,000		396,494			(11,185	)		407,679
6-Month AUD BBR BBSW (F)	5.50		12/15/2017		DUB		AUD		2,200,000		242,302			(6,106	)		248,408
BRL-CDI	7.55		01/02/2015		GSC		BRL		19,700,000		(91,583	)		(41,676	)		(49,907	)
BRL-CDI	7.62		01/02/2015		DUB		BRL		5,500,000		(18,709	)		(10,358	)		(8,351	)
BRL-CDI	7.78		01/02/2015		HSBC		BRL		53,200,000		(96,029	)		(29,584	)		(66,445	)
BRL-CDI	7.80		01/02/2015		MSC		BRL		24,200,000		(39,453	)		(4,913	)		(34,540	)
BRL-CDI	7.92		01/02/2015		BCLY		BRL		1,600,000		(2,143	)		(127	)		(2,016	)
BRL-CDI	8.08		01/02/2015		HSBC		BRL		8,200,000		9,746			11,911			(2,165	)
BRL-CDI	8.43		01/02/2015		DUB		BRL		2,400,000		12,278			11,489			789
BRL-CDI	8.49		01/02/2017		BNP		BRL		2,300,000		(3,901	)		—			(3,901	)
BRL-CDI (F)	8.59		01/02/2017		UBS		BRL		16,700,000		(48,285	)		(16,182	)		(32,103	)
BRL-CDI	8.60		01/02/2017		BCLY		BRL		11,000,000		(24,127	)		5,917			(30,044	)
BRL-CDI	8.63		01/02/2015		MSC		BRL		10,900,000		77,925			67,372			10,553
BRL-CDI	8.90		01/02/2017		HSBC		BRL		17,800,000		79,329			(15,357	)		94,686
BRL-CDI	8.90		01/02/2017		UBS		BRL		6,500,000		19,809			(6,260	)		26,069
BRL-CDI (F)	9.11		01/02/2017		BCLY		BRL		5,100,000		20,281			—			20,281
BRL-CDI (F)	9.14		01/02/2017		MSC		BRL		4,200,000		18,271			—			18,271
BRL-CDI (F)	9.21		01/02/2017		DUB		BRL		6,000,000		31,671			8,133			23,538
BRL-CDI (F)	9.93		01/02/2015		MSC		BRL		26,200,000		546,634			7,201			539,433
BRL-CDI	9.93		01/02/2015		UBS		BRL		22,600,000		471,523			11,373			460,150
BRL-CDI (F)	9.94		01/02/2015		GSC		BRL		21,600,000		453,064			—			453,064
BRL-CDI	10.61		01/02/2015		MSC		BRL		10,600,000		295,677			40,252			255,425
MXN TIIE Banxico	7.50		06/02/2021		UBS		MXN		80,200,000		1,132,548			218,219			914,329
										$	3,833,692		$	263,697		$	3,569,995

FUTURES CONTRACTS:
Description	Type	Contracts			Expiration Date		Unrealized (Depreciation)
10-Year U.S. Treasury Note	Short		(6	)		06/19/2013	$	(10,928	)
5-Year U.S. Treasury Note	Short		(34	)		06/28/2013		(43,077	)
Euro OAT	Short		(25	)		06/06/2013		(184,730	)
							$	(238,735	)

FORWARD FOREIGN CURRENCY CONTRACTS: (O)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD	BCLY		(194,000	)		05/02/2013	$	(201,144	)	$	56
AUD	DUB		(15,907,000	)		05/02/2013		(16,288,052	)		(200,081	)
AUD	UBS		(16,101,000	)		06/13/2013		(16,643,604	)		7,174
BRL	BOA		(5,036,052	)		06/04/2013		(2,505,000	)		(1,746	)
BRL	GSC		726,495			06/04/2013		357,000			4,620
BRL	HSBC		(870,460	)		06/04/2013		(433,000	)		(280	)
BRL	MSC		726,352			06/04/2013		357,000			4,549

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

Transamerica Funds Semi-Annual Report 2013

Page    94

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (O)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
BRL	UBS		(3,112,099	)		06/04/2013	$	(1,548,000	)	$	(1,079	)
BRL	UBS		2,252,714			06/04/2013		1,122,428			(1,117	)
CAD	RBS		(8,082,000	)		06/20/2013		(7,849,612	)		(163,025	)
CNY	BCLY		(8,433,558	)		08/05/2013		(1,343,779	)		(17,503	)
CNY	DUB		2,000,000			08/05/2013		319,285			3,540
CNY	UBS		7,077,510			08/05/2013		1,120,746			21,653
EUR	BCLY		(70,000	)		05/02/2013		(91,103	)		(1,084	)
EUR	BNP		33,401,000			05/02/2013		43,404,599			583,442
EUR	HSBC		(34,072,000	)		05/02/2013		(43,826,132	)		(1,045,595	)
EUR	MSC		741,000			05/02/2013		952,435			23,438
EUR	BNP		(33,401,000	)		06/04/2013		(43,414,019	)		(583,331	)
EUR	JPM		(14,500,000	)		06/14/2013		(18,744,186	)		(357,192	)
EUR	HSBC		(6,000,000	)		09/13/2013		(7,531,500	)		(378,087	)
EUR	JPM		(13,700,000	)		09/13/2013		(17,009,920	)		(1,050,304	)
EUR	JPM		(864,000	)		10/11/2013		(1,065,787	)		(73,454	)
EUR	JPM		(216,000	)		10/11/2013		(261,992	)		(22,819	)
EUR	JPM		1,080,000			10/11/2013		1,405,620			18,432
GBP	DUB		(2,200,000	)		06/12/2013		(3,354,981	)		(61,433	)
GBP	RBS		(5,958,000	)		06/12/2013		(9,008,377	)		(243,895	)
JPY	JPM		(532,687,000	)		05/15/2013		(5,444,331	)		(20,373	)
MXN	HSBC		70,392,024			06/27/2013		5,456,661			312,916
MXN	MSC		(22,349,124	)		06/27/2013		(1,834,000	)		2,187
MXN	MSC		(23,842,566	)		06/27/2013		(1,958,000	)		3,779
MXN	UBS		(14,419,469	)		06/27/2013		(1,183,000	)		1,130
MXN	UBS		(23,852,160	)		06/27/2013		(1,958,000	)		2,993
MXN	UBS		596,000			06/27/2013		49,066			(215	)
NOK	HSBC		15,778,000			05/15/2013		2,854,881			(120,352	)
										$	(3,353,056	)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged			Net Exposures(1)
BCLY	$	486,667		$	(380,000	)	$	106,667
BNP		(3,790	)		—			(3,790	)
BOA		(1,746	)		—			(1,746	)
CITI		(29	)		—			(29	)
DUB		199,173			(280,000	)		(80,827	)
GSC		471,914			(270,000	)		201,914
HSBC		(1,238,352	)		669,325			(569,027	)
JPM		(1,505,710	)		1,289,626			(216,084	)
MSC		872,970			(720,000	)		152,970
RBS		(339,588	)		—			(339,588	)
UBS		1,606,134			(1,410,000	)		196,134

⁽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:

(A) All or a portion of this security has been segregated by the custodian with the broker as collateral for centrally cleared swaps. Total value of securities segregated as collateral to cover centrally cleared swaps is $2,347,976.

(B) All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $158,989.

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

Transamerica Funds Semi-Annual Report 2013

Page    95

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(C) All or a portion of this security has been segregated by the custodian with the broker as collateral for open swap, swaptions and/or forward foreign currency contracts. Total value of securities segregated for open swap, swaptions and/or forward foreign currency contracts is $1,958,950.

(D) Security is subject to dollar roll transactions.

(E) Floating or variable rate note. Rate is listed as of April 30, 2013.

(F) Illiquid. Total aggregate market value of illiquid securities is $6,584,156, or 0.98% of the fund’s net assets, and total aggregate market value of illiquid derivatives is $1,263,938, or 0.19% of the fund’s net assets.

(G) All or a portion of this security is on loan. The value of all securities on loan is $8,776,277. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(H) The security has a perpetual maturity. The date shown is the next call date.

(I) 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 $868,912, or 0.13% of the fund’s net assets.

(J) Percentage rounds to less than 0.1%.

(K) Rate shown reflects the yield at April 30, 2013.

(L) All or portion of this security represents unsettled loan commitment at April 30, 2013 where the rate will be determined at time of settlement.

(M) Aggregate cost for federal income tax purposes is $762,350,538. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $40,070,084 and $4,703,490, respectively. Net unrealized appreciation for tax purposes is $35,366,594.

(N) Cash in the amount of $1,615,000 has been segregated by the broker with the custodian as collateral for open TBA short commitment transactions.

(O) Cash in the amount of $3,060,000 has been segregated by the broker with the custodian as collateral for open swap, swaptions and/or forward foreign currency contracts.

(P) Cash in the amount of $320,000 has been segregated by the broker with the custodian as collateral for centrally cleared swaps.

(Q) If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

(R) 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.

(S) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(T) 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.

(U) If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2013, these securities aggregated $75,825,503, or 11.24% of the fund’s net assets.
AGM	Assured Guaranty Municipal Corporation
BBA	British Bankers’ Association
BBR BBSW	Bank Bill Rate - Bank Bill Swap Reference Rate
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
BP	Basis Point
CDI	Credit Default Index
CDO	Collateralized Debt Obligation
CITI	Citigroup, Inc.
CLO	Collateralized Loan Obligation

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

Transamerica Funds Semi-Annual Report 2013

Page    96

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS (continued):

DUB	Deutsche Bank AG
EMTN	European Medium Term Note
EURIBOR	Euro InterBank Offered Rate
GMTN	Global Medium Term Note
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
IO	Interest Only
JPM	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
MTN	Medium Term Note
MXN TIIE Banxico	Tasa de Interés Interbancaria de Equilibrio (Interbank Equilibrium Interest Rate) (“TIIE”) for MXNde Equilibrio by the Banco de México
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OAT	Obligations Assimilables du Tresor
OTC	Over the Counter
RBS	Royal Bank of Scotland Group PLC
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
TBA	To Be Announced
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan Renminbi
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
USD	United States Dollar

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

Transamerica Funds Semi-Annual Report 2013

Page    97

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (V)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	242,406,427	$	—	$	242,406,427
U.S. Government Agency Obligations		—		191,620,172		—		191,620,172
Foreign Government Obligations		—		60,452,330		—		60,452,330
Mortgage-Backed Securities		—		60,983,465		—		60,983,465
Asset-Backed Securities		—		32,916,437		—		32,916,437
Municipal Government Obligations		—		46,000,318		—		46,000,318
Corporate Debt Securities
Airlines		—		2,301,750		—		2,301,750
Automobiles		—		9,862,506		—		9,862,506
Capital Markets		—		11,818,059		—		11,818,059
Commercial Banks		—		27,310,611		—		27,310,611
Consumer Finance		—		3,161,907		—		3,161,907
Diversified Financial Services		—		31,221,099		0		31,221,099
Diversified Telecommunication Services		—		214,005		—		214,005
Energy Equipment & Services		—		1,874,250		—		1,874,250
Household Durables		—		122,000		—		122,000
Insurance		—		2,184,766		—		2,184,766
Metals & Mining		—		321,000		—		321,000
Oil, Gas & Consumable Fuels		—		7,388,125		—		7,388,125
Paper & Forest Products		—		2,987,968		—		2,987,968
Tobacco		—		2,840,072		—		2,840,072
Trading Companies & Distributors		—		7,854,000		—		7,854,000
Transportation Infrastructure		—		214,515		—		214,515
Commercial Paper		—		16,628,102		—		16,628,102
Loan Assignments		—		1,990,000		—		1,990,000
Short-Term U.S. Government Obligations		—		1,078,961		—		1,078,961
Convertible Preferred Stock		2,111,600		—		—		2,111,600
Preferred Stock
Thrifts & Mortgage Finance		—		—		868,912		868,912
Purchased Swaption		—		357,063		—		357,063
Securities Lending Collateral		8,958,713		—		—		8,958,713
Repurchase Agreements		—		19,667,999		—		19,667,999
Total Investment Securities	$	11,070,313	$	785,777,907	$	868,912	$	797,717,132
Derivative Financial Instruments
Credit Default Swap Agreements	$	—	$	162,714	$	—	$	162,714
Forward Foreign Currency Contracts		—		989,909		—		989,909
Interest Rate Swap Agreements		534,201		3,799,467		—		4,333,668
Total Derivative Financial Instruments	$	534,201	$	4,952,090	$	—	$	5,486,291
Other Assets (W)
Foreign Currency	$	850,741	$	—	$	—	$	850,741
Total Other Assets	$	850,741	$	—	$	—	$	850,741

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

Transamerica Funds Semi-Annual Report 2013

Page    98

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (V)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
TBA Short Commitments
U.S. Government Agency Obligations	$	—		$	(43,780,000	)	$	—	$	(43,780,000	)
Total TBA Short Commitments	$	—		$	(43,780,000	)	$	—	$	(43,780,000	)
Derivative Financial Instruments
Credit Default Swap Agreements (X)	$	(4,489,853	)	$	(228	)	$	—	$	(4,490,081	)
Forward Foreign Currency Contracts (X)		—			(4,342,965	)		—		(4,342,965	)
Futures Contracts (X)		(238,735	)		—			—		(238,735	)
Interest Rate Swap Agreements (X)		(1,199,954	)		(229,472	)		—		(1,429,426	)
Written Swaptions		—			(416,683	)		—		(416,683	)
Total Derivative Financial Instruments	$	(5,928,542	)	$	(4,989,348	)	$	—	$	(10,917,890	)
Other Liabilities (W)
Cash Deposit due to Broker	$	—		$	(4,995,000	)	$	—	$	(4,995,000	)
Collateral for Securities on Loan		—			(8,958,713	)		—		(8,958,713	)
Total Other Liabilities	$	—		$	(13,953,713	)	$	—	$	(13,953,713	)

(V) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(W) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) (Y)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at April 30, 2013 (Z)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (Y)
Preferred Stocks	$	873,003	$	—	$	—	$	—	$	—	$	(4,091	)	$	—	$	—	$	868,912	$	(4,091	)
Corporate Debt		0		—		—		—		—		—			—		—		0		—
Total	$	873,003	$	—	$	—	$	—	$	—	$	(4,091	)	$	—	$	—	$	868,912	$	(4,091	)

(Y) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

Transamerica Funds Semi-Annual Report 2013

Page    99

Transamerica Value

SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.5%
United States - 2.5%
U.S. Treasury Bill 0.05%, 07/25/2013 (A)		$  10,000,000		$  9,998,938
Total Short-Term U.S. Government Obligation (cost $9,998,938)				9,998,938
	Shares		Value
COMMON STOCKS - 86.0%
France - 3.4%
Sanofi		86,950		9,529,426
Vivendi SA		185,000		4,190,536
Germany - 0.7%
Lanxess AG		38,000		2,767,440
Hong Kong - 12.2%
Cheung Kong Holdings, Ltd.		1,009,153		15,215,028
Henderson Land Development Co., Ltd.		1,884,727		13,685,865
Hutchison Whampoa, Ltd.		1,320,888		14,323,528
Wheelock & Co., Ltd.		1,087,000		6,072,235
Japan - 8.2%
Daiwa Securities Group, Inc.		690,000		6,108,324
Mitsui Fudosan Co., Ltd.		234,462		7,960,909
Toyota Industries Corp.		460,107		18,784,694
Korea, Republic of - 3.1%
POSCO - ADR		174,261		12,545,049
Sweden - 2.5%
Investor AB - Class B		342,350		10,089,237
Switzerland - 2.8%
Pargesa Holding SA		163,000		11,359,862
United Kingdom - 1.7%
Segro PLC - REIT		1,633,400		6,759,212
United States - 51.4%
Alamo Group, Inc. (B)		18,983		760,649
Alleghany Corp. (C)		20,200		7,953,548
Allscripts Healthcare Solutions, Inc. (C)		95,000		1,314,800
Apache Corp.		56,500		4,174,220
Applied Materials, Inc. - Class A		839,461		12,180,579
AVX Corp.		819,541		9,269,009
Bank of New York Mellon Corp.		570,052		16,086,867
Bristow Group, Inc.		97,685		6,173,692
Brookfield Asset Management, Inc. - Class A (B)		480,036		18,524,589
Brookfield Property Partners, LP (B) (C)		26,692		589,359
Capital Southwest Corp.		19,256		2,266,239
Comerica, Inc. - Class A (B)		338,000		12,252,500
Devon Energy Corp. - Class A		263,000		14,480,780

	Shares		Value
United States (continued)
Electronics for Imaging, Inc. -  Class B (C)		247,436		$  6,611,490
EnCana Corp.		367,000		6,771,150
Forest City Enterprises, Inc. -  Class A (B) (C)		539,836		10,078,738
Haemonetics Corp. (B) (C)		42,000		1,617,000
Intel Corp.		370,961		8,884,516
Investment Technology Group, Inc. (C)		324,815		3,537,235
KeyCorp		1,140,000		11,365,800
Leucadia National Corp.		296,000		9,143,440
Lowe’s Cos., Inc.		109,000		4,187,780
NVIDIA Corp.		380,000		5,232,600
SEACOR Holdings, Inc.		39,870		2,875,026
Symantec Corp. (C)		205,000		4,981,500
Tejon Ranch Co. (B) (C)		86,299		2,518,205
Tellabs, Inc.		941,479		1,948,862
Westwood Holdings Group, Inc. (B)		99,253		4,337,356
Weyerhaeuser Co. - REIT		205,000		6,254,550
White Mountains Insurance Group, Ltd.		18,000		10,409,580
Total Common Stocks (cost $356,389,145)				346,173,004
SECURITIES LENDING COLLATERAL - 2.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A)		11,175,272		11,175,272
Total Securities Lending Collateral (cost $11,175,272)				11,175,272
	Principal		Value
REPURCHASE AGREEMENT - 12.0%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $48,389,232 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 2.42% - 3.50%, due 04/01/2034 - 11/25/2038, and with a total value of $49,357,386.		$  48,389,192		48,389,192
Total Repurchase Agreement (cost $48,389,192)				48,389,192
Total Investment Securities (cost $425,952,547) (D)				415,736,406
Other Assets and Liabilities - Net				(13,183,575	)
Net Assets				$  402,552,831

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Real Estate Management & Development		18.0	%	$	74,644,928
Capital Markets		7.8			32,336,021
Diversified Financial Services		7.4			30,592,539
Semiconductors & Semiconductor Equipment		6.3			26,297,695
Oil, Gas & Consumable Fuels		6.1			25,426,150
Commercial Banks		5.7			23,618,300
Auto Components		4.5			18,784,694
Insurance		4.4			18,363,128

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

Transamerica Funds Semi-Annual Report 2013

Page    100

Transamerica Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Industrial Conglomerates		3.4	%	$	14,323,528
Real Estate Investment Trusts		3.1			13,013,762
Metals & Mining		3.0			12,545,049
Pharmaceuticals		2.3			9,529,426
Electronic Equipment & Instruments		2.2			9,269,009
Energy Equipment & Services		2.2			9,048,718
Computers & Peripherals		1.6			6,611,490
Software		1.2			4,981,500
Media		1.0			4,190,536
Specialty Retail		1.0			4,187,780
Chemicals		0.7			2,767,440
Communications Equipment		0.5			1,948,862
Health Care Equipment & Supplies		0.4			1,617,000
Health Care Technology		0.3			1,314,800
Machinery		0.2			760,649
Investment Securities, at Value		83.3			346,173,004
Short-Term Investments		16.7			69,563,402
Total Investments		100.0	%	$	415,736,406

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) All or a portion of this security is on loan. The value of all securities on loan is $10,921,947. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Non-income producing security.

(D) Aggregate cost for federal income tax purposes is $425,952,547. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $39,912,179 and $50,128,320, respectively. Net unrealized depreciation for tax purposes is $10,216,141.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

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

Transamerica Funds Semi-Annual Report 2013

Page    101

Transamerica Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Short-Term U.S. Government Obligation	$	—	$	9,998,938		$	—	$	9,998,938
Common Stocks		219,326,708		126,846,296			—		346,173,004
Securities Lending Collateral		11,175,272		—			—		11,175,272
Repurchase Agreement		—		48,389,192			—		48,389,192
Total Investment Securities	$	230,501,980	$	185,234,426		$	—	$	415,736,406
Other Assets (F)
Foreign Currency	$	200,950	$	—		$	—	$	200,950
Total Other Assets	$	200,950	$	—		$	—	$	200,950
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Other Liabilities (F)
Collateral for Securities on Loan	$	—	$	(11,175,272	)	$	—	$	(11,175,272	)
Total Other Liabilities	$	—	$	(11,175,272	)	$	—	$	(11,175,272	)

(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(F) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    102

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2013

(unaudited)

	Transamerica Arbitrage Strategy			Transamerica Bond		Transamerica Core Bond		Transamerica Developing Markets Equity
Assets:
Investment securities, at value	$	89,643,027		$	877,127,240	$	1,245,598,272	$	548,284,749
Repurchase agreements, at value		12,584,167			28,553,125		16,855,795		20,906,806
Cash on deposit with broker		31,226,938			—		—		—
Cash		97,872			19,680		2,654		—
Foreign currency, at value		25			128,666		—		198,915
Unrealized appreciation on forward foreign currency contracts		38,032			—		—		—
Unrealized appreciation on swap agreements		155,667			—		—		—
Receivables:
Shares of beneficial interest sold		102			224,883		5,558		2,141
Investment securities sold		1,799,231			271,183		49,878,665		558,087
Interest		44			9,842,724		5,745,132		18
Dividends		—			161,421		—		995,454
Dividend reclaims		1,872			—		—		5,363
Securities lending income (net)		—			26,792		8,860		14,573
Prepaid expenses		570			2,184		5,366		2,221
Total assets		135,547,547			916,357,898		1,318,100,302		570,968,327
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		648			208,533		669,283		26,364
Investment securities purchased		4,771,369			7,902,745		790,343		1,194,667
When-issued securities purchased		—			—		124,000		—
Management and advisory fees		87,959			457,147		484,389		525,277
Dividends from securities sold short		46,217			—		—		—
Transfer agent fees		702			5,402		8,558		3,510
Trustees fees		310			1,736		6,788		533
Administration fees		2,340			18,009		28,526		11,699
Capital gains tax		—			—		—		289,943
Other		65,736			31,501		108,646		87,553
Collateral for securities on loan		—			95,689,384		75,077,741		41,420,121
Written options, at value		169,598			—		—		—
Securities sold short, at value		28,127,358			—		—		—
Unrealized depreciation on forward foreign currency contracts		149,342			—		—		—
Unrealized depreciation on swap agreements		134,769			—		—		—
Total liabilities		33,556,348			104,314,457		77,298,274		43,559,667
Net assets	$	101,991,199		$	812,043,441	$	1,240,802,028	$	527,408,660
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	104,612,544		$	716,227,673	$	1,141,218,660	$	497,655,695
Undistributed (accumulated) net investment income (loss)		(260,330	)		2,311,759		92,392		495,511
Undistributed (accumulated) net realized gain (loss) from investment securities, investments sold short, written option contracts, swap agreements and foreign currency transactions		(1,248,620	)		4,341,441		26,398,800		2,594,448
Net unrealized appreciation (depreciation) on:
Investment securities		1,217,247			89,137,929		73,092,176		26,701,422
Options written		2,967			—		—		—
Swap agreements		20,898			—		—		—
Translation of assets and liabilities denominated in foreign currencies		(117,006	)		24,639		—		(38,416	)
Investments sold short		(2,236,501	)		—		—		—
Net assets	$	101,991,199		$	812,043,441	$	1,240,802,028	$	527,408,660
Shares outstanding		10,340,834			73,470,877		115,458,631		46,302,101
Net asset value and offering price per share	$	9.86		$	11.05	$	10.75	$	11.39
Investment securities, at cost	$	88,425,780		$	787,989,311	$	1,172,506,096	$	521,293,384
Repurchase agreements, at cost	$	12,584,167		$	28,553,125	$	16,855,795	$	20,906,806
Foreign currency, at cost	$	25		$	129,069	$	—	$	236,712
Securities loaned, at value	$	—		$	93,731,997	$	73,549,621	$	39,765,713
Premium received on written option and swaption contracts	$	172,565		$	—	$	—	$	—
Proceeds received from securities sold short	$	25,890,857		$	—	$	—	$	—

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

Transamerica Funds Semi-Annual Report 2013

Page    103

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica Global Real Estate Securities			Transamerica Growth			Transamerica International			Transamerica International Equity Opportunities			Transamerica International Small Cap
Assets:
Investment securities, at value	$	210,295,158		$	627,048,039		$	386,980,011		$	252,601,756		$	389,449,617
Repurchase agreements, at value		2,029,108			5,212,300			13,817,958			2,949,747			10,843,831
Foreign currency, at value		41,222			—			104,730			113,762			2,535,005
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			375
Receivables:
Shares of beneficial interest sold		6,431			4,337			1,416			1,948			1,791
Investment securities sold		26,059			5,822,653			448,043			338,252			1,720,793
Interest		2			4			12			2			9
Dividends		370,406			190,454			1,031,237			1,011,899			1,287,134
Dividend reclaims		74,418			23,464			449,491			260,521			113,937
Securities lending income (net)		3,819			6,690			40,559			19,641			19,141
Prepaid expenses		504			2,090			1,180			1,062			1,272
Total assets		212,847,127			638,310,031			402,874,637			257,298,590			405,972,905
Liabilities:
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		17,475			65,180			31,173			18,087			19,350
Investment securities purchased		520,325			5,821,412			2,098,622			145			3,868,294
Management and advisory fees		138,550			404,987			297,583			184,308			352,959
Transfer agent fees		773			874			2,314			—			2,505
Trustees fees		354			1,476			694			389			454
Administration fees		4,330			13,051			7,712			5,120			8,349
Capital gains tax		—			—			—			—			179,915
Other		23,921			33,683			18,070			64,731			31,510
Collateral for securities on loan		14,556,014			41,402,577			51,578,978			24,703,774			21,211,883
Unrealized depreciation on forward foreign currency contracts		—			—			—			—			123
Total liabilities		15,261,742			47,743,240			54,035,146			24,976,554			25,675,342
Net assets	$	197,585,385		$	590,566,791		$	348,839,491		$	232,322,036		$	380,297,563
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	218,785,958		$	377,988,454		$	424,410,300		$	214,195,032		$	329,076,692
Undistributed (accumulated) net investment income (loss)		(11,623,658	)		(110,604	)		1,388,922			1,818,999			(1,991,765	)
Undistributed (accumulated) net realized gain (loss) from investment securities and foreign currency transactions		(69,398,875	)		22,470,250			(157,294,116	)		2,141,553			(4,844,485	)
Net unrealized appreciation (depreciation) on:
Investment securities		59,828,444			190,218,691			80,340,854			14,170,412			58,060,416
Translation of assets and liabilities denominated in foreign currencies		(6,484	)		—			(6,469	)		(3,960	)		(3,295	)
Net assets	$	197,585,385		$	590,566,791		$	348,839,491		$	232,322,036		$	380,297,563
Shares outstanding		13,853,499			43,671,871			35,167,818			29,320,578			43,270,881
Net asset value and offering price per share	$	14.26		$	13.52		$	9.92		$	7.92		$	8.79
Investment securities, at cost	$	150,466,714		$	436,829,348		$	306,639,157		$	238,431,344		$	331,209,287
Repurchase agreements, at cost	$	2,029,108		$	5,212,300		$	13,817,958		$	2,949,747		$	10,843,831
Foreign currency, at cost	$	41,227		$	—		$	103,837		$	113,273		$	2,511,454
Securities loaned, at value	$	14,055,586		$	40,311,048		$	49,303,916		$	23,545,725		$	20,122,909

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

Transamerica Funds Semi-Annual Report 2013

Page    104

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica International Value Opportunities		Transamerica Long/Short Strategy			Transamerica Mid Cap Value		Transamerica Real Return TIPS			Transamerica Select Equity
Assets:
Investment securities, at value	$	276,900,001	$	121,830,151		$	247,466,237	$	792,663,041		$	1,345,373,296
Repurchase agreements, at value		7,693,807		58,571			8,763,894		320,265			43,211,765
Cash on deposit with broker		—		89,688,471			—		—			—
Foreign currency, at value		74,580		—			—		467,393			—
Unrealized appreciation on forward foreign currency contracts		1,036,465		—			—		1,371,208			—
Unrealized appreciation on swap agreements		—		—			—		886,479			—
Premium paid on swap agreements		—		—			—		430,534			—
Variation Margin		—		—			—		225,760			—
Receivables:
Shares of beneficial interest sold		2,441		110			1,248		2,634			93,479
Investment securities sold		904,017		2,668,636			666,480		7,292,503			5,084,287
Interest		6		—			7		2,306,672			36
Dividends		1,071,376		72,124			139,690		—			827,015
Dividend reclaims		280,543		703			—		—			260,021
Securities lending income (net)		6,897		—			3,102		1,266			152
Prepaid expenses		1,164		440			781		1,516			5,850
Total assets		287,971,297		214,319,206			257,041,439		805,969,271			1,394,855,901
Liabilities:
Due to custodian		—		—			—		173,381			—
Cash collateral due to broker		—		—			—		1,427,000			—
Premium received on swap agreements		—		—			—		111,190			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		22,980		—			24,017		270,436			71,870
Investment securities purchased		498,784		2,665,797			1,440,383		2,661,216			2,994,907
Management and advisory fees		239,335		138,543			173,017		382,250			879,213
Dividends from securities sold short		—		60,847			—		—			—
Transfer agent fees		1,727		799			1,580		4,074			9,265
Trustees fees		516		181			465		5,617			2,778
Administration fees		5,757		2,664			5,266		14,267			30,884
Interest payable		—		—			—		13,283			—
Deferred income for dollar rolls		—		—			—		224,007			—
Other		31,794		25,290			15,726		87,531			34,294
Collateral for securities on loan		24,326,381		—			19,171,213		30,141,086			12,012,686
Payable for funds borrowed		—		—			—		124,344,403			—
Securities sold short, at value		—		92,895,785			—		—			—
Written options and swaptions at value		—		—			—		365,471			—
Reverse repurchase agreements, at value		—		—			—		32,401,875			—
Unrealized depreciation on forward foreign currency contracts		569,889		—			—		2,152,576			—
Unrealized depreciation on swap agreements		—		—			—		394,633			—
Total liabilities		25,697,163		95,789,906			20,831,667		195,174,296			16,035,897
Net assets	$	262,274,134	$	118,529,300		$	236,209,772	$	610,794,975		$	1,378,820,004
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	221,207,614	$	125,287,354		$	161,458,414	$	541,948,662		$	1,083,416,459
Undistributed (accumulated) net investment income (loss)		1,235,653		(1,716,443	)		576,831		4,791,827			635,048
Undistributed (accumulated) net realized gain (loss) from investment securities, futures, written option and swaption contracts, swap agreements, foreign currency transactions and securities sold short		5,664,721		(8,645,056	)		3,524,386		20,232,411			36,849,138
Net unrealized appreciation (depreciation) on:
Investment securities		33,695,872		17,431,690			70,650,141		44,060,218			257,919,359
Futures contracts		—		—			—		327,269			—
Options written		—		—			—		656,133			—
Swap agreements		—		—			—		(474,183	)		—
Translation of assets and liabilities denominated in foreign currencies		470,274		—			—		(747,362	)		—
Securities sold short		—		(13,828,245	)		—		—			—
Net assets	$	262,274,134	$	118,529,300		$	236,209,772	$	610,794,975		$	1,378,820,004
Shares outstanding		27,715,900		13,837,550			15,856,262		55,474,497			107,636,383
Net asset value and offering price per share	$	9.46	$	8.57		$	14.90	$	11.01		$	12.81
Investment securities, at cost	$	243,204,129	$	104,398,461		$	176,816,096	$	748,320,700		$	1,087,453,937
Repurchase agreements, at cost	$	7,693,807	$	58,571		$	8,763,894	$	320,265		$	43,211,765
Foreign currency, at cost	$	74,166	$	—		$	—	$	466,401		$	—
Securities loaned, at value	$	23,307,708	$	—		$	18,699,742	$	29,535,449		$	11,738,158
Premium received on written option and swaption contracts	$	—	$	—		$	—	$	1,021,604		$	—
Proceeds received from securities sold short	$	—	$	79,067,540		$	—	$	—		$	—
Reverse repurchase agreement, at cost	$	—	$	—		$	—	$	32,401,875		$	—

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

Transamerica Funds Semi-Annual Report 2013

Page    105

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2013

(unaudited)

	Transamerica Total Return			Transamerica Value
Assets:
Investment securities, at value	$	778,049,133		$	367,347,214
Repurchase agreements, at value		19,667,999			48,389,192
Foreign currency, at value		850,741			200,950
Unrealized appreciation on forward foreign currency contracts		989,909			—
Unrealized appreciation on swap agreements		4,496,382			—
Premium paid on swap agreements		1,862,152			—
Receivables:
Shares of beneficial interest sold		5,736			936
Investment securities sold		35,654,670			3,153
Interest		4,441,393			40
Dividends		—			488,372
Dividend reclaims		—			78,118
Securities lending income (net)		1,563			2,476
Variation margin		3,753,990			—
Prepaid expenses		1,988			1,361
Total assets		849,775,656			416,511,812
Liabilities:
Cash collateral due to broker		4,995,000			—
Premium received on swap agreements		468,178			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		876,875			15,241
Investment securities purchased		104,691,836			2,467,299
Management and advisory fees		405,401			277,023
Transfer agent fees		4,045			2,597
Trustees fees		2,194			528
Administration fees		15,375			8,657
Other		51,627			12,364
Collateral for securities on loan		8,958,713			11,175,272
Written options and swaptions, at value		416,683			—
TBA Short Commitments, at value		43,780,000			—
Unrealized depreciation on forward foreign currency contracts		4,342,965			—
Unrealized depreciation on swap agreements		5,919,507			—
Total liabilities		174,928,399			13,958,981
Net assets	$	674,847,257		$	402,552,831
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	635,081,969		$	488,772,435
Undistributed net investment income		593,308			1,076,776
Undistributed (accumulated) net realized gain (loss) from investment securities, futures, TBA short commitments, written swaption contracts, swap agreements and foreign currency transactions		8,532,799			(77,075,872	)
Net unrealized appreciation (depreciation) on:
Investment securities		35,366,594			(10,216,141	)
Futures contracts		(238,735	)		—
Options written		363,850			—
Swap agreements		(1,423,125	)		—
Translation of assets and liabilities denominated in foreign currencies		(3,359,794	)		(4,367	)
TBA short commitments		(69,609	)		—
Net assets	$	674,847,257		$	402,552,831
Shares outstanding		61,851,764			15,510,806
Net asset value and offering price per share	$	10.91		$	25.95
Investment securities, at cost	$	742,682,539		$	377,563,355
Repurchase agreements, at cost	$	19,667,999		$	48,389,192
Foreign currency, at cost	$	863,609		$	199,740
Securities loaned, at value	$	8,776,277		$	10,921,947
Premium received on written option and swaption contracts	$	780,533		$	—
Proceeds received from TBA Short Commitments	$	43,710,391		$	—

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

Transamerica Funds Semi-Annual Report 2013

Page    106

STATEMENTS OF OPERATIONS

For the period ended April 30, 2013

(unaudited)

	Transamerica Arbitrage Strategy			Transamerica Bond			Transamerica Core Bond			Transamerica Developing Markets Equity
Investment Income:
Dividend income	$	757,708		$	1,145,463		$	—		$	3,607,912
Interest income		892			18,677,685			25,324,753			3,794
Withholding taxes on foreign income		(5,854	)		(36,552	)		—			(168,250	)
Securities lending income (net)		—			161,753			67,815			80,886
Total investment income		752,746			19,948,349			25,392,568			3,524,342
Expenses:
Management and advisory		573,820			2,487,217			3,017,056			2,471,152
Transfer agent		4,211			29,371			54,143			16,446
Printing and shareholder reports		5,186			35,988			78,678			17,438
Custody		170,810			64,783			206,938			427,766
Administration		14,036			97,903			180,475			54,819
Legal		1,725			10,646			28,059			4,821
Audit and tax		9,499			9,398			10,091			30,461
Trustees		1,040			6,855			15,178			3,460
Dividends and interest on securities sold short		190,812			—			—			—
Other		991			4,847			13,388			2,855
Total expenses		972,130			2,747,008			3,604,006			3,029,218
Expenses recaptured or (reimbursed)/(waived)		(79,490	)		—			—			—
Total expenses recaptured or (reimbursed)/(waived)		(79,490	)		—			—			—
Net expenses		892,640			2,747,008			3,604,006			3,029,218
Net investment income (loss)		(139,894	)		17,201,341			21,788,562			495,124
Net realized gain (loss) on transactions from:
Investment securities		164,238			4,255,468			26,399,947			7,597,309	(A)
Written option contracts		270,008			—			—			—
Securities sold short		(40,963	)		—			—			—
Swap agreements		10,795			—			—			—
Foreign currency transactions		698,359			86,401			—			(87,712	)
Total realized gain (loss)		1,102,437			4,341,869			26,399,947			7,509,597
Net change in unrealized appreciation (depreciation) on:
Investment securities		3,517,022			31,907,482			(30,216,603	)		5,750,303	(B)
Written option contracts		12,021			—			—			—
Swap agreements		(9,823	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		(613,188	)		5,290			—			131,172
Securities sold short		(1,236,223	)		—			—			—
Net change in unrealized appreciation (depreciation)		1,669,809			31,912,772			(30,216,603	)		5,881,475
Net realized and change in unrealized gain (loss)		2,772,246			36,254,641			(3,816,656	)		13,391,072
Net increase (decrease) in net assets resulting from operations	$	2,632,352		$	53,455,982		$	17,971,906		$	13,886,196

^(A)  Net of foreign capital gains tax of $6,765.

^(B) Net of foreign capital gains tax of $289,943.

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

Transamerica Funds Semi-Annual Report 2013

Page    107

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica Global Real Estate Securities			Transamerica Growth			Transamerica International			Transamerica International Equity Opportunities			Transamerica International Small Cap
Investment Income:
Dividend income	$	2,725,517		$	3,717,665		$	4,330,826		$	3,156,055		$	3,262,244
Interest income		411			673			959			511			2,344
Withholding taxes on foreign income		(122,314	)		(49,248	)		(438,107	)		(261,947	)		(215,567	)
Securities lending income (net)		22,138			39,142			109,986			50,367			112,993
Total investment income		2,625,752			3,708,232			4,003,664			2,944,986			3,162,014
Expenses:
Management and advisory		699,913			2,180,320			1,580,080			961,216			1,702,911
Transfer agent		6,562			21,036			12,279			8,010			12,034
Printing and shareholder reports		6,995			24,578			13,828			7,183			11,824
Custody		81,387			46,985			88,918			106,137			148,377
Administration		21,872			70,120			40,928			26,700			40,114
Legal		2,295			8,075			4,427			4,419			3,428
Audit and tax		11,369			8,008			9,610			8,788			9,261
Trustees		1,514			5,100			2,876			1,875			2,683
Registration		3,576			7,307			—			—			—
Other		1,517			4,333			2,089			1,459			2,023
Total expenses		837,000			2,375,862			1,755,035			1,125,787			1,932,655
Net investment income		1,788,752			1,332,370			2,248,629			1,819,199			1,229,359
Net realized gain (loss) on transactions from:
Investment securities		6,996,605			25,410,123			13,196,185			3,075,842			(2,116,806	)(A)
Foreign currency transactions		(32,863	)		(5,814	)		(185,881	)		9,843			(163,396	)
Total realized gain (loss)		6,963,742			25,404,309			13,010,304			3,085,685			(2,280,202	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		21,031,468			41,016,570			20,029,011			20,436,984			41,522,673	(B)
Translation of assets and liabilities denominated in foreign currencies		(3,819	)		362			3,938			5,377			22,908
Net change in unrealized appreciation (depreciation)		21,027,649			41,016,932			20,032,949			20,442,361			41,545,581
Net realized and change in unrealized gain		27,991,391			66,421,241			33,043,253			23,528,046			39,265,379
Net increase in net assets resulting from operations	$	29,780,143		$	67,753,611		$	35,291,882		$	25,347,245		$	40,494,738

^(A) Net of foreign capital gains tax of $17,082.

^(B) Net of foreign capital gains tax of $179,915.

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

Transamerica Funds Semi-Annual Report 2013

Page    108

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica International Value Opportunities			Transamerica Long/Short Strategy			Transamerica Mid Cap Value			Transamerica Real Return TIPS			Transamerica Select Equity
Investment Income:
Dividend income	$	2,900,082		$	1,125,129		$	2,357,923		$	—		$	15,534,037
Interest income		1,473			59,111			862			7,300,933			5,944
Withholding taxes on foreign income		(236,990	)		(660	)		(3,948	)		—			(307,473	)
Securities lending income (net)		54,582			—			19,383			15,560			74,898
Total investment income		2,719,147			1,183,580			2,374,220			7,316,493			15,307,406
Expenses:
Management and advisory		1,282,486			687,654			896,296			2,695,969			4,550,230
Transfer agent		9,247			3,967			8,170			30,744			47,771
Printing and shareholder reports		8,423			4,049			9,842			51,950			61,111
Custody		134,588			42,918			16,923			156,570			57,879
Administration		30,822			13,224			27,234			102,481			159,238
Legal		3,170			1,326			2,999			20,494			17,361
Audit and tax		11,073			8,304			7,674			11,703			9,490
Trustees		2,199			897			1,905			9,868			11,160
Interest		—			—			—			116,807			—
Dividends and interest on securities sold short		—			1,209,006			—			—			—
Other		1,684			716			1,467			9,250			9,774
Total expenses		1,483,692			1,972,061			972,510			3,205,836			4,924,014
Net investment income (loss)		1,235,455			(788,481	)		1,401,710			4,110,657			10,383,392
Net realized gain (loss) on transactions from:
Investment securities		6,754,965			4,883,374			7,279,867			23,716,745			38,661,932
Futures contracts		—			—			—			22,458			—
Written option and swaption contracts		—			—			—			809,300			—
Securities sold short		—			(838,250	)		—			—			—
Swap agreements		—			—			—			670,163			—
Foreign currency transactions		510,703			(189	)		—			1,029,452			—
Total realized gain (loss)		7,265,668			4,044,935			7,279,867			26,248,118			38,661,932
Net change in unrealized appreciation (depreciation) on:
Investment securities		15,840,116			13,189,739			23,373,510			(22,778,129	)		138,594,765
Futures contracts		—			—			—			254,149			—
Written option and swaption contracts		—			—			—			533,611			—
Swap agreements		—			—			—			(575,456	)		—
Translation of assets and liabilities denominated in foreign currencies		24,261			4			—			(330,212	)		—
Securities sold short		—			(11,342,852	)		—			—			—
Net change in unrealized appreciation (depreciation)		15,864,377			1,846,891			23,373,510			(22,896,037	)		138,594,765
Net realized and change in unrealized gain		23,130,045			5,891,826			30,653,377			3,352,081			177,256,697
Net increase in net assets resulting from operations	$	24,365,500		$	5,103,345		$	32,055,087		$	7,462,738		$	187,640,089

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

Transamerica Funds Semi-Annual Report 2013

Page    109

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2013

(unaudited)

	Transamerica Total Return			Transamerica Value
Investment Income:
Dividend income	$	75,555		$	3,943,686
Interest income		8,774,978			8,792
Withholding taxes on foreign income		—			(189,075	)
Securities lending income (net)		19,187			40,838
Total investment income		8,869,720			3,804,241
Expenses:
Management and advisory		2,403,572			1,345,260
Transfer agent		27,417			12,612
Printing and shareholder reports		35,940			13,460
Custody		134,361			39,641
Administration		91,391			42,039
Legal		12,131			3,904
Audit and tax		11,629			8,349
Trustees		6,860			2,856
Interest		167			—
Other		5,159			2,087
Total expenses		2,728,627			1,470,208
Net investment income		6,141,093			2,334,033
Net realized gain (loss) on transactions from:
Investment securities		3,815,972			5,949,769
Futures contracts		48,604			—
Written swaption contracts		802,347			—
Swap agreements		2,454,576			—
Foreign currency transactions		1,946,762			106,124
Total realized gain (loss)		9,068,261			6,055,893
Net change in unrealized appreciation (depreciation) on:
Investment securities		5,572,535			40,244,867
Futures contracts		(182,300	)		—
Written option and swaption contracts		146,369			—
Swap agreements		(4,957,130	)		—
Translation of assets and liabilities denominated in foreign currencies		(2,495,627	)		(121	)
TBA short commitments		(39,038	)		—
Net change in unrealized appreciation (depreciation)		(1,955,191	)		40,244,746
Net realized and change in unrealized gain		7,113,070			46,300,639
Net increase in net assets resulting from operations	$	13,254,163		$	48,634,672

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

Transamerica Funds Semi-Annual Report 2013

Page    110

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Arbitrage Strategy						Transamerica Bond						Transamerica Core Bond
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income (loss)	$	(139,894	)	$	(1,541,669	)	$	17,201,341		$	27,747,203		$	21,788,562		$	66,626,214
Net realized gain from investment securities, securities sold short, written option contracts, swap agreements and foreign currency transactions		1,102,437			2,014,760			4,341,869			10,458,530			26,399,947			20,750,252
Net change in unrealized appreciation (depreciation) on investment securities, securities sold short, written option contracts, swap agreements and foreign currency translations		1,669,809			(3,364,445	)		31,912,772			42,670,013			(30,216,603	)		42,750,427
Net increase (decrease) in net assets resulting from operations		2,632,352			(2,891,354	)		53,455,982			80,875,746			17,971,906			130,126,893
Distributions to shareholders:
From net investment income		(528,051	)		—			(20,586,200	)		(33,833,794	)		(30,670,292	)		(75,049,698	)
From net realized gains		(2,253,105	)		(1,455,777	)		(6,746,182	)		(25,612,128	)		(5,785,007	)		—
Total distributions to shareholders		(2,781,156	)		(1,455,777	)		(27,332,382	)		(59,445,922	)		(36,455,299	)		(75,049,698	)
Capital share transactions:
Proceeds from shares sold		5,066,028			52,695,854			100,792,946			244,593,392			9,366,034			258,804,515
Dividends and distributions reinvested		2,781,156			1,455,702			27,332,382			59,445,922			36,455,299			75,049,698
Cost of shares redeemed		(22,010,052	)		(57,709,092	)		(79,285,283	)		(50,729,525	)		(665,729,846	)		(718,520,386	)
Net increase (decrease) in net assets resulting from capital shares transactions		(14,162,868	)		(3,557,536	)		48,840,045			253,309,789			(619,908,513	)		(384,666,173	)
Net increase (decrease) in net assets		(14,311,672	)		(7,904,667	)		74,963,645			274,739,613			(638,391,906	)		(329,588,978	)
Net assets:
Beginning of period		116,302,871			124,207,538			737,079,796			462,340,183			1,879,193,934			2,208,782,912
End of period	$	101,991,199		$	116,302,871		$	812,043,441		$	737,079,796		$	1,240,802,028		$	1,879,193,934
Undistributed (accumulated) net investment income (loss)	$	(260,330	)	$	407,615		$	2,311,759		$	5,696,618		$	92,392		$	8,974,122
Share activity:
Shares issued		509,311			5,153,726			9,338,981			24,116,419			871,816			24,223,690
Shares issued-reinvested from dividends and distributions		280,925			143,137			2,553,222			6,153,024			3,401,297			6,998,311
Shares redeemed		(2,214,882	)		(5,643,797	)		(7,314,815	)		(4,960,494	)		(61,779,073	)		(66,715,315	)
Net increase (decrease) in shares outstanding		(1,424,646	)		(346,934	)		4,577,388			25,308,949			(57,505,960	)		(35,493,314	)

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

Transamerica Funds Semi-Annual Report 2013

Page    111

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Developing Markets Equity						Transamerica Global Real Estate Securities						Transamerica Growth
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	495,124		$	2,005,091		$	1,788,752		$	3,622,021		$	1,332,370		$	355,059
Net realized gain from investment securities and foreign currency transactions		7,509,597			36,742,294			6,963,742			10,597,432			25,404,309			60,120,975
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		5,881,475			(13,729,072	)		21,027,649			6,807,107			41,016,932			(9,950,111	)
Net increase in net assets resulting from operations		13,886,196			25,018,313			29,780,143			21,026,560			67,753,611			50,525,923
Distributions to shareholders:
From net investment income		(1,448,291	)		(2,677,891	)		(10,530,996	)		(5,153,892	)		(1,443,061	)		(426,415	)
From net realized gains		(35,428,722	)		(40,297,370	)		—			—			(58,043,075	)		(22,717,409	)
Total distributions to shareholders		(36,877,013	)		(42,975,261	)		(10,530,996	)		(5,153,892	)		(59,486,136	)		(23,143,824	)
Capital share transactions:
Proceeds from shares sold		204,302,490			82,357,580			27,785,638			38,557,623			9,308,351			22,465,365
Dividends and distributions reinvested		36,877,013			42,975,261			10,530,996			5,153,892			59,486,136			23,143,824
Cost of shares redeemed		(32,142,281	)		(263,669,835	)		(20,310,858	)		(46,310,253	)		(36,702,119	)		(141,551,163	)
Net increase (decrease) in net assets resulting from capital shares transactions		209,037,222			(138,336,994	)		18,005,776			(2,598,738	)		32,092,368			(95,941,974	)
Net increase (decrease) in net assets		186,046,405			(156,293,942	)		37,254,923			13,273,930			40,359,843			(68,559,875	)
Net assets:
Beginning of period		341,362,255			497,656,197			160,330,462			147,056,532			550,206,948			618,766,823
End of period	$	527,408,660		$	341,362,255		$	197,585,385		$	160,330,462		$	590,566,791		$	550,206,948
Undistributed (accumulated) net investment income (loss)	$	495,511		$	1,448,678		$	(11,623,658	)	$	(2,881,414	)	$	(110,604	)	$	87
Share activity:
Shares issued		17,318,504			7,248,029			2,119,302			3,142,126			689,134			1,731,814
Shares issued-reinvested from dividends and distributions		3,313,299			4,250,768			828,202			444,155			4,808,903			1,986,594
Shares redeemed		(2,794,646	)		(23,577,882	)		(1,538,255	)		(3,775,973	)		(2,817,313	)		(10,554,255	)
Net increase (decrease) in shares outstanding		17,837,157			(12,079,085	)		1,409,249			(189,692	)		2,680,724			(6,835,847	)

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

Transamerica Funds Semi-Annual Report 2013

Page    112

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica International						Transamerica International Equity Opportunities						Transamerica International Small Cap
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	2,248,629		$	6,039,180		$	1,819,199		$	5,212,576		$	1,229,359		$	4,158,947
Net realized gain (loss) from investment securities and foreign currency transactions		13,010,304			(888,816	)		3,085,685			7,620,909			(2,280,202	)		(1,513,385	)
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		20,032,949			13,208,932			20,442,361			(322,020	)		41,545,581			6,009,761
Net increase in net assets resulting from operations		35,291,882			18,359,296			25,347,245			12,511,465			40,494,738			8,655,323
Distributions to shareholders:
From net investment income		(5,616,128	)		(6,082,045	)		(4,852,052	)		(8,205,083	)		(6,513,025	)		(8,007,105	)
From net realized gains		—			—			(8,389,008	)		(47,520,534	)		—			(38,212,720	)
Total distributions to shareholders		(5,616,128	)		(6,082,045	)		(13,241,060	)		(55,725,617	)		(6,513,025	)		(46,219,825	)
Capital share transactions:
Proceeds from shares sold		12,468,825			87,921,548			46,492,617			16,465,775			131,505,407			51,754,718
Dividends and distributions reinvested		5,616,128			6,082,045			13,241,060			55,725,617			6,513,025			46,219,825
Cost of shares redeemed		(6,064,436	)		(158,783,826	)		(14,417,171	)		(207,771,859	)		(33,630,662	)		(148,840,340	)
Net increase (decrease) in net assets resulting from capital shares transactions		12,020,517			(64,780,233	)		45,316,506			(135,580,467	)		104,387,770			(50,865,797	)
Net increase (decrease) in net assets		41,696,271			(52,502,982	)		57,422,691			(178,794,619	)		138,369,483			(88,430,299	)
Net assets:
Beginning of period		307,143,220			359,646,202			174,899,345			353,693,964			241,928,080			330,358,379
End of period	$	348,839,491		$	307,143,220		$	232,322,036		$	174,899,345		$	380,297,563		$	241,928,080
Undistributed (accumulated) net investment income (loss)	$	1,388,922		$	4,756,421		$	1,818,999		$	4,851,852		$	(1,991,765	)	$	3,291,901
Share activity:
Shares issued		1,318,659			10,002,000			5,863,087			2,252,769			15,826,670			6,760,835
Shares issued-reinvested from dividends and distributions		607,806			787,830			1,779,712			8,859,399			815,147			6,698,525
Shares redeemed		(645,000	)		(19,194,236	)		(1,881,161	)		(29,943,971	)		(3,983,270	)		(19,535,207	)
Net increase (decrease) in shares outstanding		1,281,465			(8,404,406	)		5,761,638			(18,831,803	)		12,658,547			(6,075,847	)

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

Transamerica Funds Semi-Annual Report 2013

Page    113

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica International Value Opportunities						Transamerica Long/Short Strategy						Transamerica Mid Cap Value
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income (loss)	$	1,235,455		$	5,037,454		$	(788,481	)	$	(1,093,303	)	$	1,401,710		$	2,169,381
Net realized gain from investment securities and foreign currency transactions		7,265,668			5,437,844			4,044,935			1,579,234			7,279,867			15,339,892
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		15,864,377			(5,746,167	)		1,846,891			2,797,643			23,373,510			17,602,625
Net increase in net assets resulting from operations		24,365,500			4,729,131			5,103,345			3,283,574			32,055,087			35,111,898
Distributions to shareholders:
From net investment income		(4,428,236	)		(8,732,675	)		—			—			(2,380,127	)		(1,745,166	)
From net realized gains		(3,939,100	)		(62,673,379	)		—			—			—			—
Total distributions to shareholders		(8,367,336	)		(71,406,054	)		—			—			(2,380,127	)		(1,745,166	)
Capital share transactions:
Proceeds from shares sold		32,487,676			20,441,417			24,343,124			24,174,331			3,117,126			49,745,790
Dividends and distributions reinvested		8,367,336			71,406,054			—			—			2,380,127			1,745,166
Cost of shares redeemed		(14,768,657	)		(253,419,288	)		(2,107,077	)		(49,375,552	)		(7,420,165	)		(34,744,407	)
Net increase (decrease) in net assets resulting from capital shares transactions		26,086,355			(161,571,817	)		22,236,047			(25,201,221	)		(1,922,912	)		16,746,549
Net increase (decrease) in net assets		42,084,519			(228,248,740	)		27,339,392			(21,917,647	)		27,752,048			50,113,281
Net assets:
Beginning of period		220,189,615			448,438,355			91,189,908			113,107,555			208,457,724			158,344,443
End of period	$	262,274,134		$	220,189,615		$	118,529,300		$	91,189,908		$	236,209,772		$	208,457,724
Undistributed net investment income	$	1,235,653		$	4,428,434		$	(1,716,443	)	$	(927,963	)	$	576,831		$	1,555,248
Share activity:
Shares issued		3,509,864			2,321,486			2,920,550			2,994,980			232,916			4,189,537
Shares issued-reinvested from dividends and distributions		940,150			9,154,622			—			—			181,136			165,106
Shares redeemed		(1,601,289	)		(30,148,826	)		(256,855	)		(6,217,856	)		(552,558	)		(2,850,948	)
Net increase (decrease) in shares outstanding		2,848,725			(18,672,718	)		2,663,695			(3,222,876	)		(138,506	)		1,503,695

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

Transamerica Funds Semi-Annual Report 2013

Page    114

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Real Return TIPS						Transamerica Select Equity						Transamerica Total Return
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	4,110,657		$	12,015,885		$	10,383,392		$	22,407,232		$	6,141,093		$	15,604,244
Net realized gain from investment securities, futures, written option and swaption contracts, written swaption contracts, swap agreements and foreign currency transactions		26,248,118			43,443,343			38,661,932			33,562,094			9,068,261			9,461,402
Net change in unrealized appreciation (depreciation) on investment securities, futures, written option and swaption contracts, written swaption contracts, swap agreements and foreign currency translations		(22,896,037	)		43,590,591			138,594,765			92,256,722			(1,955,191	)		33,075,983
Net increase in net assets resulting from operations		7,462,738			99,049,819			187,640,089			148,226,048			13,254,163			58,141,629
Distributions to shareholders:
From net investment income		(7,682,531	)		(15,604,752	)		(10,534,395	)		(22,422,397	)		(5,938,736	)		(21,727,418	)
From net realized gains		(60,052,532	)		(46,536,128	)		(31,567,537	)		—			(6,747,456	)		(2,586,242	)
Total distributions to shareholders		(67,735,063	)		(62,140,880	)		(42,101,932	)		(22,422,397	)		(12,686,192	)		(24,313,660	)
Capital share transactions:
Proceeds from shares sold		11,936,800			854,211,901			17,219,945			276,364,272			9,887,500			223,124,983
Dividends and distributions reinvested		67,735,063			62,140,880			42,101,932			22,422,397			12,686,192			24,313,661
Cost of shares redeemed		(752,056,957	)		(581,443,142	)		(26,240,671	)		(160,668,972	)		(152,073,951	)		(103,221,679	)
Net increase (decrease) in net assets resulting from capital shares transactions		(672,385,094	)		334,909,639			33,081,206			138,117,697			(129,500,259	)		144,216,965
Net increase (decrease) in net assets		(732,657,419	)		371,818,578			178,619,363			263,921,348			(128,932,288	)		178,044,934
Net assets:
Beginning of period		1,343,452,394			971,633,816			1,200,200,641			936,279,293			803,779,545			625,734,611
End of period	$	610,794,975		$	1,343,452,394		$	1,378,820,004		$	1,200,200,641		$	674,847,257		$	803,779,545
Undistributed net investment income	$	4,791,827		$	4,614,953		$	635,048		$	786,051		$	593,308		$	390,951
Share activity:
Shares issued		1,036,241			74,634,972			1,434,199			25,686,431			911,980			21,152,460
Shares issued-reinvested from dividends and distributions		6,181,642			5,651,438			3,626,604			2,089,923			1,172,930			2,312,085
Shares redeemed		(66,149,067	)		(50,746,803	)		(2,247,198	)		(14,552,751	)		(14,045,864	)		(9,728,795	)
Net increase (decrease) in shares outstanding		(58,931,184	)		29,539,607			2,813,605			13,223,603			(11,960,954	)		13,735,750

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

Transamerica Funds Semi-Annual Report 2013

Page    115

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Value
	April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income	$	2,334,033		$	3,956,329
Net realized gain (loss) from investment securities and foreign currency transactions		6,055,893			(610,717	)
Net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations		40,244,746			20,996,953
Net increase in net assets resulting from operations		48,634,672			24,342,565
Distributions to shareholders:
From net investment income		(4,972,122	)		(728,179	)
Total distributions to shareholders		(4,972,122	)		(728,179	)
Capital share transactions:
Proceeds from shares sold		87,837,037			26,220,689
Dividends and distributions reinvested		4,972,122			728,179
Cost of shares redeemed		(5,478,062	)		(86,727,721	)
Net increase (decrease) in net assets resulting from capital shares transactions		87,331,097			(59,778,853	)
Net increase (decrease) in net assets		130,993,647			(36,164,467	)
Net assets:
Beginning of period		271,559,184			307,723,651
End of period	$	402,552,831		$	271,559,184
Undistributed net investment income	$	1,076,776		$	3,714,865
Share activity:
Shares issued		3,639,756			1,176,959
Shares issued-reinvested from dividends and distributions		211,850			38,467
Shares redeemed		(232,840	)		(4,162,717	)
Net increase (decrease) in shares outstanding		3,618,766			(2,947,291	)

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

Transamerica Funds Semi-Annual Report 2013

Page    116

STATEMENT OF CASH FLOWS

For the period ended April 30, 2013

(unaudited)

	Transamerica Real Return TIPS
Cash Flows provided by operating activities:
Net increase in net assets from operations	$	7,462,738
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchases of long-term investments		(116,957,260	)
Proceeds from sales of long-term investments		906,197,605
Purchases (sales) of short-term portfolio investments, net		(21,041,608	)
Net change in unrealized appreciation (depreciation) on investment securities, futures, written option and swaption contracts, swap agreements and foreign currency translations		22,896,037
Net realized gain (loss) on transactions from investment securities, futures, written option and swaption contracts, swap agreements and foreign currency translations		(26,248,118	)
Net amortization/accretion on investments		(6,459,075	)
Decrease in receivable for investment securities sold		1,842,092
Decrease in interest receivable		2,927,378
Proceeds from futures contracts transactions		532,861
Decrease in prepaid expenses		1,651
Decrease in payable for investment securities purchased		(1,880,093	)
Increase in cash collateral due to brokers		357,000
Net cash used for swap transactions		1,087,554
Net cash used for foreign currency transactions		(27,939	)
Decrease in management and advisory fees payable		(467,530	)
Increase in interest payable for reverse repurchase agreements		1,228
Increase in collateral for securities on loan		24,733,171
Decrease in other expenses		(57,155	)
Net cash used in operating activities		794,900,537
Cash Flows used for financing activities:
Decrease in payable for reverse repurchase agreements		(110,684,438	)
Cash receipts on dollar roll activity		(365,687	)
Increase in payable for funds borrowed		60,387,795
Increase in deferred income for dollar rolls		104,410
Decrease in payable to custodian for cash overdraft		(823,961	)
Proceeds from shares sold, net of receivable for shares of beneficial interest sold		11,949,967
Payment of shares redeemed, net of payable for shares of beneficial interest redeemed		(755,468,623	)
Net cash used for financing activities		(794,900,537	)
Net increase in cash		—
Cash at beginning of period	$	—
Cash at end of period	$	—
Supplemental disclosure of cash flow information:
Non-cash financing activities included herein consist of reinvestment of distributions	$	67,735,063

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

Transamerica Funds Semi-Annual Report 2013

Page    117

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a share outstanding throughout each period	Transamerica Arbitrage Strategy
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	9.89		$	10.25		$	10.00
Investment operations
Net investment loss(B)		(0.01	)		(0.11	)		(0.04	)
Net realized and unrealized gain (loss)		0.21			(0.16	)		0.29
Total from investment operations		0.20			(0.27	)		0.25
Distributions
Net investment income		(0.04	)		—			—
Net realized gains on investments		(0.19	)		(0.09	)		—
Total distributions		(0.23	)		(0.09	)		—
Net asset value
End of period/year	$	9.86		$	9.89		$	10.25
Total return(C)		2.05	%(D)		(2.67	)%		2.50	%(D)
Net assets end of period/year (000’s)	$	101,991		$	116,303		$	124,208
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture(F)		1.59	%(E)		1.92	%		1.55	%(E)
Before reimbursement/waiver or recapture(F)		1.73	%(E)		2.04	%		1.71	%(E)
Net investment loss to average net assets(F)		(0.25	)%(E)		(1.06	)%		(0.78	)%(E)
Portfolio turnover rate		262	%(D)		566	%		311	%(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 0.34%, 0.67% and 0.30% of average net assets for 2013, 2012 and 2011, respectively).

For a share outstanding throughout each period	Transamerica Bond
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	10.70		$	10.61		$	11.14		$	9.93		$	7.34		$	10.19
Investment operations
Net investment income(A)		0.24			0.49			0.54			0.57			0.60			0.60
Net realized and unrealized gain (loss)		0.48			0.84			(0.20	)		1.23			2.61			(2.88	)
Total from investment operations		0.72			1.33			0.34			1.80			3.21			(2.28	)
Distributions
Net investment income		(0.28	)		(0.65	)		(0.68	)		(0.59	)		(0.57	)		(0.57	)
Net realized gains on investments		(0.09	)		(0.59	)		(0.19	)		—			(0.05	)		—
Total distributions		(0.37	)		(1.24	)		(0.87	)		(0.59	)		(0.62	)		(0.57	)
Net asset value
End of period/year	$	11.05		$	10.70		$	10.61		$	11.14		$	9.93		$	7.34
Total return(B)		6.95	%(C)		14.24	%		3.31	%		18.69	%		46.27	%		(23.56	)%
Net assets end of period/year (000’s)	$	812,043		$	737,080		$	462,340		$	594,220		$	812,252		$	577,368
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.70	%(D)		0.71	%		0.71	%		0.70	%		0.69	%		0.69	%
Before reimbursement/waiver or recapture		0.70	%(D)		0.71	%		0.71	%		0.70	%		0.69	%		0.69	%
Net investment income to average net assets		4.39	%(D)		4.77	%		4.98	%		5.49	%		7.22	%		6.34	%
Portfolio turnover rate		18	%(C)		26	%		57	%		79	%		42	%		24	%

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

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

(C) Not annualized.

(D) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    118

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Core Bond
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009(A)
Net asset value
Beginning of period/year	$	10.86		$	10.60		$	10.56		$	10.08		$	10.00
Investment operations
Net investment income(B)		0.16			0.33			0.32			0.28			0.07
Net realized and unrealized gain (loss)		(0.01	)		0.31			0.15			0.53			0.06
Total from investment operations		0.15			0.64			0.47			0.81			0.13
Distributions
Net investment income		(0.22	)		(0.38	)		(0.36	)		(0.33	)		(0.05	)
Net realized gains on investments		(0.04	)		—			(0.07	)		—			—
Total distributions		(0.26	)		(0.38	)		(0.43	)		(0.33	)		(0.05	)
Net asset value
End of period/year	$	10.75		$	10.86		$	10.60		$	10.56		$	10.08
Total return(C)		1.45	%(D)		6.12	%		4.62	%		8.16	%		1.34	%(D)
Net assets end of period/year (000’s)	$	1,240,802		$	1,879,194		$	2,208,783		$	1,063,458		$	215,816
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.50	%(E)		0.47	%		0.48	%		0.50	%		0.55	%(E)
Before reimbursement/waiver or recapture		0.50	%(E)		0.47	%		0.48	%		0.50	%		0.55	%(E)
Net investment income to average net assets		3.02	%(E)		3.09	%		3.04	%		2.73	%		2.15	%(E)
Portfolio turnover rate		1	%(D)		23	%		19	%		33	%		3	%(D)

(A) Commenced operations on July 1, 2009.

(B) Calculated based on average number of shares outstanding.

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

(D) Not annualized.

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Developing Markets Equity
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.99		$	12.27		$	13.34		$	10.12		$	8.20		$	17.07
Investment operations
Net investment income(A)		0.01			0.05			0.08			0.05			0.06			0.19
Net realized and unrealized gain (loss)		0.51			0.74			(1.11	)		3.22			3.51			(7.65	)
Total from investment operations		0.52			0.79			(1.03	)		3.27			3.57			(7.46	)
Distributions
Net investment income		(0.04	)		(0.07	)		(0.04	)		(0.05	)		(0.16	)		(0.09	)
Net realized gains on investments		(1.08	)		(1.00	)		—			—			(1.49	)		(1.32	)
Total distributions		(1.12	)		(1.07	)		(0.04	)		(0.05	)		(1.65	)		(1.41	)
Net asset value
End of period/year	$	11.39		$	11.99		$	12.27		$	13.34		$	10.12		$	8.20
Total return(B)		4.60	%(C)		8.07	%		(7.77	)%		32.43	%		56.01	%		(47.48	)%
Net assets end of period/year (000’s)	$	527,409		$	341,362		$	497,656		$	610,212		$	495,636		$	317,973
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.38	%(D)		1.33	%		1.31	%		1.31	%		1.35	%		1.32	%
Before reimbursement/waiver or recapture		1.38	%(D)		1.33	%		1.31	%		1.31	%		1.35	%		1.32	%
Net investment income to average net assets		0.23	%(D)		0.48	%		0.58	%		0.48	%		0.77	%		1.42	%
Portfolio turnover rate		22	%(C)		37	%		40	%		54	%		50	%		67	%

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

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

(C) Not annualized.

(D) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    119

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Global Real Estate Securities
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	12.88		$	11.64		$	12.28		$	10.77		$	9.52		$	20.48
Investment operations
Net investment income(A)		0.13			0.29			0.24			0.26			0.29			0.32
Net realized and unrealized gain (loss)		2.08			1.36			(0.19	)		1.98			1.15			(8.33	)
Total from investment operations		2.21			1.65			0.05			2.24			1.44			(8.01	)
Distributions
Net investment income		(0.83	)		(0.41	)		(0.69	)		(0.73	)		(0.19	)		(0.90	)
Net realized gains on investments		—			—			—			—			—			(2.05	)
Total distributions		(0.83	)		(0.41	)		(0.69	)		(0.73	)		(0.19	)		(2.95	)
Net asset value
End of period/year	$	14.26		$	12.88		$	11.64		$	12.28		$	10.77		$	9.52
Total return(B)		17.95	%(C)		14.57	%		0.51	%		21.70	%		15.72	%		(44.82	)%
Net assets end of period/year (000’s)	$	197,585		$	160,330		$	147,057		$	319,368		$	285,502		$	232,115
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.96	%(D)		0.97	%		0.91	%		0.91	%		0.93	%		0.89	%
Before reimbursement/waiver or recapture		0.96	%(D)		0.97	%		0.91	%		0.91	%		0.93	%		0.89	%
Net investment income to average net assets		2.04	%(D)		2.36	%		2.01	%		2.31	%		3.30	%		2.29	%
Portfolio turnover rate		25	%(C)		55	%		39	%		62	%		61	%		41	%

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

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

(C) Not annualized.

(D) Annualized.

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

For a share outstanding throughout each period	Transamerica Growth
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	13.42		$	12.94		$	11.78		$	10.17		$	8.37		$	13.05
Investment operations
Net investment income(A)		0.03			0.01			—	(B)		0.01			0.01			0.02
Net realized and unrealized gain (loss)		1.53			0.97			1.17			1.61			1.81			(4.68	)
Total from investment operations		1.56			0.98			1.17			1.62			1.82			(4.66	)
Distributions
Net investment income		(0.04	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized gains on investments		(1.42	)		(0.49	)		—			—			—			—
Total distributions		(1.46	)		(0.50	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net asset value
End of period/year	$	13.52		$	13.42		$	12.94		$	11.78		$	10.17		$	8.37
Total return(C)		12.64	%(D)		8.19	%		9.96	%		15.96	%		21.79	%		(35.77	)%
Net assets end of period/year (000’s)	$	590,567		$	550,207		$	618,767		$	726,732		$	654,610		$	184,981
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.85	%(E)		0.83	%		0.81	%		0.81	%		0.85	%		0.85	%
Before reimbursement/waiver or recapture		0.85	%(E)		0.83	%		0.81	%		0.81	%		0.85	%		0.85	%
Net investment income to average net assets		0.48	%(E)		0.06	%		0.01	%		0.09	%		0.16	%		0.21	%
Portfolio turnover rate		24	%(D)		43	%		55	%		83	%		82	%		70	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    120

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.06		$	8.50		$	8.94		$	7.57		$	5.95		$	13.55
Investment operations
Net investment income(A)		0.06			0.15			0.14			0.10			0.10			0.19
Net realized and unrealized gain (loss)		0.96			0.56			(0.47	)		1.34			1.69			(6.63	)
Total from investment operations		1.02			0.71			(0.33	)		1.44			1.79			(6.44	)
Distributions
Net investment income		(0.16	)		(0.15	)		(0.11	)		(0.07	)		(0.17	)		(0.13	)
Net realized gains on investments		—			—			—			—			—			(1.03	)
Total distributions		(0.16	)		(0.15	)		(0.11	)		(0.07	)		(0.17	)		(1.16	)
Net asset value
End of period/year	$	9.92		$	9.06		$	8.50		$	8.94		$	7.57		$	5.95
Total return(B)		11.40	%(C)		8.65	%		(3.80	)%		19.16	%		30.83	%		(51.66	)%
Net assets end of period/year (000’s)	$	348,839		$	307,143		$	359,646		$	584,849		$	485,803		$	307,981
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.07	%(D)		1.07	%		1.07	%		1.06	%		1.09	%		1.06	%
Before reimbursement/waiver or recapture		1.07	%(D)		1.07	%		1.07	%		1.06	%		1.09	%		1.06	%
Net investment income to average net assets		1.37	%(D)		1.81	%		1.52	%		1.22	%		1.62	%		1.87	%
Portfolio turnover rate		22	%(C)		50	%		46	%		51	%		75	%		72	%

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

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

(C) Not annualized.

(D) Annualized.

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

For a share outstanding throughout each period	Transamerica International Equity Opportunities
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(A)
Net asset value
Beginning of period/year	$	7.42		$	8.34		$	9.11		$	8.16		$	6.58		$	10.00
Investment operations
Net investment income(B)		0.06			0.14			0.15			0.12			0.12			0.02
Net realized and unrealized gain (loss)		0.90			0.29			(0.37	)		1.09			1.46			(3.44	)
Total from investment operations		0.96			0.43			(0.22	)		1.21			1.58			(3.42	)
Distributions
Net investment income		(0.17	)		(0.20	)		(0.10	)		(0.06	)		—			—
Net realized gains on investments		(0.29	)		(1.15	)		(0.45	)		(0.20	)		—			—
Total distributions		(0.46	)		(1.35	)		(0.55	)		(0.26	)		—			—
Net asset value
End of period/year	$	7.92		$	7.42		$	8.34		$	9.11		$	8.16		$	6.58
Total return(C)		13.28	%(D)		8.00	%		(2.69	)%		15.16	%		24.01	%		(34.20	)%(D)
Net assets end of period/year (000’s)	$	232,322		$	174,899		$	353,694		$	536,181		$	396,754		$	40,997
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.05	%(E)		1.04	%		0.99	%		0.99	%		1.09	%		1.23	%(E)
Before reimbursement/waiver or recapture		1.05	%(E)		1.04	%		0.99	%		0.99	%		1.09	%		1.23	%(E)
Net investment income to average net assets		1.70	%(E)		1.94	%		1.69	%		1.47	%		1.78	%		0.71	%(E)
Portfolio turnover rate		13	%(D)		29	%		29	%		35	%		24	%		37	%(D)

(A) Commenced operations on June 10, 2008.

(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.

Note: Prior to November 1, 2009, 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 2013

Page    121

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica International Small Cap
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(A)
Net asset value
Beginning of period/year	$	7.90		$	9.00		$	9.67		$	8.22		$	5.82		$	10.00
Investment operations
Net investment income(B)		0.03			0.11			0.15			0.08			0.08			0.12
Net realized and unrealized gain (loss)		1.03			0.11			(0.66	)		1.42			2.41			(4.30	)
Total from investment operations		1.06			0.22			(0.51	)		1.50			2.49			(4.18	)
Distributions
Net investment income		(0.17	)		(0.23	)		(0.11	)		(0.05	)		(0.09	)		—
Net realized gains on investments		—			(1.09	)		(0.05	)		—			—			—
Total distributions		(0.17	)		(1.32	)		(0.16	)		(0.05	)		(0.09	)		—
Net asset value
End of period/year	$	8.79		$	7.90		$	9.00		$	9.67		$	8.22		$	5.82
Total return(C)		13.58	%(D)		4.57	%		(5.39	)%		18.29	%		43.56	%		(41.80	)%(D)
Net assets end of period/year (000’s)	$	380,298		$	241,928		$	330,358		$	548,288		$	543,673		$	108,655
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.20	%(E)		1.20	%		1.15	%		1.16	%		1.23	%		1.27	%(E)
Before reimbursement/waiver or recapture		1.20	%(E)		1.20	%		1.15	%		1.16	%		1.21	%		1.30	%(E)
Net investment income to average net assets		0.77	%(E)		1.58	%		1.46	%		0.97	%		1.23	%		1.96	%(E)
Portfolio turnover rate		19	%(D)		33	%		38	%		54	%		46	%		14	%(D)

(A) Commenced operations on March 1, 2008.

(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.

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

For a share outstanding throughout each period	Transamerica International Value Opportunities
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008(A)
Net asset value
Beginning of period/year	$	8.85		$	10.30		$	11.12		$	9.69		$	7.98		$	10.00
Investment operations
Net investment income(B)		0.05			0.13			0.16			0.10			0.10			—	(C)
Net realized and unrealized gain (loss)		0.86			0.10			(0.85	)		1.42			1.66			(2.02	)
Total from investment operations		0.91			0.23			(0.69	)		1.52			1.76			(2.02	)
Distributions
Net investment income		(0.16	)		(0.21	)		(0.06	)		(0.06	)		—			—
Net realized gains on investments		(0.14	)		(1.47	)		(0.07	)		(0.03	)		(0.05	)		—
Total distributions		(0.30	)		(1.68	)		(0.13	)		(0.09	)		(0.05	)		—
Net asset value
End of period/year	$	9.46		$	8.85		$	10.30		$	11.12		$	9.69		$	7.98
Total return(D)		10.49	%(E)		4.44	%		(6.31	)%		15.75	%		22.21	%		(20.20	)%(E)
Net assets end of period/year (000’s)	$	262,274		$	220,190		$	448,438		$	778,484		$	591,539		$	79,516
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.20	%(F)		1.12	%		1.08	%		1.08	%		1.17	%		1.35	%(F)
Before reimbursement/waiver or recapture		1.20	%(F)		1.12	%		1.08	%		1.08	%		1.15	%		1.76	%(F)
Net investment income (loss) to average net assets		1.00	%(F)		1.49	%		1.41	%		0.97	%		1.14	%		(0.18	)%(F)
Portfolio turnover rate		25	%(E)		19	%		28	%		36	%		39	%		5	%(E)

(A) Commenced operations on September 15, 2008.

(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.

Note: Prior to November 1, 2009, 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 2013

Page    122

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Long/Short Strategy
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	8.16		$	7.86		$	8.32		$	8.43		$	9.51		$	9.78
Investment operations
Net investment income (loss)(A)		(0.06	)		(0.10	)		(0.15	)		(0.13	)		(0.17	)		0.10
Net realized and unrealized gain (loss)		0.47			0.40			(0.31	)		0.02			(0.80	)		0.20
Total from investment operations		0.41			0.30			(0.46	)		(0.11	)		(0.97	)		0.30
Distributions
Net investment income		—			—			—			—			—			(0.57	)
Return of capital		—			—			—			—			(0.11	)		—
Total distributions		—			—			—			—			(0.11	)		(0.57	)
Net asset value
End of period/year	$	8.57		$	8.16		$	7.86		$	8.32		$	8.43		$	9.51
Total return(B)		5.02	%(C)		3.82	%		(5.53	)%		(1.30	)%		(10.27	)%		3.30	%
Net assets end of period/year (000’s)	$	118,529		$	91,190		$	113,108		$	108,342		$	86,682		$	121,348
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture(D)		3.73	%(E)		3.46	%		3.59	%		2.85	%		3.61	%		2.79	%
Before reimbursement/waiver or recapture(D)		3.73	%(E)		3.46	%		3.59	%		2.85	%		3.61	%		2.79	%
Net investment income (loss) to average net assets(D)		(1.49	)%(E)		(1.21	)%		(1.86	)%		(1.61	)%		(1.87	)%		1.05	%
Portfolio turnover rate		120	%(C)		153	%		411	%		303	%		463	%		192	%

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

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

(C) Not annualized.

(D) Includes dividends and interest on securities sold short (representing 2.29%, 2.03%, 2.17%, 1.35%, 2.09%, and 1.30% of average net assets for 2013, 2012, 2011, 2010, 2009, and 2008, respectively).

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Mid Cap Value
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	13.03		$	10.93		$	10.17		$	8.28		$	7.54		$	12.32
Investment operations
Net investment income(A)		0.09			0.14			0.11			0.12			0.15			0.13
Net realized and unrealized gain (loss)		1.93			2.08			0.79			1.93			0.82			(4.20	)
Total from investment operations		2.02			2.22			0.90			2.05			0.97			(4.07	)
Distributions
Net investment income		(0.15	)		(0.12	)		(0.14	)		(0.16	)		(0.17	)		(0.10	)
Net realized gains on investments		—			—			—			—			(0.06	)		(0.61	)
Total distributions		(0.15	)		(0.12	)		(0.14	)		(0.16	)		(0.23	)		(0.71	)
Net asset value
End of period/year	$	14.90		$	13.03		$	10.93		$	10.17		$	8.28		$	7.54
Total return(B)		15.66	%(C)		20.57	%		8.88	%		25.08	%		13.39	%		(34.92	)%
Net assets end of period/year (000’s)	$	236,210		$	208,458		$	158,344		$	163,612		$	165,838		$	147,772
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.89	%(D)		0.89	%		0.90	%		0.89	%		0.90	%		0.87	%
Before reimbursement/waiver or recapture		0.89	%(D)		0.89	%		0.90	%		0.89	%		0.90	%		0.87	%
Net investment income to average net assets		1.29	%(D)		1.16	%		1.04	%		1.33	%		2.05	%		1.22	%
Portfolio turnover rate		9	%(C)		38	%		39	%		29	%		43	%		45	%

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

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

(C) Not annualized.

(D) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    123

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Real Return TIPS
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.74		$	11.45		$	11.61		$	10.72		$	9.21		$	10.21
Investment operations
Net investment income(A)		0.06			0.10			0.37			0.25			0.32			0.47
Net realized and unrealized gain (loss)		0.08			0.88			0.27			1.04			1.58			(0.96	)
Total from investment operations		0.14			0.98			0.64			1.29			1.90			(0.49	)
Distributions
Net investment income		(0.10	)		(0.15	)		(0.37	)		(0.40	)		(0.33	)		(0.51	)
Net realized gains on investments		(0.77	)		(0.54	)		(0.43	)		—			(0.06	)		—
Total distributions		(0.87	)		(0.69	)		(0.80	)		(0.40	)		(0.39	)		(0.51	)
Net asset value
End of period/year	$	11.01		$	11.74		$	11.45		$	11.61		$	10.72		$	9.21
Total return(B)		1.20	%(C)(D)		9.07	%		6.23	%		12.40	%		21.00	%		(5.29	)%
Net assets end of period/year (000’s)	$	610,795		$	1,343,452		$	971,634		$	845,965		$	752,723		$	621,092
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.78	%(D)(E)		0.70	%		0.73	%		0.72	%		0.74	%		0.74	%
Before reimbursement/waiver or recapture		0.78	%(D)(E)		0.70	%		0.73	%		0.72	%		0.74	%		0.74	%
Net investment income to average net assets		1.00	%(D)(E)		0.96	%		3.35	%		2.32	%		3.23	%		4.47	%
Portfolio turnover rate		11	%(C)(E)		151	%		213	%		307	%		583	%		1,028	%

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

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

(C) Not annualized.

(D) Includes interest fee on Dollar Rolls (representing 0.03% of average net assets and less than 0.01% of total return).

(E) Annualized.

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

For a share outstanding throughout each period	Transamerica Select Equity
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	11.45		$	10.22		$	10.00
Investment operations
Net investment income(B)		0.10			0.21			0.01
Net realized and unrealized gain		1.66			1.23			0.21
Total from investment operations		1.76			1.44			0.22
Distributions
Net investment income		(0.10	)		(0.21	)		—	(C)
Net realized gains on investments		(0.30	)		—			—
Total distributions		(0.40	)		(0.21	)		—	(C)
Net asset value
End of period/year	$	12.81		$	11.45		$	10.22
Total return(D)		15.78	%(E)		14.29	%		2.31	%(E)
Net assets end of period/year (000’s)	$	1,378,820		$	1,200,201		$	936,279
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.77	%(F)		0.77	%		0.83	%(F)
Before reimbursement/waiver or recapture		0.77	%(F)		0.77	%		0.83	%(F)
Net investment income to average net assets		1.63	%(F)		1.92	%		0.83	%(F)
Portfolio turnover rate		34	%(E)		66	%		6	%(E)

(A) Commenced operations August 31, 2011.

(B) Calculated based on average number of shares outstanding.

(C) Rounds to less than $0.01 or $(0.01).

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

(E) Not annualized.

(F) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    124

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Total Return
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	10.89		$	10.42		$	10.80		$	10.85		$	9.58		$	10.47
Investment operations
Net investment income(A)		0.09			0.23			0.30			0.35			0.49			0.49
Net realized and unrealized gain (loss)		0.12			0.62			(0.07	)		0.67			1.64			(0.88	)
Total from investment operations		0.21			0.85			0.23			1.02			2.13			(0.39	)
Distributions
Net investment income		(0.09	)		(0.33	)		(0.30	)		(0.34	)		(0.67	)		(0.44	)
Net realized gains on investments		(0.10	)		(0.05	)		(0.31	)		(0.73	)		(0.19	)		(0.06	)
Total distributions		(0.19	)		(0.38	)		(0.61	)		(1.07	)		(0.86	)		(0.50	)
Net asset value
End of period/year	$	10.91		$	10.89		$	10.42		$	10.80		$	10.85		$	9.58
Total return(B)		1.90	%(C)		8.30	%		2.45	%		10.25	%		23.74	%		(4.04	)%
Net assets end of period/year (000’s)	$	674,847		$	803,780		$	625,735		$	667,721		$	505,329		$	555,428
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.75	%(D)		0.74	%		0.74	%		0.74	%		0.74	%		0.75	%
Before reimbursement/waiver or recapture		0.75	%(D)		0.74	%		0.74	%		0.74	%		0.74	%		0.75	%
Net investment income to average net assets		1.68	%(D)		2.16	%		2.92	%		3.30	%		4.95	%		4.66	%
Portfolio turnover rate		176	%(C)		98	%		144	%		222	%		841	%		751	%

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

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

(C) Not annualized.

(D) Annualized.

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

For a share outstanding throughout each period	Transamerica Value
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	22.84		$	20.74		$	21.56		$	18.44		$	16.93		$	28.93
Investment operations
Net investment income(A)		0.17			0.29			0.24			0.19			0.15			0.24
Net realized and unrealized gain (loss)		3.29			1.86			(0.62	)		3.20			1.36			(11.45	)
Total from investment operations		3.46			2.15			(0.38	)		3.39			1.51			(11.21	)
Distributions
Net investment income		(0.35	)		(0.05	)		(0.44	)		(0.27	)		—			(0.42	)
Net realized gains on investments		—			—			—			—			—			(0.37	)
Total distributions		(0.35	)		(0.05	)		(0.44	)		(0.27	)		—			(0.79	)
Net asset value
End of period/year	$	25.95		$	22.84		$	20.74		$	21.56		$	18.44		$	16.93
Total return(B)		15.31	%(C)		10.42	%		(1.87	)%		18.53	%		8.92	%		(39.75	)%
Net assets end of period/year (000’s)	$	402,553		$	271,559		$	307,724		$	383,134		$	423,550		$	336,845
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.87	%(D)		0.87	%		0.87	%		0.87	%		0.87	%		0.86	%
Before reimbursement/waiver or recapture		0.87	%(D)		0.87	%		0.87	%		0.87	%		0.87	%		0.86	%
Net investment income to average net assets		1.39	%(D)		1.37	%		1.06	%		0.98	%		0.91	%		1.00	%
Portfolio turnover rate		12	%(C)		16	%		4	%		—	%(E)		17	%		29	%

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

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

(C) Not annualized.

(D) Annualized.

(E) Rounds to less than 1%.

Note: Prior to November 1, 2009, 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 2013

Page    125

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 example is 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 example are based on an investment of $1,000 invested at November 1, 2012 and held for the entire period until April 30, 2013.

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 fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

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

			Actual Expenses				Hypothetical Expenses(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During Period(B)		Ending Account Value		Expenses Paid During Period(B)		Annualized Expense Ratio
Transamerica Commodity Strategy	$	1,000.00	$	935.90	$	3.55	$	1,021.13	$	3.71		0.74	%
Transamerica Global Allocation		1,000.00		1,088.10		5.18		1,019.84		5.01		1.00
Transamerica Global Macro		1,000.00		996.50		7.43		1,017.36		7.50		1.50
Transamerica Managed Futures Strategy		1,000.00		1,126.10		6.96		1,018.25		6.61		1.32

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

^(B) Expenses are calculated using the funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

Transamerica Funds Semi-Annual Report 2013

Page    126

Schedules of Investments Composition

At April 30, 2013

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

(unaudited)

Transamerica Commodity Strategy	% of Net Assets
Repurchase Agreement		58.4	%
Short-Term U.S. Government Obligations		32.1
Securities Lending Collateral		16.2
Other Assets and Liabilities - Net(A)		(6.7	)
Total		100.0	%
Transamerica Global Allocation	% of Net Assets
Common Stocks		55.8	%
Short-Term U.S. Government Obligations		17.1
Securities Lending Collateral		9.9
Foreign Government Obligations		7.9
U.S. Government Obligations		5.4
Corporate Debt Securities		3.6
Convertible Bonds		3.1
Short-Term Foreign Government Obligations		1.7
Investment Companies		1.5
Convertible Preferred Stocks		1.1
Purchased Options		0.9
Preferred Stocks		0.9
Loan Assignments		0.4
Repurchase Agreement		0.3
Mortgage-Backed Security		0.1
Preferred Corporate Debt Securities		0.1
U.S. Government Agency Obligation		0.1
Warrants		0.0	(B)
Purchased Swaption		0.0	(B)
Purchased foreign exchange option		0.0	(B)
Rights		0.0	(B)
Other Assets and Liabilities - Net(A)		(9.9	)
Total		100.0	%
Transamerica Global Macro	% of Net Assets
Repurchase Agreement		100.1	%
Other Assets and Liabilities - Net		(0.1	)
Total		100.0	%
Transamerica Managed Futures Strategy	% of Net Assets
Investment Companies		82.0	%
Short-Term U.S. Government Obligation		9.8
Other Assets and Liabilities - Net(A)		8.2
Total		100.0	%

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

^(B)  Amount rounds to less than 0.1%

Transamerica Funds Semi-Annual Report 2013

Page    127

Transamerica Commodity Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 32.1%
U.S. Treasury Bill
0.06%, 08/22/2013 (A)	$	20,000,000	$	19,989,328
0.08%, 09/19/2013 (A) (B)		20,000,000		19,986,252
Total Short-Term U.S. Government Obligations (cost $39,975,580)				39,975,580
	Shares		Value
SECURITIES LENDING COLLATERAL - 16.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A)		20,196,000		20,196,000
Total Securities Lending Collateral (cost $20,196,000)				20,196,000

	Principal		Value
REPURCHASE AGREEMENT - 58.4%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $72,873,022 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 3.50%, due 06/01/2032 - 11/25/2038, and with a total value of $74,334,009	$	72,872,961	$	72,872,961
Total Repurchase Agreement (cost $72,872,961)				72,872,961
Total Investment Securities (cost $133,044,541) (C)				133,044,541
Other Assets and Liabilities - Net				(8,386,763	)
Net Assets			$	124,657,778

OVER THE COUNTER SWAP AGREEMENTS: (D)

TOTAL RETURN SWAP AGREEMENTS - RECEIVABLE: (F)
Reference Entity	Fixed Rate	Termination Date		Counterparty		Notional Amount		Market Value			Premiums Paid (Received)		Unrealized (Depreciation)
Dow Jones-UBS Commodity Custom Index (E)	0.27%		06/13/2013		UBS	$	282,069	$	(6,578	)	$	—	$	(6,578	)
Dow Jones-UBS Commodity Custom Index (E)	0.27		06/13/2013		UBS		423,708		(9,881	)		—		(9,881	)
Dow Jones-UBS Commodity Custom Index (E)	0.25		06/17/2013		BOA		597,947		(14,108	)		—		(14,108	)
								$	(30,567	)	$	—	$	(30,567	)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives		Collateral (Received) Pledged		Net Exposures (1)
BOA	$	(14,108)	$	6,580,000	$	6,565,892
UBS		(16,459)		6,795,575		6,779,116

⁽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:

(A) Rate shown reflects the yield at April 30, 2013.

(B) All or a portion of this security is on loan. The value of all securities on loan is $19,793,995. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(C) Aggregate cost for federal income tax purposes is $133,044,541. Net unrealized appreciation/depreciation for tax purposes is $0.

(D) Cash in the amount of $13,375,575 has been segregated by the custodian with the broker as collateral for open swap contracts.

(E) Illiquid. Total aggregate market value of illiquid derivatives is $(30,567), or (0.02)% of the fund’s net assets.

(F) 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:

BOA	Bank of America
OTC	Over the Counter
UBS	UBS AG

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

Transamerica Funds Semi-Annual Report 2013

Page    128

Transamerica Commodity Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY: (G)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Short-Term U.S. Government Obligations	$	—	$	39,975,580		$	—	$	39,975,580
Securities Lending Collateral		20,196,000		—			—		20,196,000
Repurchase Agreement		—		72,872,961			—		72,872,961
Total Investment Securities	$	20,196,000	$	112,848,541		$	—	$	133,044,541
Other Assets (H)
Cash on Deposit with Broker	$	1,600,000	$	—		$	—	$	1,600,000
Cash on Deposit with Custodian		13,375,575		—			—		13,375,575
Total Other Assets	$	14,975,575	$	—		$	—	$	14,975,575
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Total Return Swap Agreements (I)	$	—	$	(30,567	)	$	—	$	(30,567	)
Total Derivative Financial Instruments	$	—	$	(30,567	)	$	—	$	(30,567	)
Other Liabilities (H)
Collateral for Securities on Loan	$	—	$	(20,196,000	)	$	—	$	(20,196,000	)
Total Other Liabilities	$	—	$	(20,196,000	)	$	—	$	(20,196,000	)

(G) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(H) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

(I) 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 2013

Page    129

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 5.4%
United States - 5.4%
U.S. Treasury Note
0.63%, 09/30/2017		$  1,543,500		$  1,547,238
1.00%, 09/30/2019		1,161,500		1,163,043
1.25%, 10/31/2019 (A)		392,000		398,462
1.38%, 09/30/2018		1,633,800		1,687,281
1.63%, 11/15/2022		794,500		793,383
1.75%, 05/15/2022 (B)		562,400		572,462
2.00%, 11/15/2021		473,600		495,060
2.25%, 03/31/2016 (A)		3,014,700		3,185,217
2.63%, 08/15/2020		2,664,900		2,939,926
3.50%, 05/15/2020 (A)		5,061,200		5,891,950
Total U.S. Government Obligations (cost $17,485,788)				18,674,022
U.S. GOVERNMENT AGENCY OBLIGATION - 0.1%
United States - 0.1%
Fannie Mae Series S 8.25%, 12/31/2015 (C) (D)		27,405		125,515
Total U.S. Government Agency Obligation (cost $86,013)				125,515
FOREIGN GOVERNMENT OBLIGATIONS - 7.9%
Australia - 1.7%
Australia Government Bond 5.50%, 12/15/2013 - 04/21/2023		AUD  3,579,000		4,306,462
Queensland Treasury Corp. 6.00%, 09/14/2017 - 06/14/2021		1,427,000		1,673,863
Brazil - 1.3%
Brazil Notas do Tesouro Nacional
Series B
6.00%, 08/15/2022		BRL  1,997,000		2,594,889
Series F
10.00%, 01/01/2021		3,871,000		1,993,684
Canada - 0.4%
Canadian Government Bond
1.50%, 03/01/2017		CAD  560,000		563,674
3.50%, 06/01/2020		416,000		471,134
4.00%, 06/01/2016		338,000		365,326
Germany - 1.8%
Bundesrepublik Deutschland
3.50%, 07/04/2019		EUR  1,770,400		2,755,051
4.25%, 07/04/2017		2,237,418		3,440,119
Hong Kong - 0.3%
Hong Kong Government Bond
0.27%, 12/18/2017		HKD  1,450,000		186,393
1.67%, 03/24/2014		1,300,000		169,800
1.69%, 12/22/2014		1,500,000		198,078
3.51%, 12/08/2014		2,900,000		393,712
3.56%, 06/25/2018		900,000		134,816
Malaysia - 0.5%
Malaysia Government Bond
3.21%, 05/31/2013		MYR  1,918,000		630,465
3.46%, 07/31/2013		1,142,000		375,729
5.09%, 04/30/2014		1,872,000		628,172
Netherlands - 0.1%
Netherlands Government Bond 1.00%, 02/24/2017 - 144A		$  373,000		377,849

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Russian Federation - 0.1%
Russian Federal Bond - OFZ 7.50%, 02/27/2019		RUB  12,165,000		$  419,055
Switzerland - 0.2%
Switzerland Government Bond
2.00%, 04/28/2021 - 05/25/2022		CHF  255,000		309,938
4.00%, 02/11/2023		196,000		278,928
Turkey - 0.3%
Turkey Government Bond Zero Coupon, 05/15/2013 - 09/11/2013		TRY  1,523,421		843,730
United Kingdom - 1.2%
U.K. Gilt 4.75%, 03/07/2020		GBP  2,159,877		4,162,704
Total Foreign Government Obligations (cost $26,586,148)				27,273,571
MORTGAGE-BACKED SECURITY - 0.1%
United States - 0.1%
Banc of America Large Loan, Inc. Series 2010-HLTN, Class HLTN 2.50%, 11/15/2015 - 144A (C)		$  353,803		356,538
Total Mortgage-Backed Security (cost $320,063)				356,538
PREFERRED CORPORATE DEBT SECURITIES - 0.1%
United States - 0.1%
Deutsche Bank Capital Funding Trust VII 5.63%, 01/19/2016 - 144A (C) (D)		64,000		63,200
USB Capital IX 3.50%, 06/03/2013 (C) (D)		265,000		248,438
Total Preferred Corporate Debt Securities (cost $314,786)				311,638
CORPORATE DEBT SECURITIES - 3.6%
Argentina - 0.0% (E)
Empresa Distribuidora Y Comercializadora Norte 9.75%, 10/25/2022 - 144A		73,000		33,945
Australia - 0.2%
FMG Resources August 2006 Pty, Ltd. 6.00%, 04/01/2017 - 144A (A)		120,000		124,800
TFS Corp., Ltd. 11.00%, 07/15/2018 - 144A (F)		515,000		489,250
Austria - 0.1%
OGX Austria GmbH 8.50%, 06/01/2018 - 144A (A)		340,000		213,350
Brazil - 0.1%
Banco Bradesco SA 4.50%, 01/12/2017 - 144A (A)		200,000		216,000
Hypermarcas SA 6.50%, 04/20/2021 - 144A		170,000		183,005
Canada - 0.0% (E)
Viterra, Inc. 5.95%, 08/01/2020 - 144A		106,000		115,644
Cayman Islands - 0.1%
Hutchison Whampoa International 11, Ltd. 3.50%, 01/13/2017 - 144A		271,000		287,610
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.35%, 06/30/2021 - 144A		179,550		199,301

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

Transamerica Funds Semi-Annual Report 2013

Page    130

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
Chile - 0.2%
Banco del Estado de Chile 2.03%, 04/02/2015		$  250,000		$  248,473
Banco Santander Chile 2.29%, 02/14/2014 - 144A (C)		270,000		267,697
Inversiones Alsacia SA 8.00%, 08/18/2018 - 144A (F)		177,100		147,879
Germany - 0.1%
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.50%, 01/15/2023 - 144A		200,000		207,000
Guernsey, Channel Islands - 0.1%
Credit Suisse Group Guernsey I, Ltd. 7.88%, 02/24/2041 - Reg S (C)		200,000		219,500
Ireland - 0.0% (E)
Nara Cable Funding, Ltd. 8.88%, 12/01/2018 - 144A		EUR  100,000		141,572
Italy - 0.1%
Intesa Sanpaolo SpA 3.13%, 01/15/2016		$  289,000		288,895
Korea, Republic of - 0.1%
Export-Import Bank of Korea 1.25%, 11/20/2015		200,000		198,948
Luxembourg - 0.3%
Capsugel FinanceCo S.C.A. 9.88%, 08/01/2019 - 144A		EUR  100,000		150,132
Intelsat Jackson Holdings SA 7.50%, 04/01/2021		$  234,000		263,835
Sberbank of Russia Via SB Capital SA 5.13%, 10/29/2022 - 144A (A)		200,000		202,620
TNK-BP Finance SA 6.63%, 03/20/2017 - 144A (A) (C) (D)		100,000		114,000
7.50%, 07/18/2016 - 144A		100,000		114,625
Mexico - 0.0% (E)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 4.13%, 11/09/2022 - 144A		150,000		151,125
Netherlands - 0.1%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.38%, 01/19/2017		279,000		300,455
Ziggo BV 3.63%, 03/27/2020 - 144A		EUR  100,000		132,354
Singapore - 0.0% (E)
Bumi Investment Pte, Ltd. 10.75%, 10/06/2017 - 144A (A)		$  144,000		116,280
Sweden - 0.1%
Nordea Bank AB 3.13%, 03/20/2017 - 144A		200,000		213,540
Switzerland - 0.0% (E)
UBS AG 5.88%, 12/20/2017		100,000		119,014
United Kingdom - 0.3%
BAT International Finance PLC 2.13%, 06/07/2017 - 144A		185,000		191,484
Lloyds TSB Bank PLC, Series EMTN 13.00%, 01/21/2029 (C) (D)		GBP  340,000		797,490
United States - 1.7%
Ally Financial, Inc. 4.50%, 02/11/2014		$  155,000		158,488

	Principal		Value
United States (continued)
Anheuser-Busch InBev Worldwide, Inc. 1.38%, 07/15/2017		$  157,000		$  159,103
Apple, Inc. 1.00%, 05/03/2018		448,000		447,695
Bank of America Corp. 2.00%, 01/11/2018		268,000		268,858
Bank of America Corp., Series MTN 1.35%, 03/22/2018 (C)		143,000		142,664
Building Materials Corp. of America 6.88%, 08/15/2018 - 144A		61,000		65,880
Cablevision Systems Corp. 5.88%, 09/15/2022		118,000		119,475
Calpine Corp. (Escrow Shares) 8.75%, 07/15/2013 (G)		2,142,000		—
CIT Group, Inc. 4.75%, 02/15/2015 - 144A		211,000		222,077
Citigroup, Inc. 5.95%, 01/30/2023 (C) (D)		142,000		148,745
CONSOL Energy, Inc. 8.00%, 04/01/2017		300,000		324,750
Cricket Communications, Inc. 7.75%, 10/15/2020		117,000		119,048
Daimler Finance North America LLC 0.88%, 01/09/2015 - 144A (C)		283,000		283,996
DaVita HealthCare Partners, Inc. 6.38%, 11/01/2018 (A)		54,000		57,713
Delta Topco Limited 10.00%, 11/24/2060 (F) (G) (H) (I)		534,020		542,404
DJO Finance LLC / DJO Finance Corp. 9.75%, 10/15/2017		50,000		52,625
Ford Motor Credit Co., LLC 2.38%, 01/16/2018		200,000		200,857
General Electric Capital Corp. 6.25%, 12/15/2022 (C) (D)		300,000		331,660
General Electric Capital Corp., Series MTN 5.55%, 05/04/2020		197,000		237,839
HSBC USA, Inc. 1.63%, 01/16/2018		196,000		197,302
Hughes Satellite Systems Corp.
7.63%, 06/15/2021		89,000		102,128
Hyundai Capital America
1.63%, 10/02/2015 - 144A		74,000		74,111
2.13%, 10/02/2017 - 144A		117,000		117,279
JPMorgan Chase & Co. 5.15%, 05/01/2023 (C) (D)		365,000		370,931
Morgan Stanley, Series GMTN 7.30%, 05/13/2019		119,000		149,051
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 - 144A (D)		200,000		201,909
Phibro Animal Health Corp. 9.25%, 07/01/2018 - 144A		52,000		56,290
Reliance Holdings USA, Inc. 4.50%, 10/19/2020 - 144A		294,000		315,652
Sabine Pass Liquefaction LLC 5.63%, 04/15/2023 - 144A		138,000		141,795
SunGard Data Systems, Inc. 7.38%, 11/15/2018		171,000		184,680
Texas Industries, Inc. 9.25%, 08/15/2020 (A)		118,000		131,423
Total Corporate Debt Securities (cost $12,005,376)				12,376,251

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

Transamerica Funds Semi-Annual Report 2013

Page    131

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Principal		Value
CONVERTIBLE BONDS - 3.1%
Bermuda - 0.0% (E)
Celestial Nutrifoods, Ltd. Zero Coupon, 06/12/2011 (F) (G) (J)		SGD  1,400,000		$  11,366
Cayman Islands - 0.3%
China Milk Products Group, Ltd. Zero Coupon, 01/05/2012 (F) (J)		$  600,000		180,000
FU JI Food and Catering Services Holdings, Ltd. Zero Coupon, 10/18/2010 (F) (J)		CNY  2,700,000		4,379
Pyrus, Ltd. 7.50%, 12/20/2015 - 144A (F)		$200,000		268,200
Zeus Cayman Zero Coupon, 08/19/2013 (F)		JPY  44,000,000		440,068
China - 0.0% (E)
China Petroleum & Chemical Corp. Zero Coupon, 04/24/2014		HKD  820,000		126,273
India - 0.2%
REI Agro, Ltd. 5.50%, 11/13/2014 - 144A (F)		$  640,000		448,704
Suzlon Energy, Ltd.
Zero Coupon, 10/11/2012 (J)		187,000		125,758
Zero Coupon, 07/25/2014 (F)		342,000		222,300
Jersey, Channel Islands - 0.4%
Dana Gas Sukuk, Ltd. Series 2007-A1, Class A1 7.50%, 10/31/2049 (F)		1,400,000		1,309,000
Netherlands - 0.5%
Bio City Development Co. B.V. 8.00%, 07/06/2018 - 144A (F)		1,200,000		1,198,500
Volkswagen International Finance NV 5.50%, 11/09/2015 - 144A		EUR  400,000		543,411
Singapore - 0.5%
CapitaLand, Ltd.
2.10%, 11/15/2016		SGD  500,000		407,465
2.95%, 06/20/2022		750,000		611,198
3.13%, 03/05/2018		250,000		221,341
Keppel Land, Ltd. Series I-A, Class A 2.50%, 06/23/2013		200,000		162,377
Olam International, Ltd. 6.00%, 10/15/2016		$  300,000		294,000
United Kingdom - 0.1%
Essar Energy PLC 4.25%, 02/01/2016		200,000		164,500
United States - 1.1%
Brookdale Senior Living, Inc. 2.75%, 06/15/2018		39,000		45,776
Cobalt International Energy, Inc. 2.63%, 12/01/2019		590,000		659,694
Cubist Pharmaceuticals, Inc. 2.50%, 11/01/2017		117,000		197,876
Electronic Arts, Inc. 0.75%, 07/15/2016		105,000		102,244
Forest City Enterprises, Inc. 4.25%, 08/15/2018		195,000		220,228
Gilead Sciences, Inc. Series D 1.63%, 05/01/2016		345,000		774,525

	Principal		Value
United States (continued)
Hologic, Inc. Series 2010 2.00%, 12/15/2037 (K)		$  383,000		$  437,578
Mylan, Inc. 3.75%, 09/15/2015		236,000		526,280
Salesforce.com, Inc. 0.25%, 04/01/2018 - 144A		382,000		380,090
Take-Two Interactive Software, Inc.
1.75%, 12/01/2016		306,000		341,381
4.38%, 06/01/2014		73,000		107,903
Total Convertible Bonds (cost $11,761,715)				10,532,415
LOAN ASSIGNMENTS - 0.4%
Canada - 0.0% (E)
Essar Steel Algoma, Inc. 8.75%, 09/19/2014 (C)		111,042		112,754
United States - 0.4%
Cricket Communications, Inc., Tranche C - , 02/21/2020 (L)		235,000		236,057
Obsidian Natural Gas Trust 7.00%, 11/02/2015 (F)		324,380		326,002
Univision Communications, Inc. 4.75%, 03/02/2020 (C)		374,000		377,540
Vodafone Amers Finance 2, Inc., Tranche B 6.25%, 07/11/2016 (F)		385,688		395,330
Total Loan Assignments (cost $1,423,330)				1,447,683
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 17.1%
United States - 17.1%
U.S. Treasury Bill
0.03%, 06/06/2013 - 06/27/2013 (M)		6,700,000		6,699,481
0.04%, 05/16/2013 - 07/11/2013 (M)		34,800,000		34,797,579
0.04%, 07/05/2013 (A) (M)		1,573,000		1,572,787
0.05%, 07/18/2013 - 07/25/2013 (M)		15,400,000		15,398,324
0.06%, 08/01/2013 (M)		350,000		349,969
Total Short-Term U.S. Government Obligations (cost $58,818,140)				58,818,140
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 1.7%
Japan - 0.7%
Japan Treasury Discount Bill
0.04%, 09/10/2013		JPY  100,000,000		1,025,642
0.08%, 05/13/2013 - 06/20/2013		150,000,000		1,538,599
Mexico - 1.0%
Mexico Cetes
3.95%, 04/03/2014		MXN  7,984,800		633,914
4.08%, 08/22/2013 - 09/19/2013		19,606,600		1,591,408
4.09%, 10/03/2013		13,396,000		1,084,482
Total Short-Term Foreign Government Obligations (cost $5,932,519)				5,874,045
	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 1.1%
Canada - 0.3%
Suncor Energy, Inc., 1.69% (M)		31,177		972,028
Germany - 0.2%
Volkswagen AG, 2.31% (A) (M)		4,103		831,590

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

Transamerica Funds Semi-Annual Report 2013

Page    132

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United States - 0.6%
Cliffs Natural Resources, Inc., 7.00% (A)		7,300		$  149,431
Continental Airlines Finance Trust II, 6.00%		650		31,525
General Motors Co. - Series B, 4.75%		7,376		342,836
Health Care REIT, Inc. - Series I, 6.50%		3,997		270,597
NextEra Energy, Inc., 5.60%		4,971		285,882
Omnicare Capital Trust II - Series B, 4.00%		2,661		144,865
PPL Corp., 8.75%		3,788		215,916
PPL Corp., 9.50%		4,300		251,335
United Technologies Corp., 7.50%		2,704		159,915
Wells Fargo & Co. - Series L, 7.50%		145		191,364
Total Convertible Preferred Stocks (cost $3,268,306)				3,847,284
PREFERRED STOCKS - 0.9%
Brazil - 0.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar, 2.36% (M)		7,008		388,098
Itau Unibanco Holding SA, 3.42% (M)		18,559		312,045
United Kingdom - 0.2%
HSBC Holdings PLC - Series 2, 8.00% (A)		8,400		242,172
Royal Bank of Scotland Group PLC -  Series M, 6.40%		5,075		117,841
Royal Bank of Scotland Group PLC -  Series Q, 6.75% (A)		2,725		66,327
Royal Bank of Scotland Group PLC -  Series T, 7.25% (A)		8,364		210,522
United States - 0.5%
Bank of America Corp. - Series 8, 8.63% (A)		15,422		393,261
Citigroup Capital XIII, 7.88% (C)		13,106		370,114
GMAC Capital Trust I - Series 2, 8.13% (C)		16,108		441,198
RBS Capital Funding Trust VII -  Series G, 6.08% (N)		5,177		114,929
US Bancorp - Series F, 6.50% (A) (C)		7,244		217,030
US Bancorp - Series G, 6.00% (A) (C)		3,708		104,047
Total Preferred Stocks (cost $2,651,194)				2,977,584
COMMON STOCKS - 55.8%
Australia - 0.3%
Asciano, Ltd.		49,050		274,591
Mesoblast, Ltd. (A) (N)		30,579		186,403
Newcrest Mining, Ltd.		13,439		234,201
Orica, Ltd.		7,042		166,815
QBE Insurance Group, Ltd.		18,904		262,022
Belgium - 0.2%
Anheuser-Busch InBev NV (A)		3,846		365,946
RHJ International (N)		36,300		175,923
Brazil - 0.8%
Anhanguera Educacional Participacoes SA		12,739		229,216
BR Malls Participacoes SA		12,244		145,343
Cielo SA		13,345		354,043
Cyrela Brazil Realty SA Empreendimentos e Participacoes - Class A		27,173		246,910
Hypermarcas SA (N)		35,952		287,688
MRV Engenharia e Participacoes SA		46,532		200,013
Petroleo Brasileiro SA - Class A ADR (N)		27,838		555,925
Qualicorp SA (N)		21,112		205,765
SLC Agricola SA		23,980		211,904
Telefonica Brasil SA - ADR		9,578		254,583

	Shares		Value
Canada - 1.0%
Athabasca Oil Corp. - Class A (N)		43,922		$  317,824
Bank of Nova Scotia (A)		4,993		287,899
BCE, Inc. (A)		7,718		361,519
Detour Gold Corp. (N)		6,596		79,352
Eldorado Gold Corp. - Class A (A)		26,997		213,575
First Quantum Minerals, Ltd.		14,841		259,123
Kinross Gold Corp.		6,465		35,170
Kinross Gold Corp.		29,577		161,177
Osisko Mining Corp. (N)		28,022		118,213
Rogers Communications, Inc. - Class B		6,052		298,545
Shaw Communications, Inc. - Class B (A)		18,005		409,980
Silver Wheaton Corp.		13,285		325,881
Teck Resources, Ltd. - Class B		8,063		214,234
TELUS Corp. (G)		6,340		227,622
Toronto-Dominion Bank		2,339		191,749
Chile - 0.0% (E)
Sociedad Quimica y Minera de Chile SA - ADR		2,597		128,525
China - 0.0% (E)
Baidu, Inc. - ADR (N)		1,643		141,052
Denmark - 0.0% (E)
TDC A/S - Class B		12,952		105,060
France - 1.8%
AXA SA		22,244		416,418
BNP Paribas SA		17,578		979,449
Cie de St-Gobain		7,065		283,361
European Aeronautic Defence and Space Co., NV		13,887		733,460
Eutelsat Communications SA		4,791		172,975
LVMH Moet Hennessy Louis Vuitton SA		1,778		307,912
Safran SA		21,023		1,032,420
Sanofi		6,133		672,156
Sanofi - ADR		1,000		53,350
Societe Generale SA (N)		3,793		137,767
Technip SA		1,254		134,594
Total SA - ADR		12,648		635,435
Total SA		11,400		574,557
Unibail-Rodamco SE - REIT		761		198,937
Germany - 1.9%
Allianz SE - Class A (A)		3,637		536,691
BASF SE - Class R (A)		2,156		201,366
Bayerische Motoren Werke AG		2,954		272,514
Deutsche Bank AG		16,440		755,825
Deutsche Boerse AG		3,340		208,494
Deutsche Telekom AG		46,449		549,438
Fresenius SE & Co. KGaA		4,664		584,866
Kabel Deutschland Holding AG		4,514		429,030
Lanxess AG		6,761		492,386
Linde AG		4,193		792,955
Muenchener Rueckversicherungs AG (A)		1,095		218,977
RTL Group SA (N)		5,000		357,881
SAP AG		2,818		223,821
Siemens AG - Class A		6,164		643,732
Telefonica Deutschland Holding AG - 144A (N)		27,826		220,826
Hong Kong - 0.6%
Beijing Enterprises Holdings, Ltd.		96,790		723,417
Chaoda Modern Agriculture Holdings, Ltd. (A) (F) (G) (N)		1,090,190		54,540

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

Transamerica Funds Semi-Annual Report 2013

Page    133

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Hong Kong (continued)
China BlueChemical, Ltd. - Class H		219,825		$  134,272
Dongfeng Motor Group Co., Ltd. - Class H		53,273		79,633
Haitian International Holdings, Ltd. - Series B		57,386		98,353
Link - REIT		74,630		420,747
Sinopharm Group Co., Ltd. - Class H		72,995		216,817
Yuanda China Holdings, Ltd.		778,504		72,231
Zhongsheng Group Holdings, Ltd. (A)		112,578		154,937
Indonesia - 0.0% (E)
Telekomunikasi Indonesia Persero PT		97,683		117,551
Italy - 0.7%
ENI SpA - Class B		34,666		829,066
Fiat Industrial SpA		70,277		793,165
Intesa Sanpaolo SpA		219,572		398,181
Telecom Italia SpA		88,036		74,491
Telecom Italia SpA - RSP		29,607		20,587
UniCredit SpA - Class A (N)		69,289		361,350
Japan - 7.7%
Aisin Seiki Co., Ltd.		6,030		217,423
Asahi Kasei Corp.		39,800		267,007
Astellas Pharma, Inc.		7,400		430,405
Bridgestone Corp.		21,800		821,819
Canon, Inc.		11,954		428,571
Daihatsu Motor Co., Ltd. (A)		8,780		174,006
Daikin Industries, Ltd.		5,200		208,565
Daito Trust Construction Co., Ltd.		1,900		183,987
Denso Corp.		8,970		401,642
East Japan Railway Co.		10,665		899,280
FANUC Corp.		1,050		158,332
Fuji Heavy Industries, Ltd.		65,420		1,234,783
Futaba Industrial Co., Ltd. (A) (N)		11,200		52,045
Hitachi Chemical Co., Ltd. (A)		13,800		215,879
Hitachi, Ltd.		75,300		480,449
Honda Motor Co., Ltd.		18,982		754,529
Hoya Corp.		16,689		333,489
IHI Corp. (A)		79,000		294,168
INPEX Corp.		98		472,483
Japan Airlines Co., Ltd.		8,600		435,800
JGC Corp.		18,910		559,628
JSR Corp.		11,100		255,396
Kao Corp.		5,100		176,304
KDDI Corp. (A)		11,000		528,081
Kirin Holdings Co., Ltd.		23,100		404,490
Kubota Corp.		50,584		724,889
Kuraray Co., Ltd.		17,630		267,475
Kyocera Corp.		2,100		213,479
Kyowa Hakko Kirin Co., Ltd.		19,180		235,114
Mazda Motor Corp. (N)		24,000		82,228
Mitsubishi Corp.		26,220		470,150
Mitsubishi UFJ Financial Group, Inc.		97,000		659,701
Mitsui & Co., Ltd.		76,832		1,054,534
MS&AD Insurance Group Holdings		25,917		693,619
Murata Manufacturing Co., Ltd.		5,350		435,200
Nintendo Co., Ltd.		2,600		288,044
Nippon Telegraph & Telephone Corp.		5,630		278,656
Nitori Holdings Co., Ltd.		800		60,235
Nitto Denko Corp.		4,000		262,605
Nomura Holdings, Inc.		63,400		515,733
NTT DOCOMO, Inc.		156		257,640

	Shares		Value
Japan (continued)
Okumura Corp.		40,300		$  162,878
Rakuten, Inc.		44,100		470,020
Rinnai Corp.		2,680		212,784
ROHM Co., Ltd.		4,360		153,630
Ryohin Keikaku Co., Ltd.		3,800		358,619
Sekisui Chemical Co., Ltd.		9,000		113,187
Shin-Etsu Chemical Co., Ltd.		12,176		819,352
Softbank Corp.		1,800		89,091
Sony Financial Holdings, Inc.		18,700		263,759
Sumitomo Corp.		12,900		160,911
Sumitomo Electric Industries, Ltd.		17,000		225,655
Sumitomo Mitsui Financial Group, Inc.		23,480		1,109,149
Suzuki Motor Corp. (A)		33,662		862,570
T&D Holdings, Inc.		7,800		90,574
Terumo Corp.		3,350		166,323
Toda Corp.		44,900		132,188
Tokio Marine Holdings, Inc.		44,500		1,410,525
Tokyo Gas Co., Ltd.		112,370		640,896
Toyota Industries Corp.		16,637		679,235
Toyota Motor Corp.		8,800		509,124
UBE Industries, Ltd.		85,100		171,972
West Japan Railway Co.		4,300		207,755
Yahoo! Japan Corp.		248		124,019
Yamada Denki Co., Ltd. (A)		7,180		345,798
Korea, Republic of - 0.9%
Cheil Industries, Inc.		1,728		148,903
Hyundai Motor Co.		1,841		333,497
KT Corp. - ADR		6,128		99,641
POSCO		418		119,179
Samsung Electronics Co., Ltd.		1,765		2,436,030
Luxembourg - 0.1%
Tenaris SA - ADR		4,641		206,478
Malaysia - 0.4%
Axiata Group Bhd		229,412		510,475
IHH Healthcare Bhd - Class A (N)		497,000		612,572
Telekom Malaysia Bhd		113,024		205,059
Mexico - 0.2%
Fibra Uno Administracion SA de CV - REIT (A)		40,500		155,632
Fomento Economico Mexicano SAB de CV - ADR		1,703		193,103
Mexichem SAB de CV - Class A (A)		37,599		191,799
TF Administradora Industrial S de RL de CV - Trust Unit REIT (N)		105,500		251,536
Netherlands - 0.5%
ING Groep NV (N)		41,390		339,698
Royal Dutch Shell PLC - Class A ADR		4,599		312,594
Unilever NV		10,326		439,514
Ziggo NV		16,042		574,958
New Zealand - 0.0% (E)
Guinness Peat Group PLC - Class A (A) (N)		204,264		97,172
Philippines - 0.0% (E)
Philippine Long Distance Telephone Co. - ADR		2,175		159,797
Portugal - 0.0% (E)
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		28,029		125,873
Russian Federation - 0.2%
Federal Hydrogenerating Co. JSC - ADR		86,612		147,240
Sberbank of Russia		116,798		370,834

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

Transamerica Funds Semi-Annual Report 2013

Page    134

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
Singapore - 0.6%
CapitaLand, Ltd. (A)		121,150		$  367,866
Keppel - REIT		9,822		12,041
Keppel Corp., Ltd.		49,111		427,035
Oversea-Chinese Banking Corp.		44,190		389,268
Raffles Medical Group, Ltd.		50,200		139,388
Singapore Press Holdings, Ltd. (A)		31,080		112,541
Singapore Telecommunications, Ltd.		152,450		486,424
South Africa - 0.1%
Life Healthcare Group Holdings, Ltd.		52,248		220,730
MTN Group, Ltd.		4,873		87,854
Spain - 0.3%
Banco Bilbao Vizcaya Argentaria SA		24,943		242,095
Banco Bilbao Vizcaya Argentina SA (A)		445		4,323
Banco Santander SA		45,891		331,855
Telefonica SA - ADR		5,824		84,856
Telefonica SA		24,638		361,460
Sweden - 0.2%
Svenska Handelsbanken AB - Class A		11,392		517,479
Switzerland - 1.7%
Credit Suisse Group AG		10,312		285,915
Nestle SA		15,172		1,083,481
Novartis AG		5,523		410,156
Roche Holding AG		7,444		1,860,600
Swisscom AG		510		240,135
Syngenta AG		3,369		1,439,923
UBS AG - Class A (N)		16,777		299,525
Zurich Insurance Group AG (N)		890		248,488
Taiwan - 0.3%
Cheng Shin Rubber Industry Co., Ltd.		60,670		205,372
Chunghwa Telecom Co., Ltd.		29,333		93,231
Chunghwa Telecom Co., Ltd. - ADR		7,802		251,536
Far EasTone Telecommunications Co., Ltd.		76,069		185,327
Yulon Motor Co., Ltd.		82,057		140,691
Thailand - 0.3%
Bangkok Dusit Medical Services PCL - Class F		47,300		272,358
PTT Global Chemical PCL		155,737		387,353
PTT PCL		20,197		224,334
Siam Commercial Bank PCL		42,975		272,346
United Kingdom - 3.2%
Amlin PLC		14,849		97,891
Antofagasta PLC - Class A		26,639		371,383
AstraZeneca PLC		14,487		752,175
AstraZeneca PLC - ADR		993		51,557
BG Group PLC		52,021		876,350
BHP Billiton PLC		13,797		383,839
BP PLC		32,507		235,507
BP PLC - ADR		8,965		390,874
BT Group PLC - Class A		135,723		582,299
Diageo PLC - ADR		4,154		507,619
Genel Energy PLC (N)		18,499		255,745
GlaxoSmithKline PLC		19,987		515,532
GlaxoSmithKline PLC - ADR		985		50,865
Glencore International PLC (A)		20,958		103,183
HSBC Holdings PLC		112,279		1,226,964
Invensys PLC		43,487		259,867
KazMunaiGas Exploration Production JSC - GDR, Reg S		19,586		351,569
Lloyds TSB Group PLC (N)		404,400		341,287

	Shares		Value
United Kingdom (continued)
National Grid PLC - Class B		59,469		$  757,023
NMC Health PLC - Class A (N)		30,513		146,932
Novorossiysk Commercial Sea Port PJSC - GDR, Reg S		18,241		125,863
Pearson PLC		8,426		153,267
Polyus Gold International, Ltd. (N)		77,490		244,349
Shire PLC		15,364		477,791
SSE PLC - Class B		24,904		602,320
Unilever PLC - ADR		2,561		110,943
Unilever PLC		4,102		177,519
Vodafone Group PLC - ADR		15,606		477,388
Vodafone Group PLC		102,467		312,286
United States - 31.8%
3M Co.		4,711		493,289
Abbott Laboratories		9,648		356,204
AbbVie, Inc. - Class G		12,307		566,737
Accenture PLC - Class A		732		59,614
ACE, Ltd.		10,809		963,514
Activision Blizzard, Inc.		45,453		679,522
Adobe Systems, Inc. (N)		1,687		76,050
AES Corp.		25,864		358,475
Aetna, Inc.		13,371		768,030
Agilent Technologies, Inc.		6,284		260,409
Agrium, Inc.		3,919		359,255
Alexion Pharmaceuticals, Inc. (N)		2,920		286,160
Allergan, Inc.		4,048		459,650
Alliance Data Systems Corp. (A) (N)		448		76,953
Amazon.com, Inc. (N)		1,762		447,213
Amdocs, Ltd.		1,517		54,157
American Capital Agency Corp. - REIT		10,194		339,562
American Electric Power Co., Inc.		9,206		473,465
American Express Co.		11,226		767,971
American International Group, Inc. (N)		6,600		273,372
American Tower Corp. - Class A REIT		6,960		584,570
American Water Works Co., Inc.		8,432		353,132
Ameriprise Financial, Inc.		731		54,481
AmerisourceBergen Corp. - Class A		6,848		370,614
Amgen, Inc. (A)		5,135		535,118
Anadarko Petroleum Corp. - Class A		12,424		1,053,058
Apache Corp.		3,525		260,427
Apple, Inc.		68		30,107
Arch Capital Group, Ltd. (A) (N)		2,863		151,911
AT&T, Inc.		31,440		1,177,742
Avery Dennison Corp. (A)		4,104		170,111
Axis Capital Holdings, Ltd.		1,239		55,297
Bank of America Corp.		94,937		1,168,674
Bank of New York Mellon Corp.		31,239		881,565
BB&T Corp.		10,716		329,731
Berkshire Hathaway, Inc. - Class B (N)		2,431		258,464
Boeing Co.		2,218		202,747
BorgWarner, Inc. (N)		2,735		213,795
Bristol-Myers Squibb Co.		13,949		554,054
Brookfield Asset Management, Inc. - Class A (A)		9,427		363,788
Brookfield Property Partners, LP (A) (N)		540		11,923
CA, Inc.		1,687		45,498
Calpine Corp. (N)		23,111		502,202
Canadian Natural Resources, Ltd. (A)		10,207		299,473
Canadian Pacific Railway, Ltd. (A)		1,378		171,726
Capital One Financial Corp.		8,092		467,556

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

Transamerica Funds Semi-Annual Report 2013

Page    135

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United States (continued)
Cardinal Health, Inc.		19,119		$  845,442
Celgene Corp. (N)		5,319		628,014
CF Industries Holdings, Inc. - Class B		241		44,949
Charter Communications, Inc. - Class A (A) (N)		3,854		388,252
Check Point Software Technologies, Ltd. (A) (N)		918		42,797
Chevron Corp.		409		49,902
Chubb Corp. - Class A		4,978		438,412
Cisco Systems, Inc.		18,120		379,070
Citigroup, Inc.		20,399		951,817
Citrix Systems, Inc. (N)		5,028		312,591
CMS Energy Corp.		9,343		279,729
CNA Financial Corp. - Class A		1,693		57,071
CNH Global NV		1,179		48,492
Coach, Inc. - Class A (A)		7,089		417,259
Cobalt International Energy, Inc. (N)		9,587		267,861
Coca-Cola Co.		33,534		1,419,494
Colgate-Palmolive Co.		5,755		687,205
Comcast Corp. - Class A		40,132		1,657,452
Computer Sciences Corp.		1,452		68,026
Constellation Brands, Inc. - Class A (N)		1,593		78,615
Corning, Inc.		50,550		732,975
Cosan, Ltd. - Class A		34,456		714,962
Coventry Health Care, Inc.		1,045		51,780
Covidien PLC		6,274		400,532
Crown Castle International Corp. (N)		4,186		322,322
Crown Holdings, Inc. (N)		3,848		164,233
Cubist Pharmaceuticals, Inc. (A) (N)		3,763		172,797
Cummins, Inc.		2,065		219,695
CVS Caremark Corp.		10,631		618,512
DaVita HealthCare Partners, Inc. (N)		2,707		321,186
Delphi Automotive PLC - Class A		3,300		152,493
Delta Topco Limited (F) (G) (H)		645,881		411,620
Devon Energy Corp. - Class A		9,459		520,813
Diamond Offshore Drilling, Inc.		704		48,646
Discover Financial Services		12,371		541,108
DISH Network Corp. - Class A		1,579		61,881
Dominion Resources, Inc.		10,000		616,800
Dr. Pepper Snapple Group, Inc.		2,423		118,315
Duke Energy Corp.		4,758		357,802
Eastman Chemical Co.		877		58,452
Eaton Corp. PLC		4,526		277,942
Electronic Arts, Inc. (A) (N)		32,164		566,408
EMC Corp. (N)		46,317		1,038,890
Energizer Holdings, Inc.		534		51,579
EOG Resources, Inc.		2,857		346,154
Equity Residential - REIT		5,426		315,034
Expedia, Inc.		985		55,002
Express Scripts Holding Co. (N)		6,993		415,174
Fidelity National Financial, Inc. - Class A		7,896		212,008
Fidelity National Information Services, Inc.		1,514		63,664
FMC Corp. - Class A		17,559		1,065,831
Ford Motor Co.		51,597		707,395
Freeport-McMoRan Copper & Gold, Inc.		14,083		428,546
Freescale Semiconductor, Ltd. (A) (N)		40,731		630,516
Fusion-io, Inc. (A) (N)		30,353		570,029
General Dynamics Corp.		670		49,553
General Electric Co.		100,873		2,248,459
General Mills, Inc.		9,634		485,746
General Motors Co. (A) (N)		22,805		703,306

	Shares		Value
United States (continued)
Gilead Sciences, Inc. (N)		12,845		$  650,471
Goldcorp, Inc.		34,277		1,013,914
Goldman Sachs Group, Inc.		4,066		593,921
Google, Inc. - Class A (N)		2,477		2,042,460
Halliburton Co.		6,810		291,264
HCA Holdings, Inc.		16,028		639,357
HealthSouth Corp. (N)		7,120		195,800
Helmerich & Payne, Inc. (A)		860		50,413
Hillshire Brands Co.		10,602		380,718
Humana, Inc. - Class A		10,887		806,836
International Game Technology		10,962		185,806
International Paper Co.		1,345		63,188
Intuit, Inc.		754		44,969
Intuitive Surgical, Inc. (N)		334		164,425
Johnson & Johnson		15,424		1,314,588
Johnson Controls, Inc.		5,822		203,828
JPMorgan Chase & Co.		39,599		1,940,747
KBR, Inc.		5,362		161,289
Kimberly-Clark Corp.		4,218		435,255
KLA-Tencor Corp.		825		44,756
Kohl’s Corp. (A)		7,143		336,150
Kraft Foods Group, Inc. (O)		10,016		515,724
Kroger Co.		1,601		55,042
L-3 Communications Holdings, Inc. (A)		658		53,462
Leap Wireless International, Inc. (A) (N)		7,145		40,869
Lear Corp. (A)		1,004		58,011
Liberty Media Corp. - Class A (N)		2,638		303,053
Life Technologies Corp. (N)		2,712		199,847
Lincoln National Corp. (A)		2,093		71,183
M&T Bank Corp. (A)		2,135		213,927
Macy’s, Inc.		1,213		54,100
Manchester United PLC - Class A (A) (N)		10,850		195,083
Marathon Oil Corp.		42,743		1,396,414
Marathon Petroleum Corp. (O)		21,507		1,685,289
Mastercard, Inc. - Class A		2,968		1,641,096
Mattel, Inc.		9,361		427,423
McDonald’s Corp.		9,292		949,085
McKesson Corp.		5,041		533,439
Mead Johnson Nutrition Co. - Class A		8,525		691,292
Medtronic, Inc.		8,466		395,193
Merck & Co., Inc.		28,250		1,327,750
MetLife, Inc.		7,074		275,815
Mettler-Toledo International, Inc. (A) (N)		1,045		218,363
Microsoft Corp.		40,656		1,345,714
Mondelez International, Inc. - Class A		23,590		741,905
Monsanto Co.		5,524		590,074
Morgan Stanley		9,094		201,432
Motorola Solutions, Inc.		993		56,800
Murphy Oil Corp.		801		49,734
National Oilwell Varco, Inc.		10,490		684,158
Newmont Mining Corp. - REIT		13,893		450,133
NextEra Energy, Inc.		10,845		889,615
Northern Trust Corp.		4,054		218,592
Northrop Grumman Corp.		743		56,275
Occidental Petroleum Corp.		14,959		1,335,240
Onyx Pharmaceuticals, Inc. (A) (N)		2,097		198,796
Oracle Corp. (O)		55,997		1,835,582
PACCAR, Inc.		5,691		283,298
Parker Hannifin Corp.		539		47,739

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

Transamerica Funds Semi-Annual Report 2013

Page    136

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Shares		Value
United States (continued)
PepsiCo, Inc.		14,004		$  1,154,910
PerkinElmer, Inc.		6,899		211,454
Perrigo Co.		2,304		275,121
Pfizer, Inc.		76,366		2,219,960
Philip Morris International, Inc.		632		60,413
Phillips 66		10,386		633,027
Platinum Underwriters Holdings, Ltd. (A)		1,860		105,555
Potash Corp. of Saskatchewan, Inc.		17,479		735,866
PPG Industries, Inc.		518		76,219
PPL Corp.		11,714		391,013
Praxair, Inc.		1,644		187,909
Precision Castparts Corp.		2,868		548,620
Progressive Corp. (A)		13,255		335,219
Prudential Financial, Inc.		3,105		187,604
PulteGroup, Inc. (A) (N)		21,376		448,682
QEP Resources, Inc. (A)		21,762		624,787
QUALCOMM, Inc.		24,827		1,529,840
Raytheon Co.		918		56,347
Red Hat, Inc. (N)		3,327		159,463
Reinsurance Group of America, Inc. - Class A		701		43,848
RenaissanceRe Holdings, Ltd.		2,331		218,858
RHJ International - 144A (N)		17,100		82,801
Rockwell Automation, Inc. - Class B		8,016		679,596
Ross Stores, Inc.		679		44,862
Schlumberger, Ltd.		16,887		1,256,899
Sealed Air Corp. - Class A		7,731		171,010
Simon Property Group, Inc. - REIT		2,722		484,707
SM Energy Co.		6,147		374,967
Southern Copper Corp. (A)		5,311		177,016
Sprint Nextel Corp. (N)		23,281		164,131
St. Joe Co. (A) (N)		56,287		1,101,537
StanCorp Financial Group, Inc. - Class A (A)		278		12,004
State Street Corp.		10,344		604,814
Stillwater Mining Co. (A) (N)		10,746		133,680
Suncor Energy, Inc.		1,462		45,541
Symantec Corp. (N)		1,935		47,021
TE Connectivity, Ltd.		1,367		59,533
Tenet Healthcare Corp. (N)		6,216		281,958
Thermo Fisher Scientific, Inc.		5,386		434,542
TIBCO Software, Inc. (N)		17,085		331,620
Tiffany & Co. (A) (O)		8,683		639,763
Time Warner Cable, Inc.		4,988		468,323
Torchmark Corp. (A)		903		56,049
Travelers Cos., Inc.		7,953		679,266
TRW Automotive Holdings Corp. (N)		2,800		168,196
Unilever NV		2,366		100,508
Union Pacific Corp.		7,247		1,072,266
United Continental Holdings, Inc. (A) (N)		13,877		448,227
United Parcel Service, Inc. - Class B		5,600		480,704
United Technologies Corp.		13,989		1,277,056
UnitedHealth Group, Inc.		9,834		589,352
Universal Health Services, Inc. - Class B		14,000		932,260
Unum Group		1,975		55,083
US Bancorp - Class A		18,757		624,233
Valeant Pharmaceuticals International, Inc. (N)		1,528		116,250
Valero Energy Corp.		1,769		71,326
Verizon Communications, Inc.		22,275		1,200,845
Visa, Inc. - Class A (A)		11,595		1,953,294
VMware, Inc. - Class A (A) (N)		5,230		368,715

	Shares		Value
United States (continued)
Wal-Mart Stores, Inc.		15,670		$  1,217,872
Walt Disney Co. - Class A		1,818		114,243
Waters Corp. (N)		3,775		348,810
WellPoint, Inc.		3,685		268,710
Wells Fargo & Co.		49,054		1,863,071
Western Digital Corp.		1,218		67,331
WhiteWave Foods Co. - Class A (A) (N)		3,578		60,504
Whiting Petroleum Corp. (N)		8,379		372,865
Williams-Sonoma, Inc. - Class A (A) (O)		3,574		191,852
Wyndham Worldwide Corp.		862		51,789
XL Group PLC - Class A		19,045		593,061
Total Common Stocks (cost $155,954,476)				191,909,812
RIGHTS - 0.0% (E)
Brazil - 0.0% (E)
Cia Brasileira de Distribuicao Grupo Pao de Acucar (N)		8		24
Spain - 0.0% (E)
Banco Santander SA (A) (N)		45,891		9,609
Total Rights (cost $9,036)				9,633
WARRANTS - 0.0% (E)
Australia - 0.0% (E)
TFS Corp., Ltd., Class A (G) (N) Expiration: 07/15/2018 Exercise Price: AUD 1.28		190,550		24,765
Canada - 0.0% (E)
Kinross Gold Corp. (G) (N) Expiration: 09/03/2013 Exercise Price: $32.00		9,602		48
Total Warrants (cost $19,627)				24,813
INVESTMENT COMPANIES - 1.5%
United States - 1.5%
ETFS Physical Palladium Shares (N)		2,675		183,157
ETFS Platinum Trust (N)		2,474		365,262
SPDR Gold Shares (A) (N)		33,155		4,733,539
Total Investment Companies (cost $4,362,064)				5,281,958
	Contracts		Value
PURCHASED OPTIONS - 0.9%
Call Options - 0.9%
Barrick Gold Corp. Strike Price $80.00 Expires 01/18/2014		960		1,440
Goldcorp, Inc. Strike Price $80.00 Expires 01/18/2014		600		1,200
Newmont Mining Corp. Strike Price $90.00 Expires 01/18/2014		768		3,072
OTC- Activision Blizzard, Inc. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		24,110		4,029

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

Transamerica Funds Semi-Annual Report 2013

Page    137

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Contracts		Value
Call Options (continued)
OTC- Aetna, Inc. Strike Price $60.00 Expires 01/17/2014 Counterparty: GSC		17,499		$  59,150
OTC- Agnico-Eagle Mines, Ltd. Strike Price $85.00 Expires 01/17/2014 Counterparty: DUB		17,848		1,389
OTC- Alcoa, Inc. Strike Price $15.00 Expires 01/17/2014 Counterparty: GSC		43,553		978
OTC- Amundi ETF EURO STOXX 50 C Strike Price $50.00 Expires 01/17/2014 Counterparty: GSC		97,217		263,481
OTC- AngloGold Ashanti, Ltd. Strike Price $65.00 Expires 01/17/2014 Counterparty: DUB		21,165		94
OTC- Apple, Inc. Strike Price $410.00 Expires 02/21/2014 Counterparty: GSC		3,129		172,839
OTC- AutoZone, Inc. Strike Price $550.00 Expires 01/17/2014 Counterparty: GSC		1,828		1,321
OTC- Bank of America Corp. Strike Price $17.00 Expires 01/17/2014 Counterparty: GSC		97,217		9,561
OTC- Best Buy Co., Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: GSC		52,497		103,408
OTC- Boeing Co. Strike Price $110.00 Expires 01/17/2014 Counterparty: GSC		15,555		11,412
OTC- Boston Scientific Corp. Strike Price $10.00 Expires 01/17/2014 Counterparty: GSC		43,942		5,734
OTC- Bristol-Myers Squibb Co. Strike Price $50.00 Expires 01/17/2014 Counterparty: GSC		43,553		3,368
OTC- Broadcom Corp. Strike Price $55.00 Expires 01/17/2014 Counterparty: GSC		23,332		1,628
OTC- Caterpillar, Inc. Strike Price $135.00 Expires 01/17/2014 Counterparty: GSC		25,276		1,855

	Contracts		Value
Call Options (continued)
OTC- Chicago Board Options Exchange Volatility Index (G) Index Value $18.00 Expires 05/22/2013 Counterparty: CSFB		7,800		$  3,900
OTC- Cisco Systems, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: GSC		97,217		4,010
OTC- Coeur d’Alene Mines Corp. Strike Price $40.00 Expires 01/17/2014 Counterparty: DUB		8,468		747
OTC- Corning, Inc. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		48,609		2,795
OTC- Eldorado Gold Corp. Strike Price $25.00 Expires 01/17/2014 Counterparty: DUB		25,129		199
OTC- EMC Corp. Strike Price $40.00 Expires 01/17/2014 Counterparty: GSC		68,052		1,400
OTC- Endeavour Silver Corp. Strike Price $20.00 Expires 01/17/2014 Counterparty: DUB		6,729		46
OTC- First Majestic Silver Corp. Strike Price $35.00 Expires 01/17/2014 Counterparty: DUB		4,252		474
OTC- Freeport-McMoRan Copper & Gold, Inc. Strike Price $65.00 Expires 01/17/2014 Counterparty: GSC		52,497		1,423
OTC- General Electric Co. Strike Price $35.00 Expires 01/17/2014 Counterparty: GSC		97,217		695
OTC- Gold Fields, Ltd. Strike Price $22.00 Expires 01/17/2014 Counterparty: DUB		51,951		51
OTC- Halliburton Co. Strike Price $55.00 Expires 01/17/2014 Counterparty: GSC		36,942		18,590
OTC- Harmony Gold Mining Co., Ltd. Strike Price $15.00 Expires 01/17/2014 Counterparty: DUB		13,250		787
OTC- Hewlett-Packard Co. Strike Price $30.00 Expires 01/17/2014 Counterparty: GSC		97,217		21,110

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

Transamerica Funds Semi-Annual Report 2013

Page    138

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Contracts		Value
Call Options (continued)
OTC- Humana, Inc. Strike Price $105.00 Expires 01/17/2014 Counterparty: GSC		7,777		$  2,201
OTC- IAMGOLD Corp. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		22,349		102
OTC- Intel Corp. Strike Price $40.00 Expires 01/17/2014 Counterparty: GSC		97,217		1,351
OTC- International Business Machines Corp. Strike Price $295.00 Expires 01/17/2014 Counterparty: GSC		10,111		295
OTC- JC Penney Co., Inc. Strike Price $55.00 Expires 01/17/2014 Counterparty: GSC		27,221		623
OTC- JPMorgan Chase & Co. Strike Price $60.00 Expires 01/17/2014 Counterparty: GSC		97,217		20,799
OTC- Kinross Gold Corp. Strike Price $20.00 Expires 01/17/2014 Counterparty: DUB		96,206		2,618
OTC- Las Vegas Sands Corp. Strike Price $77.25 Expires 01/17/2014 Counterparty: GSC		34,998		21,733
OTC- Lowe’s Cos, Inc. Strike Price $45.00 Expires 01/17/2014 Counterparty: GSC		77,773		62,416
OTC- Marvell Technology Group Ltd. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		56,386		417
OTC- Mastercard, Inc. Strike Price $660.00 Expires 01/17/2014 Counterparty: GSC		2,917		16,829
OTC- McDonald’s Corp. Strike Price $135.00 Expires 01/17/2014 Counterparty: GSC		17,499		844
OTC- Microsoft Corp. Strike Price $45.00 Expires 01/17/2014 Counterparty: GSC		97,217		7,381
OTC- Monster Beverage Corp. Strike Price $105.00 Expires 01/17/2014 Counterparty: GSC		13,610		1,678

	Contracts		Value
Call Options (continued)
OTC- NetApp, Inc. Strike Price $60.00 Expires 01/17/2014 Counterparty: GSC		31,887		$  1,826
OTC- New Gold, Inc. Strike Price $22.00 Expires 01/17/2014 Counterparty: DUB		14,254		284
OTC- Nikkei 225 Index Value $9,354.06 Expires 12/13/2013 Counterparty: JPM		87		409,363
OTC- Nikkei 225 Index Value $9,400.00 Expires 12/13/2013 Counterparty: CITI		87		405,448
OTC- Nikkei 225 Index Value $9,685.15 Expires 03/14/2014 Counterparty: BNP		90		402,499
OTC- Nikkei 225 Index Value $11,000.00 Expires 12/13/2013 Counterparty: JPM		44		137,469
OTC- Nikkei 225 Index Value $11,000.00 Expires 12/13/2013 Counterparty: JPM		12		37,492
OTC- Nikkei 225 Index Value $11,000.00 Expires 12/13/2013 Counterparty: JPM		4		12,497
OTC- Novagold Resources, Inc. Strike Price $12.00 Expires 01/17/2014 Counterparty: DUB		13,172		2
OTC- Pan American Silver Corp. Strike Price $50.00 Expires 01/17/2014 Counterparty: DUB		24,034		24
OTC- priceline.com, Inc. Strike Price $1,000.00 Expires 01/17/2014 Counterparty: GSC		3,889		20,279
OTC- QUALCOMM, Inc. Strike Price $95.00 Expires 01/17/2014 Counterparty: GSC		38,887		2,463
OTC- Randgold Resources, Ltd. Strike Price $165.00 Expires 01/17/2014 Counterparty: DUB		3,244		529
OTC- Royal Gold, Inc. Strike Price $125.00 Expires 01/17/2014 Counterparty: DUB		3,197		350

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

Transamerica Funds Semi-Annual Report 2013

Page    139

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Contracts		Value
Call Options (continued)
OTC- Safeway, Inc. Strike Price $25.00 Expires 01/17/2014 Counterparty: GSC		23,332		$  26,171
OTC- Seabridge Gold, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		2,105		268
OTC- Silver Standard Resources, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		5,883		13
OTC- Silver Wheaton Corp. Strike Price $55.00 Expires 01/17/2014 Counterparty: DUB		24,136		3,606
OTC- Silvercorp Metals, Inc. Strike Price $15.00 Expires 01/17/2014 Counterparty: DUB		13,725		10
OTC- Staples, Inc. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		85,551		5,443
OTC- Starwood Hotels & Resorts Worldwide, Inc. Strike Price $85.00 Expires 01/17/2014 Counterparty: GSC		5,833		2,082
OTC- Stillwater Mining Co. Strike Price $25.00 Expires 01/17/2014 Counterparty: DUB		15,393		1,222
OTC- TOPIX Index Index Value $1,000.42 Expires 06/14/2013 Counterparty: MSC		1,639		280,717
OTC- TOPIX Index Index Value $1,013.21 Expires 08/09/2013 Counterparty: BCLY		1,074		182,664
OTC- United Technologies Corp. Strike Price $120.00 Expires 01/17/2014 Counterparty: GSC		14,777		1,099
OTC- UnitedHealth Group, Inc. Strike Price $85.00 Expires 01/17/2014 Counterparty: GSC		19,443		1,936
OTC- Visa, Inc. Strike Price $190.00 Expires 01/17/2014 Counterparty: GSC		8,944		32,773
OTC- Western Union Co. Strike Price $25.00 Expires 01/17/2014 Counterparty: GSC		13,610		76

	Contracts		Value
Call Options (continued)
OTC- Yahoo!, Inc. Strike Price $25.00 Expires 01/17/2014 Counterparty: GSC		68,052		$  153,683
OTC- Yama Gold, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		57,770		3,051
OTC- Yum! Brands, Inc. Strike Price $100.00 Expires 01/17/2014 Counterparty: GSC		13,610		900
Put Options - 0.0% (E)
Humana, Inc. Strike Price $67.50 Expires 08/17/2013		45		10,125
OTC- Korea Composite Stock Price Index Index Value $243.53 Expires 12/12/2013 Counterparty: CITI		28		20,191
OTC- Russell 2000 Index Index Value $884.71 Expires 06/21/2013 Counterparty: DUB		1,314		10,123
OTC- Russell 2000 Index Index Value $890.00 Expires 05/17/2013 Counterparty: BCLY		861		1,990
OTC- S&P 500 Index Index Value $1,513.22 Expires 06/21/2013 Counterparty: CITI		1,050		9,936
OTC- S&P 500 Index Index Value $1,520.00 Expires 05/17/2013 Counterparty: MSC		537		1,105
OTC- S&P 500 Index Index Value $1,520.28 Expires 05/17/2013 Counterparty: MSC		810		1,632
OTC- S&P 500 Index Index Value $1,550.00 Expires 05/17/2013 Counterparty: BOA		1,104		4,811
OTC- S&P 500 Index Index Value $1,555.06 Expires 06/21/2013 Counterparty: JPM		744		12,618
OTC- S&P 500 Index Index Value $1,555.45 Expires 06/21/2013 Counterparty: BOA		743		12,698

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Contracts		Value
Put Options (continued)
S&P 500 Index Index Value $1,550.00 Expires 05/18/2013		92		$  44,160
Total Purchased Options (cost $2,492,378)				3,097,101
	Notional Amount		Value
PURCHASED FOREIGN EXCHANGE OPTION - 0.0% (E)
Put Option - 0.0% (E)
OTC- EUR vs. USD Exercise Price EUR 1.20 Expires 06/03/2013 Counterparty: CSFB		EUR  2,952,000		187
Total Purchased Foreign Exchange Option (cost $149,928)				187
PURCHASED SWAPTION - 0.0% (E)
Put Option - 0.0% (E)
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 1.07%, European Style Expires 04/04/2018 Counterparty: RBS		JPY  78,804,000		15,571
Total Purchased Swaption (cost $16,518)				15,571
	Shares		Value
SECURITIES LENDING COLLATERAL - 9.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (M)		34,080,443		34,080,443
Total Securities Lending Collateral (cost $34,080,443)				34,080,443
	Principal		Value
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.03% (M), dated 04/30/2013, to be repurchased at $1,090,244 on 05/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/01/2032, and with a value of $1,116,057.		$  1,090,243		1,090,243
Total Repurchase Agreement (cost $1,090,243)				1,090,243
Total Investment Securities (cost $338,678,163) (P)				378,124,447
Other Assets and Liabilities - Net				(34,185,939	)
Net Assets				$  343,938,508

	Contracts		Value
WRITTEN OPTIONS - (0.2%) (Q) (R)
Call Options - (0.2%)
Corning, Inc. Strike Price $14.00 Expires 08/17/2013		249		$  (23,655	)
Fusion-io, Inc. Strike Price $24.00 Expires 09/21/2013		100		(7,600	)
Kraft Foods Group, Inc. Strike Price $47.50 Expires 06/22/2013		58		(24,940	)
Marathon Petroleum Corp. Strike Price $77.50 Expires 07/20/2013		78		(39,000	)
OTC- Chicago Board Options Exchange Volatility Index (G) Index Value $25.00 Expires 05/22/2013 Counterparty: DUB		7,800		(1,170	)
OTC- Nikkei 225 Index Value $11,000.00 Expires 12/13/2013 Counterparty: CITI		60		(187,458	)
OTC- TOPIX Index Index Value $1,079.66 Expires 06/14/2013 Counterparty: GSC		1,639		(163,335	)
OTC- TOPIX Index Index Value $1,133.59 Expires 08/09/2013 Counterparty: DUB		537		(42,163	)
OTC- Yahoo Japan Corp. Strike Price JPY37,761.36 Expires 05/02/2013 Counterparty: GSC		248		(27,955	)
Tiffany&Co. Strike Price $65.00 Expires 05/18/2013		33		(28,628	)
Williams-Sonoma, Inc. Strike Price $52.50 Expires 01/18/2014		20		(10,800	)
Williams-Sonoma, Inc. Strike Price $55.00 Expires 01/18/2014		14		(5,810	)
Put Options - (0.0%) (E)
OTC- Nikkei 225 Index Value $8,305.01 Expires 12/13/2013 Counterparty: CITI		87		(3,259	)
OTC- Nikkei 225 Index Value $8,592.09 Expires 12/13/2013 Counterparty: JPM		87		(3,903	)
OTC- Nikkei 225 Index Value $9,300.00 Expires 03/14/2014 Counterparty: BNP		90		(9,494	)

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

Transamerica Funds Semi-Annual Report 2013

Page    141

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

	Contracts		Value
OTC- Russell 2000 Index Index Value $825.00 Expires 05/17/2013 Counterparty: BCLY		861		$  (313	)
OTC- Russell 2000 Index Index Value $830.55 Expires 06/21/2013 Counterparty: GSC		1,314		(3,646	)
OTC- S&P 500 Index Index Value $1,149.60 Expires 12/20/2013 Counterparty: CITI		480		(2,912	)
OTC- S&P 500 Index Index Value $1,405.13 Expires 06/21/2013 Counterparty: GSC		1,050		(2,504	)
OTC- S&P 500 Index Index Value $1,420.00 Expires 05/17/2013 Counterparty: GSC		537		(139	)
OTC- S&P 500 Index Index Value $1,427.20 Expires 05/17/2013 Counterparty: GSC		810		(240	)
OTC- S&P 500 Index Index Value $1,443.99 Expires 06/21/2013 Counterparty: RBS		744		(2,038	)

	Contracts		Value
OTC- S&P 500 Index Index Value $1,450.00 Expires 05/17/2013 Counterparty: BOA		1,104		$  (505	)
OTC- S&P 500 Index Index Value $1,460.21 Expires 06/21/2013 Counterparty: CSFB		743		(3,658	)
OTC- TOPIX Index Index Value $921.18 Expires 06/14/2013 Counterparty: BNP		1,639		(1,148	)
OTC- TOPIX Index Index Value $932.96 Expires 08/09/2013 Counterparty: ETFC		1,074		(5,027	)
S&P 500 Index Index Value $1,475.00 Expires 05/18/2013		15		(1,470	)
Total Written Options (premiums $(442,442))				$  (602,770	)
	Notional Amount		Value
WRITTEN FOREIGN EXCHANGE OPTION - 0.0% (E) (Q) (R)
Call Option - 0.0% (E)
OTC- EUR vs. USD Exercise Price EUR 1.40 Expires 06/03/2013 Counterparty: CSFB		EUR  2,952,000		(175	)
Total Written Foreign Exchange Option (cost $(49,692))				(175	)

OVER THE COUNTER SWAP AGREEMENTS: (Q) (R)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION: (S)
Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (T)		Market Value (U)			Premiums Paid		Unrealized (Depreciation)
North American High Yield Index - Series 20		5.00	%		06/20/2018		JPM		USD	$	250,000	$	(12,973	)	$	10,930	$	(23,903	)
North American Investment Grade Index - Series 20		1.00			06/20/2018		GSC		USD		250,000		(2,693	)		2,112		(4,805	)
												$	(15,666	)	$	13,042	$	(28,708	)

INTEREST RATE SWAP AGREEEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount		Market Value		Premiums Paid (Received)		Unrealized Appreciation
3-Month USD-LIBOR		1.00	%		09/28/2016		GSC		USD	$	7,823,000	$	12,417	$	—	$	12,417
3-Month USD-LIBOR		1.01			09/27/2016		DUB		USD		7,630,000		13,143		—		13,143
3-Month USD-LIBOR		1.19			09/17/2018		JPM		USD		792,000		8,108		—		8,108
3-Month USD-LIBOR		1.24			09/14/2018		DUB		USD		784,500		10,270		—		10,270
3-Month USD-LIBOR		1.28			06/22/2016		UBS		USD		1,054,832		5,768		—		5,768
6-Month GBP-LIBOR		1.40			02/28/2019		DUB		GBP		390,256		6,749		—		6,749
												$	56,455	$	—	$	56,455

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

OVER THE COUNTER SWAP AGREEMENTS (continued): (Q) (R)

INTEREST RATE SWAP AGREEEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount		Market Value			Premiums Paid (Received)		Unrealized (Depreciation)
3-Month USD-LIBOR		0.50	%		09/17/2015		JPM		USD	$	1,932,100	$	(3,712	)	$	—	$	(3,712	)
3-Month USD-LIBOR		0.54			09/14/2015		DUB		USD		1,961,200		(5,382	)		—		(5,382	)
6-Month GBP-LIBOR		0.76			02/28/2016		DUB		GBP		975,625		(2,063	)		—		(2,063	)
												$	(11,157	)	$	—	$	(11,157	)

TOTAL RETURN SWAP AGREEMENTS - PAYABLE: (V)
Reference Entity	Fixed Rate			Termination Date		Counterparty		Notional Amount		Market Value		Premiums Paid (Received)		Unrealized Appreciation
SGX Nikkei Stock Average Dividend Point Index Futures		1.00	%		03/31/2014		CITI	$	100,000	$	53,783	$	—	$	53,783

FUTURES CONTRACTS:
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
FTSE 100 Index		Short		(1	)		06/21/2013	$	417
Nikkei 225 Index		Long		7			06/13/2013		78,268
S&P 500 E-Mini Index		Short		(28	)		06/21/2013		(43,472	)
TOPIX Index		Long		19			06/13/2013		246,725
								$	281,938

FORWARD FOREIGN CURRENCY CONTRACTS: (Q) (R)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD	CSFB		802,000			05/02/2013	$	829,669		$	1,631
AUD	CSFB		(802,000	)		05/02/2013		(829,031	)		(2,268	)
AUD	CSFB		(802,000	)		06/13/2013		(827,046	)		(1,624	)
BRL	DUB		(1,277,480	)		05/24/2013		(638,564	)		1,884
CAD	CSFB		850,904			05/23/2013		836,302			7,821
EUR	DUB		985,515			05/02/2013		1,288,117			9,774
EUR	DUB		(389,000	)		05/02/2013		(500,231	)		(12,070	)
EUR	DUB		(391,000	)		05/02/2013		(512,511	)		(2,423	)
EUR	DUB		(390,914	)		05/02/2013		(512,000	)		(2,822	)
EUR	UBS		479,470			05/02/2013		625,679			5,767
EUR	UBS		863,045			05/02/2013		1,116,288			20,314
EUR	UBS		(391,000	)		05/02/2013		(512,022	)		(2,912	)
EUR	UBS		(388,000	)		05/02/2013		(505,960	)		(5,024	)
EUR	UBS		(384,000	)		05/02/2013		(501,988	)		(3,728	)
EUR	BCLY		599,479			05/03/2013		776,230			13,270
EUR	BCLY		287,100			05/03/2013		375,825			2,279
EUR	BCLY		(385,000	)		05/03/2013		(502,492	)		(4,544	)
EUR	BNP		594,605			05/03/2013		770,319			12,761
EUR	BNP		(385,000	)		05/03/2013		(503,911	)		(3,125	)
EUR	CSFB		1,003,132			05/03/2013		1,298,996			22,106
EUR	CSFB		(388,000	)		05/03/2013		(504,982	)		(6,005	)
EUR	CSFB		(384,000	)		05/03/2013		(502,107	)		(3,612	)
EUR	CSFB		(390,000	)		05/03/2013		(512,109	)		(1,512	)
EUR	GSC		595,210			05/03/2013		770,803			13,075
EUR	GSC		(388,000	)		05/03/2013		(505,603	)		(5,384	)
EUR	BNP		254,000			06/06/2013		330,570			4,016
EUR	BNP		516,000			06/06/2013		670,568			9,141
EUR	BNP		(657,000	)		06/06/2013		(854,816	)		(10,627	)
GBP	JPM		(351,000	)		05/10/2013		(531,639	)		(13,549	)

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

Transamerica Funds Semi-Annual Report 2013

Page    143

Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (Q) (R)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
GBP	DUB		(758,000	)		05/17/2013	$	(1,147,991	)	$	(29,306	)
GBP	DUB		(801,633	)		05/31/2013		(1,221,183	)		(23,768	)
GBP	GSC		(382,700	)		05/31/2013		(583,040	)		(11,301	)
JPY	JPM		79,243,290			05/02/2013		814,514			(1,630	)
JPY	JPM		(79,243,290	)		05/02/2013		(833,000	)		20,115
JPY	BCLY		(92,279,000	)		05/10/2013		(966,050	)		19,406
JPY	GSC		(75,625,800	)		05/10/2013		(800,493	)		24,686
JPY	JPM		(75,806,800	)		05/10/2013		(802,741	)		25,077
JPY	UBS		(80,000,000	)		05/13/2013		(855,341	)		34,648
JPY	BOA		(76,495,009	)		05/16/2013		(818,304	)		33,556
JPY	UBS		(75,484,305	)		05/16/2013		(808,183	)		33,804
JPY	BCLY		(76,671,000	)		05/17/2013		(826,422	)		39,866
JPY	BNP		(23,546,154	)		05/17/2013		(253,785	)		12,228
JPY	DUB		(60,996,000	)		05/17/2013		(657,285	)		31,535
JPY	BOA		(76,212,280	)		05/23/2013		(770,381	)		(11,493	)
JPY	DUB		(146,235,000	)		05/23/2013		(1,478,316	)		(21,933	)
JPY	JPM		(107,585,311	)		05/23/2013		(1,088,716	)		(15,019	)
JPY	GSC		(76,169,900	)		05/24/2013		(765,227	)		(16,217	)
JPY	MSC		(76,195,980	)		05/24/2013		(765,101	)		(16,610	)
JPY	UBS		(108,227,000	)		05/24/2013		(1,086,497	)		(23,827	)
JPY	BNP		(75,975,312	)		05/30/2013		(777,941	)		(1,529	)
JPY	CSFB		(76,462,000	)		05/30/2013		(783,422	)		(1,041	)
JPY	MSC		(72,353,000	)		05/30/2013		(741,692	)		(615	)
JPY	BNP		(72,523,000	)		06/06/2013		(729,755	)		(14,322	)
JPY	CSFB		(73,689,750	)		06/06/2013		(741,346	)		(14,701	)
JPY	GSC		(74,539,900	)		06/06/2013		(750,283	)		(14,486	)
JPY	GSC		(74,726,895	)		06/07/2013		(752,082	)		(14,610	)
JPY	JPM		(79,243,290	)		06/13/2013		(814,674	)		1,617
JPY	MSC		(83,883,195	)		06/13/2013		(855,000	)		(5,664	)
JPY	BCLY		(70,000,000	)		06/20/2013		(786,300	)		68,054
JPY	DUB		(100,000,000	)		09/10/2013		(1,042,644	)		15,977
MXN	CSFB		(3,922,000	)		08/22/2013		(310,934	)		(9,002	)
MXN	CSFB		(3,922,000	)		09/05/2013		(310,538	)		(9,026	)
MXN	CSFB		(1,176,600	)		09/05/2013		(93,161	)		(2,708	)
MXN	CSFB		(3,920,000	)		09/19/2013		(309,989	)		(9,041	)
MXN	CSFB		(6,666,000	)		09/19/2013		(527,140	)		(15,375	)
MXN	DUB		(13,396,000	)		10/03/2013		(1,066,688	)		(22,287	)
TRY	CSFB		(275,172	)		05/15/2013		(149,469	)		(3,767	)
TRY	CSFB		(544,449	)		05/15/2013		(296,476	)		(6,713	)
TRY	BCLY		(389,800	)		07/17/2013		(215,621	)		(88	)
TRY	UBS		(314,000	)		09/11/2013		(168,908	)		(3,818	)
										$	83,282

FORWARD FOREIGN CROSS CURRENCY CONTRACTS: (Q) (R)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
EUR	BOA		603,000			05/16/2013	$	774,162		$	20,043
JPY	BOA		(72,378,934	)		05/16/2013		(774,162	)		31,640
EUR	MSC		589,000			05/23/2013		769,087			6,714
JPY	MSC		(76,154,166	)		05/23/2013		(769,087	)		(12,191	)
EUR	GSC		609,000			05/31/2013		794,257			7,924
JPY	GSC		(77,525,700	)		05/31/2013		(794,257	)		(1,119	)
EUR	BCLY		609,000			06/07/2013		791,426			10,794
JPY	BCLY		(78,626,467	)		06/07/2013		(791,426	)		(15,275	)
EUR	BNP		589,000			06/07/2013		765,435			10,439
JPY	BNP		(76,050,796	)		06/07/2013		(765,435	)		(14,840	)
										$	44,129

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

Transamerica Funds Semi-Annual Report 2013

Page    144

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CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives			Collateral (Received) Pledged			Net Exposures (1)
BCLY	$	318,103		$	—		$	318,103
BNP		395,999			—			395,999
BOA		90,749			—			90,749
CITI		295,729			—			295,729
CSFB		(54,583	)		—			(54,583	)
DUB		(50,066	)		(100,000	)		(150,066	)
ETFC		(5,027	)		—			(5,027	)
GSC		868,558			(800,000	)		68,558
JPM		613,570			(551,542	)		62,028
MSC		255,088			—			255,088
RBS		13,534			—			13,534
UBS		60,992			—			60,992

⁽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 Investment Securities			Value
Foreign Government Obligations		7.2	%	$	27,273,571
Oil, Gas & Consumable Fuels		5.1			19,464,977
U.S. Government Obligations		4.9			18,674,022
Commercial Banks		4.4			16,500,087
Pharmaceuticals		3.5			13,076,513
Capital Markets		2.7			10,062,312
Health Care Providers & Services		2.6			9,667,720
Insurance		2.5			9,282,558
Chemicals		2.4			9,246,659
Diversified Financial Services		2.4			9,064,682
Diversified Telecommunication Services		2.1			7,934,482
Automobiles		2.1			7,856,109
Software		1.9			7,299,433
Media		1.9			7,083,708
Metals & Mining		1.6			5,893,249
Food Products		1.5			5,810,012
Industrial Conglomerates		1.2			4,535,932
IT Services		1.2			4,455,527
Beverages		1.2			4,401,595
Wireless Telecommunication Services		1.1			4,184,241
Aerospace & Defense		1.1			4,169,855
Real Estate Management & Development		1.1			4,065,253
Electric Utilities		1.0			3,648,533
Biotechnology		1.0			3,630,160
Semiconductors & Semiconductor Equipment		0.9			3,264,932
Auto Components		0.8			3,173,859
Health Care Equipment & Supplies		0.8			3,171,380
Purchased Options		0.8			3,097,287
Real Estate Investment Trusts		0.8			3,033,363
Energy Equipment & Services		0.8			3,013,548
Machinery		0.8			2,927,998
Road & Rail		0.7			2,625,618
Food & Staples Retailing		0.7			2,573,548
Electronic Equipment & Instruments		0.6			2,471,004
Internet Software & Services		0.6			2,307,531
Computers & Peripherals		0.6			2,154,052
Communications Equipment		0.5			1,965,710
Consumer Finance		0.5			1,935,123

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Trading Companies & Distributors		0.4	%	$	1,685,595
Life Sciences Tools & Services		0.4			1,673,425
Multi-Utilities		0.4			1,653,552
Electrical Equipment		0.4			1,531,251
Specialty Retail		0.4			1,437,447
Household Products		0.4			1,350,343
Household Durables		0.3			1,221,576
Hotels, Restaurants & Leisure		0.3			1,191,059
Construction & Engineering		0.3			1,015,983
Internet & Catalog Retail		0.3			972,235
Airlines		0.2			915,552
Independent Power Producers & Energy Traders		0.2			860,677
Textiles, Apparel & Luxury Goods		0.2			822,343
Multiline Retail		0.2			748,869
Gas Utilities		0.2			640,896
Building Products		0.2			630,037
Paper & Forest Products		0.1			577,203
Air Freight & Logistics		0.1			480,704
Personal Products		0.1			470,693
Commercial Services & Supplies		0.1			457,721
Office Electronics		0.1			428,571
Leisure Equipment & Products		0.1			427,423
Mortgage-Backed Security		0.1			356,538
Water Utilities		0.1			353,132
Containers & Packaging		0.1			335,243
Transportation Infrastructure		0.1			273,742
Tobacco		0.1			251,897
Diversified Consumer Services		0.1			229,216
Construction Materials		0.0	(E)		131,423
U.S. Government Agency Obligation		0.0	(E)		125,515
Purchased Swaption		0.0	(E)		15,572
Investment Securities, at Value		73.6			278,261,576
Short-Term Investments		26.4			99,862,871
Total Investments		100.0	%	$	378,124,447

NOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of this security is on loan. The value of all securities on loan is $33,121,444. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(B) All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $188,310.

(C) Floating or variable rate note. Rate is listed as of April 30, 2013.

(D) The security has a perpetual maturity. The date shown is the next call date.

(E) Percentage rounds to less than 0.1%.

(F) Illiquid. Total aggregate market value of illiquid securities is $6,449,542, or 1.88% of the fund’s net assets.

(G) 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 $1,276,265, or 0.37% of the fund’s net assets, and total aggregate market value of fair valued derivatives is $(1,170), or less than 0.01% of the fund’s net assets.

(H) Restricted security. At April 30, 2013, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Corporate Debt Securities	Delta Topco Limited		05/02/2012	$	544,006	$	542,404		0.16	%
Common Stocks	Delta Topco Limited		05/02/2012		398,617		411,620		0.12
				$	942,623	$	954,024		0.28	%

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

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

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

(J) In default.

(K) Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of April 30, 2013. Maturity date disclosed is the ultimate maturity date.

(L) All or portion of this security represents unsettled loan commitment at April 30, 2013 where the rate will be determined at time of settlement.

(M) Rate shown reflects the yield at April 30, 2013.

(N) Non-income producing security.

(O) All or a portion of this security has been segregated as collateral for open options transactions. Total value of securities segregated as collateral for open options transactions is $1,289,856.

(P) Aggregate cost for federal income tax purposes is $338,678,163. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $51,002,903 and $11,556,619, respectively. Net unrealized appreciation for tax purposes is $39,446,284.

(Q) Cash in the amount of $900,000 has been segregated by the broker with the custodian as collateral for open options, swap, swaptions and/or forward foreign currency contracts.

(R) Securities with an aggregate market value of $551,542 have been segregated by the broker as collateral for open options, swap, swaptions and/or forward foreign currency contracts.

(S) If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

(T) 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.

(U) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(V) 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:

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 April 30, 2013, these securities aggregated $9,432,321 or 2.74% of the fund’s net assets.
ADR	American Depositary Receipt
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CITI	Citigroup, Inc.
CSFB	Credit Suisse First Boston
DUB	Deutsche Bank AG
EMTN	European Medium Term Note
ETF	Exchange-Traded Fund
ETFC	E*TRADE Financial Corporation
GDR	Global Depositary Receipt
GMTN	Global Medium Term Note
GSC	Goldman Sachs & Co.
JPM	JPMorgan Chase Bank
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
MTN	Medium Term Note
OFZ	Obligatsyi Federal’novo Zaima (Russian: Coupon-bearing Federal Loan Bonds)
OTC	Over the Counter
PJSC	Private Joint Stock Company
RBS	Royal Bank of Scotland Group PLC

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

DEFINITIONS (continued):

Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
RSP	Risparmio Shares
SGX	Singapore Exchange
SPDR	Standard & Poor’s Depositary Receipt
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
RUB	Russian Ruble
SGD	Singapore Dollar
TRY	Turkish New Lira
USD	United States Dollar

VALUATION SUMMARY: (W)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	18,674,022	$	—	$	18,674,022
U.S. Government Agency Obligation		125,515		—		—		125,515
Foreign Government Obligations		—		27,273,571		—		27,273,571
Mortgage-Backed Security		—		356,538		—		356,538
Preferred Corporate Debt Securities		—		311,638		—		311,638
Corporate Debt Securities
Argentina		—		33,945		—		33,945
Australia		—		614,050		—		614,050
Austria		—		213,350		—		213,350
Brazil		—		399,005		—		399,005
Canada		—		115,644		—		115,644
Cayman Islands		—		486,911		—		486,911
Chile		—		664,049		—		664,049
Germany		—		207,000		—		207,000
Guernsey, Channel Islands		—		219,500		—		219,500
Ireland		—		141,572		—		141,572
Italy		—		288,895		—		288,895
Korea, Republic of		—		198,948		—		198,948
Luxembourg		—		845,212		—		845,212
Mexico		—		151,125		—		151,125
Netherlands		—		432,809		—		432,809
Singapore		—		116,280		—		116,280
Sweden		—		213,540		—		213,540

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (W)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS (continued)
Investment Securities
Switzerland	$	—	$	119,014	$	—	$	119,014
United Kingdom		—		988,974		—		988,974
United States		—		5,384,024		542,404		5,926,428
Convertible Bonds
Bermuda		—		—		11,366		11,366
Cayman Islands		—		892,647		—		892,647
China		—		126,273		—		126,273
India		—		796,762		—		796,762
Jersey, Channel Islands		—		1,309,000		—		1,309,000
Netherlands		—		1,741,911		—		1,741,911
Singapore		—		1,696,381		—		1,696,381
United Kingdom		—		164,500		—		164,500
United States		—		3,793,575		—		3,793,575
Loan Assignments		—		1,447,683		—		1,447,683
Short-Term U.S. Government Obligations		—		58,818,140		—		58,818,140
Short-Term Foreign Government Obligations		—		5,874,045		—		5,874,045
Convertible Preferred Stocks		3,015,694		831,590		—		3,847,284
Preferred Stocks		2,977,584		—		—		2,977,584
Common Stocks
Australia		—		1,124,032		—		1,124,032
Belgium		—		541,869		—		541,869
Brazil		2,691,390		—		—		2,691,390
Canada		3,274,241		227,622		—		3,501,863
Chile		128,525		—		—		128,525
China		141,052		—		—		141,052
Denmark		—		105,060		—		105,060
France		688,785		5,644,006		—		6,332,791
Germany		—		6,488,802		—		6,488,802
Hong Kong		—		1,954,947		—		1,954,947
Indonesia		—		117,551		—		117,551
Italy		—		2,476,840		—		2,476,840
Japan		—		26,367,877		—		26,367,877
Korea, Republic of		99,641		3,037,609		—		3,137,250
Luxembourg		206,478		—		—		206,478
Malaysia		—		1,328,106		—		1,328,106
Mexico		792,070		—		—		792,070
Netherlands		312,594		1,354,170		—		1,666,764
New Zealand		—		97,172		—		97,172
Philippines		159,797		—		—		159,797
Portugal		—		125,873		—		125,873
Russian Federation		518,074		—		—		518,074
Singapore		—		1,934,563		—		1,934,563
South Africa		—		308,584		—		308,584
Spain		84,856		939,733		—		1,024,589
Sweden		—		517,479		—		517,479
Switzerland		—		5,868,223		—		5,868,223
Taiwan		251,536		624,621		—		876,157
Thailand		—		1,156,391		—		1,156,391
United Kingdom		2,066,678		8,873,509		—		10,940,187
United States		108,867,836		—		411,620		109,279,456
Rights		24		9,609		—		9,633
Warrants		—		24,813		—		24,813
Investment Companies		5,281,958		—		—		5,281,958
Purchased Options		59,997		3,037,290		—		3,097,287
Purchased Swaption		—		15,572		—		15,572
Securities Lending Collateral		34,080,443		—		—		34,080,443
Repurchase Agreement		—		1,090,243		—		1,090,243
Total Investment Securities	$	165,824,768	$	211,334,289	$	965,390	$	378,124,447

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Global Allocation

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

VALUATION SUMMARY (continued): (W)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS (continued)
Derivative Financial Instruments
Forward Foreign Cross Currency Contracts (X)	$	—		$	87,554		$	—	$	87,554
Forward Foreign Currency Contracts (X)		—			484,408			—		484,408
Futures Contracts (X)		325,410			—			—		325,410
Interest Rate Swap Agreements (X)		—			56,455			—		56,455
Total Return Swap Agreements (X)		—			53,783			—		53,783
Total Derivative Financial Instruments	$	325,410		$	682,200		$	—	$	1,007,610
Other Assets (Y)
Cash on Deposit with Broker	$	667,275		$	—		$	—	$	667,275
Foreign Currency		514,088			—			—		514,088
Total Other Assets	$	1,181,363		$	—		$	—	$	1,181,363
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Credit Default Swap Agreements (X)	$	—		$	(28,708	)	$	—	$	(28,708	)
Forward Foreign Cross Currency Contracts (X)		—			(43,425	)		—		(43,425	)
Forward Foreign Currency Contracts (X)		—			(401,126	)		—		(401,126	)
Futures Contracts (X)		(43,472	)		—			—		(43,472	)
Interest Rate Swap Agreements (X)		—			(11,157	)		—		(11,157	)
Written Options		(141,903	)		(461,042	)		—		(602,945	)
Total Derivative Financial Instruments	$	(185,375	)	$	(945,458	)	$	—	$	(1,130,833	)
Other Liabilities (Y)
Cash Deposit due to Broker	$	—		$	(956,293	)	$	—	$	(956,293	)
Cash Deposit due to Custodian		—			(900,000	)		—		(900,000	)
Collateral for Securities on Loan		—			(34,080,443	)		—		(34,080,443	)
Total Other Liabilities	$	—		$	(35,936,736	)	$	—	$	(35,936,736	)

(W) Transfers between levels are considered to have occurred at the end of the reporting period. As of period ended April 30, 2013, securities with fair market value of $227,670 transferred from Level 1 to Level 2 due to unavailability of unadjusted quoted prices. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(Y) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at October 31, 2012		Purchases (Z)		Sales		Accrued Discounts (Premiums)			Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (AA)			Transfers into Level 3 (AB)		Transfers out of Level 3		Ending Balance at April 30, 2013 (AC)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 (AA)
Common Stocks	$	357,991	$	—	$	—	$	—		$	(206,979	)	$	260,608		$	—	$	—	$	411,620	$	82,091
Convertible Bonds		—		—		—		—			—			—			11,366		—		11,366		—
Corporate Debt Securities		532,979		37,521		—		(5	)		—			(28,091	)		—		—		542,404		(28,091	)
Total	$	890,970	$	37,521	$	—	$	(5	)	$	(206,979	)	$	232,517		$	11,366	$	—	$	965,390	$	54,000

(Z) Purchases include all purchases of securities and securities received in corporate actions.

(AA) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at April 30, 2013 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.

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Page    150

Transamerica Global Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

(AB) Transferred into Level 3 because of availability of observable inputs

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

	Principal		Value
REPURCHASE AGREEMENT - 100.1%
State Street Bank & Trust Co. 0.03% (A), dated 04/30/2013, to be repurchased at $95,255,818 on 05/01/2013. Collateralized by U.S. Government Agency Obligations, 3.00% - 3.50%, due 11/01/2025 - 12/01/2026, and with a total value of $97,161,772.		$  95,255,739		$  95,255,739
Total Repurchase Agreement (cost $95,255,739)				95,255,739
Total Investment Securities (cost $95,255,739) (B)				95,255,739
Other Assets and Liabilities - Net				(140,775	)
Net Assets				$  95,114,964

NOTES TO SCHEDULE OF INVESTMENTS:

(A) Rate shown reflects the yield at April 30, 2013.

(B) Aggregate cost for federal income tax purposes is $95,255,739.

VALUATION SUMMARY: (C)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Repurchase Agreement	$	—	$	95,255,739	$	—	$	95,255,739
Total Investment Securities	$	—	$	95,255,739	$	—	$	95,255,739
Other Assets (D)
Foreign Currency	$	9	$	—	$	—	$	9
Total Other Assets	$	9	$	—	$	—	$	9

(C) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

(D) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

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Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS

At April 30, 2013

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 9.8%
U.S. Treasury Bill
0.04%, 06/20/2013 (A)		$  35,470,000		$  35,465,286
Total Short-Term U.S. Government Obligation (cost $35,465,286)				35,465,286

	Shares		Value
INVESTMENT COMPANIES - 82.0%
Capital Markets - 73.8%
Dreyfus Treasury Cash Management		118,770,497		$  118,770,497
UBS Select Treasury Preferred		148,570,461		148,570,461
Money Market - 8.2%
BlackRock Liquidity Funds T-Fund Portfolio		29,799,936		29,799,936
Total Investment Companies (cost $297,140,894)				297,140,894
Total Investment Securities (cost $332,606,180) (B)				332,606,180
Other Assets and Liabilities - Net				29,828,567
Net Assets				$  362,434,747

OVER THE COUNTER SWAP AGREEMENTS: (C) (D)

TOTAL RETURN SWAP AGREEMENTS - PAYABLE: (E)
Reference Entity	Termination Date		Counterparty		Notional Amount		Market Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Aluminum June Futures		06/19/2013		BCLY	$	7,050	$	848,645		$	—	$	848,645
Cocoa July Futures		07/16/2013		GSC		930		(212,970	)		—		(212,970	)
Coffee July Futures		07/19/2013		BCLY		300,000		18,750			—		18,750
Gold June Futures		06/26/2013		GSC		5,700		742,130			—		742,130
Lean Hogs June Futures		06/14/2013		GSC		8,560,000		(153,142	)		—		(153,142	)
Silver July Futures		07/29/2013		GSC		120,000		346,000			—		346,000
Soybean Oil July Futures		07/12/2013		BCLY		5,340,000		(43,146	)		—		(43,146	)
							$	1,546,267		$	—	$	1,546,267
TOTAL RETURN SWAP AGREEMENTS - RECEIVABLE: (E)
Reference Entity	Termination Date		Counterparty		Notional Amount		Market Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
2-Year Euro-Schatz Futures		06/06/2013		BOA	$	687,000	$	(20,012	)	$	—	$	(20,012	)
2-Year U.S. Treasury Note Futures		06/28/2013		BOA		504,000		24,348			—		24,348
5-Year Euro-Bobl Futures		06/06/2013		BOA		330,000		(41,412	)		—		(41,412	)
5-Year U.S. Treasury Note Futures		06/28/2013		BOA		255,000		92,274			—		92,274
MSCI Taiwan Index May Futures		05/30/2013		BOA		11,600		54,058			—		54,058
Soybean Meal July Futures		07/12/2013		GSC		2,100		52,500			—		52,500
Swiss Market Index Futures		06/21/2013		RBS		1,870		397,822			—		397,822
							$	559,578		$	—	$	559,578

FUTURES CONTRACTS: (F)
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
10-Year Australian Treasury Bond		Long		193			06/17/2013	$	407,602
10-Year Government of Canada Bond		Long		349			06/19/2013		643,507
10-Year Japan Government Bond		Long		12			06/11/2013		(53,957	)
10-Year U.S. Treasury Note		Long		364			06/19/2013		463,247
3-Month Aluminum		Long		3			05/03/2013		(23,072	)
3-Month Aluminum		Short		(3	)		05/03/2013		22,761
3-Month Aluminum		Long		8			05/07/2013		(55,060	)
3-Month Aluminum		Short		(8	)		05/07/2013		56,830
3-Month Aluminum		Long		2			05/13/2013		(14,853	)
3-Month Aluminum		Short		(2	)		05/13/2013		14,352
3-Month Aluminum		Long		11			05/14/2013		(88,722	)
3-Month Aluminum		Short		(11	)		05/14/2013		87,593
3-Month Aluminum		Long		7			05/15/2013		(57,786	)

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

Transamerica Funds Semi-Annual Report 2013

Page    152

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FUTURES CONTRACTS (continued): (F)
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
3-Month Aluminum		Short		(7	)		05/15/2013	$	57,400
3-Month Aluminum		Long		16			05/20/2013		(111,522	)
3-Month Aluminum		Short		(16	)		05/20/2013		106,472
3-Month Aluminum		Long		6			05/24/2013		(28,181	)
3-Month Aluminum		Short		(6	)		05/24/2013		28,444
3-Month Aluminum		Long		13			07/02/2013		(12,977	)
3-Month Aluminum		Short		(13	)		07/02/2013		12,943
3-Month Aluminum		Long		4			07/12/2013		(1,014	)
3-Month Aluminum		Short		(4	)		07/12/2013		3,219
3-Month Aluminum		Long		2			07/26/2013		(3,318	)
3-Month Aluminum		Short		(2	)		07/26/2013		3,284
3-Month Aluminum		Long		5			07/29/2013		(1,386	)
3-Month Aluminum		Short		(5	)		07/29/2013		1,803
3-Month Canadian Bankers’ Acceptance		Short		(7	)		09/16/2013		(347	)
3-Month Canadian Bankers’ Acceptance		Long		75			12/16/2013		(1,467	)
3-Month Copper		Long		2			05/07/2013		(62,445	)
3-Month Copper		Short		(2	)		05/07/2013		63,615
3-Month Copper		Long		1			05/13/2013		(30,873	)
3-Month Copper		Short		(1	)		05/13/2013		30,756
3-Month Copper		Long		1			05/14/2013		(30,359	)
3-Month Copper		Short		(1	)		05/14/2013		30,641
3-Month Copper		Long		2			05/22/2013		(42,413	)
3-Month Copper		Short		(2	)		05/22/2013		43,431
3-Month Copper		Long		9			05/24/2013		(181,442	)
3-Month Copper		Short		(9	)		05/24/2013		178,717
3-Month Copper		Long		4			05/28/2013		(82,873	)
3-Month Copper		Short		(4	)		05/28/2013		86,190
3-Month Copper		Long		10			05/31/2013		(156,930	)
3-Month Copper		Short		(10	)		05/31/2013		174,447
3-Month Copper		Long		2			06/04/2013		(34,340	)
3-Month Copper		Short		(2	)		06/04/2013		33,396
3-Month Copper		Long		3			06/05/2013		(55,003	)
3-Month Copper		Short		(3	)		06/05/2013		57,969
3-Month Copper		Long		4			06/06/2013		(72,296	)
3-Month Copper		Short		(4	)		06/06/2013		71,584
3-Month Copper		Long		2			06/07/2013		(33,627	)
3-Month Copper		Short		(2	)		06/07/2013		34,403
3-Month Copper		Long		3			06/11/2013		(49,565	)
3-Month Copper		Short		(3	)		06/11/2013		50,672
3-Month Copper		Long		3			06/12/2013		(60,408	)
3-Month Copper		Short		(3	)		06/12/2013		52,337
3-Month Copper		Long		1			06/21/2013		(15,072	)
3-Month Copper		Short		(1	)		06/21/2013		15,172
3-Month Copper		Long		7			07/02/2013		(74,121	)
3-Month Copper		Short		(7	)		07/02/2013		74,775
3-Month Copper		Long		9			07/03/2013		(85,106	)
3-Month Copper		Short		(9	)		07/03/2013		83,213
3-Month Copper		Long		1			07/05/2013		(10,116	)
3-Month Copper		Short		(1	)		07/05/2013		9,499
3-Month Copper		Long		3			07/09/2013		(36,107	)
3-Month Copper		Short		(3	)		07/09/2013		36,524
3-Month EURIBOR		Long		298			09/16/2013		30,710
3-Month EURIBOR		Long		272			12/16/2013		31,312
3-Month EURIBOR		Long		264			03/17/2014		41,944
3-Month EURIBOR		Long		281			06/16/2014		71,199
3-Month EURIBOR		Long		293			09/15/2014		101,435
3-Month EURIBOR		Long		290			12/15/2014		114,058

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

Transamerica Funds Semi-Annual Report 2013

Page    153

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FUTURES CONTRACTS (continued): (F)
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
3-Month EURIBOR		Long		282			03/16/2015		$     115,094
3-Month Euroswiss		Short		(43	)		09/16/2013		(3,554	)
3-Month Euroswiss		Short		(3	)		12/16/2013		(767	)
3-Month Nickel		Long		2			05/07/2013		(38,315	)
3-Month Nickel		Short		(2	)		05/07/2013		39,927
3-Month Nickel		Long		1			05/13/2013		(18,707	)
3-Month Nickel		Short		(1	)		05/13/2013		18,223
3-Month Nickel		Long		3			05/14/2013		(56,199	)
3-Month Nickel		Short		(3	)		05/14/2013		55,014
3-Month Nickel		Long		6			05/28/2013		(46,473	)
3-Month Nickel		Short		(6	)		05/28/2013		47,119
3-Month Nickel		Long		6			05/31/2013		(38,429	)
3-Month Nickel		Short		(6	)		05/31/2013		42,043
3-Month Nickel		Long		2			06/04/2013		(14,751	)
3-Month Nickel		Short		(2	)		06/04/2013		15,035
3-Month Nickel		Long		3			06/05/2013		(21,661	)
3-Month Nickel		Short		(3	)		06/05/2013		23,801
3-Month Nickel		Long		3			06/06/2013		(22,907	)
3-Month Nickel		Short		(3	)		06/06/2013		22,803
3-Month Nickel		Long		3			06/07/2013		(22,532	)
3-Month Nickel		Short		(3	)		06/07/2013		22,280
3-Month Nickel		Long		3			06/11/2013		(23,733	)
3-Month Nickel		Short		(3	)		06/11/2013		22,511
3-Month Nickel		Long		5			06/12/2013		(50,331	)
3-Month Nickel		Short		(5	)		06/12/2013		42,303
3-Month Nickel		Long		2			07/09/2013		(9,759	)
3-Month Nickel		Short		(2	)		07/09/2013		9,875
3-Month Nickel		Long		4			07/11/2013		(16,553	)
3-Month Nickel		Short		(4	)		07/11/2013		16,518
3-Month Nickel		Long		6			07/12/2013		(24,398	)
3-Month Nickel		Short		(6	)		07/12/2013		28,946
3-Month Nickel		Long		10			07/16/2013		(29,147	)
3-Month Nickel		Short		(10	)		07/16/2013		10,254
3-Month Nickel		Long		5			07/17/2013		(5,400	)
3-Month Nickel		Short		(5	)		07/17/2013		7,764
3-Month Nickel		Long		4			07/19/2013		2,317
3-Month Nickel		Short		(4	)		07/19/2013		1,843
3-Month Nickel		Long		4			07/22/2013		3,212
3-Month Nickel		Short		(4	)		07/22/2013		(6,359	)
3-Month Nickel		Long		2			07/23/2013		2,815
3-Month Nickel		Short		(2	)		07/23/2013		(2,281	)
3-Month Nickel		Long		2			07/24/2013		1,061
3-Month Nickel		Short		(2	)		07/24/2013		(1,519	)
3-Month Sterling		Long		255			09/18/2013		(17,397	)
3-Month Sterling		Long		300			12/18/2013		(15,897	)
3-Month Sterling		Long		327			03/19/2014		(7,686	)
3-Month Sterling		Long		360			06/18/2014		22,484
3-Month Sterling		Long		391			09/17/2014		47,522
3-Month Sterling		Long		404			12/17/2014		77,819
3-Month Sterling		Long		417			03/18/2015		42,521
3-Month Zinc		Long		9			05/07/2013		(74,183	)
3-Month Zinc		Short		(9	)		05/07/2013		75,474
3-Month Zinc		Long		1			05/08/2013		(8,344	)
3-Month Zinc		Short		(1	)		05/08/2013		8,706
3-Month Zinc		Long		9			05/13/2013		(85,993	)
3-Month Zinc		Short		(9	)		05/13/2013		84,026
3-Month Zinc		Long		1			05/14/2013		(9,251	)

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

Transamerica Funds Semi-Annual Report 2013

Page    154

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FUTURES CONTRACTS (continued): (F)
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
3-Month Zinc		Short		(1	)		05/14/2013		$         8,893
3-Month Zinc		Long		1			05/15/2013		(9,208	)
3-Month Zinc		Short		(1	)		05/15/2013		8,719
3-Month Zinc		Long		10			05/20/2013		(78,722	)
3-Month Zinc		Short		(10	)		05/20/2013		77,510
3-Month Zinc		Long		29			05/31/2013		(124,374	)
3-Month Zinc		Short		(29	)		05/31/2013		140,729
3-Month Zinc		Long		8			06/04/2013		(29,900	)
3-Month Zinc		Short		(8	)		06/04/2013		32,705
3-Month Zinc		Long		9			06/05/2013		(36,047	)
3-Month Zinc		Short		(9	)		06/05/2013		37,962
3-Month Zinc		Long		7			06/06/2013		(25,013	)
3-Month Zinc		Short		(7	)		06/06/2013		24,865
3-Month Zinc		Long		9			06/07/2013		(28,494	)
3-Month Zinc		Short		(9	)		06/07/2013		28,688
3-Month Zinc		Long		9			06/11/2013		(19,913	)
3-Month Zinc		Short		(9	)		06/11/2013		22,819
3-Month Zinc		Long		11			06/12/2013		(40,992	)
3-Month Zinc		Short		(11	)		06/12/2013		30,235
3-Month Zinc		Long		12			06/13/2013		(43,986	)
3-Month Zinc		Short		(12	)		06/13/2013		44,107
3-Month Zinc		Long		25			06/14/2013		(80,294	)
3-Month Zinc		Short		(25	)		06/14/2013		81,422
3-Month Zinc		Long		10			06/20/2013		(17,688	)
3-Month Zinc		Short		(10	)		06/20/2013		18,488
3-Month Zinc		Long		21			06/21/2013		(46,250	)
3-Month Zinc		Short		(21	)		06/21/2013		40,579
3-Month Zinc		Long		14			06/26/2013		(26,975	)
3-Month Zinc		Short		(14	)		06/26/2013		28,791
3-Month Zinc		Long		12			06/27/2013		(9,504	)
3-Month Zinc		Short		(12	)		06/27/2013		10,890
3-Month Zinc		Long		13			06/28/2013		(10,823	)
3-Month Zinc		Short		(13	)		06/28/2013		11,965
3-Month Zinc		Long		11			07/02/2013		(3,781	)
3-Month Zinc		Short		(11	)		07/02/2013		8,201
3-Month Zinc		Long		9			07/03/2013		367
3-Month Zinc		Short		(9	)		07/03/2013		(967	)
3-Month Zinc		Long		19			07/05/2013		(11,460	)
3-Month Zinc		Short		(19	)		07/05/2013		7,474
3-Month Zinc		Long		3			07/08/2013		(2,659	)
3-Month Zinc		Short		(3	)		07/08/2013		2,832
3-Month Zinc		Long		5			07/11/2013		(3,288	)
3-Month Zinc		Short		(5	)		07/11/2013		4,913
3-Month Zinc		Long		1			07/12/2013		(298	)
3-Month Zinc		Short		(1	)		07/12/2013		862
3-Month Zinc		Long		17			07/16/2013		(15,462	)
3-Month Zinc		Short		(17	)		07/16/2013		6,153
3-Year Australian Treasury Bond		Long		216			06/17/2013		93,942
30-Year U.S. Treasury Bond		Long		164			06/19/2013		425,217
5-Year U.S. Treasury Note		Long		321			06/28/2013		144,693
90-Day Eurodollar		Long		152			09/16/2013		8,284
90-Day Eurodollar		Long		120			12/16/2013		6,614
90-Day Eurodollar		Long		118			03/17/2014		7,409
90-Day Eurodollar		Long		137			06/16/2014		11,549
90-Day Eurodollar		Long		166			09/15/2014		20,265
90-Day Eurodollar		Long		203			12/15/2014		32,299
90-Day Eurodollar		Long		227			03/16/2015		43,503

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

Transamerica Funds Semi-Annual Report 2013

Page    155

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FUTURES CONTRACTS (continued): (F)
Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation)
Aluminum Hg		Long		7			06/19/2013	$	(5,850	)
Aluminum Hg		Short		(27	)		06/19/2013		47,012
Amsterdam Exchanges Index		Long		93			05/17/2013		110,461
ASX SPI 200 Index		Long		144			06/20/2013		690,721
Brent Crude Oil Penultimate Financial Futures		Short		(85	)		05/15/2013		(5,520	)
CAC 40 Index		Long		176			05/17/2013		231,823
Cocoa		Short		(20	)		07/16/2013		(31,300	)
Coffee “C”		Short		(199	)		07/19/2013		327,920
Copper		Short		(52	)		06/19/2013		759,937
Corn		Short		(18	)		07/12/2013		(9,629	)
DAX Index		Long		24			06/21/2013		74,000
DJIA Mini Index		Long		251			06/21/2013		469,787
European Gasoil (ICE)		Short		(103	)		05/09/2013		260,780
European Gasoil (ICE)		Short		(1	)		06/11/2013		825
FTSE 100 Index		Long		159			06/21/2013		(39,869	)
FTSE JSE Top 40 Index		Long		69			06/20/2013		(131,935	)
FTSE MIB Index		Long		33			06/21/2013		93,384
German Euro BOBL		Long		10			06/06/2013		684
German Euro Bund		Long		187			06/06/2013		555,058
German Euro BUXL		Long		90			06/06/2013		452,489
Gold 100 oz		Short		(9	)		06/26/2013		(1,323	)
Hang Seng China ENT Index		Short		(69	)		05/30/2013		(36,020	)
Hang Seng Index Futures		Long		26			05/30/2013		15,204
Henry Hub Nat Gas Swap		Long		777			05/29/2013		743,992
IBEX 35 Index		Long		40			05/17/2013		53,802
KOSPI 200 Index		Short		(64	)		06/13/2013		(43,224	)
Lean Hogs		Short		(196	)		06/14/2013		(135,425	)
MSCI Taiwan Index		Long		200			05/30/2013		80,818
NASDAQ 100 E-Mini Index		Long		143			06/21/2013		139,698
Nickel		Short		(68	)		06/19/2013		301,017
NYMEX Heating Oil		Short		(85	)		05/30/2013		179,575
RBOB Gasoline		Short		(10	)		05/30/2013		(23,499	)
Russell 2000 Mini Index		Long		71			06/21/2013		74,467
S&P 500 E-Mini Index		Long		184			06/21/2013		368,253
S&P Midcap 400 E-Mini Index		Long		103			06/21/2013		269,668
S&P TSE 60 Index		Short		(13	)		06/20/2013		(58,032	)
SGX CNX Nifty Index		Long		178			05/30/2013		3,758
SGX MSCI Singapore Index		Long		219			05/30/2013		261,452
Silver		Short		(34	)		07/29/2013		(151,046	)
Soybean		Short		(5	)		07/12/2013		(6,867	)
Soybean Meal		Long		34			07/12/2013		70,929
Soybean Oil		Short		(262	)		07/12/2013		112,524
Sugar #11		Short		(606	)		06/28/2013		71,147
TOPIX Index		Long		47			06/13/2013		437,826
U.K. Long Gilt Bond		Long		177			06/26/2013		493,053
Wheat		Short		(89	)		07/12/2013		(116,127	)
WTI-Brent Bullet Swap Future		Short		(105	)		05/20/2013		(370,650	)
WTI-Brent Bullet Swap Future		Long		12			06/19/2013		(9,720	)
Zinc		Long		84			06/19/2013		(344,773	)
Zinc		Short		(266	)		06/19/2013		588,060
								$	9,724,643

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

Transamerica Funds Semi-Annual Report 2013

Page    156

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD		RBS		61,000			06/19/2013		$            62,647			$            355
AUD		RBS		4,393,000			06/19/2013		4,505,348			31,824
AUD		RBS		2,296,000			06/19/2013		2,364,045			7,306
AUD		RBS		1,152,000			06/19/2013		1,188,585			1,222
AUD		RBS		(2,939,000	)		06/19/2013		(2,993,798	)		(41,655	)
AUD		RBS		(150,000	)		06/19/2013		(152,146	)		(2,777	)
AUD		RBS		(1,196,000	)		06/19/2013		(1,214,029	)		(21,222	)
AUD		RBS		(32,589,000	)		06/19/2013		(33,123,887	)		(534,635	)
AUD		RBS		(3,209,000	)		06/19/2013		(3,337,034	)		22,719
AUD		RBS		(2,749,000	)		06/19/2013		(2,860,325	)		21,107
AUD		RBS		(896,000	)		06/19/2013		(929,144	)		3,739
AUD		RBS		(2,658,000	)		06/19/2013		(2,754,870	)		9,639
AUD		RBS		(7,407,000	)		06/19/2013		(7,655,054	)		4,968
AUD		RBS		(10,379,000	)		06/19/2013		(10,803,133	)		83,509
AUD		RBS		(6,275,000	)		06/19/2013		(6,565,938	)		85,002
AUD		RBS		(3,036,000	)		06/19/2013		(3,183,654	)		48,017
AUD		RBS		(3,364,000	)		06/19/2013		(3,467,843	)		(6,558	)
AUD		RBS		(7,451,000	)		06/19/2013		(7,683,233	)		(12,298	)
AUD		RBS		(10,569,000	)		06/19/2013		(10,880,702	)		(35,156	)
AUD		RBS		(2,526,000	)		06/19/2013		(2,582,769	)		(26,131	)
AUD		RBS		(485,000	)		06/19/2013		(494,951	)		(5,966	)
AUD		RBS		(10,000	)		06/19/2013		(10,201	)		(127	)
AUD		RBS		3,624,000			06/19/2013		3,691,160			51,774
AUD		RBS		7,445,000			06/19/2013		7,560,190			129,144
AUD		RBS		5,756,000			06/19/2013		5,890,684			54,219
AUD		RBS		7,385,000			06/19/2013		7,560,122			67,243
AUD		RBS		6,038,000			06/19/2013		6,205,379			30,779
AUD		RBS		10,841,000			06/19/2013		11,164,920			31,865
AUD		RBS		11,767,000			06/19/2013		12,125,127			28,048
AUD		RBS		11,738,000			06/19/2013		12,107,036			16,188
AUD		RBS		3,540,000			06/19/2013		3,650,881			5,297
AUD		RBS		3,509,000			06/19/2013		3,573,518			50,642
AUD		RBS		5,371,000			06/19/2013		5,571,196			(23,928	)
AUD		RBS		2,231,000			06/19/2013		2,320,358			(16,139	)
AUD		RBS		2,230,000			06/19/2013		2,321,568			(18,383	)
AUD		RBS		551,000			06/19/2013		571,941			(2,858	)
BRL		RBS		(300,000	)		06/19/2013		(147,853	)		(1,169	)
BRL		RBS		1,310,000			06/19/2013		653,758			(3,028	)
BRL		RBS		200,000			06/19/2013		101,012			(1,664	)
BRL		RBS		300,000			06/19/2013		151,497			(2,475	)
BRL		RBS		700,000			06/19/2013		348,352			(634	)
BRL		RBS		700,000			06/19/2013		352,421			(4,703	)
BRL		RBS		2,000,000			06/19/2013		1,004,490			(11,010	)
BRL		RBS		1,700,000			06/19/2013		853,345			(8,887	)
BRL		RBS		600,000			06/19/2013		300,231			(2,187	)
CAD		RBS		678,000			06/19/2013		662,105			10,091
CAD		RBS		3,720,000			06/19/2013		3,643,422			44,733
CAD		RBS		3,222,000			06/19/2013		3,173,029			21,389
CAD		RBS		5,684,000			06/19/2013		5,615,287			20,056
CAD		RBS		(1,377,000	)		06/19/2013		(1,343,794	)		(21,418	)
CAD		RBS		(898,000	)		06/19/2013		(869,709	)		(20,603	)
CAD		RBS		(479,000	)		06/19/2013		(465,778	)		(9,122	)
CAD		RBS		(10,001,000	)		06/19/2013		(9,708,090	)		(207,297	)
CAD		RBS		(2,077,000	)		06/19/2013		(2,016,847	)		(42,373	)
CAD		RBS		(2,126,000	)		06/19/2013		(2,057,935	)		(49,866	)
CAD		RBS		(2,007,000	)		06/19/2013		(1,942,671	)		(47,148	)
CAD		RBS		(2,750,000	)		06/19/2013		(2,696,844	)		(29,615	)

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

Transamerica Funds Semi-Annual Report 2013

Page    157

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
CAD		RBS		(8,671,000	)		06/19/2013		$      (8,520,985	)		$       (75,787	)
CAD		RBS		(1,662,000	)		06/19/2013		(1,636,537	)		(11,236	)
CAD		RBS		(2,444,000	)		06/19/2013		(2,385,769	)		(37,309	)
CAD		RBS		(5,040,000	)		06/19/2013		(4,915,744	)		(81,112	)
CAD		RBS		(5,557,000	)		06/19/2013		(5,420,253	)		(89,177	)
CAD		RBS		(683,000	)		06/19/2013		(665,004	)		(12,149	)
CAD		RBS		54,000			06/19/2013		52,497			1,040
CAD		RBS		1,699,000			06/19/2013		1,654,214			30,242
CAD		RBS		3,843,000			06/19/2013		3,740,360			69,742
CAD		RBS		2,759,000			06/19/2013		2,695,978			39,404
CAD		RBS		4,367,000			06/19/2013		4,272,335			57,282
CAD		RBS		11,889,000			06/19/2013		11,678,548			108,677
CAD		RBS		6,233,000			06/19/2013		6,137,598			42,045
CAD		RBS		2,018,000			06/19/2013		1,985,742			14,983
CAD		RBS		871,000			06/19/2013		856,379			7,165
CHF		RBS		(720,000	)		06/19/2013		(763,368	)		(11,375	)
CHF		RBS		630,000			06/19/2013		670,791			7,110
CLP		RBS		110,000,000			06/19/2013		228,524			3,404
CLP		RBS		970,000,000			06/19/2013		2,015,596			29,588
CLP		RBS		10,000,000			06/19/2013		20,877			207
CLP		RBS		50,000,000			06/19/2013		104,637			784
CLP		RBS		50,000,000			06/19/2013		104,725			697
CLP		RBS		20,000,000			06/19/2013		41,964			205
CLP		RBS		130,000,000			06/19/2013		272,057			2,040
CLP		RBS		30,000,000			06/19/2013		62,756			497
CLP		RBS		30,000,000			06/19/2013		62,658			595
CLP		RBS		70,000,000			06/19/2013		146,444			1,147
CLP		RBS		20,000,000			06/19/2013		42,239			(71	)
CLP		RBS		40,000,000			06/19/2013		84,747			(410	)
CLP		RBS		160,000,000			06/19/2013		340,179			(2,829	)
COP		RBS		1,260,000,000			06/19/2013		691,671			(4,003	)
CZK		RBS		13,000,000			06/19/2013		663,760			125
CZK		RBS		56,000,000			06/19/2013		2,846,772			13,042
CZK		RBS		(30,000,000	)		06/19/2013		(1,536,954	)		4,911
CZK		RBS		(20,000,000	)		06/19/2013		(1,020,699	)		(663	)
CZK		RBS		(40,000,000	)		06/19/2013		(2,027,175	)		(15,549	)
CZK		RBS		(12,000,000	)		06/19/2013		(610,904	)		(1,913	)
CZK		RBS		(15,000,000	)		06/19/2013		(766,118	)		97
CZK		RBS		(6,000,000	)		06/19/2013		(306,388	)		(20	)
CZK		RBS		(35,100,000	)		06/19/2013		(1,808,253	)		15,763
CZK		RBS		(1,000,000	)		06/19/2013		(50,815	)		(253	)
CZK		RBS		(19,000,000	)		06/19/2013		(965,962	)		(4,332	)
CZK		RBS		(15,000,000	)		06/19/2013		(761,038	)		(4,983	)
CZK		RBS		(24,000,000	)		06/19/2013		(1,224,477	)		(1,157	)
CZK		RBS		(12,000,000	)		06/19/2013		(604,525	)		(8,292	)
CZK		RBS		(16,000,000	)		06/19/2013		(801,711	)		(15,378	)
CZK		RBS		(11,000,000	)		06/19/2013		(554,334	)		(7,415	)
CZK		RBS		(7,000,000	)		06/19/2013		(350,166	)		(7,311	)
CZK		RBS		(2,000,000	)		06/19/2013		(101,008	)		(1,128	)
CZK		RBS		(7,000,000	)		06/19/2013		(349,622	)		(7,855	)
EUR		RBS		(5,254,000	)		06/19/2013		(6,905,906	)		(15,616	)
EUR		RBS		(1,568,000	)		06/19/2013		(2,050,713	)		(14,941	)
EUR		RBS		(2,123,000	)		06/19/2013		(2,763,919	)		(32,882	)
EUR		RBS		(2,665,000	)		06/19/2013		(3,481,778	)		(29,044	)
EUR		RBS		(2,047,000	)		06/19/2013		(2,673,332	)		(23,348	)
EUR		RBS		(3,702,000	)		06/19/2013		(4,824,136	)		(52,810	)
EUR		RBS		(2,288,000	)		06/19/2013		(2,977,134	)		(37,034	)

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

Transamerica Funds Semi-Annual Report 2013

Page    158

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
EUR		RBS		(2,733,000	)		06/19/2013		$      (3,543,597	)		$       (56,806	)
EUR		RBS		(534,000	)		06/19/2013		(696,111	)		(7,371	)
EUR		RBS		(12,734,000	)		06/19/2013		(16,312,135	)		(463,401	)
EUR		RBS		(6,907,000	)		06/19/2013		(8,871,579	)		(227,575	)
EUR		RBS		(281,000	)		06/19/2013		(359,859	)		(10,325	)
EUR		RBS		(48,000	)		06/19/2013		(61,967	)		(1,267	)
EUR		RBS		(3,398,000	)		06/19/2013		(4,446,571	)		(29,891	)
EUR		RBS		(4,866,000	)		06/19/2013		(6,366,643	)		(43,735	)
EUR		RBS		(3,637,000	)		06/19/2013		(4,726,063	)		(65,253	)
EUR		RBS		(196,000	)		06/19/2013		(255,743	)		(2,464	)
EUR		RBS		(9,428,000	)		06/19/2013		(12,281,081	)		(139,191	)
EUR		RBS		(7,589,000	)		06/19/2013		(9,933,830	)		(63,778	)
EUR		RBS		(5,281,000	)		06/19/2013		(6,906,453	)		(50,638	)
EUR		RBS		(757,000	)		06/19/2013		(980,216	)		(17,042	)
EUR		RBS		(4,032,000	)		06/19/2013		(5,206,364	)		(105,318	)
EUR		RBS		(1,463,000	)		06/19/2013		(1,891,662	)		(35,667	)
EUR		RBS		(8,902,000	)		06/19/2013		(11,520,348	)		(206,982	)
EUR		RBS		(1,242,000	)		06/19/2013		(1,614,735	)		(21,453	)
EUR		RBS		(3,971,000	)		06/19/2013		(5,112,817	)		(118,505	)
EUR		RBS		994,000			06/19/2013		1,298,692			10,785
EUR		RBS		19,688,371			06/19/2013		25,649,250			287,845
EUR		RBS		922,000			06/19/2013		1,207,528			7,098
EUR		RBS		335,000			06/19/2013		429,987			11,336
EUR		RBS		9,957,000			06/19/2013		12,961,967			155,200
EUR		RBS		1,025,000			06/19/2013		1,336,780			13,536
EUR		RBS		1,376,000			06/19/2013		1,804,018			8,699
EUR		RBS		2,856,000			06/19/2013		3,737,054			25,388
EUR		RBS		5,352,000			06/19/2013		6,996,590			54,035
EUR		RBS		10,767,000			06/19/2013		14,174,269			9,977
EUR		RBS		21,308,000			06/19/2013		27,889,415			181,349
EUR		RBS		4,846,000			06/19/2013		6,325,611			58,419
EUR		RBS		210,000			06/19/2013		273,107			3,543
GBP		RBS		2,493,000			06/19/2013		3,813,046			58,221
GBP		RBS		8,436,000			06/19/2013		13,023,075			76,811
GBP		RBS		5,492,000			06/19/2013		8,528,165			115
GBP		RBS		4,129,000			06/19/2013		6,395,980			15,759
GBP		RBS		(3,322,000	)		06/19/2013		(5,040,663	)		(117,922	)
GBP		RBS		(863,000	)		06/19/2013		(1,308,561	)		(31,553	)
GBP		RBS		(749,000	)		06/19/2013		(1,125,821	)		(37,267	)
GBP		RBS		(1,290,000	)		06/19/2013		(1,952,313	)		(50,870	)
GBP		RBS		(1,729,000	)		06/19/2013		(2,611,280	)		(73,607	)
GBP		RBS		(1,228,000	)		06/19/2013		(1,839,304	)		(67,602	)
GBP		RBS		(1,737,000	)		06/19/2013		(2,603,892	)		(93,417	)
GBP		RBS		(17,246,000	)		06/19/2013		(25,929,571	)		(850,969	)
GBP		RBS		(1,100,000	)		06/19/2013		(1,641,393	)		(66,748	)
GBP		RBS		(347,000	)		06/19/2013		(524,809	)		(14,032	)
GBP		RBS		(592,000	)		06/19/2013		(893,612	)		(25,678	)
GBP		RBS		(2,875,000	)		06/19/2013		(4,328,903	)		(135,556	)
GBP		RBS		(1,880,000	)		06/19/2013		(2,857,898	)		(61,469	)
GBP		RBS		(883,000	)		06/19/2013		(1,352,657	)		(18,514	)
GBP		RBS		(118,000	)		06/19/2013		(181,404	)		(1,833	)
GBP		RBS		(335,000	)		06/19/2013		(513,201	)		(7,006	)
GBP		RBS		(480,000	)		06/19/2013		(734,170	)		(11,201	)
GBP		RBS		(1,682,000	)		06/19/2013		(2,579,961	)		(31,941	)
GBP		RBS		(6,142,000	)		06/19/2013		(9,422,278	)		(115,358	)
GBP		RBS		(1,039,000	)		06/19/2013		(1,581,597	)		(31,820	)
GBP		RBS		(325,000	)		06/19/2013		(495,931	)		(8,747	)

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

Transamerica Funds Semi-Annual Report 2013

Page    159

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
GBP		RBS		(1,374,000	)		06/19/2013		$      (2,072,640	)		$       (60,983	)
GBP		RBS		497,000			06/19/2013		751,382			20,387
GBP		RBS		1,292,000			06/19/2013		1,961,587			44,702
GBP		RBS		1,007,000			06/19/2013		1,532,293			31,432
GBP		RBS		1,511,000			06/19/2013		2,294,441			51,923
GBP		RBS		2,584,000			06/19/2013		3,916,306			96,272
GBP		RBS		2,747,000			06/19/2013		4,176,002			89,691
GBP		RBS		3,719,000			06/19/2013		5,693,787			81,281
GBP		RBS		45,000			06/19/2013		68,689			1,190
GBP		RBS		679,000			06/19/2013		1,034,809			19,580
HUF		RBS		(20,000,000	)		06/19/2013		(84,035	)		(3,504	)
HUF		RBS		(10,000,000	)		06/19/2013		(41,850	)		(1,920	)
HUF		RBS		(150,000,000	)		06/19/2013		(624,502	)		(32,035	)
HUF		RBS		(80,000,000	)		06/19/2013		(336,294	)		(13,859	)
HUF		RBS		(150,000,000	)		06/19/2013		(627,743	)		(28,793	)
HUF		RBS		(20,000,000	)		06/19/2013		(83,578	)		(3,960	)
HUF		RBS		556,000,000			06/19/2013		2,395,796			37,766
HUF		RBS		310,000,000			06/19/2013		1,359,490			(2,649	)
HUF		RBS		230,000,000			06/19/2013		1,007,206			(517	)
HUF		RBS		200,000,000			06/19/2013		875,583			(201	)
HUF		RBS		250,000,000			06/19/2013		1,101,450			(7,223	)
HUF		RBS		80,000,000			06/19/2013		350,825			(673	)
HUF		RBS		290,000,000			06/19/2013		1,289,532			(20,228	)
HUF		RBS		310,000,000			06/19/2013		1,350,799			6,043
IDR		RBS		(29,300,000,000	)		06/19/2013		(2,990,711	)		(4,535	)
IDR		RBS		7,600,000,000			06/19/2013		780,624			(3,700	)
IDR		RBS		11,300,000,000			06/19/2013		1,161,977			(6,814	)
IDR		RBS		5,800,000,000			06/19/2013		594,031			(1,115	)
IDR		RBS		7,400,000,000			06/19/2013		759,286			(2,807	)
IDR		RBS		1,700,000,000			06/19/2013		173,828			(42	)
IDR		RBS		5,400,000,000			06/19/2013		553,971			(1,946	)
IDR		RBS		5,600,000,000			06/19/2013		572,902			(431	)
ILS		RBS		1,000,000			06/19/2013		267,874			10,585
ILS		RBS		500,000			06/19/2013		135,362			3,868
ILS		RBS		15,200,000			06/19/2013		4,087,512			145,068
ILS		RBS		2,100,000			06/19/2013		568,243			16,521
ILS		RBS		400,000			06/19/2013		108,275			3,109
ILS		RBS		2,700,000			06/19/2013		732,979			18,861
ILS		RBS		500,000			06/19/2013		135,997			3,233
ILS		RBS		600,000			06/19/2013		165,085			1,990
ILS		RBS		500,000			06/19/2013		137,457			1,772
ILS		RBS		6,500,000			06/19/2013		1,779,340			30,645
ILS		RBS		1,200,000			06/19/2013		330,581			3,570
ILS		RBS		400,000			06/19/2013		110,516			868
ILS		RBS		400,000			06/19/2013		109,915			1,469
ILS		RBS		1,300,000			06/19/2013		357,614			4,383
ILS		RBS		1,500,000			06/19/2013		414,047			3,642
ILS		RBS		1,500,000			06/19/2013		413,176			4,513
INR		RBS		(84,000,000	)		06/19/2013		(1,511,327	)		(32,850	)
INR		RBS		(11,000,000	)		06/19/2013		(199,383	)		(2,831	)
INR		RBS		(18,000,000	)		06/19/2013		(326,588	)		(4,307	)
INR		RBS		(45,000,000	)		06/19/2013		(824,703	)		(2,534	)
INR		RBS		(115,000,000	)		06/19/2013		(2,099,294	)		(14,758	)
INR		RBS		(58,000,000	)		06/19/2013		(1,064,996	)		(1,222	)
INR		RBS		397,000,000			06/19/2013		7,074,127			223,947
INR		RBS		3,000,000			06/19/2013		53,548			1,602
INR		RBS		16,000,000			06/19/2013		288,289			5,840

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

Transamerica Funds Semi-Annual Report 2013

Page    160

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
INR		RBS		5,000,000			06/19/2013		$            90,286			$         1,629
INR		RBS		32,000,000			06/19/2013		579,711			8,547
INR		RBS		44,000,000			06/19/2013		793,937			14,917
INR		RBS		55,000,000			06/19/2013		998,101			12,967
INR		RBS		115,000,000			06/19/2013		2,094,727			19,325
INR		RBS		43,000,000			06/19/2013		775,478			14,993
INR		RBS		10,000,000			06/19/2013		180,832			2,999
INR		RBS		25,000,000			06/19/2013		450,048			9,529
INR		RBS		43,000,000			06/19/2013		778,004			12,468
INR		RBS		28,000,000			06/19/2013		509,371			5,355
INR		RBS		83,000,000			06/19/2013		1,502,407			23,386
INR		RBS		87,000,000			06/19/2013		1,570,964			28,362
INR		RBS		37,000,000			06/19/2013		681,153			(980	)
INR		RBS		204,000,000			06/19/2013		3,749,850			293
INR		RBS		89,000,000			06/19/2013		1,625,952			10,140
JPY		RBS		473,503,000			06/19/2013		4,799,207			59,221
JPY		RBS		681,371,000			06/19/2013		6,967,667			23,613
JPY		RBS		(210,000,000	)		06/19/2013		(2,265,996	)		111,268
JPY		RBS		(931,557,000	)		06/19/2013		(9,964,946	)		406,606
JPY		RBS		(351,408,000	)		06/19/2013		(3,778,370	)		172,711
JPY		RBS		(10,898,483,000	)		06/19/2013		(117,011,696	)		5,186,651
JPY		RBS		(240,202,000	)		06/19/2013		(2,573,705	)		109,087
JPY		RBS		(83,836,000	)		06/19/2013		(892,299	)		32,091
JPY		RBS		(327,706,000	)		06/19/2013		(3,403,791	)		41,329
JPY		RBS		(182,831,000	)		06/19/2013		(1,898,304	)		22,347
JPY		RBS		(527,485,000	)		06/19/2013		(5,493,249	)		80,933
JPY		RBS		(737,667,000	)		06/19/2013		(7,916,934	)		348,024
JPY		RBS		(44,809,000	)		06/19/2013		(479,935	)		20,168
JPY		RBS		(136,929,000	)		06/19/2013		(1,384,980	)		(19,994	)
JPY		RBS		(555,190,000	)		06/19/2013		(5,601,048	)		(95,538	)
JPY		RBS		(382,038,000	)		06/19/2013		(3,830,612	)		(89,330	)
JPY		RBS		(115,315,000	)		06/19/2013		(1,167,810	)		(15,392	)
JPY		RBS		(510,690,000	)		06/19/2013		(5,129,329	)		(110,660	)
JPY		RBS		(120,765,000	)		06/19/2013		(1,217,352	)		(21,770	)
JPY		RBS		(517,174,000	)		06/19/2013		(5,425,842	)		119,323
JPY		RBS		(445,924,000	)		06/19/2013		(4,678,310	)		102,860
JPY		RBS		(787,653,000	)		06/19/2013		(8,251,740	)		169,943
JPY		RBS		(304,600,000	)		06/19/2013		(3,227,955	)		102,574
JPY		RBS		(138,438,000	)		06/19/2013		(1,469,683	)		49,225
JPY		RBS		(1,245,987,000	)		06/19/2013		(13,239,356	)		454,773
JPY		RBS		9,000,000			06/19/2013		93,775			(1,429	)
JPY		RBS		11,000,000			06/19/2013		115,234			(2,368	)
JPY		RBS		337,872,000			06/19/2013		3,660,725			(193,953	)
JPY		RBS		306,686,000			06/19/2013		3,215,129			(68,345	)
JPY		RBS		337,938,000			06/19/2013		3,510,684			(43,235	)
JPY		RBS		406,254,000			06/19/2013		4,108,435			59,977
JPY		RBS		381,108,000			06/19/2013		3,838,268			72,132
JPY		RBS		360,640,000			06/19/2013		3,621,344			79,041
JPY		RBS		633,984,000			06/19/2013		6,391,248			113,812
JPY		RBS		75,822,000			06/19/2013		773,079			4,901
JPY		RBS		822,386,000			06/19/2013		8,422,389			15,790
KRW		RBS		(1,980,000,000	)		06/19/2013		(1,773,285	)		(21,263	)
KRW		RBS		(920,000,000	)		06/19/2013		(815,514	)		(18,316	)
KRW		RBS		(1,240,000,000	)		06/19/2013		(1,096,353	)		(27,506	)
KRW		RBS		710,000,000			06/19/2013		650,196			(6,696	)
KRW		RBS		1,920,000,000			06/19/2013		1,749,625			(9,457	)
KRW		RBS		(1,320,000,000	)		06/19/2013		(1,175,556	)		(20,809	)

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

Transamerica Funds Semi-Annual Report 2013

Page    161

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
KRW		RBS		(120,000,000	)		06/19/2013		$         (106,840	)		$         (1,920	)
KRW		RBS		(370,000,000	)		06/19/2013		(330,823	)		(4,522	)
KRW		RBS		(410,000,000	)		06/19/2013		(367,809	)		(3,790	)
KRW		RBS		60,000,000			06/19/2013		54,901			(521	)
KRW		RBS		160,000,000			06/19/2013		146,940			(1,926	)
KRW		RBS		620,000,000			06/19/2013		567,985			(6,056	)
KRW		RBS		14,544,230,000			06/19/2013		13,296,613			(114,631	)
KRW		RBS		720,000,000			06/19/2013		661,413			(8,850	)
KRW		RBS		1,320,000,000			06/19/2013		1,182,184			14,182
KRW		RBS		1,150,000,000			06/19/2013		1,024,499			17,789
KRW		RBS		580,000,000			06/19/2013		514,971			10,705
KRW		RBS		280,000,000			06/19/2013		249,271			4,504
KRW		RBS		200,000,000			06/19/2013		178,304			2,963
KRW		RBS		440,000,000			06/19/2013		393,673			5,115
MXN		RBS		(3,300,000	)		06/19/2013		(255,724	)		(14,933	)
MXN		RBS		(2,700,000	)		06/19/2013		(208,286	)		(13,161	)
MXN		RBS		(2,500,000	)		06/19/2013		(193,095	)		(11,948	)
MXN		RBS		(5,100,000	)		06/19/2013		(418,445	)		156
MXN		RBS		(4,600,000	)		06/19/2013		(378,284	)		1,005
MXN		RBS		(10,800,000	)		06/19/2013		(888,920	)		3,134
MXN		RBS		(500,000	)		06/19/2013		(40,598	)		(411	)
MXN		RBS		(19,700,000	)		06/19/2013		(1,608,415	)		(7,325	)
MXN		RBS		(11,800,000	)		06/19/2013		(972,387	)		4,583
MXN		RBS		(8,800,000	)		06/19/2013		(719,556	)		(2,196	)
MXN		RBS		3,000,000			06/19/2013		233,576			12,476
MXN		RBS		4,400,000			06/19/2013		341,092			19,784
MXN		RBS		18,300,000			06/19/2013		1,457,668			43,248
MXN		RBS		154,600,000			06/19/2013		12,131,094			548,780
MXN		RBS		21,200,000			06/19/2013		1,695,237			43,530
MXN		RBS		13,600,000			06/19/2013		1,087,054			28,381
MXN		RBS		7,700,000			06/19/2013		615,128			16,405
MXN		RBS		18,900,000			06/19/2013		1,512,931			37,196
MXN		RBS		5,300,000			06/19/2013		425,108			9,584
MXN		RBS		4,200,000			06/19/2013		336,777			7,695
MXN		RBS		3,100,000			06/19/2013		249,854			4,400
MXN		RBS		20,000,000			06/19/2013		1,605,494			34,852
MXN		RBS		2,100,000			06/19/2013		170,029			2,207
MYR		RBS		(500,000	)		06/19/2013		(160,717	)		(3,022	)
MYR		RBS		(9,300,000	)		06/19/2013		(2,973,051	)		(72,487	)
MYR		RBS		(1,900,000	)		06/19/2013		(607,599	)		(14,608	)
MYR		RBS		(1,100,000	)		06/19/2013		(352,218	)		(8,006	)
MYR		RBS		(800,000	)		06/19/2013		(255,138	)		(6,843	)
MYR		RBS		(3,100,000	)		06/19/2013		(987,246	)		(27,933	)
MYR		RBS		(200,000	)		06/19/2013		(65,680	)		185
MYR		RBS		(400,000	)		06/19/2013		(131,750	)		759
MYR		RBS		(200,000	)		06/19/2013		(64,328	)		(1,167	)
MYR		RBS		100,000			06/19/2013		31,787			961
MYR		RBS		100,000			06/19/2013		31,919			829
MYR		RBS		100,000			06/19/2013		32,139			608
MYR		RBS		2,200,000			06/19/2013		706,218			14,232
MYR		RBS		1,500,000			06/19/2013		484,506			6,710
MYR		RBS		3,500,000			06/19/2013		1,126,330			19,840
MYR		RBS		1,600,000			06/19/2013		517,811			6,152
MYR		RBS		1,600,000			06/19/2013		520,335			3,628
MYR		RBS		3,600,000			06/19/2013		1,173,618			5,300
MYR		RBS		1,100,000			06/19/2013		358,956			1,269
MYR		RBS		8,100,000			06/19/2013		2,668,917			(16,352	)

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

Transamerica Funds Semi-Annual Report 2013

Page    162

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
MYR		RBS		3,600,000			06/19/2013		$       1,182,096			$         (3,178	)
MYR		RBS		2,600,000			06/19/2013		853,399			(1,959	)
MYR		RBS		3,600,000			06/19/2013		1,180,351			(1,434	)
MYR		RBS		300,000			06/19/2013		98,330			(87	)
MYR		RBS		500,000			06/19/2013		164,531			(793	)
MYR		RBS		200,000			06/19/2013		65,566			(71	)
MYR		RBS		200,000			06/19/2013		65,233			263
NOK		RBS		(8,582,000	)		06/19/2013		(1,485,162	)		(282	)
NOK		RBS		(14,745,000	)		06/19/2013		(2,560,928	)		8,740
NOK		RBS		(9,422,000	)		06/19/2013		(1,631,018	)		180
NOK		RBS		(33,127,000	)		06/19/2013		(5,699,859	)		(34,039	)
NOK		RBS		(27,471,000	)		06/19/2013		(4,716,407	)		(38,503	)
NOK		RBS		(14,337,000	)		06/19/2013		(2,458,563	)		(23,005	)
NOK		RBS		(711,000	)		06/19/2013		(120,208	)		(2,858	)
NOK		RBS		(17,000,000	)		06/19/2013		(2,867,709	)		(74,793	)
NOK		RBS		(11,848,000	)		06/19/2013		(2,010,816	)		(39,935	)
NOK		RBS		(5,556,000	)		06/19/2013		(945,741	)		(15,938	)
NOK		RBS		(7,114,000	)		06/19/2013		(1,218,663	)		(12,688	)
NOK		RBS		(1,807,000	)		06/19/2013		(309,531	)		(3,240	)
NOK		RBS		(14,791,000	)		06/19/2013		(2,536,116	)		(24,034	)
NOK		RBS		(53,535,000	)		06/19/2013		(9,154,531	)		(111,755	)
NOK		RBS		(4,264,000	)		06/19/2013		(726,760	)		(11,289	)
NOK		RBS		(6,927,000	)		06/19/2013		(1,182,237	)		(16,747	)
NOK		RBS		(6,335,000	)		06/19/2013		(1,087,257	)		(9,258	)
NOK		RBS		(2,372,000	)		06/19/2013		(405,641	)		(4,924	)
NOK		RBS		150,847,000			06/19/2013		26,302,456			(192,596	)
NOK		RBS		966,000			06/19/2013		169,499			(2,295	)
NOK		RBS		3,423,000			06/19/2013		590,578			1,904
NOK		RBS		16,523,000			06/19/2013		2,878,563			(18,624	)
NOK		RBS		8,017,000			06/19/2013		1,400,526			(12,876	)
NOK		RBS		10,192,000			06/19/2013		1,779,159			(15,043	)
NOK		RBS		37,392,000			06/19/2013		6,500,580			(28,460	)
NOK		RBS		5,927,000			06/19/2013		1,032,210			(6,316	)
NZD		RBS		(8,530,000	)		06/19/2013		(6,952,494	)		(333,806	)
NZD		RBS		(4,464,000	)		06/19/2013		(3,654,468	)		(158,667	)
NZD		RBS		(5,867,000	)		06/19/2013		(4,814,010	)		(197,564	)
NZD		RBS		(3,222,000	)		06/19/2013		(2,619,264	)		(132,958	)
NZD		RBS		(7,355,000	)		06/19/2013		(6,006,349	)		(276,270	)
NZD		RBS		(7,642,000	)		06/19/2013		(6,258,480	)		(269,293	)
NZD		RBS		81,473,000			06/19/2013		67,263,294			2,330,690
NZD		RBS		4,364,000			06/19/2013		3,614,440			113,276
NZD		RBS		7,151,000			06/19/2013		5,944,979			163,384
NZD		RBS		4,597,000			06/19/2013		3,820,849			105,894
NZD		RBS		8,962,000			06/19/2013		7,471,833			183,480
NZD		RBS		12,485,000			06/19/2013		10,461,800			202,848
NZD		RBS		6,925,000			06/19/2013		5,805,531			109,782
NZD		RBS		4,932,000			06/19/2013		4,111,013			101,886
NZD		RBS		4,676,000			06/19/2013		3,914,359			79,866
NZD		RBS		3,426,000			06/19/2013		2,876,451			50,028
NZD		RBS		4,510,000			06/19/2013		3,808,859			43,569
NZD		RBS		5,900,000			06/19/2013		5,019,644			20,118
NZD		RBS		4,633,000			06/19/2013		3,982,003			(24,509	)
NZD		RBS		4,461,000			06/19/2013		3,771,389			39,183
NZD		RBS		2,074,000			06/19/2013		1,735,253			36,351
NZD		RBS		3,792,000			06/19/2013		3,192,777			46,338
PHP		RBS		(6,000,000	)		06/19/2013		(147,182	)		1,723
PHP		RBS		(34,000,000	)		06/19/2013		(831,686	)		7,417

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

Transamerica Funds Semi-Annual Report 2013

Page    163

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
PHP		RBS		(26,000,000	)		06/19/2013		$        (633,207	)		$         2,884
PHP		RBS		(56,000,000	)		06/19/2013		(1,358,866	)		1,247
PHP		RBS		(58,000,000	)		06/19/2013		(1,405,011	)		(1,095	)
PHP		RBS		(3,000,000	)		06/19/2013		(72,708	)		(21	)
PHP		RBS		(58,000,000	)		06/19/2013		(1,411,507	)		5,401
PHP		RBS		(59,000,000	)		06/19/2013		(1,441,457	)		11,107
PHP		RBS		(4,000,000	)		06/19/2013		(97,064	)		91
PHP		RBS		(12,000,000	)		06/19/2013		(294,112	)		3,193
PHP		RBS		294,000,000			06/19/2013		7,235,142			(107,639	)
PHP		RBS		32,000,000			06/19/2013		789,847			(14,064	)
PHP		RBS		24,000,000			06/19/2013		592,165			(10,328	)
PHP		RBS		33,000,000			06/19/2013		813,024			(12,999	)
PLN		RBS		(2,300,000	)		06/19/2013		(704,036	)		(21,193	)
PLN		RBS		(1,900,000	)		06/19/2013		(577,935	)		(21,168	)
PLN		RBS		(2,100,000	)		06/19/2013		(638,393	)		(23,773	)
PLN		RBS		(200,000	)		06/19/2013		(61,256	)		(1,808	)
PLN		RBS		(800,000	)		06/19/2013		(249,867	)		(2,387	)
PLN		RBS		(500,000	)		06/19/2013		(157,375	)		(284	)
PLN		RBS		(400,000	)		06/19/2013		(122,481	)		(3,645	)
PLN		RBS		(4,100,000	)		06/19/2013		(1,256,494	)		(36,306	)
PLN		RBS		(2,300,000	)		06/19/2013		(712,926	)		(12,303	)
PLN		RBS		31,200,000			06/19/2013		9,736,321			101,573
PLN		RBS		300,000			06/19/2013		94,144			451
PLN		RBS		8,400,000			06/19/2013		2,661,085			(12,421	)
PLN		RBS		8,900,000			06/19/2013		2,825,191			(18,868	)
PLN		RBS		5,200,000			06/19/2013		1,642,524			(2,875	)
PLN		RBS		5,300,000			06/19/2013		1,680,965			(9,784	)
PLN		RBS		2,400,000			06/19/2013		756,575			186
PLN		RBS		3,900,000			06/19/2013		1,246,729			(16,992	)
PLN		RBS		3,300,000			06/19/2013		1,044,409			(3,862	)
PLN		RBS		2,600,000			06/19/2013		825,562			(5,737	)
PLN		RBS		2,200,000			06/19/2013		693,042			656
PLN		RBS		1,300,000			06/19/2013		406,807			3,105
RUB		RBS		42,000,000			06/19/2013		1,332,830			4,382
RUB		RBS		41,000,000			06/19/2013		1,311,311			(5,937	)
RUB		RBS		59,000,000			06/19/2013		1,885,888			(7,423	)
RUB		RBS		(13,000,000	)		06/19/2013		(412,018	)		(1,882	)
RUB		RBS		(43,000,000	)		06/19/2013		(1,352,238	)		(16,813	)
RUB		RBS		(106,000,000	)		06/19/2013		(3,304,324	)		(70,545	)
RUB		RBS		(99,000,000	)		06/19/2013		(3,093,111	)		(58,890	)
RUB		RBS		(110,000,000	)		06/19/2013		(3,454,009	)		(48,214	)
RUB		RBS		(54,000,000	)		06/19/2013		(1,710,493	)		(8,780	)
RUB		RBS		(45,000,000	)		06/19/2013		(1,423,933	)		(8,794	)
RUB		RBS		(134,000,000	)		06/19/2013		(4,212,328	)		(54,016	)
RUB		RBS		(7,000,000	)		06/19/2013		(219,586	)		(3,282	)
RUB		RBS		17,000,000			06/19/2013		543,793			(2,541	)
RUB		RBS		14,000,000			06/19/2013		449,115			(3,377	)
RUB		RBS		14,000,000			06/19/2013		449,231			(3,493	)
RUB		RBS		3,000,000			06/19/2013		95,987			(471	)
RUB		RBS		33,000,000			06/19/2013		1,062,823			(12,156	)
RUB		RBS		3,000,000			06/19/2013		95,835			(320	)
RUB		RBS		428,000,000			06/19/2013		13,688,014			(61,184	)
RUB		RBS		4,000,000			06/19/2013		128,146			(793	)
RUB		RBS		83,000,000			06/19/2013		2,653,071			(10,485	)
SEK		RBS		(12,865,000	)		06/19/2013		(1,971,706	)		(11,108	)
SEK		RBS		(29,273,000	)		06/19/2013		(4,544,330	)		32,639
SEK		RBS		(3,586,000	)		06/19/2013		(557,999	)		5,308

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

Transamerica Funds Semi-Annual Report 2013

Page    164

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
SEK		RBS		(42,549,000	)		06/19/2013		$      (6,517,824	)		$       (40,026	)
SEK		RBS		(14,392,000	)		06/19/2013		(2,178,833	)		(39,329	)
SEK		RBS		(34,318,000	)		06/19/2013		(5,205,309	)		(83,941	)
SEK		RBS		(15,349,000	)		06/19/2013		(2,342,790	)		(22,869	)
SEK		RBS		9,220,000			06/19/2013		1,428,510			(7,481	)
SEK		RBS		6,660,000			06/19/2013		1,040,076			(13,606	)
SEK		RBS		4,012,000			06/19/2013		627,519			(9,171	)
SEK		RBS		1,558,000			06/19/2013		242,568			(2,442	)
SEK		RBS		2,941,000			06/19/2013		457,899			(4,618	)
SEK		RBS		7,451,000			06/19/2013		1,155,246			(6,863	)
SEK		RBS		5,990,000			06/19/2013		928,544			(5,337	)
SEK		RBS		4,955,000			06/19/2013		767,746			(4,059	)
SEK		RBS		5,400,000			06/19/2013		835,135			(2,862	)
SEK		RBS		311,318,000			06/19/2013		48,564,340			(582,563	)
SEK		RBS		6,972,000			06/19/2013		1,076,681			(2,124	)
SEK		RBS		3,885,000			06/19/2013		607,604			(8,829	)
SEK		RBS		25,972,000			06/19/2013		4,080,702			(77,777	)
SEK		RBS		21,319,000			06/19/2013		3,332,176			(46,393	)
SGD		RBS		1,430,000			06/19/2013		1,157,003			4,021
SGD		RBS		2,910,000			06/19/2013		2,359,067			3,576
SGD		RBS		(120,000	)		06/19/2013		(97,083	)		(345	)
SGD		RBS		(470,000	)		06/19/2013		(377,563	)		(4,032	)
SGD		RBS		(2,070,000	)		06/19/2013		(1,664,013	)		(16,630	)
SGD		RBS		(780,000	)		06/19/2013		(624,962	)		(8,324	)
SGD		RBS		(80,000	)		06/19/2013		(64,017	)		(936	)
SGD		RBS		(800,000	)		06/19/2013		(641,466	)		(8,058	)
SGD		RBS		(460,000	)		06/19/2013		(368,633	)		(4,843	)
SGD		RBS		(750,000	)		06/19/2013		(600,607	)		(8,322	)
SGD		RBS		(1,030,000	)		06/19/2013		(831,061	)		(5,202	)
SGD		RBS		(2,350,000	)		06/19/2013		(1,899,416	)		(8,561	)
SGD		RBS		(160,000	)		06/19/2013		(129,246	)		(659	)
SGD		RBS		(150,000	)		06/19/2013		(121,200	)		(586	)
SGD		RBS		(1,020,000	)		06/19/2013		(821,667	)		(6,477	)
SGD		RBS		(1,550,000	)		06/19/2013		(1,247,885	)		(10,568	)
SGD		RBS		(110,000	)		06/19/2013		(88,981	)		(328	)
SGD		RBS		1,180,000			06/19/2013		953,571			4,477
SGD		RBS		990,000			06/19/2013		796,245			7,541
SGD		RBS		(1,930,000	)		06/19/2013		(1,544,885	)		(22,092	)
SGD		RBS		(480,000	)		06/19/2013		(383,446	)		(6,269	)
SGD		RBS		790,000			06/19/2013		634,117			7,289
SGD		RBS		390,000			06/19/2013		312,116			4,527
SGD		RBS		6,390,000			06/19/2013		5,142,511			45,563
SGD		RBS		2,890,000			06/19/2013		2,336,570			9,836
SGD		RBS		1,920,000			06/19/2013		1,549,275			9,583
SGD		RBS		1,270,000			06/19/2013		1,025,465			5,655
SGD		RBS		830,000			06/19/2013		670,540			3,341
SGD		RBS		1,030,000			06/19/2013		835,293			970
SGD		RBS		2,470,000			06/19/2013		2,000,502			4,903
TRY		RBS		(1,100,000	)		06/19/2013		(609,385	)		(1,032	)
TRY		RBS		200,000			06/19/2013		109,416			1,569
TRY		RBS		1,300,000			06/19/2013		714,254			7,147
TRY		RBS		1,600,000			06/19/2013		881,648			6,230
TRY		RBS		1,100,000			06/19/2013		604,399			6,017
TRY		RBS		200,000			06/19/2013		108,589			2,395
TRY		RBS		15,720,000			06/19/2013		8,631,949			91,455
TRY		RBS		300,000			06/19/2013		163,721			2,756
TRY		RBS		2,400,000			06/19/2013		1,305,866			25,952

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

Transamerica Funds Semi-Annual Report 2013

Page    165

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
TRY		RBS		1,500,000			06/19/2013		$          821,352			$       11,034
TRY		RBS		1,700,000			06/19/2013		933,764			9,607
TRY		RBS		700,000			06/19/2013		383,732			4,715
TRY		RBS		2,000,000			06/19/2013		1,097,852			11,996
TWD		RBS		19,000,000			06/19/2013		643,100			1,109
TWD		RBS		13,000,000			06/19/2013		441,885			(1,111	)
TWD		RBS		(41,000,000	)		06/19/2013		(1,387,477	)		(2,658	)
TWD		RBS		(190,000,000	)		06/19/2013		(6,418,919	)		(23,171	)
TWD		RBS		(13,000,000	)		06/19/2013		(439,708	)		(1,066	)
TWD		RBS		(15,000,000	)		06/19/2013		(506,543	)		(2,043	)
TWD		RBS		(29,000,000	)		06/19/2013		(980,378	)		(2,889	)
TWD		RBS		(1,000,000	)		06/19/2013		(33,761	)		(145	)
TWD		RBS		(2,000,000	)		06/19/2013		(67,579	)		(233	)
TWD		RBS		(11,000,000	)		06/19/2013		(370,865	)		(2,098	)
TWD		RBS		(48,000,000	)		06/19/2013		(1,617,220	)		(10,255	)
TWD		RBS		(19,000,000	)		06/19/2013		(635,864	)		(8,345	)
TWD		RBS		(1,000,000	)		06/19/2013		(33,450	)		(456	)
TWD		RBS		(15,000,000	)		06/19/2013		(503,265	)		(5,321	)
TWD		RBS		(10,000,000	)		06/19/2013		(335,819	)		(3,239	)
TWD		RBS		(26,000,000	)		06/19/2013		(873,508	)		(8,041	)
TWD		RBS		(11,000,000	)		06/19/2013		(370,927	)		(2,036	)
TWD		RBS		20,000,000			06/19/2013		675,613			2,502
TWD		RBS		60,000,000			06/19/2013		2,009,229			25,115
TWD		RBS		17,000,000			06/19/2013		571,052			5,345
ZAR		RBS		4,300,000			06/19/2013		467,598			8,388
ZAR		RBS		10,000,000			06/19/2013		1,096,366			10,577
ZAR		RBS		7,700,000			06/19/2013		851,755			592
ZAR		RBS		(52,100,000	)		06/19/2013		(5,665,609	)		(101,565	)
ZAR		RBS		(5,600,000	)		06/19/2013		(609,431	)		(10,457	)
ZAR		RBS		(17,600,000	)		06/19/2013		(1,920,465	)		(27,755	)
ZAR		RBS		(9,500,000	)		06/19/2013		(1,029,419	)		(22,177	)
ZAR		RBS		(12,700,000	)		06/19/2013		(1,370,190	)		(35,628	)
ZAR		RBS		(6,000,000	)		06/19/2013		(649,525	)		(14,641	)
ZAR		RBS		(2,800,000	)		06/19/2013		(300,337	)		(9,607	)
ZAR		RBS		(7,100,000	)		06/19/2013		(764,357	)		(21,573	)
ZAR		RBS		(7,100,000	)		06/19/2013		(758,537	)		(27,393	)
ZAR		RBS		(6,500,000	)		06/19/2013		(698,896	)		(20,617	)
ZAR		RBS		(500,000	)		06/19/2013		(53,471	)		(1,876	)
ZAR		RBS		(900,000	)		06/19/2013		(96,438	)		(3,187	)
ZAR		RBS		(1,300,000	)		06/19/2013		(140,481	)		(3,422	)
ZAR		RBS		(700,000	)		06/19/2013		(75,947	)		(1,539	)
ZAR		RBS		(11,600,000	)		06/19/2013		(1,244,108	)		(39,947	)
ZAR		RBS		(1,100,000	)		06/19/2013		(117,940	)		(3,823	)
ZAR		RBS		(1,300,000	)		06/19/2013		(137,208	)		(6,694	)
ZAR		RBS		(1,500,000	)		06/19/2013		(160,174	)		(5,867	)
ZAR		RBS		1,300,000			06/19/2013		137,829			6,074
ZAR		RBS		300,000			06/19/2013		32,085			1,123
ZAR		RBS		3,000,000			06/19/2013		322,415			9,668
ZAR		RBS		1,400,000			06/19/2013		150,037			4,935
ZAR		RBS		500,000			06/19/2013		54,669			678
ZAR		RBS		5,100,000			06/19/2013		566,186			(1,645	)
ZAR		RBS		17,400,000			06/19/2013		1,939,314			(13,233	)
ZAR		RBS		19,400,000			06/19/2013		2,153,654			(6,184	)
ZAR		RBS		9,000,000			06/19/2013		990,929			5,320
												$  5,464,811

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

Transamerica Funds Semi-Annual Report 2013

Page    166

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)

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 April 30, 2013:

Counterparty	Total Market Value of OTC Derivatives		Collateral (Received) Pledged			Net Exposures (1)
BCLY	$	824,249	$	5,945,570		$	6,769,819
BOA		109,256		(100,000	)		9,256
GSC		774,518		—			774,518
RBS		5,862,633		—			5,862,633

⁽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:

(A) Rate shown reflects the yield at April 30, 2013.

(B) Aggregate cost for federal income tax purposes is $332,606,180.

(C) Cash in the amount of $5,945,570 has been segregated by the custodian with the broker as collateral for open swap and/or forward foreign currency contracts.

(D) Cash in the amount of $100,000 has been segregated by the broker with the custodian as collateral for open swap and/or forward foreign currency contracts.

(E) 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.

(F) Cash in the amount of $20,809,479 has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts.

DEFINITIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America
EURIBOR	Euro InterBank Offered Rate
GSC	Goldman Sachs & Co.
OTC	Over the Counter
RBS	Royal Bank of Scotland Group PLC

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Columbian Peso
CZK	Czech Republic Koruna
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israel New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit

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

Transamerica Funds Semi-Annual Report 2013

Page    167

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At April 30, 2013

(unaudited)

CURRENCY ABBREVIATIONS (continued):

NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish New Lira
TWD	Taiwan New Dollar
ZAR	South African Rand

VALUATION SUMMARY: (G)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
ASSETS
Investment Securities
Short-Term U.S. Government Obligation	$	—		$	35,465,286		$	—	$	35,465,286
Investment Companies		297,140,894			—			—		297,140,894
Total Investment Securities	$	297,140,894		$	35,465,286		$	—	$	332,606,180
Derivative Financial Instruments
Forward Foreign Currency Contracts (H)	$	—		$	16,524,717		$	—	$	16,524,717
Futures Contracts (H)		14,150,834			—			—		14,150,834
Total Return Swap Agreements (H)		—			2,576,527			—		2,576,527
Total Derivative Financial Instruments	$	14,150,834		$	19,101,244		$	—	$	33,252,078
Other Assets (I)
Cash on Deposit with Broker	$	20,809,479		$	—		$	—	$	20,809,479
Cash on Deposit with Custodian		5,945,570			—			—		5,945,570
Foreign Currency		229,324			—			—		229,324
Total Other Assets	$	26,984,373		$	—		$	—	$	26,984,373
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at April 30, 2013
LIABILITIES
Derivative Financial Instruments
Forward Foreign Currency Contracts (H)	$	—		$	(11,059,906	)	$	—	$	(11,059,906	)
Futures Contracts (H)		(4,426,191	)		—			—		(4,426,191	)
Total Return Swap Agreements (H)		—			(470,682	)		—		(470,682	)
Total Derivative Financial Instruments	$	(4,426,191	)	$	(11,530,588	)	$	—	$	(15,956,779	)
Other Liabilities (I)
Cash Deposit due to Broker	$	—		$	(100,000	)	$	—	$	(100,000	)
Total Other Liabilities	$	—		$	(100,000	)	$	—	$	(100,000	)

(G) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended April 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

(I) Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes.

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

Transamerica Funds Semi-Annual Report 2013

Page    168

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2013

(unaudited)

	Transamerica Commodity Strategy			Transamerica Global Allocation			Transamerica Global Macro			Transamerica Managed Futures Strategy
Assets:
Investment securities, at value	$	60,171,580		$	377,034,204		$	—		$	332,606,180
Repurchase agreements, at value		72,872,961			1,090,243			95,255,739			—
Cash on deposit with broker		1,600,000			667,275			—			20,809,479
Cash on deposit with custodian		13,375,575			—			—			5,945,570
Foreign currency, at value		—			514,088			9			229,324
Unrealized appreciation on forward foreign currency contracts		—			571,962			—			16,524,717
Unrealized appreciation on swap agreements		—			110,238			—			2,576,527
Premium paid on swap agreements		—			13,042			—			—
Receivables:
Shares of beneficial interest sold		86,854			157,675			181			1,253
Investment securities sold		—			2,536,800			—			5,231,534
Interest		61			843,157			79			2,778
Dividends		—			452,821			—			—
Dividend reclaims		1,136			81,365			801			—
Securities lending income (net)		219			15,172			5			—
Variation margin		—			282,129			—			9,146,504
Prepaid expenses		513			1,416			387			1,175
Total assets		148,108,899			384,371,587			95,257,201			393,075,041
Liabilities:
Due to custodian		—			368,204			—			—
Cash collateral due to broker		—			956,293			—			100,000
Cash collateral due to custodian		—			900,000			—			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		4,811			160,754			—			18,543,815
Investment securities purchased		3,114,227			2,418,300			—			—
Management and advisory fees		68,558			243,726			107,889			371,043
Transfer agent fees		843			2,283			647			2,530
Trustees fees		436			734			259			732
Administration fees		2,810			7,611			2,158			8,433
Capital gains tax		—			60,880			—			—
Other		32,869			146,490			31,284			83,153
Collateral for securities on loan		20,196,000			34,080,443			—			—
Written options and swaptions, at value		—			602,945			—			—
Unrealized depreciation on forward foreign currency contracts		—			444,551			—			11,059,906
Unrealized depreciation on swap agreements		30,567			39,865			—			470,682
Total liabilities		23,451,121			40,433,079			142,237			30,640,294
Net assets	$	124,657,778		$	343,938,508		$	95,114,964		$	362,434,747
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	134,409,373		$	298,973,140		$	166,647,116		$	335,496,400
Undistributed (accumulated) net investment income (loss)		(1,262,213	)		339,479			(1,885,781	)		(7,850,289	)
Undistributed (accumulated) net realized gain (loss) from investment securities, futures, written option contracts, swap agreements and foreign currency transactions		(8,458,815	)		4,923,621			(69,646,330	)		17,532,018
Net unrealized appreciation (depreciation) on:
Investment securities		—			39,385,404			—			—
Futures contracts		—			281,938			—			9,724,643
Options written		—			(160,503	)		—			—
Swap agreements		(30,567	)		70,373			—			2,105,845
Translation of assets and liabilities denominated in foreign currencies		—			125,056			(41	)		5,426,130
Net assets	$	124,657,778		$	343,938,508		$	95,114,964		$	362,434,747
Shares outstanding		13,776,068			30,121,431			16,537,424			34,399,428
Net asset value and offering price per share	$	9.05		$	11.42		$	5.75		$	10.54
Investment securities, at cost	$	60,171,580		$	337,587,920		$	—		$	332,606,180
Repurchase agreements, at cost	$	72,872,961		$	1,090,243		$	95,255,739		$	—
Foreign currency, at cost	$	—		$	513,354		$	9		$	267,995
Securities loaned, at value	$	19,793,995		$	33,121,444		$	—		$	—
Premium received on written option and swaption contracts	$	—		$	442,442		$	—		$	—

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

Transamerica Funds Semi-Annual Report 2013

Page    169

CONSOLIDATED STATEMENTS OF OPERATIONS

For the period ended April 30, 2013

(unaudited)

	Transamerica Commodity Strategy			Transamerica Global Allocation			Transamerica Global Macro			Transamerica Managed Futures Strategy
Investment Income:
Dividend income	$	—		$	2,370,415		$	—		$	—
Interest income		67,261			1,339,238			43,891			32,762
Withholding taxes on foreign income		—			(98,351	)		—			—
Securities lending income (net)		19,587			63,354			2,129			—
Total investment income		86,848			3,674,656			46,020			32,762
Expenses:
Management and advisory		409,685			1,196,023			591,101			1,864,723
Transfer agent		5,037			12,045			3,547			12,714
Printing and shareholder reports		5,791			14,220			4,092			14,907
Custody		33,502			303,395			80,481			266,243
Administration		16,790			40,151			11,822			42,380
Legal		10,138			10,725			7,532			10,733
Audit and tax		10,288			17,021			10,771			10,696
Trustees		1,279			2,838			870			2,959
Other		1,404			2,427			897			20,379
Total expenses		493,914			1,598,845			711,113			2,245,734
Net investment income (loss)		(407,066	)		2,075,811			(665,093	)		(2,212,972	)
Net realized gain (loss) on transactions from:
Investment securities		—			7,654,045	(A)		(3,109,863	)		—
Futures contracts		—			73,029			(1,432,234	)		(1,645,137	)
Written option and swaption contracts		—			546,228			3,893,341			—
Swap agreements		(8,459,883	)		(7,478	)		—			2,115,374
Foreign currency transactions		—			715,902			1,009,679			21,144,697
Total realized gain (loss)		(8,459,883	)		8,981,726			360,923			21,614,934
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			16,414,094	(B)		358,521			—
Futures contracts		—			94,536			286,572			13,327,733
Written option and swaption contracts		—			(429,357	)		(385,483	)		—
Swap agreements		(30,567	)		3,983			—			2,202,986
Translation of assets and liabilities denominated in foreign currencies		—			336,952			(279,399	)		4,459,249
Net change in unrealized appreciation (depreciation)		(30,567	)		16,420,208			(19,789	)		19,989,968
Net realized and change in unrealized gain (loss)		(8,490,450	)		25,401,934			341,134			41,604,902
Net increase (decrease) in net assets resulting from operations	$	(8,897,516	)	$	27,477,745		$	(323,959	)	$	39,391,930

^(A) Net of foreign capital gains tax of $1,133.

^(B) Net of foreign capital gains tax of $60,880.

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

Transamerica Funds Semi-Annual Report 2013

Page    170

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Commodity Strategy						Transamerica Global Allocation						Transamerica Global Macro
	April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012			April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment income (loss)	$	(407,066	)	$	(992,293	)	$	2,075,811		$	6,159,635		$	(665,093	)	$	(1,532,720	)
Net realized gain (loss) from investment securities, futures, written option contracts, swap agreements and foreign currency transactions		(8,459,883	)		(11,228,391	)		8,981,726			8,831,626			360,923			3,072,879
Net change in unrealized appreciation (depreciation) on investment securities, futures, written option contracts, swap agreements and foreign currency translations		(30,567	)		—			16,420,208			(711,717	)		(19,789	)		(2,402,664	)
Net increase (decrease) in net assets resulting from operations		(8,897,516	)		(12,220,684	)		27,477,745			14,279,544			(323,959	)		(862,505	)
Distributions to shareholders:
From net investment income		—			(6,302,827	)		(5,712,156	)		(10,437,710	)		—			—
From net realized gains		—			—			(9,903,044	)		(6,764,048	)		—			—
Total distributions to shareholders		—			(6,302,827	)		(15,615,200	)		(17,201,758	)		—			—
Capital share transactions:
Proceeds from shares sold		893,555			24,647,279			16,230,395			43,521,044			16,801,366			52,588,168
Dividends and distributions reinvested		—			6,302,828			15,615,200			17,201,758			—			—
Cost of shares redeemed		(17,831,148	)		(39,777,077	)		(14,475,120	)		(165,321,581	)		(33,623,836	)		(77,014,991	)
Net increase (decrease) in net assets resulting from capital shares transactions		(16,937,593	)		(8,826,970	)		17,370,475			(104,598,779	)		(16,822,470	)		(24,426,823	)
Net increase (decrease) in net assets		(25,835,109	)		(27,350,481	)		29,233,020			(107,520,993	)		(17,146,429	)		(25,289,328	)
Net assets:
Beginning of period		150,492,887			177,843,368			314,705,488			422,226,481			112,261,393			137,550,721
End of period	$	124,657,778		$	150,492,887		$	343,938,508		$	314,705,488		$	95,114,964		$	112,261,393
Undistributed (accumulated) net investment income (loss)	$	(1,262,213	)	$	(855,147	)	$	339,479		$	3,975,824		$	(1,885,781	)	$	(1,220,688	)
Share activity:
Shares issued		96,341			2,565,386			1,464,913			4,016,155			2,907,817			9,160,091
Shares issued-reinvested from dividends and distributions		—			669,090			1,463,468			1,709,916			—			—
Shares redeemed		(1,875,273	)		(4,191,509	)		(1,316,385	)		(15,651,748	)		(5,842,598	)		(13,337,447	)
Net increase (decrease) in shares outstanding		(1,778,932	)		(957,033	)		1,611,996			(9,925,677	)		(2,934,781	)		(4,177,356	)

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

Transamerica Funds Semi-Annual Report 2013

Page    171

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Managed Futures Strategy
	April 30, 2013 (unaudited)			October 31, 2012
From operations:
Net investment loss	$	(2,212,972	)	$	(3,748,129	)
Net realized gain (loss) from futures, swap agreements and foreign currency transactions		21,614,934			(5,094,606	)
Net change in unrealized appreciation (depreciation) on futures, swap agreements and foreign currency translations		19,989,968			5,726,951
Net increase (decrease) in net assets resulting from operations		39,391,930			(3,115,784	)
Distributions to shareholders:
From net investment income		—			(88,063	)
From net realized gains		—			(127,561	)
Total distributions to shareholders		—			(215,624	)
Capital share transactions:
Proceeds from shares sold		75,989,681			186,221,171
Dividends and distributions reinvested		—			215,624
Cost of shares redeemed		(55,070,196	)		(143,390,834	)
Net increase in net assets resulting from capital shares transactions		20,919,485			43,045,961
Net increase in net assets		60,311,415			39,714,553
Net assets:
Beginning of period		302,123,332			262,408,779
End of period	$	362,434,747		$	302,123,332
Undistributed (accumulated) net investment income (loss)	$	(7,850,289	)	$	(5,637,317	)
Share activity:
Shares issued		7,606,814			19,224,440
Shares issued-reinvested from dividends and distributions		—			22,275
Shares redeemed		(5,471,771	)		(15,087,978	)
Net increase (decrease) in shares outstanding		2,135,043			4,158,737

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

Transamerica Funds Semi-Annual Report 2013

Page    172

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a share outstanding throughout each period	Transamerica Commodity Strategy
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	9.67		$	10.77		$	11.24		$	10.03		$	8.11		$	14.11
Investment operations
Net investment income (loss)(A)		(0.03	)		(0.06	)		(0.07	)		0.04			0.05			0.03
Net realized and unrealized gain (loss)		(0.59	)		(0.66	)		0.64			1.22			1.91			(5.85	)
Total from investment operations		(0.62	)		(0.72	)		0.57			1.26			1.96			(5.82	)
Distributions
Net investment income		—			(0.38	)		(0.57	)		(0.05	)		(0.04	)		(0.03	)
Net realized gains on investments		—			—			(0.47	)		—			—	(B)		(0.15	)
Total distributions		—			(0.38	)		(1.04	)		(0.05	)		(0.04	)		(0.18	)
Net asset value
End of period/year	$	9.05		$	9.67		$	10.77		$	11.24		$	10.03		$	8.11
Total return(C)		(6.41	)%(D)		(6.57	)%		5.12	%		12.61	%		24.41	%		(41.77	)%
Net assets end of period/year (000’s)	$	124,658		$	150,493		$	177,843		$	146,976		$	121,342		$	87,252
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.74	%(E)		0.71	%		0.71	%		0.86	%		0.89	%		0.86	%
Before reimbursement/waiver or recapture		0.74	%(E)		0.71	%		0.71	%		0.86	%		0.89	%		0.86	%
Net investment income (loss) to average net assets		(0.61	)%(E)		(0.62	)%		(0.60	)%		0.38	%		0.63	%		0.21	%
Portfolio turnover rate		—	%(D)		—	%		—	%		112	%(F)		5	%		4	%

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

(B) Rounds to less than $0.01 or $(0.01).

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

(D) Not annualized.

(E) Annualized.

(F) Increase in portfolio turnover was triggered by a change in the fund’s objectives.

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

For a share outstanding throughout each period	Transamerica Global Allocation
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	11.04		$	10.99		$	10.91		$	9.99		$	9.32		$	13.23
Investment operations
Net investment income(A)		0.07			0.17			0.22			0.20			0.19			0.27
Net realized and unrealized gain (loss)		0.86			0.33			0.03			0.93			1.55			(3.25	)
Total from investment operations		0.93			0.50			0.25			1.13			1.74			(2.98	)
Distributions
Net investment income		(0.20	)		(0.27	)		(0.17	)		(0.21	)		(0.55	)		(0.35	)
Net realized gains on investments		(0.35	)		(0.18	)		—			—			(0.52	)		(0.58	)
Total distributions		(0.55	)		(0.45	)		(0.17	)		(0.21	)		(1.07	)		(0.93	)
Net asset value
End of period/year	$	11.42		$	11.04		$	10.99		$	10.91		$	9.99		$	9.32
Total return(B)		8.81	%(C)		4.91	%		2.28	%		11.40	%		20.57	%		(24.23	)%
Net assets end of period/year (000’s)	$	343,939		$	314,705		$	422,226		$	497,305		$	448,979		$	377,781
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.00	%(D)		0.96	%		0.91	%		0.87	%		0.90	%		0.88	%
Before reimbursement/waiver or recapture		1.00	%(D)		0.96	%		0.91	%		0.87	%		0.90	%		0.88	%
Net investment income to average net assets		1.29	%(D)		1.58	%		1.98	%		1.96	%		2.08	%		2.25	%
Portfolio turnover rate		23	%(C)		38	%		41	%		51	%		43	%		49	%

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

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

(C) Not annualized.

(D) Annualized.

Note: Prior to November 1, 2009, 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 2013

Page    173

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Global Macro
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of period/year	$	5.77		$	5.82		$	6.12		$	6.08		$	8.60		$	9.83
Investment operations
Net investment income (loss)(A)		(0.04	)		(0.08	)		(0.09	)		(0.10	)		0.02			0.18
Net realized and unrealized gain (loss)		0.02			0.03			(0.21	)		0.14			(0.04	)		(1.30	)
Total from investment operations		(0.02	)		(0.05	)		(0.30	)		0.04			(0.02	)		(1.12	)
Distributions
Net investment income		—			—			—			—			(0.03	)		(0.11	)
Net realized gains on investments		—			—			—			—			(2.40	)		—
Return of capital		—			—			—			—			(0.07	)		—
Total distributions		—			—			—			—			(2.50	)		(0.11	)
Net asset value
End of period/year	$	5.75		$	5.77		$	5.82		$	6.12		$	6.08		$	8.60
Total return(B)		(0.35	)%(C)		(0.86	)%		(4.90	)%		0.66	%		5.34	%		(11.55	)%
Net assets end of period/year (000’s)	$	95,115		$	112,261		$	137,551		$	126,142		$	107,017		$	165,567
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.50	%(D)		1.46	%		1.53	%		1.61	%		1.58	%		1.51	%
Before reimbursement/waiver or recapture		1.50	%(D)		1.46	%		1.53	%		1.61	%		1.58	%		1.51	%
Net investment income (loss) to average net assets		(1.41	)%(D)		(1.41	)%		(1.49	)%		(1.56	)%		0.32	%		1.81	%
Portfolio turnover rate		—	%(C)		—	%		—	%		—	%		358	%		84	%

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

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

(C) Not annualized.

(D) Annualized.

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

For a share outstanding throughout each period	Transamerica Managed Futures Strategy
	April 30, 2013 (unaudited)			October 31, 2012			October 31, 2011			October 31, 2010(A)
Net asset value
Beginning of period/year	$	9.36		$	9.34		$	10.16		$	10.00
Investment operations
Net investment loss(B)		(0.06	)		(0.13	)		(0.12	)		(0.01	)
Net realized and unrealized gain (loss)		1.24			0.16			(0.53	)		0.17
Total from investment operations		1.18			0.03			(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	$	10.54		$	9.36		$	9.34		$	10.16
Total return(D)		12.61	%(E)		0.31	%		(6.52	)%		1.60	%(E)
Net assets end of period/year (000’s)	$	362,435		$	302,123		$	262,409		$	257,887
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.32	%(F)(G)		1.37	%		1.31	%		1.38	%(G)
Before reimbursement/waiver or recapture		1.32	%(F)(G)		1.37	%		1.31	%		1.38	%(G)
Net investment loss to average net assets		(1.31	)%(F)(G)		(1.35	)%		(1.21	)%		(1.22	)%(G)
Portfolio turnover rate		—	%(E)		—	%		—	%		—	%(E)

(A) Commenced operations September 30, 2010.

(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) Includes interest (representing 0.01% of average net assets.)

(G) Annualized.

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

Transamerica Funds Semi-Annual Report 2013

Page    174

NOTES TO FINANCIAL STATEMENTS

At April 30, 2013

(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 Arbitrage Strategy, Transamerica Bond, Transamerica Core Bond, Transamerica Developing Markets Equity, Transamerica Global Real Estate Securities, Transamerica Growth, Transamerica International, Transamerica International Equity Opportunities, Transamerica International Small Cap, Transamerica International Value Opportunities, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Real Return TIPS, Transamerica Select Equity, Transamerica Total Return, Transamerica Value, Transamerica Commodity Strategy, Transamerica Global Allocation, Transamerica Global Macro, and Transamerica Managed Futures Strategy, (each, a “Fund” and collectively, the “Funds”) are series of the Trust.

Transamerica Global Macro, Transamerica Global Real Estate Securities, Transamerica Real Return TIPS, Transamerica Value, Transamerica Commodity Strategy, and Transamerica Managed Futures Strategy are “non-diversified” funds, as defined under the 1940 Act.

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

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

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

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of 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. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio (“Navigator”), a money market mutual fund registered under the 1940 Act. The Transamerica Asset Management family of mutual funds is a significant shareholder of the Navigator as of April 30, 2013. No individual fund has a significant holding in the Navigator.

By lending securities, a Fund seeks to increase its net investment income through the receipt of interest and fees.

Such income is reflected separately in the Statements of Operations or Consolidated Statements of Operations. Income from loaned securities in the Statements of Operations or Consolidated Statements of Operations is net of fees and rebates earned by the lending agent for its services. The value of loaned securities and related collateral outstanding at April 30, 2013 are shown in the Schedules of Investments and Statements of Assets and Liabilities, or in the Consolidated Schedules of Investments and Consolidated Statements of Assets and Liabilities.

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

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rates in effect when the investment was acquired. Each Funds 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

Transamerica Funds Semi-Annual Report 2013

Page    175

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

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

Foreign taxes: The Funds may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

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

Open forward foreign currency contracts at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

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

Purchased options: Purchasing call options tends to increase 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 or Consolidated Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying investment. Writing put options tends to increase exposure to the underlying investment. When a Fund writes a covered call or put option, the premium received is recorded as a liability in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

Inflation-capped options: A Fund purchases or writes inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.

The underlying face amounts of open option and swaption contracts at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Transamerica Funds Semi-Annual Report 2013

Page    176

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

Transactions in written options were as follows:

Transamerica Arbitrage Strategy	Premiums			Contracts
Balance at October 31, 2012	$	152,320			4,663
Sales		883,215			21,872
Closing Buys		(530,376	)		(8,526	)
Expirations		(319,544	)		(12,775	)
Exercised		(13,050	)		(455	)
Balance at April 30, 2013	$	172,565			4,779

Transamerica Global Allocation	Premiums			Contracts
Balance at October 31, 2012	$	818,043			39,091
Sales		813,033			101,601
Closing Buys		(776,834	)		(75,599	)
Expirations		(298,542	)		(42,276	)
Exercised		(162,950	)		(1,346	)
Balance at April 30, 2013	$	392,750			21,471

Transamerica Global Macro	Premiums			Contracts
Balance at October 31, 2012	$	1,259,948			3,419
Sales		7,556,777			25,669
Closing Buys		(5,551,374	)		(12,508	)
Expirations		(3,265,351	)		(16,580	)
Balance at April 30, 2013	$	—			—

Transactions in written swaptions, inflation floor options and foreign exchange options were as follows:

Transamerica Real Return TIPS	Premiums			Notional Amount
Balance at October 31, 2012	$	1,659,096		$	240,000,000
Sales		873,299			232,220,000
Closing Buys		(246,993	)		(25,310,000	)
Expirations		(1,086,842	)		(253,800,000	)
Exercised		(286,988	)		(42,610,000	)
Balance at April 30, 2013	$	911,572		$	150,500,000

Transamerica Real Return TIPS	Premiums			Notional Amount
Balance at October 31, 2012	$	31,356		EUR	5,900,000
Sales		119,310			38,000,000
Closing Buys		—			—
Expirations		(40,634	)		(12,500,000	)
Exercised		—			—
Balance at April 30, 2013	$	110,032		EUR	31,400,000

Transamerica Total Return	Premiums			Notional Amount
Balance at October 31, 2012	$	1,301,145		$	79,200,000
Sales		339,640			140,400,000
Closing Buys		—			—
Expirations		(789,895	)		(87,500,000	)
Exercised		(187,200	)		(29,100,000	)
Balance at April 30, 2013	$	663,690		$	103,000,000

Transamerica Funds Semi-Annual Report 2013

Page    177

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

Transamerica Total Return	Premiums			Notional Amount
Balance at October 31, 2012	$	—		EUR	—
Sales		129,294			33,600,000
Closing Buys		—			—
Expirations		(12,451	)		(8,900,000	)
Exercised		—			—
Balance at April 30, 2013	$	116,843		EUR	24,700,000

Transamerica Global Allocation	Premiums		Notional Amount
Balance at October 31, 2012	$	49,692	EUR	2,952,000
Sales		—		—
Closing Buys		—		—
Expirations		—		—
Exercised		—		—
Balance at April 30, 2013	$	49,692	EUR	2,952,000

Futures contracts: The Funds are subject to equity and commodity price risks, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be executed in multilateral or other trade facility platforms, such as a registered exchange (“centrally cleared swaps”). The Funds enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked to market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses in the Statements of Operations or Consolidated Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations or Consolidated Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gains or losses in the Statements of Operations or Consolidated Statements of Operations.

Transamerica Funds Semi-Annual Report 2013

Page    178

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds enter into credit default swaps to manage their exposure to the market, or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Funds’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

Certain Funds sell credit default swaps, which exposes them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps are disclosed in the Schedules of Investments or Consolidated 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 or Consolidated 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. Because a Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that that amount is positive. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty, and by the posting of collateral.

Total return swap agreements: The Funds are subject to commodity, equity, and other risks related to the underlying investments of the swap agreement in the normal course of pursuing their investment objectives. The value of the commodity-linked investments held by a Fund can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting a Fund’s investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Cross-currency swap agreements: The Funds are subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into cross-currency swap agreements to gain or reduce exposure to foreign currencies or to hedge against foreign currency exchange rate and/or interest rate risk. Cross-currency swap agreements are interest rate swaps in which two parties agree to exchange cash flows based on the notional amounts of two different currencies. The Funds with cross-currency swap agreements can elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swap agreements can also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

The open swap agreements at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Transamerica Funds Semi-Annual Report 2013

Page    179

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

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

Reverse repurchase agreements: The Funds may enter into reverse repurchase agreements in which the Funds sell portfolio securities and agree to repurchase them from the buyer at a specified date and price. Pursuant to the terms of the reverse repurchase agreements, the Funds’ custodian must segregate assets with an aggregate market value greater than or equal to 100% of the resale price. Securities sold under reverse repurchase agreements are shown in the Schedules of Investments or Consolidated Schedules of Investments and are reflected as a liability in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Transamerica Real Return TIPS entered into reverse repurchase agreements during the period ended April 30, 2013. The average reverse repurchase agreement for the period was approximately $25,073,185, with an average interest rate of 0.22%.

The open reverse repurchase agreements at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Dollar Rolls: The Funds may enter into dollar roll transactions. The Funds account for dollar roll transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Dollar roll transactions involve sales by the Funds of securities and simultaneously contracts to repurchase substantially similar securities (same type and interest rate) on a specified future date.

The Funds forgo principal and interest paid during the roll period on the securities sold in a dollar roll transaction. The Funds are compensated by the difference between the current sales price and the price for the future purchase (often referred to as the “drop”), as well as by any interest earned on the proceeds of the securities sold. Dollar roll transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Dollar roll transactions expose the Funds to risks such as the following: (i) the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds; (ii) the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price.

Dollar roll transactions accounted for as borrowing transactions are excluded from the Funds’ turnover rates. The Funds recognize drop fee income on a straight line basis over the period of the roll. For the period ended April 30, 2013, Transamerica Real Return TIPS and Transamerica Total Return earned drop fee income of $449,842 and $2,001, respectively. The drop fee income is included in Interest income in the Statements of Operations.

The outstanding payable for securities to be repurchased is included in payable for funds borrowed in the Statements of Assets and Liabilities. The average borrowing for dollar roll transactions during the six months ended April 30, 2013, for Transamerica Real Return TIPS and Transamerica Total Return was approximately $86,877,078 and $318,549, respectively, with an average interest rate of 0.27% and 0.10%, respectively. The interest expense is included in Interest in the Statements of Operations.

Open Dollar roll transactions at April 30, 2013 are included in the Schedules of Investments.

Short sales: A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Fund may be unable to replace borrowed securities sold short.

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

Transamerica Funds Semi-Annual Report 2013

Page    180

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

Loan participations and assignments: The Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Funds may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

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

The Funds held no unsecured loan participations at April 30, 2013.

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. Investment in structured notes involves the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Structured notes may be less liquid than other types of securities and more volatile than their underlying reference instruments. All structured notes are listed within the Schedules of Investments or Consolidated Schedules of Investments.

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

When-Issued, forward delivery securities and Delayed Delivery Settlements: The Funds may purchase or sell securities on a when-issued, forward (delayed) delivery basis or delayed settlement. When-issued and forward delivery transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward delivery transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed Delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with its custodian either cash, U.S. Government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed delivery basis, the Funds do not participate in future gains and losses on the security.

Treasury inflation-protected securities (“TIPS”): Certain Funds invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations or Consolidated Statements of Operations with a corresponding adjustment to cost.

Transamerica Funds Semi-Annual Report 2013

Page    181

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 1. (continued)

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

The restricted and illiquid securities at April 30, 2013 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

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

Commissions recaptured for the period ended April 30, 2013, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund Name	Commissions
Transamerica Global Real Estate Securities	$	9,108
Transamerica Growth		20,657
Transamerica International		967
Transamerica International Value Opportunities		1,131
Transamerica Mid Cap Value		2,685
Transamerica Select Equity		79,088
Transamerica Value		10,400

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, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Real estate investment trust (“REITs”): Dividend income related to a Real Estate Investment Trust is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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

Statement of Cash Flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. One of the conditions is that the enterprise had little or no debt, based on the average debt outstanding during the period, in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of reverse repurchase agreements, and sale-buyback financing transactions, have been determined to be at a level requiring a Statement of Cash Flows. A statement of Cash Flows has been prepared for Transamerica Real Return TIPS using the indirect method which requires net increase in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

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

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At April 30, 2013

(unaudited)

NOTE 2. (continued)

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

The Funds’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

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

For assets and liabilities using significant unobservable inputs (Level 3), GAAP requires a reconciliation of the beginning to the ending balances for reported market values that presents changes attributed to total realized and unrealized gains or losses, purchases and sales, and transfers in or 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 or Consolidated Schedule of Investments.

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

Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying fund. These securities are actively traded and no valuation adjustments are applied. Exchange Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1

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At April 30, 2013

(unaudited)

NOTE 2. (continued)

of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized as Level 3 of the fair value hierarchy.

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

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

Preferred stock, repurchase agreements, reverse repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

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

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

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

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

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, swaption, and

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 2. (continued)

option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

The hierarchy classification of inputs used to value the Funds’ investments at April 30, 2013, is disclosed in the Valuation Summary of each Fund’s Schedule of Investments or Consolidated 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.

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2013:

Transamerica Arbitrage Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	19,629,698		19.25	%
Transamerica Asset Allocation – Growth Portfolio		2,533,122		2.48
Transamerica Asset Allocation – Moderate Growth Portfolio		26,199,596		25.69
Transamerica Asset Allocation – Moderate Portfolio		33,483,758		32.83
Transamerica Multi-Manager Alternative Strategies Portfolio		20,020,837		19.63
Total	$	101,867,011		99.88	%

Transamerica Bond	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	71,482,446		8.80	%
Transamerica Asset Allocation – Conservative VP		56,821,255		7.00
Transamerica Asset Allocation – Moderate Growth Portfolio		46,212,239		5.69
Transamerica Asset Allocation – Moderate Growth VP		163,853,561		20.18
Transamerica Asset Allocation – Moderate Portfolio		89,140,175		10.98
Transamerica Asset Allocation – Moderate VP		197,122,011		24.28
Transamerica BlackRock Tactical Allocation VP		83,676,583		10.30
Transamerica International Moderate Growth VP		22,853,323		2.81
Transamerica Madison Balanced Allocation VP		3,796,152		0.47
Transamerica Madison Conservative Allocation VP		5,878,516		0.72
Transamerica Multi-Manager Alternative Strategies Portfolio		64,796,321		7.98
Total	$	805,632,582		99.21	%

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Core Bond	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	195,040,101		15.72	%
Transamerica Asset Allocation – Conservative VP		158,201,531		12.75
Transamerica Asset Allocation – Moderate Growth Portfolio		110,425,608		8.90
Transamerica Asset Allocation – Moderate Growth VP		257,731,427		20.77
Transamerica Asset Allocation – Moderate Portfolio		152,604,580		12.30
Transamerica Asset Allocation – Moderate VP		324,323,438		26.14
Transamerica International Moderate Growth VP		6,136,780		0.49
Total	$	1,204,463,465		97.07	%
Transamerica Developing Markets Equity	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	15,118,180		2.87	%
Transamerica Asset Allocation – Conservative VP		15,404,660		2.92
Transamerica Asset Allocation – Growth Portfolio		76,140,158		14.44
Transamerica Asset Allocation – Growth VP		47,360,188		8.98
Transamerica Asset Allocation – Moderate Growth Portfolio		93,920,531		17.81
Transamerica Asset Allocation – Moderate Growth VP		141,268,592		26.78
Transamerica Asset Allocation – Moderate Portfolio		39,694,221		7.53
Transamerica Asset Allocation – Moderate VP		47,430,067		8.99
Transamerica International Moderate Growth VP		5,841,885		1.11
Transamerica Multi-Manager Alternative Strategies Portfolio		5,663,126		1.07
Transamerica Multi-Manager International Portfolio		32,781,365		6.21
Total	$	520,622,973		98.71	%

Transamerica Global Real Estate Securities	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	1,177,116		0.59	%
Transamerica Asset Allocation – Growth Portfolio		40,844,925		20.67
Transamerica Asset Allocation – Moderate Growth Portfolio		63,040,166		31.91
Transamerica Asset Allocation – Moderate Portfolio		17,715,886		8.97
Transamerica Multi-Manager Alternative Strategies Portfolio		52,341,643		26.49
Transamerica Multi-Manager International Portfolio		9,529,109		4.82
Total	$	184,648,845		93.45	%
Transamerica Growth	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	48,245,915		8.17	%
Transamerica Asset Allocation – Growth Portfolio		130,014,914		22.02
Transamerica Asset Allocation – Moderate Growth Portfolio		239,443,755		40.54
Transamerica Asset Allocation – Moderate Portfolio		155,199,292		26.28
Total	$	572,903,876		97.01	%
Transamerica International	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	7,702,422		2.21	%
Transamerica Asset Allocation – Growth Portfolio		36,355,043		10.42
Transamerica Asset Allocation – Growth VP		23,302,621		6.68
Transamerica Asset Allocation – Moderate Growth Portfolio		68,666,373		19.68
Transamerica Asset Allocation – Moderate Growth VP		58,556,531		16.79
Transamerica Asset Allocation – Moderate Portfolio		23,520,556		6.74
Transamerica Asset Allocation – Moderate VP		26,037,927		7.46
Transamerica International Moderate Growth VP		57,659,082		16.53
Transamerica Multi-Manager International Portfolio		43,288,821		12.41
Total	$	345,089,376		98.92	%

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica International Equity Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	6,394,947		2.75	%
Transamerica Asset Allocation – Growth Portfolio		9,676,831		4.17
Transamerica Asset Allocation – Growth VP		10,612,366		4.57
Transamerica Asset Allocation – Moderate Growth Portfolio		16,752,991		7.21
Transamerica Asset Allocation – Moderate Growth VP		25,185,311		10.84
Transamerica Asset Allocation – Moderate Portfolio		17,224,779		7.41
Transamerica Asset Allocation – Moderate VP		46,732,961		20.11
Transamerica International Moderate Growth VP		70,156,965		30.20
Transamerica Multi-Manager International Portfolio		25,716,647		11.07
Total	$	228,453,798		98.33	%
Transamerica International Small Cap	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	5,502,567		1.45	%
Transamerica Asset Allocation – Conservative VP		4,116,349		1.08
Transamerica Asset Allocation – Growth Portfolio		18,547,433		4.88
Transamerica Asset Allocation – Growth VP		45,061,912		11.85
Transamerica Asset Allocation – Moderate Growth Portfolio		29,538,499		7.77
Transamerica Asset Allocation – Moderate Growth VP		98,094,624		25.79
Transamerica Asset Allocation – Moderate Portfolio		15,488,984		4.07
Transamerica Asset Allocation – Moderate VP		66,949,339		17.60
Transamerica International Moderate Growth VP		61,017,699		16.05
Transamerica Multi-Manager Alternative Strategies Portfolio		16,616,047		4.37
Transamerica Multi-Manager International Portfolio		15,153,469		3.98
Total	$	376,086,922		98.89	%

Transamerica International Value Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	6,827,337		2.60	%
Transamerica Asset Allocation – Growth Portfolio		21,608,319		8.24
Transamerica Asset Allocation – Growth VP		9,576,333		3.65
Transamerica Asset Allocation – Moderate Growth Portfolio		37,822,886		14.42
Transamerica Asset Allocation – Moderate Growth VP		50,972,591		19.43
Transamerica Asset Allocation – Moderate Portfolio		17,673,148		6.74
Transamerica Asset Allocation – Moderate VP		46,358,623		17.68
Transamerica International Moderate Growth VP		34,242,648		13.06
Transamerica Madison Balanced Allocation VP		953,364		0.36
Transamerica Multi-Manager International Portfolio		32,182,672		12.27
Total	$	258,217,921		98.45	%
Transamerica Long/Short Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	10,159,394		8.57	%
Transamerica Asset Allocation – Moderate Portfolio		14,373,777		12.13
Transamerica Multi-Manager Alternative Strategies Portfolio		93,949,701		79.26
Total	$	118,482,872		99.96	%
Transamerica Mid Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	9,693,091		4.10	%
Transamerica Asset Allocation – Growth Portfolio		64,098,524		27.14
Transamerica Asset Allocation – Moderate Growth Portfolio		108,478,590		45.92
Transamerica Asset Allocation – Moderate Portfolio		49,500,246		20.96
Total	$	231,770,451		98.12	%

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Real Return TIPS	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	66,556,041		10.89	%
Transamerica Asset Allocation – Conservative VP		56,941,008		9.32
Transamerica Asset Allocation – Moderate Growth Portfolio		63,889,857		10.45
Transamerica Asset Allocation – Moderate Growth VP		138,872,182		22.73
Transamerica Asset Allocation – Moderate Portfolio		69,972,789		11.45
Transamerica Asset Allocation – Moderate VP		183,782,754		30.08
Transamerica International Moderate Growth VP		14,961,520		2.45
Total	$	594,976,151		97.37	%
Transamerica Select Equity	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	42,396,433		3.07	%
Transamerica Asset Allocation – Conservative VP		69,898,192		5.07
Transamerica Asset Allocation – Growth Portfolio		155,329,176		11.27
Transamerica Asset Allocation – Growth VP		99,739,788		7.23
Transamerica Asset Allocation – Moderate Growth Portfolio		255,238,842		18.51
Transamerica Asset Allocation – Moderate Growth VP		362,275,778		26.27
Transamerica Asset Allocation – Moderate Portfolio		127,894,959		9.28
Transamerica Asset Allocation – Moderate VP		204,632,693		14.84
Transamerica BlackRock Tactical Allocation VP		43,243,383		3.14
Total	$	1,360,649,244		98.68	%
Transamerica Total Return	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	202,562,831		30.01	%
Transamerica Asset Allocation – Moderate Growth Portfolio		187,390,561		27.77
Transamerica Asset Allocation – Moderate Portfolio		247,061,399		36.61
Total	$	637,014,791		94.39	%

Transamerica Value	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	21,432,778		5.33	%
Transamerica Asset Allocation – Growth Portfolio		48,458,706		12.04
Transamerica Asset Allocation – Growth VP		40,333,661		10.02
Transamerica Asset Allocation – Moderate Growth Portfolio		87,569,817		21.75
Transamerica Asset Allocation – Moderate Growth VP		100,734,260		25.02
Transamerica Asset Allocation – Moderate Portfolio		42,402,278		10.53
Transamerica Asset Allocation – Moderate VP		51,368,034		12.76
Transamerica International Moderate Growth VP		6,922,122		1.72
Total	$	399,221,656		99.17	%
Transamerica Commodity Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	10,645,993		8.54	%
Transamerica Asset Allocation – Growth Portfolio		17,249,894		13.84
Transamerica Asset Allocation – Moderate Growth Portfolio		47,427,334		38.05
Transamerica Asset Allocation – Moderate Portfolio		27,323,907		21.92
Transamerica Multi-Manager Alternative Strategies Portfolio		21,247,493		17.04
Total	$	123,894,621		99.39	%
Transamerica Global Allocation	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	22,650,012		6.58	%
Transamerica Asset Allocation – Growth Portfolio		11,027,313		3.21
Transamerica Asset Allocation – Moderate Growth Portfolio		73,141,922		21.27
Transamerica Asset Allocation – Moderate Growth VP		75,595,464		21.98
Transamerica Asset Allocation – Moderate Portfolio		45,302,047		13.17
Transamerica Asset Allocation – Moderate VP		39,409,077		11.46
Transamerica BlackRock Tactical Allocation VP		73,538,943		21.38
Total	$	340,664,778		99.05	%

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Transamerica Global Macro	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	9,455,859		9.94	%
Transamerica Asset Allocation – Growth VP		10,299,329		10.83
Transamerica Asset Allocation – Moderate Portfolio		12,552,565		13.20
Transamerica Multi-Manager Alternative Strategies Portfolio		62,562,697		65.77
Total	$	94,870,450		99.74	%

Transamerica Managed Futures Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	24,258,084		6.69	%
Transamerica Asset Allocation – Growth Portfolio		42,019,587		11.59
Transamerica Asset Allocation – Growth VP		83,202,974		22.96
Transamerica Asset Allocation – Moderate Growth Portfolio		91,745,925		25.31
Transamerica Asset Allocation – Moderate Portfolio		44,795,686		12.36
Transamerica Multi-Manager Alternative Strategies Portfolio		75,155,593		20.74
Total	$	361,177,849		99.65	%

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

Fund Name/Breakpoint	Rate
Transamerica Arbitrage Strategy
First $50 million	1.050%
Over $50 million	1.000
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	0.450%
Over $750 million up to $1 billion	0.400
Over $1 billion	0.375
Transamerica Developing Markets Equity
First $50 million	1.200%
Over $50 million up to $200 million	1.150
Over $200 million up to $500 million	1.100
Over $500 million	1.050
Transamerica Global Real Estate Securities
First $250 million	0.800%
Over $250 million up to $500 million	0.775
Over $500 million up to $1 billion	0.700
Over $1 billion	0.650
Transamerica Growth
First $250 million	0.800%
Over $250 million up to $500 million	0.775
Over $500 million up to $1 billion	0.700
Over $1 billion up to $1.5 billion	0.675
Over $1.5 billion	0.650
Transamerica International
First $100 million	1.000%
Over $100 million	0.950
Transamerica International Equity Opportunities
Over $250 million	0.900%
Over $250 million up to $500 million	0.875
Over $500 million up to $1 billion	0.850
Over $1 billion	0.800

Fund Name/Breakpoint	Rate
Transamerica International Small Cap
First $300 million	1.070%
Over $300 million	1.000
Transamerica International Value Opportunities
First $100 million	1.100%
Over $100 million up to $300 million	1.000
Over $300 million	0.950
Transamerica Long/Short Strategy
ANA	1.300%
Transamerica Mid Cap Value
First $100 million	0.850%
Over $100 million	0.800
Transamerica Real Return TIPS
First $250 million	0.700%
Over $250 million up to $750 million	0.650
Over $750 million up to $1 billion	0.600
Over $1 billion	0.550
Transamerica Select Equity
First $200 million	0.800%
Over $200 million up to $500 million	0.740
Over $500 million up to $1 billion	0.690
Over $1 billion up to $1.5 billion	0.670
Over $1.5 billion	0.620
Transamerica Total Return
First $250 million	0.675%
Over $250 million up to $750 million	0.650
Over $750 million	0.600
Transamerica Value
ANA	0.800%
Transamerica Commodity Strategy
First $200 million	0.610%
Over $200 million up to $1 billion	0.590
Over $1 billion	0.560
Transamerica Global Allocation
First $100 million	0.800%
Over $100 million	0.720

Transamerica Funds Semi-Annual Report 2013

Page    189

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

Fund Name/Breakpoint	Rate
Transamerica Global Macro (Effective April 30, 2013)
First $300 million	1.250%
Over $300 million up to $500 million	1.175
Over $500 million up to $600 million	1.120
Over $600 million	1.050
Transamerica Global Macro (Prior to April 30, 2013)
First $300 million	1.250%
Over $300 million	1.200

Fund Name/Breakpoint	Rate
Transamerica Managed Futures Strategy
First $500 million	1.100%
Over $500 million	1.050

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

Fund Name	Expense Limit			Maximum Operating Expense Limit Effective Through
Transamerica Arbitrage Strategy		1.25	%	March 1, 2014
Transamerica Bond		0.88		March 1, 2014
Transamerica Core Bond		0.70		March 1, 2014
Transamerica Developing Markets Equity		1.45		March 1, 2014
Transamerica International		1.25		March 1, 2014
Transamerica International Small Cap		1.27		March 1, 2014
Transamerica International Value Opportunities		1.35		March 1, 2014
Transamerica Long/Short Strategy		1.65		March 1, 2014
Transamerica Mid Cap Value		1.05		March 1, 2014
Transamerica Select Equity		0.90		March 1, 2014
Transamerica Value		1.00		March 1, 2014
Transamerica Commodity Strategy		1.00		March 1, 2014
Transamerica Global Allocation		1.00		March 1, 2014
Transamerica Global Macro		1.65		March 1, 2014
Transamerica Managed Futures Strategy		1.45		March 1, 2014

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 reduced during any of the previous 36 months if on any day or month the estimated annualized Fund operating expenses are less than the stated annual limit.

There were no amounts recaptured by the adviser during the period ended April 30, 2013.

The following amounts were available for recapture by the adviser as of April 30, 2013:

Fund Name	Amount Available		Year Reimbursed		Available Through
Transamerica Arbitrage Strategy	$	61		2011		10/31/2013
		172		2012		10/31/2014

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. The Funds pay TFS an annual fee of 0.025% of ANA. The Legal fees on the Statements of Operations or in the Consolidated Statements of Operations are for fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee of 0.75bps for an open account for providing transfer agent services. Fees paid and the amounts due to TFS for the period ended April 30, 2013 are disclosed in the Statements of Operations and the Statements of Assets and Liabilities, respectively; or in the Consolidated Statements of Operations and the Consolidated Statements of Assets and Liabilities, respectively.

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

Transamerica Funds Semi-Annual Report 2013

Page    190

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 3. (continued)

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, 2013.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2013 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Arbitrage Strategy	$	276,594,394	$	—	$	241,430,672	$	—
Transamerica Bond		59,381,777		92,569,369		37,151,043		98,032,847
Transamerica Core Bond		12,602,847		3,445,339		381,737,148		293,867,039
Transamerica Developing Markets Equity		259,503,700		—		93,546,022		—
Transamerica Global Real Estate Securities		51,805,244		—		43,025,646		—
Transamerica Growth		133,841,206		—		159,659,877		—
Transamerica International		75,943,456		—		71,453,333		—
Transamerica International Equity Opportunities		58,033,764		—		26,962,229		—
Transamerica International Small Cap		153,927,129		—		58,406,111		—
Transamerica International Value Opportunities		75,442,909		—		59,574,478		—
Transamerica Long/Short Strategy		148,757,570		—		127,290,543		—
Transamerica Mid Cap Value		20,189,863		—		28,643,707		—
Transamerica Real Return TIPS		22,737,282		94,219,979		133,391,290		772,899,832
Transamerica Select Equity		420,674,830		—		450,129,811		—
Transamerica Total Return		12,168,626		1,250,770,063		55,233,147		1,258,833,033
Transamerica Value		100,496,458		—		36,349,824		—
Transamerica Commodity Strategy		—		—		—		—
Transamerica Global Allocation		57,373,947		6,217,830		76,771,136		5,492,707
Transamerica Global Macro		—		—		—		—
Transamerica Managed Futures Strategy		—		—		—		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Arbitrage Strategy

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts decreased

throughout the period from 11 to 7 contracts. The volume of forward foreign currency contracts and purchased options/swaptions contracts held throughout the period averaged 108 and 19 contracts, respectively, with overall decreases from 131 and 11 contracts, respectively, to 51 and 13 contracts, respectively. The volume of written options/swaptions contracts held during the period averaged 47 contracts, beginning and ending the period with an overall increase from 32 to 38 contracts. The tables below highlight the types of risks associated with the Fund and how the aforementioned derivative instruments are used to mitigate such risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts			Equity contracts			Total
Asset Derivatives
Purchased options, at value(A)	$	—		$	180,011		$	180,011
Unrealized appreciation on swap agreements		—			155,667			155,667
Unrealized appreciation on forward foreign currency contracts		38,032			—			38,032
Liability Derivatives
Written options, at value		—			(169,598	)		(169,598	)
Unrealized depreciation on swap agreements		—			(134,769	)		(134,769	)
Unrealized depreciation on forward foreign currency contracts		(149,342	)		—			(149,342	)
Total	$	(111,310	)	$	31,311		$	(79,999	)

^(A) Included within Investment securities, at value.

Transamerica Funds Semi-Annual Report 2013

Page    191

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Arbitrage Strategy (continued)

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts			Equity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized loss on purchased options(B)	$	—		$	(355,286	)	$	(355,286	)
Net realized gain on written option contracts		—			270,008			270,008
Net realized gain on swap agreements		—			10,795			10,795
Net realized gain on forward foreign currency contracts(C)		753,568			—			753,568
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options(D)		—			(285,396	)		(285,396	)
Net change in unrealized appreciation (depreciation) on written option contracts		—			12,021			12,021
Net change in unrealized appreciation (depreciation) on swap agreements		—			(9,823	)		(9,823	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(E)		(604,580	)		—			(604,580	)
Total	$	148,988		$	(357,681	)	$	(208,693	)

^(B) Included within Net realized gain (loss) on transactions from Investment securities.

^(C) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(D) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(E) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

International Small Cap

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 increased, starting with 0 contracts and increasing to 2 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 in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset Derivatives
Unrealized appreciation on forward foreign currency contracts	$	375
Liability Derivatives
Unrealized depreciation on forward foreign currency contracts		(123	)
Total	$	252

Transamerica Funds Semi-Annual Report 2013

Page    192

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

International Small Cap (continued)

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(A)	$	252
Total	$	252

^(A) Included within net increase (decrease) in unrealized appreciation (depreciation) on Translation of the assets and liabilities denominated in foreign currencies.

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

Transamerica International Value Opportunities

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held increased during the period, starting at 5 contracts and ending at 10 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset Derivatives
Unrealized appreciation on forward foreign currency contracts	$	1,036,465
Liability Derivatives
Unrealized depreciation on forward foreign currency contracts		(569,889	)
Total	$	466,576

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain on forward foreign currency contracts(A)	$	826,599
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(B)		11,456
Total	$	838,055

^(A)  Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(B) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

Transamerica Funds Semi-Annual Report 2013

Page    193

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica International Value Opportunities (continued)

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

Transamerica Real Return TIPS

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the period averaged 41, beginning and ending the period with 53 and 53 contracts, respectively. The volume of written swaptions contracts and swap contracts increased throughout the period, beginning the period with 16, and 20, respectively, and ending the period at 34, and 27, respectively. The volume of futures contracts held throughout the period stayed constant at 3 contracts. The volume of purchased options/swaptions 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 in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Asset Derivatives
Purchased swaptions, at value(A)	$	54,884		$	91,556		$	—		$	146,440
Unrealized appreciation on futures contracts(B)		335,872			—			—			335,872
Premium paid on swap agreements		1,739,342			—			63,848			1,803,190
Unrealized appreciation on swap agreements		846,894			—			39,585			886,479
Unrealized appreciation on forward foreign currency contracts		—			1,371,208			—			1,371,208
Liability Derivatives
Written options and swaptions at value		(279,726	)		(85,745	)		—			(365,471	)
Unrealized depreciation on futures contracts(B)		(8,603	)		—			—			(8,603	)
Premium received on swap agreements		(42,706	)		—			(68,484	)		(111,190	)
Unrealized depreciation on swap agreements		(1,200,914	)		—			(159,748	)		(1,360,662	)
Unrealized depreciation on forward foreign currency contracts		—			(2,152,576	)		—			(2,152,576	)
Total	$	1,445,043		$	(775,557	)	$	(124,799	)	$	544,687

^(A) Included within Investment securities, at value.

^(B) 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 2013

Page    194

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Real Return TIPS (continued)

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized loss on purchased swaptions(C)	$	(75,950	)	$	—		$	—		$	(75,950	)
Net realized gain on futures contracts		22,458			—			—			22,458
Net realized gain on written option and swaption contracts		727,008			82,292			—			809,300
Net realized gain (loss) on swap agreements		731,681			—			(61,518	)		670,163
Net realized gain on forward foreign currency contracts(D)		—			1,363,179			—			1,363,179
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options(E)		(5,735	)		21,216			—			15,481
Net change in unrealized appreciation (depreciation) on futures contracts		254,149			—			—			254,149
Net change in unrealized appreciation (depreciation) on written option and swaption contracts		515,101			18,510			—			533,611
Net change in unrealized appreciation (depreciation) on swap agreements		(611,354	)		—			35,898			(575,456	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(F)		—			(492,538	)		—			(492,538	)
Total	$	1,557,358		$	992,659		$	(25,620	)	$	2,524,397

^(C) Included within Net realized gain (loss) on transactions from Investment securities.

^(D) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(E) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(F) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds Semi-Annual Report 2013

Page    195

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(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 and futures contracts held throughout the period increased, starting at 3 and 2, contracts, respectively, and ending at 19 and 3 contracts, respectively. The volume of forward foreign currency contracts held throughout the period decreased, starting at 48 contracts and ending at 34 contracts. The volume of purchased options/swaptions held throughout the period stayed constant 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 in the Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Asset Derivatives
Purchased swaptions, at value(A)	$	357,063		$	—		$	—		$	357,063
Premium paid on swap agreements		908,088			—			954,064			1,862,152
Unrealized appreciation on swap agreements		4,333,668			—			162,714			4,496,382
Unrealized appreciation on forward foreign currency contracts		—			989,909			—			989,909
Liability Derivatives
Unrealized depreciation on futures contracts(B)		(238,735	)		—			—			(238,735	)
Written options and swaptions, at value		416,683			—			—			416,683
Premium received on swap agreements		(432,319	)		—			(35,859	)		(468,178	)
Unrealized depreciation on swap agreements		(1,429,426	)		—			(4,490,081	)		(5,919,507	)
Unrealized depreciation on forward foreign currency contracts		—			(4,342,965	)		—			(4,342,965	)
Total	$	3,498,339		$	(3,353,056	)	$	(3,409,162	)	$	(3,263,879	)

^(A) Included within Investment securities, at value.

^(B) 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 2013

Page    196

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Total Return (continued)

Effect of Derivative Instruments in the Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	48,604		$	—		$	—		$	48,604
Net realized gain on written option and swaption contracts		802,347			—			—			802,347
Net realized gain (loss) on swap agreements		3,541,594			—			(1,087,018	)		2,454,576
Net realized gain on forward foreign currency contracts(C)		—			1,480,542			—			1,480,542
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased swaptions(D)		(28,580	)		—			—			(28,580	)
Net change in unrealized appreciation (depreciation) on futures contracts		(177,064	)		—			—			(177,064	)
Net change in unrealized appreciation (depreciation) on written option and swaption contracts		146,369			—			—			146,369
Net change in unrealized appreciation (depreciation) on swap agreements		(3,621,499	)		—			(1,335,631	)		(4,957,130	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(E)		—			(2,427,262	)		—			(2,427,262	)
Total	$	711,771		$	(946,720	)	$	(2,422,649	)	$	(2,657,598	)

^(C) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(D) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(E) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

Transamerica 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 decreased from 5 to 3 contracts. The table below highlights the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Consolidated Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Commodity contracts
Liability Derivatives
Unrealized depreciation on swap agreements		(30,567	)

Transamerica Funds Semi-Annual Report 2013

Page    197

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Commodity Strategy (continued)

Effect of Derivative Instruments in the Consolidated Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Commodity contracts
Net Realized Gain (Loss) on derivatives recognized in income
Net realized loss on swap agreements	$	(8,459,883	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on swap agreements		(30,567	)
Total	$	(8,490,450	)

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

Transamerica Global Allocation

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts and forward foreign currency contracts held throughout the period averaged 12 and 56 contracts, respectively, with overall increases from 11 and 51 contracts, respectively, to 12 and 80 contracts, respectively. The volume of written options and purchased options/swaptions held throughout the period averaged 38 and 95 contracts, respectively, with decreases from 49 and 103 contracts at the beginning of the period to 28 and 90 contracts at the end of the period, respectively. The volume of futures contracts held throughout the period decreased from 7 contracts at the beginning of the period to 4 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 in the Consolidated Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Equity contracts			Total
Asset Derivatives
Purchased options and swaptions, at value(A)	$	15,572		$	187		$	—		$	3,097,100		$	3,112,859
Unrealized appreciation on futures contracts(B)		—			—			—			325,410			325,410
Premium paid on swap agreements		—			—			13,042			—			13,042
Unrealized appreciation on swap agreements		56,455			—			—			53,783			110,238
Unrealized appreciation on forward foreign currency contracts		—			571,962			—			—			571,962
Liability Derivatives
Unrealized depreciation on futures contracts(B)		—			—			—			(43,472	)		(43,472	)
Written options and swaptions, at value		—			(175	)		—			(602,770	)		(602,945	)
Unrealized depreciation on swap agreements		(11,157	)		—			(28,708	)		—			(39,865	)
Unrealized depreciation on forward foreign currency contracts		—			(444,551	)		—			—			(444,551	)
Total	$	60,870		$	127,423		$	(15,666	)	$	2,830,051		$	3,002,678

^(A) Included within Investment securities, at value.

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

Transamerica Funds Semi-Annual Report 2013

Page    198

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Global Allocation (continued)

Effect of Derivative Instruments in the Consolidated Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Equity contracts			Commodity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized loss on purchased options(C)	$	—		$	—		$	—		$	(63,104	)	$	(32,507	)	$	(95,611	)
Net realized gain on futures contracts		—			—			—			73,029			—			73,029
Net realized gain on written option and swaption contracts		—			—			—			546,228			—			546,228
Net realized gain (loss) on swap agreements		(20,189	)		—			12,711			—			—			(7,478	)
Net realized gain on forward foreign currency contracts(D)		—			740,597			—			—			—			740,597
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased swaptions(E)		(946	)		(27,133	)		—			1,855,059			—			1,826,980
Net change in unrealized appreciation (depreciation) on futures contracts		—			—			—			94,536			—			94,536
Net change in unrealized appreciation (depreciation) on written option and swaption contracts		—			15,704			—			(445,061	)		—			(429,357	)
Net change in unrealized appreciation (depreciation) on swap agreements		32,810			—			(28,708	)		(119	)		—			3,983
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(F)		—			315,145			—			—			—			315,145
Total	$	11,675		$	1,044,313		$	(15,997	)	$	2,060,568		$	(32,507	)	$	3,068,052

^(C) Included within Net realized gain (loss) on transactions from Investment securities.

^(D) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(E) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(F) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds Semi-Annual Report 2013

Page    199

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

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 throughout the period decreased, beginning at 17 contracts, and ending at 0 contracts. The volume of forward foreign currency contracts and purchased options held averaged 52 and 23 contracts, respectively, beginning at 67 and 22, and both ending at 0 contracts.

Effect of Derivative Instruments in the Consolidated Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts		Foreign exchange contracts			Equity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized loss on purchased options(A)	$	—	$	—		$	(3,124,226	)	$	(3,124,226	)
Net realized gain (loss) on futures contracts		249,848		—			(1,682,082	)		(1,432,234	)
Net realized gain on written option and swaption contracts		—		—			3,893,341			3,893,341
Net realized gain on forward foreign currency contracts(B)		—		1,009,203			—			1,009,203
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options(C)		—		—			358,521			358,521
Net change in unrealized appreciation (depreciation) on futures contracts		477,197		—			(190,625	)		286,572
Net change in unrealized appreciation (depreciation) on written option and swaption contracts		—		—			(385,483	)		(385,483	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(D)		—		(278,139	)		—			(278,139	)
Total	$	727,045	$	731,064		$	(1,130,554	)	$	327,555

^(A) Included within Net realized gain (loss) on transactions from Investment securities.

^(B) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(C) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(D) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds Semi-Annual Report 2013

Page    200

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Managed Futures Strategy

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held throughout the period increased, beginning at 10 contracts and ending at 14 contracts. The volume of forward foreign currency contracts averaged 489 contracts throughout the year, beginning at 515 contracts and ending at 567 contracts. The volume of futures contracts held during the period averaged 220 contracts, with a decrease from 298 contracts at the beginning of the period to 234 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 in the Consolidated Statement of Assets and Liabilities as of April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Commodity contracts			Total
Asset Derivatives
Unrealized appreciation on futures contracts(A)	$	4,505,515		$	—		$	3,375,121		$	6,270,198		$	14,150,834
Unrealized appreciation on swap agreements		1,955,525			—			568,502			52,500			2,576,527
Unrealized appreciation on forward foreign currency contracts		—			16,524,717			—			—			16,524,717
Liability Derivatives
Unrealized depreciation on futures contracts(A)		(101,073	)		—			(309,080	)		(4,016,038	)		(4,426,191	)
Unrealized depreciation on swap agreements		(409,258	)		—			(61,424	)		—			(470,682	)
Unrealized depreciation on forward foreign currency contracts		—			(11,059,906	)		—			—			(11,059,906	)
Total	$	5,950,709		$	5,464,811		$	3,573,119		$	2,306,660		$	17,295,299

^(A)  Includes cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Consolidated Statement of Operations for the period ended April 30, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts		Equity contracts			Commodity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	(4,889,005	)	$	—	$	8,369,168		$	(5,125,300	)	$	(1,645,137	)
Net realized gain (loss) on swap agreements		2,574,217			—		(458,843	)		—			2,115,374
Net realized gain on forward foreign currency contracts(B)		—			21,044,557		—			—			21,044,557
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on futures contracts		4,320,800			—		4,933,134			4,073,799			13,327,733
Net change in unrealized appreciation (depreciation) on swap agreements		1,438,517			—		764,469			—			2,202,986
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions(C)		—			4,496,402		—			—			4,496,402
Total	$	3,444,529		$	25,540,959	$	13,607,928		$	(1,051,501	)	$	41,541,915

(B) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

(C) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

Transamerica Funds Semi-Annual Report 2013

Page    201

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2013

(unaudited)

NOTE 5. (continued)

Transamerica Managed Futures Strategy (continued)

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

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to its policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken or expected to be taken for all open tax years 2009-2012, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations or Consolidated 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 differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, paydown gain/loss, foreign capital gains tax, and return of capital distributions from underlying investments.

NOTE 7. BASIS FOR CONSOLIDATION

Transamerica Cayman Commodity Strategy, Ltd., Transamerica Cayman Global Allocation, Ltd., Transamerica Cayman Global Macro, 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, 2013:

Fund Name	Subsidiary Name	Market Value		% of Net Assets
Transamerica Commodity Strategy	Transamerica Cayman Commodity Strategy, Ltd.	$	22,561,802		18.10	%
Transamerica Global Macro	Transamerica Cayman Global Macro, Ltd.		0		—
Transamerica Global Allocation	Transamerica Cayman Global Allocation, Ltd.		2,717,095		0.79
Transamerica Managed Futures Strategy	Transamerica Cayman Managed Futures Strategy, Ltd.		83,345,300		23.00

NOTE 8. ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board (“FASB”) issued the authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. In January 2013 the FASB issued further authoritative guidance clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual years beginning on or after January 1, 2013. Management is currently evaluating the implication of the additional disclosure requirements and its impact on the Funds’ financial statements.

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 2013

Page    202

TRANSAMERICA FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board) held on August 2, 2012, the Board reviewed and considered the approval of a proposed investment advisory agreement (the “New Advisory Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and each of the funds listed below (each a “Fund,” and collectively, the “Funds”). Following their review and consideration the Board determined that the New Advisory Agreement will enable shareholders to continue to enjoy investment management services at a cost that is reasonable in light of the services rendered. The Board, including the Independent Board Members, approved the New Advisory Agreement for each Fund.

Transamerica Arbitrage Strategy	Transamerica Long/Short Strategy
Transamerica Bond	Transamerica Mid Cap Value
Transamerica Core Bond	Transamerica Real Return TIPS
Transamerica Developing Markets Equity	Transamerica Select Equity
Transamerica Global Real Estate Securities	Transamerica Total Return
Transamerica Growth	Transamerica Value
Transamerica International	Transamerica Commodity Strategy
Transamerica International Equity Opportunities	Transamerica Global Allocation
Transamerica International Small Cap	Transamerica Global Macro
Transamerica International Value Opportunities	Transamerica Managed Futures Strategy

In reaching their decisions, the Board Members requested and obtained from TAM information they deemed necessary to evaluate the New Advisory Agreement, and also considered information they had previously received from TAM in connection with the initial approval or annual consideration, as applicable, of a Fund’s current advisory agreement (a “Current Advisory Agreement”). In considering the New Advisory Agreement for each Fund, the Board Members evaluated a number of factors and 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.

Among other matters, the Board Members considered:

• the terms and conditions of the New Advisory Agreement, including the differences from the Current Advisory Agreement;

• the differences among the various Current Advisory Agreements, as well as differences with the advisory agreements of other funds in the Transamerica Fund complex and current industry practices;

• the fact that each Fund’s advisory fees will remain the same under the New Advisory Agreement;

• the nature, scope and quality of services that TAM as investment adviser is expected to continue to provide to the Funds;

• the fact that the Board performed a full review of the Current Advisory Agreement for each Fund either in June 2012 or, if the Fund is relatively new, at the time of the Fund’s launch, as required by the Investment Company Act of 1940 Act and determined that TAM has the capabilities, resources and personnel necessary to provide the advisory services then being provided and anticipated to be provided to each Fund, and that the fees paid by each Fund represented reasonable compensation to TAM in light of the services provided.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately in respect of each Fund. The Board Members of each applicable Fund, including a majority of the Independent Board Members, concluded that the terms of the New Advisory Agreement are reasonable, and that the New Advisory Agreement should be approved and recommended to Fund shareholders.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by TAM under each New Advisory Agreement, the Board Members considered, among other things, that the differences between the New Advisory Agreement and the Current Advisory Agreements are not expected to result in any diminution in the nature, quality and extent of services provided to each Fund and its shareholders and that it is expected that TAM will continue to provide high quality advisory services under the New Advisory Agreement. The Board considered the services provided by TAM for the advisory fee it will receive, after payment of a Fund’s sub-advisory fee, if applicable, including oversight of the services provided by the Funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the Funds, as well as the “manager of managers” services TAM will provide. The Board Members also considered that they recently had performed a full review of each Current Advisory Agreement and had determined that TAM can provide investment and related services that are appropriate in scope and extent in light of each Fund’s operations, the competitive landscape of the investment company business and investor needs.

Transamerica Funds Semi-Annual Report 2013

Page    203

TRANSAMERICA FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (continued)

Based on their review of the materials provided and the assurances they received from TAM, the Board Members of each Fund determined that if the New Advisory Agreement is adopted, TAM will continue to provide the advisory services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance. The Board Members considered the performance results of the Funds. The Board Members noted that they had recently considered the performance of the Funds over various time periods in connection with the consideration of the applicable Current Advisory Agreements in June 2012 or, for relatively new Funds, had considered certain performance information prior to the Fund’s launch. Based on this information, the Board Members determined that TAM continues to be capable of generating a level of investment performance that is appropriate in light of each Fund’s investment objectives, policies and strategies.

Advisory Fees and Total Expense Ratios. The Board Members noted that the advisory fees and total expense ratios of each Fund are expected to remain the same under the New Advisory Agreement. The Board considered that it had recently considered information provided by Lipper Inc. comparing the advisory fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies. On the basis of these considerations, the Board Members determined that the advisory fees to be received by TAM under the New Advisory Agreement continue to be reasonable in light of the services provided.

Costs of Services Provided and Profitability. The Board Members considered information provided by TAM regarding the profitability of TAM with respect to the advisory services it provides to each Fund. The Board considered that it had recently reviewed profitability information about TAM’s costs of providing and/or procuring fund management services, as applicable, as well as the costs of providing administration, transfer agency and other services to the Funds. The Board Members determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale. The Board Members considered information on the advisory fees paid by each Fund, taking into account any applicable breakpoint fee structures to account for economies of scale, and concluded that each Fund’s fee structure reflected economies of scale to date. The Board Members also noted that, in the future, they would have the opportunity to periodically reexamine whether each Fund has achieved economies of scale and the appropriateness of advisory fees payable to TAM.

Fallout Benefits. The Board Members took into consideration the character of other incidental benefits to TAM from its relationship with each Fund. The Board Members noted that TAM is not expected to realize “soft dollar” benefits from its relationship with the Funds. The Board Members considered that the costs, nature, scope and quality of administrative and other services provided to the Funds by affiliates of TAM will not change as a result of approval of the New Advisory Agreement.

Other Considerations. The Board Members considered that the New Advisory Agreement would more closely align the Funds with current industry practice and standardize the terms of the advisory agreements across the Funds, allowing for more efficient monitoring and administration of their performance. In addition, the Board Members noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to continue to manage the Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. In this regard, the Board Members favorably considered the procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the sub-advisers, if applicable.

Transamerica Funds Semi-Annual Report 2013

Page    204

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA ARBITRAGE STRATEGY

RESULTS OF SHAREHOLDER PROXY

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  133,623,841.13	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  133,623,841.13	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  133,623,841.13	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  133,623,841.13	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  133,623,841.13	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    205

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA BOND

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  695,041,602.94	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  695,041,602.94	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  695,041,602.94	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  695,041,602.94	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  695,041,602.94	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    206

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA CORE BOND

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  2,185,210,579.33	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  2,185,210,579.33	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  2,185,210,579.33	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  2,185,210,579.33	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  2,185,210,579.33	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    207

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA DEVELOPING MARKETS EQUITY

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  290,558,315.18	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  290,558,315.18	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  290,558,315.18	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  290,558,315.18	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  290,558,315.18	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    208

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA GLOBAL REAL ESTATE SECURITIES

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  149,422,068.96	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  149,422,068.96	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  149,422,068.96	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  149,422,068.96	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  149,422,068.96	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    209

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA GROWTH

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  540,808,825.89	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  540,808,825.89	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  540,808,825.89	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  540,808,825.89	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  540,808,825.89	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    210

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA INTERNATIONAL

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  282,879,133.14	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  282,879,133.14	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  282,879,133.14	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  282,879,133.14	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  282,879,133.14	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    211

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA INTERNATIONAL EQUITY OPPORTUNITIES

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  168,063,447.47	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  168,063,447.47	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  168,063,447.47	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  168,063,447.47	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  168,063,447.47	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    212

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA INTERNATIONAL SMALL CAP

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  194,101,932.44	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  194,101,932.44	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  194,101,932.44	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  194,101,932.44	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  194,101,932.44	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    213

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA INTERNATIONAL VALUE OPPORTUNITIES

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$   211,473,951.78	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$   211,473,951.78	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$   211,473,951.78	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$   211,473,951.78	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$   211,473,951.78	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    214

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA LONG/SHORT STRATEGY

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  68,658,860.41	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  68,658,860.41	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  68,658,860.41	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  68,658,860.41	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  68,658,860.41	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    215

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA MID CAP VALUE

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  198,296,044.02	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  198,296,044.02	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  198,296,044.02	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  198,296,044.02	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  198,296,044.02	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    216

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA REAL RETURN TIPS

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  1,663,407,873.64	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  1,663,407,873.64	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  1,663,407,873.64	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  1,663,407,873.64	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  1,663,407,873.64	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    217

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA SELECT EQUITY

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  1,144,208,823.24	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  1,144,208,823.24	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  1,144,208,823.24	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  1,144,208,823.24	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  1,144,208,823.24	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    218

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA TOTAL RETURN

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  787,081,979.57	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  787,081,979.57	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  787,081,979.57	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  787,081,979.57	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  787,081,979.57	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    219

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA VALUE

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  254,274,101.16	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  254,274,101.16	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  254,274,101.16	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  254,274,101.16	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  254,274,101.16	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    220

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA COMMODITY STRATEGY

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  148,966,955.14	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  148,966,955.14	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  148,966,955.14	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  148,966,955.14	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  148,966,955.14	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    221

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA GLOBAL ALLOCATION

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  327,480,963.53	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  327,480,963.53	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  327,480,963.53	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  327,480,963.53	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  327,480,963.53	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    222

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA GLOBAL MACRO

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  92,846,786.74	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  92,846,786.74	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  92,846,786.74	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  92,846,786.74	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  92,846,786.74	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    223

SUMMARY OF SHAREHOLDER PROXY VOTING

TRANSAMERICA MANAGED FUTURES STRATEGY

RESULTS OF SHAREHOLDER PROXY (continued)

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Funds solicited a vote by the shareholders for the following items:

At a special meeting of shareholders held on November 16, 2012, the results of Proposal I were as follows:

Proposal I: To elect Board Members:

Proposed Trustee	For		Against		Withheld
Thomas A. Swank	$	24,297,756,976.14	$	—	$	233,375,784.56
Sandra N. Bane	$	24,301,005,287.26	$	—	$	230,127,473.44
Leo J. Hill	$	24,303,864,648.88	$	—	$	227,268,111.82
David W. Jennings	$	24,305,514,957.51	$	—	$	225,617,803.19
Russell A. Kimball, Jr.	$	24,302,578,520.25	$	—	$	228,554,240.45
Eugene M. Mannella	$	24,302,290,685.74	$	—	$	228,842,074.96
Norman R. Nielsen	$	24,301,874,299.84	$	—	$	229,258,460.86
Joyce G. Norden	$	24,296,730,545.02	$	—	$	234,402,215.68
Patricia L. Sawyer	$	24,303,832,760.74	$	—	$	227,299,999.96
John W. Waechter	$	24,303,568,956.41	$	—	$	227,563,804.29
Alan F. Warrick	$	24,298,534,836.00	$	—	$	232,597,924.70

At a special meeting of shareholders held on November 16, 2012, the results of Proposal II were as follows:

Proposal II: To approve a new investment advisory agreement with Transamerica Asset Management, Inc.

For	Against	Abstentions/Broker Non-Votes
$  364,390,436.85	$  —	$  —/$  —

At a special meeting of shareholders held on November 16, 2012, the results of Proposal III were as follows:

Proposal III: To approve changes to the fundamental investment policies

Proposal III.A — Underwriting

For	Against	Abstentions/Broker Non-Votes
$  364,390,436.85	$  —	$  —/$  —

Proposal III.B — Real Estate

For	Against	Abstentions/Broker Non-Votes
$  364,390,436.85	$  —	$  —/$  —

Proposal III.C — Concentration

For	Against	Abstentions/Broker Non-Votes
$  364,390,436.85	$  —	$  —/$  —

Proposal III.D — Diversification

For	Against	Abstentions/Broker Non-Votes
$  364,390,436.85	$  —	$  —/$  —

Transamerica Funds Semi-Annual Report 2013

Page    224

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 Semi-Annual Report 2013

Page    225

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2013

Page    226

P.O. Box 9012

Clearwater, FL 33758-9012

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

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.

(a) The schedules of investments are included in the Semi-Annual report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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:	June 24, 2013

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:	June 24, 2013
By:	/s/ Elizabeth Strouse
	Elizabeth Strouse
	Principal Financial Officer
Date:	June 24, 2013

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(1)	Not applicable
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(a)(3)	Not applicable
12(b)	Section 906 N-CSR Certification of Chief Executive Officer and Principal Financial Officer